Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 12

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 differ significantly from those estimates.

Cash
and Cash Equivalents

The
Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company
had $910,193 and $822,799 in cash as of December 31, 2024, and September 30, 2024, respectively, and no cash equivalents.

Marketable
securities held in Trust account

As
of December 31, 2024, all of the assets held in the Trust Account were held in money market funds which are invested only in U.S. government
securities. Investments in money market funds are presented on the balance sheet at fair value at the end of each reporting period. Interest
income earned from investments in these securities are included in the accompanying unaudited statements of operations.

Offering
Costs

The
Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A —
“Expenses of Offering”. Offering costs consist principally of professional and registration fees, cash underwriting discount,
and deferred underwriting fees incurred through the balance sheet date that are related to the Initial Public Offering. Offering costs
were allocated to the separable financial instruments issued in the Initial Public Offering based on relative fair value basis, compared
to total proceeds received. Offering costs allocated to the Public Shares were charged against the carrying value of ordinary shares
subject to possible redemption upon the completion of the Initial Public Offering and offering costs allocated to Public Rights (as defined
in Note 3) were charged to additional paid in capital at the completion of the Initial Public Offering.

     7 

IB
ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

DECEMBER
31, 2024

(Unaudited)

Common
Stock Subject to Possible Redemption  

The
Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s
liquidation, or if there is a shareholder vote or tender offer in connection with the Company’s initial business combination. In
accordance with ASC 480-10-S99, the Company classifies Public Shares subject to redemption outside of permanent equity as the redemption
provisions are not solely within the control of the Company. The Public Shares sold as part of the Units in the Initial Public Offering
were issued with other freestanding instruments (i.e., Public Rights) and as such