Integrated Rail and Resources Acquisition (IRRX) - 2023 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $3,503,854, with operating costs of $273,767 and a provision for income taxes of $213,088[137]. - For the nine months ended September 30, 2023, the company had a net income of $25,868, with operating costs of $1,044,323 and a provision for income taxes of $855,721[139]. - Cash used in operating activities for the nine months ended September 30, 2023, was $1,298,289, with net income affected by a non-cash charge for the change in fair value of warrant liabilities of $2,299,000[145]. Initial Public Offering - The company completed its Initial Public Offering on November 16, 2021, generating gross proceeds of $230,000,000 from the sale of 23,000,000 units at $10.00 per unit[141]. - The company incurred $24,917,410 in transaction costs related to the Initial Public Offering, including $4,600,000 in underwriting fees[143]. Trust Account and Investments - As of September 30, 2023, the fair value of investments held in the Trust Account was $71,419,197, with recognized unrealized gains of $642,716[149]. - The company plans to use substantially all funds in the Trust Account to complete a Business Combination, with the possibility of withdrawing 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]. Working Capital and Financial Position - The company had a working capital deficiency of $8,283,203 as of September 30, 2023, indicating insufficient funds to operate prior to the initial Business Combination[153]. - As of September 30, 2023, the company had cash of $8,076 held outside the Trust Account, intended for identifying and evaluating target businesses[151]. - The company has entered into 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 September 30, 2023, the Company was not subject to any market or interest rate risk[168].