Integral Acquisition Corporation 1(INTEU) - 2025 Q2 - Quarterly Report

Financial Performance - The company had a net loss of $571,230 for the three months ended June 30, 2025, consisting of operating costs of $591,142 and excise tax interest and penalties of $1,912, partially offset by interest income of $10,482 from the Trust Account [175]. - For the six months ended June 30, 2025, the net loss was $1,134,519, with operating costs of $1,179,427 and interest income of $46,820 from the Trust Account [176]. - The company paid $1,076,073 in excise taxes related to the Flybondi Business Combination Agreement, utilizing $900,000 from the 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]. Cash and Working Capital - As of June 30, 2025, the company had $21,503 in its operating bank account and a working capital deficit of $5,564,389 [178]. - The company had $355,000 of borrowings under the First Extension Promissory Note as of June 30, 2025 [180]. - An aggregate of $1,076,544 has been deposited to fund the Trust Account under the Extension Promissory Notes through June 30, 2025 [183]. - 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]. Shareholder Activities - Stockholders holding 348,502 Public Shares exercised their right to redeem shares for cash at a redemption price of approximately $11.31 per share, totaling approximately $3.94 million [168]. - The company removed $87,843,748 (approximately $10.37 per share) from the Trust Account to pay redeeming stockholders during the First Special Meeting [169]. - Following the Second Special Meeting, $19,763,618 (approximately $10.79 per share) was removed from the Trust Account to pay redeeming stockholders [170]. Financing Activities - The company generated gross proceeds of $4,950,000 from the private sale of 4,950,000 Private Placement Warrants at a purchase price of $1.00 per warrant [161]. - 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]. Business Operations and Obligations - The company has until November 5, 2025, to complete a Business Combination, or it will face mandatory liquidation [189]. - The company has no long-term debt obligations or capital lease obligations [190]. - Total administrative fees paid to the Sponsor for the six months ended June 30, 2025, amounted to $120,000 [191]. Tax and Regulatory Matters - 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]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures [197]. Investor Relations - Anchor Investors purchased approximately $60.8 million of Units in the Initial Public Offering, with no obligation to retain their Units [193]. Combination Period Extension - An aggregate of $21,760 has been deposited into the Trust Account to extend the Combination Period to September 5, 2025 [164].