Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 3

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 3
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31, 2023 (1) 
     3,243,590  
    $324  
    $2,676  
    $(95,925) 
    $(92,925)
  
    Balance 
     3,243,590  
    $324  
    $2,676  
    $(95,925) 
    $(92,925)

    (1)
    An
    aggregate of up to 423,077 shares subject to possible forfeiture at the closing of proposed public offering

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

 3 

IB
ACQUISITION CORP.

STATEMENTS
OF CASH FLOWS

(UNAUDITED)

    2024  
    2023 

    For the Three Months Ended December 31, 

    2024  
    2023 

    Cash flows from operating activities: 

    Net income (loss) 
    $907,068  
    $(87,491)
  
    Adjustments to reconcile net income (loss) to net cash used in operating activities: 

    Interest earned on marketable securities held in Trust Account 
     (1,371,530) 
     — 
  
    Changes in operating assets and liabilities: 

    Prepaid expenses 
     27,887  
     (10,000)
  
    Short-term prepaid insurance 
     84,875  
     — 
  
    Long-term prepaid insurance 
     —  
     — 
  
    Accounts payable and accrued expenses 
     3,444  
     14,452 
  
    Accrued expenses - related party 
     —  
     5,000 
  
    Income taxes payable 
     (26,979) 
     — 
  
    Net cash used in operating activities 
     (375,235) 
     (78,039)

    Cash flows from investing activities: 

    Cash withdrawn from Trust Account to pay franchise and income taxes 
     315,000  
     — 
  
    Net cash provided by investing activities 
     315,000  
     — 

    Cash flows from financing activities: 

    Proceeds from promissory note 
     147,629  
     — 
  
    Proceeds from the sponsor 
     —