Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 29

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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-looking statements,
please refer to the Risk Factors section of the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange
Commission (the “SEC”) on December 26, 2024. The Company’s securities filings can be accessed on the EDGAR section
of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention
or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We
are a blank check company originally formed 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”). We intend to effectuate our Business Combination
using cash from the proceeds of the Initial Public Offering and the sale of the Private Placement Units, our capital stock, debt or a
combination of cash, stock and debt.

We
expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our 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
June 30, 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 June 30, 2025, we had a net income of $818,610, which consists of interest and dividends earned on cash and investments
held in Trust Account of $1,254,202, offset by operational costs of $172,210 and provision for income taxes of $263,382.

For
the nine months ended June 30, 2025, we had a net income of $2,549,804,