Integrated Rail and Resources Acquisition (IRRX) - 2022 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2022, the company reported a net income of $4,515,091, which included operating costs of $247,267 and a non-cash change in fair value of warrant liabilities of $4,743,400 [123]. - Cash used in operating activities for the three months ended March 31, 2022, was $290,810, with net income affected by a non-cash charge for the change in fair value of warrant liability [128]. - The company does not expect to generate operating revenues until after completing an initial Business Combination [122]. Initial Public Offering - The company completed its Initial Public Offering on November 16, 2021, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit [126]. - The company incurred $24,917,410 in transaction costs related to the Initial Public Offering, including $4,600,000 in underwriting fees [127]. Cash and Funding - As of March 31, 2022, the company had $232,316,670 in cash held in the Trust Account, intended for completing a Business Combination [130]. - As of March 31, 2022, the company had cash of $713,468 held outside the Trust Account for operational purposes [131]. - The company has committed to provide up to $1,500,000 in additional funds to cover working capital deficiencies or transaction costs related to an intended Business Combination [133]. Business Combination Risks - If the company cannot complete a Business Combination by November 16, 2022, it may cease operations and liquidate the Trust Account [134]. - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2022 [137].