Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 27

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 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 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 December 31, 2024, we had cash of $910,193. 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 business combination, our sponsor or an affiliate of our sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1