Company: IBACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010982
Chunk: 45

Company: IB Acquisition Corp.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 45
---
 third-party claims. The Company will seek to reduce the possibility that the Sponsor will have
to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s
independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with
the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Risks
and Uncertainties

The
impact of current conflicts around the globe, including Russia’s invasion of Ukraine and the Israel - Hamas war, and related sanctions,
on the world economy is not determinable as of the date of these unaudited financial statements, and the specific impact on the Company’s
financial condition, results of operations, and cash flows is also not determinable as of the date of these unaudited financial statements.

Going
Concern Consideration

As
of March 31, 2025, the Company had $627,375 in cash and a working capital of $509,808. In connection with the Company’s assessment
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

MARCH
31, 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