Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 54

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 54
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 comprised of $119,658,403 in a mutual fund that is invested primarily in
U.S. Treasury Securities. For the three months ended December 31, 2024, the Company did not withdraw any interest earned on the
Trust Account.

As
of September 30, 2024, assets held in the Trust Account were comprised of $118,601,873 in a mutual fund that is invested primarily in
U.S. Treasury Securities. Through September 30, 2024, the Company has not withdrawn any of the interest earned on the Trust Account.

     11 

IB
ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

DECEMBER
31, 2024

(Unaudited)

The
following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring
basis as of December 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such
fair value.:

 SCHEDULE
OF ASSETS AND LIABILITIES MEASURED FAIR VALUE ON RECURRING BASIS

    Description 
    Level  
    December 31, 2024  
    September 30, 2024 
  
    Assets: 

    Marketable securities held in trust account 
     1  
    $119,658,403  
    $118,601,873 

NOTE
9. SEGMENT INFORMATION

ASC
Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information
about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components
of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating
decision maker, or group, in deciding how to allocate resources and assess performance.

The
Company’s chief operating decision maker has been identified as the Chief Financial Officer (“CODM”), who reviews the
operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly,
management has determined that the Company only has one operating segment.

When
evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics,
which includes general and administrative expenses and interest earned on marketable securities held in Trust Account which are included
in the accompanying unaudited statements of operations.

The
key measures of segment profit or loss reviewed by our