International Media Acquisition Corp (IMAQU) remains a shell-focused SPAC with no reported revenue for QQ4 2024. The quarter shows a modest sequential improvement in operating income and net income (QoQ gains of ~34.8% and ~44.2%, respectively) but the company continues to post an operating loss of $0.477 million and a net loss of $0.266 million. A pronounced liquidity constraint is evident: cash at quarter-end was merely $1,044, total current liabilities stand at $6.38 million, and stockholders’ equity is negative by about $3.07 million. The balance sheet reflects a leveraged and distressed profile with short-term debt of $3.51 million and total liabilities of $14.46 million against assets of $11.39 million. A sizable non-current asset balance of $11.36 million compresses the equity picture and suggests one or more non-operating or historical asset carries that require closer disclosure. The cash flow statement shows a big operating cash outflow of $0.659 million, a substantial investing activity inflow/outflow of $10.84 million (likely a one-time/non-operating item), and financing activities that net out $10.18 million in the period, yielding a net cash change of essentially flat to a minuscule decrease. Given the SPAC structure, the primary near-term value driver remains the successful identification and closing of a credible business combination within an acceptable capital framework. Absent a major equity raise or a timely merger with a cash-rich target, the risk of continued dilution and weak liquidity remains high for investors.