Integrated Rail and Resources Acquisition (IRRX) - 2022 Q4 - Annual Report

Financial Performance - For the year ended December 31, 2022, the company reported a net loss from operations of $2,036,415, compared to a net loss of $434,274 for the year ended December 31, 2021[260]. - The company incurred net cash used in operating activities of $1,241,114 for the year ended December 31, 2022, compared to $910,267 for the year ended December 31, 2021[261]. Cash and Investments - As of December 31, 2022, the company had cash and investments held in the Trust Account amounting to $237,537,270, an increase from $232,302,620 as of December 31, 2021[262]. - As of March 16, 2023, there was $146,286,095 available in the Trust Account for completing a Business Combination[262]. Business Operations - The company expects to generate non-operating income in the form of interest income on marketable securities held after the Initial Public Offering[259]. - The company does not anticipate needing to raise additional funds to meet operating expenditures prior to the initial Business Combination[265]. Shareholder Actions - On February 8, 2023, the company redeemed 9,155,918 shares, requiring a payment of $94,489,074 from the funds held in Trust[262]. Debt and Obligations - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of $10,000 for office space and administrative services[269]. - The underwriters are entitled to a deferred fee of approximately $8.1 million, which will be payable only if a Business Combination is completed[270]. - The company signed a promissory note in February 2023 allowing it to borrow up to $600,000 convertible into warrants[266].