| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| SG&A Expense | $331K | -54.9% |
| Operating Income | -$461K | +51.1% |
| Pre-tax Income | -$327K | -14.8% |
| Income Tax | $17K | -85.9% |
| Net Income | -$345K | +15.5% |
| EPS (Basic) | -$0.05 | +16.7% |
| EPS (Diluted) | -$0.05 | +16.7% |
| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Current Assets | $551K | +104.9% |
| Total Assets | $4.0M | +9.7% |
| Current Liabilities | $7.8M | +10.0% |
| Total Liabilities | $15.8M | +4.6% |
| Stockholders' Equity | -$15.2M | -2.5% |
| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Operating Cash Flow | -$633K | +67.1% |
| Investing Cash Flow | -$444K | -105.2% |
| Financing Cash Flow | $836K | +113.2% |
Business Overview
International Media Acquisition Corp. (IMAQ) is a Delaware blank check company incorporated in January 2021 for purposes of completing a business combination. The company completed an IPO in August 2021 raising $200 million, and has pursued multiple business combination targets, most recently entering into a merger agreement in April 2025 with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company to create a combined entity focused on biofuels operations in Vietnam.
Forward Guidance
The company states that "the VCI Business Combination are expected to be consummated after obtaining the required approval by the shareholders of the Company and VCI and the satisfaction of certain other customary closing conditions." The Merger Agreement specifies earnout provisions with milestones including: "10,000,000 Purchaser Class A Ordinary Shares if the volume-weighted average price of the Class A Ordinary Shares equals or exceeds $15.00 over any 20 trading days within any 30 trading day period during the five years following the Closing" and "15,000,000 Purchaser Class A Ordinary Shares if the consolidated revenue and other income equals or exceeds $500,000,000 for any four consecutive fiscal quarters during the five years commencing from the first day of the fiscal quarter following the Closing."
Key Risk Factors
Key risks include: (1) the requirement to consummate a business combination by July 2, 2026 (or January 2, 2027 with full extensions) or face mandatory liquidation; (2) the prior sponsor's significant capital commitments needed to fund extension payments, creating dependency on sponsor support; (3) potential conflicts of interest as officers and directors allocate time to other businesses; and (4) risks associated with early-stage emerging growth companies and the inherent uncertainties in completing complex international business combinations.