Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 31

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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845 consisting of the fair value amount of $3,867,050 related with the issued representative shares, $3,450,000
of cash underwriting discount, and $438,795 of other offering costs.

For
the nine months ended June 30, 2025, cash used in operating activities was $1,260,781. Net income of $2,594,804 was affected by the interest
and dividends earned on cash and investments held in Trust Account of $3,875,873 and change in operating assets and liabilities which
used $65,288 of cash for operating activities.

For
the nine months ended June 30, 2024, cash used in operating activities was $767,109. Net income of $831,330 was affected by the interest
earned on marketable securities held in trust account of $1,504,700 and change in operating assets and liabilities which used $93,739
of cash for operating activities.

14

As
of June 30, 2025, we held cash and investments held in Trust Account of $121,553,746. The Trust Account can only be invested in U.S.
government treasury obligations with a maturity of 185 days or less or interests in money market funds meeting certain conditions under
Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. We may withdraw interest
from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held in the Trust Account, including any
amounts representing interest earned on the Trust Account (less taxes payable), to complete our initial Business Combination. To the
extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial Business Combination, the
remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses,
make other acquisitions and pursue our growth strategies.

As
of June 30, 2025, we had cash of $486,018. We intend to use the funds held outside the Trust Account primarily to identify and evaluate
target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar
locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of
prospective target businesses, and structure, negotiate and complete a Business Combination.

In
order to finance transaction costs in connection with an intended initial