Company: IBACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010982
Chunk: 29

Company: IB Acquisition Corp.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 plans to complete
a Business Combination will be successful.

Results
of Operations

We
have neither engaged in any operations nor generated any revenues to date. Our only activities from July 7, 2020 (inception) through
March 31, 2025, were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and identifying
a target company for a Business Combination. We do not expect to generate any operating revenues until after the completion of our Business
Combination. We generate non-operating income in the form of interest and dividends earned on cash and investments held in the Trust
Account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance),
as well as for due diligence expenses.

For
the three months ended March 31, 2025, we had a net income of $824,126, which consists of interest and dividends earned on cash and investments
held in Trust Account of $1,250,141, offset by operational costs of $163,485 and provision for income taxes of $262,530.

For
the three months ended March 31, 2024, we had a net loss of $194,646, which consists of operating costs.

For
the six months ended March 31, 2025, we had a net income of $1,731,194, which consists of interest and dividends earned on cash and investments
held in Trust Account of $2,621,671, offset by operational costs of $339,926 and provision for income taxes of $550,551.

For
the six months ended March 31, 2024, we had a net loss of $282,137, which consists of operating costs.

Factors
That May Adversely Affect our Results of Operations

Our
results of operations and our ability to complete an initial Business Combination may be adversely affected by various factors that could
cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our results of operations and
our ability to consummate an initial Business Combination could be impacted by, among other things, downturns in the financial markets
or in economic conditions, increases in oil prices, inflation, fluctuations in interest rates, increases in tariffs, supply chain disruptions,
declines in consumer confidence and spending, public health considerations, and geopolitical instability, such as the military conflicts
in Ukraine and the Middle East. We cannot at this time predict the likelihood of