Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 16

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 account
and management believes that the Company is not exposed to significant risks on such account. Uninsured cash amount as of December 31,
2024, is $660,193.

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 Reportable Segment Disclosures. The amendments
in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief
operating officer decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported
measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation
of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate
resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and
entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing
segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within
fiscal years beginning after December 15, 2024, with early adoption permitted.

Management
does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect
on the Company’s unaudited financial statements.

NOTE
3. INITIAL PUBLIC OFFERING

Pursuant
to the Initial Public Offering, the Company sold 11,500,000 Units, which includes a full exercise by the underwriter of their over-allotment
option in the amount of 1,500,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one share of the Company’s
common stock, and one right. Each right entitles the holder thereof to receive one-twentieth (1/20) of one share of common stock upon
the consummation of the Business Combination.

NOTE
4. PRIVATE PLACEMENT