Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 57

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 57
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 public company (for legal, financial reporting, accounting and auditing compliance), as well as for due
diligence expenses.

For
the three months ended December 31, 2024, we had a net income of $907,068, which consists of interest earned on marketable securities
held in Trust Account of $1,371,530, offset by operational costs of $176,441 and provision for income taxes of $288,021.

For
the three months ended December 31, 2023, we had a net loss of $87,491, which consists of operating costs.

Liquidity
and Capital Resources

On
March 28, 2024, we completed the Initial Public Offering of 11,500,000 Units, which includes the full exercise by the underwriters of
their over-allotment option in the amount of 1,500,000 Units, at a purchase price of $10.00 per Unit, generating gross proceeds of $115,000,000.
Simultaneously with the closing of the Initial Public Offering, we completed the sale of 610,500 Units at a price of $10.00 per Unit
in a private placement to the Sponsor, generating gross proceeds of $6,105,000.

Transaction
costs amounted to $7,755,845 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 three months ended December 31, 2024, cash used in operating activities was $375,235. Net income of $907,068 was affected by the
interest earned on marketable securities held in trust account of $1,371,530 and change in operating assets and liabilities which provided
$89,227 of cash for operating activities.

For
the three months ended December 31, 2023, cash used in operating activities was $78,039. Net loss of $87,491 was affected by change in
operating assets and liabilities which provided $9,452 of cash for operating activities.

 13 

As
of December 31, 2024, we held cash in the Trust Account of $119,658,403. 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