Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 46

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 46
---
in dollars, except per share amounts):

 SCHEDULE
OF BASIC AND DILUTED NET INCOME (LOSS) PER COMMON STOCK

    For the Three Months Ended December 31,  
    For the Three Months Ended December 31, 

    2024  
    2023 

    Redeemable  
    Non-redeemable  
    Redeemable  
    Non-redeemable 
  
    Basic and diluted net income (loss) per common share 

    Numerator: 

    Allocation of net income (loss) 
    $662,342  
    $244,726  
    $—  
    $(87,491)
  
    Denominator: 

    Basic and diluted weighted-average shares outstanding 
     11,500,000  
     4,249,090  
     —  
     2,820,513 
  
    Basic and diluted net income (loss) per common share 
    $0.06  
    $0.06  
    $—  
    $(0.03)

Concentration
of Credit Risk

Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on the cash account
and management believes that the Company is not exposed to significant risks on such account. Uninsured cash amount as of December 31,
2024, is $660,193.

Fair
Value of Financial Instruments

The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value
Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to
their short-term nature.

Recent
Accounting Standards

In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments
in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief
operating officer decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported
measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation
of