Integral Acquisition 1(INTE) - 2025 Q2 - Quarterly Report

Financial Performance - As of June 30, 2025, the company reported a net loss of $571,230 for the three months ended June 30, 2025, with operating costs of $591,142 and interest income of $10,482 from the Trust Account[175]. - The company incurred a net loss of $1,134,519 for the six months ended June 30, 2025, with operating costs of $1,179,427 and interest income of $46,820 from the Trust Account[176]. - The company had a working capital deficit of $5,564,389 as of June 30, 2025, with only $21,503 in its operating bank account[178]. - The company had not commenced any operations and had not generated any revenues as of June 30, 2025, with all activities related to its formation and Initial Public Offering[174]. Business Combination and Extensions - The company extended its Combination Period to November 5, 2025, following the approval of the Third Extension Amendment Proposal, with stockholders redeeming 835,672 Public Shares for approximately $11.41 per share, totaling $9,538,763[171]. - An aggregate of $21,760 was deposited into the Trust Account to extend the Combination Period to September 5, 2025 under the Third Extension Promissory Note[164]. - The company has until November 5, 2025, to complete a Business Combination, or it will face mandatory liquidation[189]. Securities and Market Status - The company’s securities were delisted from Nasdaq and are now quoted on the OTC Pink Market under the symbols "INTE," "INTEW," and "INTEU"[173]. - Anchor Investors purchased approximately $60.8 million of Units in the Initial Public Offering, with no obligation to retain their Units[193]. Debt and Financial Obligations - The company had $355,000 of borrowings under the First Extension Promissory Note as of June 30, 2025[180]. - As of June 30, 2025, the company reported $922,913 in borrowings under the 2024 Promissory Note, which has a principal amount of up to $3,000,000[186]. - The company issued a 2023 Promissory Note to the Sponsor for up to $1,500,000, which is convertible into warrants at a price of $1.00 per warrant[185]. - The company has no long-term debt obligations or capital lease obligations[190]. Tax Liabilities and Expenses - The company paid $1,076,073 in excise taxes related to the Flybondi Business Combination Agreement, utilizing $900,000 from Cartesian Escrow Parties[187]. - The company reported an excise tax liability of $95,388 as of December 31, 2024, which was reduced to $0 by June 30, 2025[188]. - The company reported an uncertain tax position related to the deduction of start-up and operating costs, which was resolved by amending the 2023 corporate income tax return[196]. Administrative and Reporting - Total administrative fees paid to the Sponsor for the six months ended June 30, 2025, amounted to $120,000[191]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[197].