IMAQU reported a loss for QQ1 2026 with no revenue on the quarter, underscoring the persistent operating characteristics of a shell SPAC in search of a media & entertainment merger target. The company recorded operating loss of $-140,043 and net income of $-120,079, with basic earnings per share of $-0.02. The quarter’s cash balance stood at $161,374, while short-term debt totaled $5,163,883 and total liabilities reached $15,200,657 against total assets of $3,595,851, resulting in negative shareholder equity of $-11,604,806. Net debt stands at approximately $5.00 million, signaling meaningful leverage for a vehicle without current operating cash flows. Although profitability remains elusive, the reported YoY and QoQ improvements in operating income and net income (operating income YoY +70.65%, QoQ +29.15%; net income YoY +54.84%, QoQ +24.98%; EPS QoQ +6.10%) indicate relative stabilization of cost structure within the shell framework. Absent a completed business combination, ongoing liquidity and equity capital will be the primary drivers of valuation and risk for IMAQU going forward.