Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 53

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 53
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 Ended June 30, 

    2025  
    2024  
    2025  
    2024 

    Redeemable  
    Non-redeemable  
    Redeemable  
    Non-redeemable  
    Redeemable  
    Non-redeemable  
    Redeemable  
    Non-redeemable 
  
    Diluted net income per share of common stock: 

    Numerator: 

    Allocation of net income 
    $597,750  
    $220,860  
    $813,055  
    $300,412  
    $1,861,869  
    $687,935  
    $436,031  
    $395,299 
  
    Denominator: 

    Weighted-average shares outstanding 
     11,500,000  
     4,249,090  
     11,500,000  
     4,249,090  
     11,500,000  
     4,249,090  
     3,959,707  
     3,589,806 
  
    Diluted net income per common stock 
    $0.05  
    $0.05  
    $0.07  
    $0.07  
    $0.16  
    $0.16  
    $0.11  
    $0.11 

Concentration
of Credit Risk

Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on the cash account
and management believes that the Company is not exposed to significant risks on such account. Uninsured cash amount as of June 30, 2025,
is $236,018.

Fair
Value of Financial Instruments

The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value
Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to
their short-term nature.

Recent
Accounting Standards

In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to