Financial Performance - For the year ended September 30, 2023, the company reported a net loss of $6,844, which consists of operating costs[670]. - The company has not generated any revenues to date and does not expect to do so until after the completion of its business combination[669]. Cash and Assets - As of September 30, 2024, the company held cash in the Trust Account amounting to $118,601,873, which is intended for completing the initial Business Combination[672]. - The company has no off-balance sheet arrangements as of September 30, 2024, and does not engage in transactions with unconsolidated entities[674]. Expenses and Costs - The company incurs expenses related to being a public entity, including legal, financial reporting, accounting, and auditing compliance costs[669]. - The company appointed a new Chief Financial Officer on January 22, 2024, with a monthly compensation of $5,000 starting from the Initial Public Offering closing[675]. Regulatory and Compliance - The company is classified as an "emerging growth company" and is utilizing certain exemptions from various reporting requirements[684]. - The company may face additional regulatory burdens if deemed an "investment company," which could impact its ability to complete a business combination[679]. - There were no changes in internal control over financial reporting during the fiscal year ended September 30, 2024, that materially affected the company's reporting[51]. Market Conditions - A significant downturn in economic activity, particularly in the real estate market, may lead potential targets to reduce capital and operating expenditures[681].
IB Acquisition Corp.(IBAC) - 2024 Q4 - Annual Report