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Integrated Rail and Resources Acquisition (IRRX) - 2023 Q3 - Quarterly Report
IRRXIntegrated Rail and Resources Acquisition (IRRX)2023-11-20 22:52

Financial Performance - For the three months ended September 30, 2023, the company reported a net income of 3,503,854,withoperatingcostsof3,503,854, with operating costs of 273,767 and a provision for income taxes of 213,088[137].−FortheninemonthsendedSeptember30,2023,thecompanyhadanetincomeof213,088[137]. - For the nine months ended September 30, 2023, the company had a net income of 25,868, with operating costs of 1,044,323andaprovisionforincometaxesof1,044,323 and a provision for income taxes of 855,721[139]. - Cash used in operating activities for the nine months ended September 30, 2023, was 1,298,289,withnetincomeaffectedbyanon−cashchargeforthechangeinfairvalueofwarrantliabilitiesof1,298,289, with net income affected by a non-cash charge for the change in fair value of warrant liabilities of 2,299,000[145]. Initial Public Offering - The company completed its Initial Public Offering on November 16, 2021, generating gross proceeds of 230,000,000fromthesaleof23,000,000unitsat230,000,000 from the sale of 23,000,000 units at 10.00 per unit[141]. - The company incurred 24,917,410intransactioncostsrelatedtotheInitialPublicOffering,including24,917,410 in transaction costs related to the Initial Public Offering, including 4,600,000 in underwriting fees[143]. Trust Account and Investments - As of September 30, 2023, the fair value of investments held in the Trust Account was 71,419,197,withrecognizedunrealizedgainsof71,419,197, with recognized unrealized gains of 642,716[149]. - The company plans to use substantially all funds in the Trust Account to complete a Business Combination, with the possibility of withdrawing interest to pay taxes[150]. - Net proceeds held in the Trust Account have been invested in U.S. government treasury bills, notes, or bonds with a maturity of 185 days or less[168]. Working Capital and Financial Position - The company had a working capital deficiency of 8,283,203asofSeptember30,2023,indicatinginsufficientfundstooperatepriortotheinitialBusinessCombination[153].−AsofSeptember30,2023,thecompanyhadcashof8,283,203 as of September 30, 2023, indicating insufficient funds to operate prior to the initial Business Combination[153]. - As of September 30, 2023, the company had cash of 8,076 held outside the Trust Account, intended for identifying and evaluating target businesses[151]. - The company has entered into a promissory note with a related party for up to $600,000 to fund working capital needs[156]. - The fair value of the Company's financial instruments approximates the carrying amounts in the balance sheet due to their short-term nature[165]. - As of September 30, 2023, the Company was not subject to any market or interest rate risk[168].