Integrated Rail and Resources Acquisition (IRRX) - 2023 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2023, the company reported a net loss of $1,064,668, which included operating costs of $319,655 and a non-cash change in fair value of warrant liabilities of $1,881,000[137]. - For the six months ended June 30, 2023, the company had a net loss of $3,477,986, consisting of operating costs of $770,556 and a non-cash change in fair value of warrant liabilities of $5,225,000[139]. Trust Account and Investments - As of June 30, 2023, the company held $149,075,160 in investments in the Trust Account, with recognized unrealized gains of $348,328[149]. - A total of $94,489,075 was withdrawn from the Trust Account to pay redeeming shareholders, resulting in approximately $10.32 per share[143]. - The company plans to use funds in the Trust Account primarily to complete a Business Combination and may withdraw interest to pay taxes[150]. - 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[168]. 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[141]. - The company incurred $24,917,410 in transaction costs related to the Initial Public Offering, including $4,600,000 in underwriting fees[142]. Financial Position - As of June 30, 2023, the company had approximately $57,000 in cash and a working capital deficiency of approximately $5,270,000[153]. - The company has a promissory note with a related party for up to $600,000 to fund working capital needs[156]. - The fair value of the Company's financial instruments approximates the carrying amounts in the balance sheet due to their short-term nature[165]. - As of June 30, 2023, the Company was not subject to any market or interest rate risk[168]. Future Expectations - The company expects to incur increased expenses due to being a public company, including legal and compliance costs[136].