IB Acquisition Corp.(IBAC) - 2025 Q2 - Quarterly Report

Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $824,126, consisting of interest and dividends earned on cash and investments held in the Trust Account of $1,250,141, offset by operational costs of $163,485 and provision for income taxes of $262,530 [111]. - For the six months ended March 31, 2025, the company had a net income of $1,731,194, with interest and dividends earned on cash and investments held in the Trust Account totaling $2,621,671, offset by operational costs of $339,926 and provision for income taxes of $550,551 [112]. - Cash used in operating activities for the six months ended March 31, 2025, was $1,119,424, with a net income of $1,731,194 impacted by interest and dividends earned [118]. Trust Account and Investments - As of March 31, 2025, the company held cash and investments in the Trust Account amounting to $120,299,544, which can only be invested in U.S. government treasury obligations or money market funds [121]. - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and conducting due diligence [122]. Initial Public Offering - 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 underwriters' over-allotment option [116]. - Transaction costs related to the Initial Public Offering amounted to $7,755,845, which included a cash underwriting discount of $3,450,000 [117]. - The company has engaged I-Bankers for marketing services related to the Business Combination, with a fee of 3.5% of the gross proceeds of the Initial Public Offering, totaling $4,025,000 [130]. Debt and Liquidity - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025, and does not participate in transactions that create relationships with unconsolidated entities [126]. - The company plans to address liquidity concerns through a Business Combination, but there is no assurance that capital raising efforts will be successful [125].