Integrated Rail and Resources Acquisition (IRRX) - 2022 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $4,548,362, which included operating costs of $366,194 and a non-cash change in fair value of warrant liabilities of $4,368,000[143]. - For the nine months ended September 30, 2022, the company achieved a net income of $9,830,640, with operating costs of $1,003,127 and a non-cash change in fair value of warrant liabilities of $9,853,400[144]. - Cash used in operating activities for the nine months ended September 30, 2022, was $971,432, influenced by a non-cash charge for the change in fair value of warrant liability of $9,853,400[148]. 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[146]. - The company incurred $24,917,410 in transaction costs related to the Initial Public Offering, including $4,600,000 in underwriting fees[147]. Investments and Cash Management - As of September 30, 2022, the company held $232,302,620 in investments in the Trust Account, with a fair value of $233,342,466[150]. - The company had approximately $291,526 in cash held outside the Trust Account as of September 30, 2022, intended for identifying and evaluating target businesses[153]. - As of September 30, 2022, the company had approximately $506,700 in working capital[155]. - Net proceeds held in the Trust Account have been invested in U.S. government treasury bills, notes, or bonds with a maturity of 185 days or less[170]. Financial Position and Risks - The company does not have any off-balance sheet financing arrangements as of September 30, 2022[158]. - The fair value of the Company's financial instruments approximates the carrying amounts in the balance sheet due to their short-term nature[168]. - As of September 30, 2022, the Company was not subject to any market or interest rate risk[170]. - The Company believes there will be no material exposure to interest rate risk due to the short-term nature of its investments[170]. Future Plans and Management Outlook - The company plans to hold a Special Meeting of Stockholders on November 15, 2022, to vote on extending the deadline for completing an initial business combination to May 15, 2023[157]. - Management does not anticipate that recently issued accounting standards will have a material effect on the condensed financial statements[169].