Financial Performance - The company had a net loss of $260,035 for the three months ended March 31, 2024, consisting of operating costs of $385,411 and a provision for income tax of $44,075, partially offset by interest income of $169,451 from the Trust Account[136]. - The company had an interest income of $799,894 for the three months ended March 31, 2023, which contributed to a net income of $451,060 for that period[137]. Financial Position - As of March 31, 2024, the company had $68,709 in its operating bank account and a working capital deficit of $3,793,536[139]. - As of March 31, 2024, the company had borrowings of $355,000 under the First Extension Promissory Note[141]. - As of March 31, 2024, the company had borrowings of $149,791 under the Second Extension Promissory Note, up from $59,917 as of December 31, 2023[142]. - The company owes $1,195,209 under the Working Capital Loans (WCL Promissory Note) as of March 31, 2024, an increase from $910,083 as of December 31, 2023[145]. - The company has no long-term debt obligations or capital lease obligations, indicating a relatively low financial leverage position[148]. Initial Public Offering and Capital Raising - The company completed its Initial Public Offering on November 5, 2021, raising gross proceeds of $115,000,000 from the sale of 11,500,000 Units at a price of $10.00 per Unit[118]. - The Anchor Investors purchased approximately $60.8 million of Units in the Initial Public Offering, with no obligation to retain their Units prior to the initial Business Combination[153]. - The Forward Purchase Agreements (FPAs) with Crescent Park and Carnegie Park were mutually terminated, which could impact future capital raising efforts[156]. Business Combination and Extensions - Following the approval of the Second Extension Amendment Proposal, the company's Combination Period was extended from November 3, 2023, to November 5, 2024[129]. - The company entered into the Flybondi Business Combination Agreement on October 19, 2023, which involves the acquisition of Flybondi shares in exchange for new ordinary shares of FB Parent[125]. - The company has until November 5, 2024, to consummate a Business Combination, raising substantial doubt about its ability to continue as a going concern if not completed[147]. Expenses and Administrative Costs - The company incurred increased expenses due to being a public company, including legal, financial reporting, accounting, and auditing compliance costs[135]. - The company has agreed to pay the Sponsor $20,000 per month for administrative services, totaling $60,000 for the three months ended March 31, 2024[148]. Trust Account and Extensions - The company has deposited an aggregate of $779,793 into the Trust Account for the First and Second Extensions as of March 31, 2024[131]. - The company has paid a total of $779,793 into the Trust Account for the First and Second Extensions as of March 31, 2024, compared to $689,917 as of December 31, 2023[143]. - The company issued the First Extension Promissory Note for up to $630,000, with $105,000 deposited into the Trust Account monthly until November 3, 2023[141]. Tax and Valuation - The company has established a valuation allowance for deferred tax assets, reflecting its assessment of the likelihood of recovery[157]. - The company recorded a reduction of $6,050,000 in accumulated deficit due to the waiver of the deferred underwriting commission by underwriters[151].
Integral Acquisition Corporation 1(INTEU) - 2024 Q1 - Quarterly Report