Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 22

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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000 shares
of common stock for no cash consideration (the “Representative Shares”).

Working
Capital Loan

On
September 16, 2024, the Company issued an unsecured promissory note in the principal amount of $150,000 to Su De Tang Global Corporation
(the “Working Capital Loan”). The principal balance of this Promissory Note represents the first of potentially three instalments
of the Working Capital Loan. The Working Capital Loan bears no interest and will be extinguished without any payment required at the
consummation of a Business Combination with Su De Tang Global Corporation. The Company has borrowed a total of $147,629 under the Working
Capital Loan and an aggregate of $2,371 remains available to borrow under the Working Capital Loan as of December 31, 2024.

NOTE
7. STOCKHOLDERS’ EQUITY

Preferred
Stock — The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001 per share with
such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. As of December
31, 2024 and September 30, 2024, there were no shares of preferred stock issued or outstanding.

Common
Stock — The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.0001 per share. Holders
of common stock are entitled to one vote for each share. As of December 31, 2024 and September 30, 2024, there were 4,249,090 shares
of common stock issued and outstanding, excluding 11,500,000 shares of common stock subject to possible redemption.

NOTE
8. FAIR VALUE MEASUREMENTS

The
Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each
reporting period, and non-financial assets and liabilities that are-measured and reported at fair value at least annually.

The
fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would
have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction
between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company
seeks to maximize the use of observable inputs (market data