Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 48

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 48
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 the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s unaudited financial statements with another public
company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition
period difficult or impossible because of the potential differences in accounting standards used.

Use
of Estimates

The
preparation of unaudited financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited
financial statements and the reported amounts of expenses during the reporting period.

Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the unaudited financial statements, which management considered
in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results
could differ significantly from those estimates.

Cash
and Cash Equivalents

The
Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company
had $486,018 and $822,799 in cash as of June 30, 2025, and September 30, 2024, respectively, and no cash equivalents.

Cash
and investments held in Trust account

As
of June 30, 2025, all of the assets held in the Trust Account were held in money market funds which are invested only in U.S. government
securities. Investments in money market funds are presented on the balance sheet at fair value at the end of each reporting period. Interest
and dividends earned from investments in these securities are included in the unaudited statements of operations.

Offering
Costs

The
Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A —
“Expenses of Offering”.