Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $3,044,937, primarily from interest and dividend income of $3,389,364 on marketable securities held in the Trust Account[93]. - The company generated a net income of $5,964,104 for the six months ended June 30, 2024, with interest and dividend income of $6,739,277 from marketable securities[93]. - Cash used in operating activities for the six months ended June 30, 2024, was $269,078, with net income affected by dividend income from marketable securities[96]. - The company reported net income per share by dividing net income by the weighted average number of ordinary shares outstanding, resulting in diluted income per share being the same as basic income per share for the periods presented[109]. Marketable Securities - As of June 30, 2024, the company had marketable securities in the Trust Account totaling $265,710,795, consisting of U.S. government treasury obligations and money market funds[98]. - As of June 30, 2024, and December 31, 2023, the company had no dilutive securities or contracts that could potentially be converted into ordinary shares[109]. IPO and Transaction Costs - The company completed its IPO on May 30, 2023, raising gross proceeds of $250,000,000 from the sale of 25,000,000 Units, including an over-allotment option[95]. - Total transaction costs incurred during the IPO amounted to $18,361,877, which included cash underwriting discounts and deferred underwriting fees[96]. Operational Concerns - The company may need to raise additional capital to complete its Business Combination or cover operational costs, raising concerns about its ability to continue as a going concern[105]. - Monthly fees paid to The Venture Collective LLC for services were reduced from $27,083 to $18,882 effective April 1, 2024[99]. Debt and Financial Structure - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2024[106]. - The company has the option to convert up to $1,500,000 of Working Capital Loans into private placement warrants at a price of $1.00 per warrant[101]. Accounting and Reporting - Management does not anticipate that any recently issued accounting standards will materially affect the company's unaudited condensed financial statements[110]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[112].
Inflection Point Acquisition II(IPXX) - 2024 Q2 - Quarterly Report