Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 12

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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of going concern considerations in accordance with the authoritative guidance in Financial Accounting Standard Board (“FASB”)
Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue
as a Going Concern,” management has determined that the Company currently lacks the liquidity it needs to sustain operations for
a reasonable period of time, which is considered to be at least one year from the date that the unaudited financial statements are issued
as it expects to continue to incur significant costs in pursuit of its acquisition plans. These conditions raise substantial doubt about
the Company’s ability to continue as a going concern. Management plans to address this uncertainty through a Business Combination.
There is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful within
the Combination Period. The unaudited financial statements do not include any adjustments that might result from the outcome of this
uncertainty.

    6

IB
ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

JUNE
30, 2025

(Unaudited)

NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article
8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in unaudited financial statements prepared
in accordance with GAAP have been or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly,
they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations,
or cash flows. In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting of a
normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for
the periods presented.

The
accompanying unaudited financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the
year ended September 30, 2024, as filed with the SEC on December 26, 2024. The interim results for the three and nine months ended June
30, 2025, are not necessarily indicative of the results to be expected for the year ending