Company: IBACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010982
Chunk: 66

Company: IB Acquisition Corp.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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 financial statements are issued as it expects to continue to incur significant costs in pursuit of its acquisition plans.
These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management plans to address
this uncertainty through a Business Combination. There is no assurance that the Company’s plans to raise capital or to consummate
a Business Combination will be successful within the Combination Period. The unaudited financial statements do not include any adjustments
that might result from the outcome of this uncertainty.

Off-Balance
Sheet Arrangements

We
have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of March 31, 2025. We do not
participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable
interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements.

We
have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or
commitments of other entities, or purchased any non-financial assets.

Contractual
obligations

We
do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement
to pay Chief Financial Officer a sum of $5,000 per month commencing on October 1, 2023. Upon completion of the initial business combination
or the liquidation, the Company will cease paying these monthly fees. On January 22, 2024, the Company’s Chief Financial Officer
resigned and the Administrative Services Agreement was terminated.

On
January 22, 2024, the Company appointed a new Chief Financial Officer and entered into an Administrative Services Agreement dated January
24, 2024, pursuant to which the Company agreed to pay the Chief Financial Officer a sum of $5,000 per month commencing at the time of
the Initial Public Offering closing. The agreement further specified that upon completion of the initial business combination or the
liquidation, the Company will cease paying these monthly fees.

Under
a business combination marketing agreement, the Company engaged I-Bankers to provide marketing services in connection with the Business
Combination and will pay I-Bankers a cash fee for such marketing services upon the consummation of the Business Combination in an amount
equal to, in the aggregate, 3.5% of the gross proceeds of the Initial Public Offering (the “M&A fee”) or $4,025