Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 14

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 of the effect of
a condition, situation or set of circumstances that existed at the date of the unaudited financial statements, which management considered
in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results
could 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 $486,018 and $822,799 in cash as of June 30, 2025, and September 30, 2024, respectively, and no cash equivalents.

Cash
and investments held in Trust account

As
of June 30, 2025, 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
and dividends earned from investments in these securities are included in the 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

JUNE
30, 2025

(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