Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 5

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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    $1,277,255 

The
accompanying notes are an integral part of the unaudited financial statements.

3

IB
ACQUISITION CORP.

STATEMENTS
OF CASH FLOWS

(UNAUDITED)

    2025  
    2024 

    For the Nine Months Ended June 30, 

    2025  
    2024 

    Cash flows from operating activities: 

    Net income 
    $2,549,804  
    $831,330 
  
    Adjustments to reconcile income to net cash used in operating activities: 

    Interest and dividends earned on cash and investments held in Trust Account 
     (3,875,873) 
     (1,504,700)
  
    Changes in operating assets and liabilities: 

    Prepaid expenses 
     (16,116) 
     (19,389)
  
    Short-term prepaid insurance 
     254,625  
     (339,500)
  
    Long-term prepaid insurance 
     —  
     (79,217)
  
    Due to Sponsor 
     2,788  
     — 
  
    Accounts payable and accrued expenses 
     (65,942) 
     29,513 
  
    Income taxes payable 
     (110,067) 
     314,854 
  
    Net cash used in operating activities 
     (1,260,781) 
     (767,109)

    Cash flows from investing activities: 

    Cash withdrawn from Trust Account to pay income taxes 
     924,000  
     — 
  
    Investment of cash into Trust Account 
     —  
     (115,575,000)
  
    Net cash provided by (used in) investing activities 
     924,000  
     (115,575,000)

    Cash flows from financing activities: 

    Proceeds from sale of units, net of underwriting discounts paid 
     —  
     111,550,000 
  
    Proceeds from sale of private placement units 
     —  
     6,105,000 
  
    Proceeds from promissory note 
     292,344  
     — 
  
    Repayment of promissory note 
     (292,344) 
     —