Financial Performance - Net income for the three months ended June 30, 2024, was $1,113,467, a significant increase from a net loss of $144 for the same period in 2023[10] - Basic net income per common stock, nonredeemable, was $0.07 for the three months ended June 30, 2024, compared to $(0.00) for the same period in 2023[10] - For the nine months ended June 30, 2024, the net income was $831,330, compared to a net loss of $144 in the same period of 2023[12] - The company reported a net income of $813,055 for the three months ended June 30, 2024, compared to $300,412 for the same period in 2023[42] - For the three months ended June 30, 2024, the basic net income per share of common stock was $0.07, compared to $0.11 for the same period in 2023[42] Assets and Liabilities - Total current assets increased to $1,235,538 as of June 30, 2024, compared to $52,553 on September 30, 2023[7] - Total liabilities stood at $352,354 as of June 30, 2024, up from $57,987 on September 30, 2023[8] - Total stockholders' equity increased to $1,277,255 as of June 30, 2024, from a deficit of $(5,434) on September 30, 2023[8] - As of June 30, 2024, the Company had $876,649 in cash and a working capital of $883,184, indicating liquidity concerns for sustaining operations for at least one year[27] - The Company had $52,553 in cash as of September 30, 2023, showing a significant increase in cash reserves over the period[33] Initial Public Offering (IPO) - The company completed the Initial Public Offering of 11,500,000 units at a price of $10.00 per unit, generating gross proceeds of $115,000,000[15] - The company completed its Initial Public Offering on March 28, 2024, raising gross proceeds of $115,000,000 from the sale of 11,500,000 Units, including the full exercise of the over-allotment option for 1,500,000 Units[80] - Proceeds from the sale of units in the Initial Public Offering amounted to $111,550,000, net of underwriting discounts[12] - Transaction costs related to the Initial Public Offering amounted to $7,755,845[17] - The Company incurred transaction costs of $7,755,845 related to the Initial Public Offering, including a cash underwriting discount of $3,450,000 and the fair value of representative shares amounting to $3,867,050[81] Business Operations and Strategy - The company has not yet commenced any operations and will not generate operating revenues until after completing its initial Business Combination[14] - The company anticipates targeting companies with an enterprise value of at least $500 million across various sectors, including consumer goods and healthcare technology[13] - The company has not selected any potential business combination target as of June 30, 2024[13] - The Company plans to address its liquidity issues through a Business Combination, although there is no assurance of success in raising capital[27] - The Company plans to use funds from the Trust Account primarily to complete its initial Business Combination and for working capital purposes[84] Cash Flow and Investments - Interest earned on marketable securities held in the trust account was $1,504,700 for the three months ended June 30, 2024[10] - The total cash investment into the Trust Account was $(115,575,000) during the same period[12] - A total of $115.575 million from the IPO and private placement proceeds has been placed in a U.S.-based trust account, which will not be released until certain conditions are met[105] - As of June 30, 2024, the Trust Account held cash of $117,079,700, which is invested in money market funds and U.S. government securities[68] Shareholder Information - The number of common shares outstanding increased to 4,249,090 as of June 30, 2024, from 3,243,590 on September 30, 2023[11] - The Company is authorized to issue 100,000,000 shares of common stock, with 4,249,090 shares issued and outstanding as of June 30, 2024[64] - The common stock subject to possible redemption as of June 30, 2024, is valued at $116,764,846 after accounting for offering costs and remeasurement[37] - The company has 3,243,590 Founder Shares outstanding after the cancellation of 1,068,910 shares by the Sponsor[49] - The holders of Founder Shares are entitled to registration rights, allowing them to demand the registration of their securities for resale[59] Regulatory and Compliance - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[30] - The financial statements do not include all necessary information for a complete presentation of financial position, results of operations, or cash flows[28] - The Company recognizes changes in the redemption value of shares immediately, affecting retained earnings or additional paid-in capital[36] - The Company has no off-balance sheet arrangements or long-term liabilities as of June 30, 2024[89] - Management has raised concerns about the Company's ability to continue as a going concern due to expected significant costs in pursuing acquisition plans[88] Management and Internal Controls - Management has concluded that disclosure controls and procedures were not effective at a reasonable assurance level during the reporting period[99] - There were no changes in internal control over financial reporting that materially affected the company during the three and nine months ended June 30, 2024[100] - Management does not believe that any recently issued accounting standards will have a material effect on the company's financial statements[95] - The Company has not identified any critical accounting policies as of June 30, 2024[93] - The Company adopted ASU 2020 06 effective January 1, 2024, with no effect on the presented unaudited financial statements[44]
IB Acquisition Corp.(IBAC) - 2024 Q3 - Quarterly Report