As of September 30, 2024, TMT Acquisition Corp reported total assets of $67.2 million, reflecting an increase from $63.6 million at the end of 2023. The company's cash balance also saw a significant rise, increasing to $89,180 from $46,778 during the same period. Total current assets rose to $133,156, compared to $106,309 at the end of 2023.
However, the company experienced a substantial increase in total current liabilities, which surged to $2.8 million from $409,020, indicating a notable rise in obligations. This contributed to a working capital deficit of $2.7 million as of September 30, 2024, compared to a deficit of $302,711 at the end of the previous year. The accumulated deficit also widened to $(2.7 million) from $(302,925) at the end of 2023.
In terms of profitability, TMT Acquisition Corp reported a net income of $493,852 for the three months ended September 30, 2024, a decrease from $685,420 for the same period in 2023. However, for the nine months ended September 30, 2024, net income increased to $1.3 million, up from $1.1 million in the prior year. Income from investments held in the Trust Account for the three months ended September 30, 2024, was $864,000, compared to $804,420 in 2023.
As of September 30, 2024, the company had outstanding convertible notes totaling $1.965 million, with $1.19 million issued to related parties. A significant strategic development for TMT Acquisition Corp is its merger agreement with eLong Power Holding Limited, valued at $450 million, which is expected to close following shareholder approval.
About TMT Acquisition Corp.
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