Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 6

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 6
---

  
    Advances from related party 
     —  
     2,249,805 
  
    Repayment of advances from related party 
     —  
     (2,299,805)
  
    Payment of offering costs 
     —  
     (438,795)
  
    Net cash provided by financing activities 
     —  
     117,166,205 

    Net change in Cash and cash equivalents 
     (336,781) 
     824,096 
  
    Cash and cash equivalents – beginning of the period 
     822,799  
     52,553 
  
    Cash and cash equivalents – end of the period 
    $486,018  
    $876,649 

    Non-Cash investing and financing activities: 

    Issuance of representative shares 
    $—  
    $3,867,050 
  
    Representative warrants deferred offering cost allocation 
    $—  
    $81,208 
  
    Remeasurement of Common Stock subject to possible redemption 
    $3,061,940  
    $11,751,163 

The
accompanying notes are an integral part of the unaudited financial statements.

4

IB
ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

JUNE
30, 2025

(Unaudited)

NOTE
1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

IB
Acquisition Corp. f/k/a I-B Good Works 4 Corporation (the “Company”) is a blank check company originally incorporated under
the laws of the State of Delaware on July 7, 2020 and which converted to a Nevada corporation on September 21, 2023 for the purpose of
effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more
businesses (the “Business Combination”). The Company has not selected any potential business combination target, and the
Company has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any potential business
combination target with respect to an initial business combination with the Company. The Company’s investment strategy is not specific
to any sector, however, the management team and board members believe there are compelling investment opportunities in a number of areas
including consumer goods, sports and entertainment, and healthcare technology. The Company anticipates targeting companies domiciled