Integrated Rail and Resources Acquisition (IRRX) - 2023 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2023, the company reported a net loss of $2,413,318, which included operating costs of $450,901 and a non-cash change in fair value of warrant liabilities of $3,344,000[143]. - As of March 31, 2023, the company had approximately $189,000 in cash and a working capital deficiency of approximately $3,882,000[156]. - During the three months ended March 31, 2023, cash used in operating activities was $536,376, while cash provided by investing activities was $94,559,810[149][150]. 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[145]. - The company incurred $24,917,410 in transaction costs related to the Initial Public Offering, including $4,600,000 in underwriting fees and $11,675,823 for the excess fair value of Founder Shares[147]. Trust Account and Investments - As of March 31, 2023, the company held $146,097,402 in fair value of investments in the Trust Account, down from $237,537,270 at December 31, 2022, after a withdrawal of $94,489,074 for redeeming shareholders[152]. - The company plans to use substantially all funds in the Trust Account to complete a Business Combination, with the remaining proceeds intended for working capital[153]. Shareholder Activity - As of March 31, 2023, stockholders redeemed 9,155,918 shares for a total of $94,489,075, approximately $10.32 per share[148]. Future Outlook - The company expects to continue incurring significant costs in pursuit of its acquisition plans and has less than 12 months to complete a Business Combination[157]. - The company has no off-balance sheet financing arrangements as of March 31, 2023[158].