Integral Acquisition 1(INTE) - 2024 Q2 - Quarterly Report

Financial Performance - As of June 30, 2024, the company had not commenced any operations and reported a net loss of $394,417 for the three months ended June 30, 2024, primarily due to operating costs of $523,160[138] - The company incurred a net loss of $654,452 for the six months ended June 30, 2024, with operating costs of $908,571 and interest income of $341,262 from the Trust Account[138] - The total administrative fees for the six months ended June 30, 2024, amounted to $120,000, with $80,000 due to the Sponsor[152] Trust Account and Financial Position - The company has deposited an aggregate of $869,668 into the Trust Account as of June 30, 2024, with $89,876 and $179,752 deposited for the three and six months ended June 30, 2024, respectively[132] - Following the First Special Meeting, stockholders redeemed 8,470,059 Public Shares, resulting in $87,843,748 (approximately $10.37 per share) being removed from the Trust Account[127] - The Combination Period was extended from November 3, 2023, to November 5, 2024, after the Second Special Meeting, with stockholders redeeming 1,831,599 Public Shares for $19,763,618 (approximately $10.79 per share)[129] - As of June 30, 2024, the company had $73,267 in its operating bank account and a working capital deficit of $3,397,790, which includes $900,000 in cash for excise taxes[141] Business Combination and Extensions - The Flybondi Business Combination Agreement was entered into on October 19, 2023, involving the acquisition of Flybondi shares and a merger with Merger Sub[134] - The company has until November 5, 2024, to complete a Business Combination, or it will face mandatory liquidation[149] - The company may seek further extensions of the Combination Period, which would require stockholder approval and could adversely affect the Trust Account balance[132] Debt and Financing - The company issued a Second Extension Promissory Note for up to $359,503 to the Sponsor, with monthly deposits of $29,958.55 into the Trust Account until November 5, 2024[131] - The First Extension Promissory Note issued to the Sponsor amounts to $630,000, with $355,000 borrowed as of June 30, 2024[142] - The Second Extension Promissory Note issued to the Sponsor totals $359,503, with $239,665 borrowed as of June 30, 2024[144] - The WCL Promissory Note issued to the Sponsor is for up to $1,500,000, with $1,390,335 owed as of June 30, 2024[146] IPO and Investor Information - The company completed its Initial Public Offering (IPO) on November 5, 2021, raising gross proceeds of $115 million from the sale of 11,500,000 Units at $10.00 per Unit[121] - The Anchor Investors purchased approximately $60.8 million of Units in the Initial Public Offering, with no obligation to retain their Units[159] - The company raised $4,950,000 through the issuance of Private Placement Warrants after the Initial Public Offering[141] Regulatory and Compliance Costs - The company has incurred increased expenses due to being a public company, including legal and compliance costs, but has not generated any operating revenues to date[137] - The deferred underwriting commission liability was reduced to $0, resulting in a $6,050,000 increase in income available to Class B Common Stock[157] - The company has no long-term debt obligations or capital lease obligations[151]