Company: IBACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010982
Chunk: 5

Company: IB Acquisition Corp.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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 payable and accrued expenses 
     3,578  
     129,332 
  
    Income taxes payable 
     (373,449) 
     — 
  
    Net cash used in operating activities 
     (1,119,424) 
     (181,868)

    Cash flows from investing activities: 

    Cash withdrawn from Trust Account to pay income taxes 
     924,000  
     — 
  
    Investment of cash into Trust Account 
     —  
     (115,575,000)
  
    Net cash provided by (used in) investing activities 
     924,000  
     (115,575,000)

    Cash flows from financing activities: 

    Proceeds from sale of units, net of underwriting discounts paid 
     —  
     111,550,000 
  
    Proceeds from sale of private placement units 
     —  
     6,105,000 
  
    Proceeds from promissory note 
     292,344  
     — 
  
    Repayment of promissory note 
     (292,344) 
     — 
  
    Advances from related party 
     —  
     2,249,805 
  
    Repayment of advances from related party 
     —  
     (2,299,805)
  
    Payment of offering costs 
     —  
     (239,370)
  
    Net cash provided by financing activities 
     —  
     117,365,630 

    Net change in Cash and cash equivalents 
     (195,424) 
     1,608,762 
  
    Cash and cash equivalents – beginning of the period 
     822,799  
     52,553 
  
    Cash and cash equivalents – end of the period 
    $627,375  
    $1,661,315 

    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 
    $2,071,120  
    $10,561,317 

The
accompanying notes are an integral part of the unaudited financial