Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 64

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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We
have neither engaged in any operations nor generated any revenues to date. Our only activities from July 7, 2020 (inception) through
June 30, 2025, were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and identifying
a target company for a Business Combination. We do not expect to generate any operating revenues until after the completion of our Business
Combination. We generate non-operating income in the form of interest and dividends earned on cash and investments held in the Trust
Account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance),
as well as for due diligence expenses.

For
the three months ended June 30, 2025, we had a net income of $818,610, which consists of interest and dividends earned on cash and investments
held in Trust Account of $1,254,202, offset by operational costs of $172,210 and provision for income taxes of $263,382.

For
the nine months ended June 30, 2025, we had a net income of $2,549,804, which consists of interest and dividends earned on cash and investments
held in Trust Account of $3,875,873, offset by operational costs of $512,136 and provision for income taxes of $813,933.

For
the three months ended June 30, 2024, we had a net income of $1,113,467, which consists of interest earned on marketable securities held
in Trust Account of $1,504,700, offset by operational costs of $76,379 and provision for income taxes of $314,854.

For
the nine months ended June 30, 2024, we had a net income of $831,330, which consists of interest earned on marketable securities held
in Trust Account of $1,504,700, offset by operational costs of $358,516 and provision for income taxes of $314,854.

Factors
That May Adversely Affect our Results of Operations

Our
results of operations and our ability to complete an initial Business Combination may be adversely affected by various factors that could
cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our results of operations and
our ability to consummate an initial Business Combination could be impacted by, among other things, downturns in the financial markets
or in economic conditions,