Company: IBACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010982
Chunk: 75

Company: IB Acquisition Corp.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 75
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 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
March 31, 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 March 31, 2025, we had a net income of $824,126, which consists of interest and dividends earned on cash and investments
held in Trust Account of $1,250,141, offset by operational costs of $163,485 and provision for income taxes of $262,530.

For
the three months ended March 31, 2024, we had a net loss of $194,646, which consists of operating costs.

For
the six months ended March 31, 2025, we had a net income of $1,731,194, which consists of interest and dividends earned on cash and investments
held in Trust Account of $2,621,671, offset by operational costs of $339,926 and provision for income taxes of $550,551.

For
the six months ended March 31, 2024, we had a net loss of $