Ownership / Integrated Rail and Resources Acquisition Corp. | Tables in SEC filings

IRRX Integrated Rail and Resources Acquisition Corp.

Quarterly report

UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

	September 30, 2024		December 31, 2023
Assets
Current Assets:
Cash	$	426	$	189
Prepaid expenses and other assets		13,697		33,590
Total Current Assets		14,123		33,779
Investments held in Trust Account		23,755,380		72,731,536
Total Assets	$	23,769,503	$	72,765,315

Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit
Current Liabilities
Accounts payable and accrued expenses	$	1,025,357	$	700,664
Accrued franchise tax		102,571		80,000
Accrued excise tax		2,251,177		1,741,420
Income taxes payable		1,541,373		1,177,040
Advances from related parties		100,770		100,770
Note Payable—Sponsor		5,393,225		4,853,225
Note Payable—related party		1,040,710		600,000
Working Capital Loan—related party		17,935		17,935
Total Current Liabilities		11,473,118		9,271,054
Warrant liabilities		836,000		2,090,000
Deferred underwriting fee payable		8,050,000		8,050,000
Total Liabilities		20,359,118		19,411,054

Commitments and Contingencies
Class A Common Stock subject to possible redemption. 1,915,386 and 6,489,246 shares are at redemption value of approximately $11.63 and $11.01 per share at September 30, 2024 and December 31, 2023, respectively.		22,277,709		71,474,496
Stockholders’ Deficit:
Preferred Stock, $0.0001 par value; 1,000,000 shares authorized, no shares issued or outstanding				—
Class A Common Stock, $0.0001 par value; 100,000,000 shares authorized, no shares issued and outstanding (excluding 1,915,386 and 6,489,246 shares subject to possible redemption at September 30, 2024 and December 31 2023, respectively).		—		—
Class B Common Stock, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 shares issued and outstanding		575		575
Accumulated deficit		(18,867,899)		(18,120,810)

Total Stockholders’ Deficit		(18,867,324)		(18,120,235)

Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit	$	23,769,503	$	72,765,315

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
EXPENSES
Operating expenses	$	405,080	$	273,767	$	890,887	$	1,044,323
Loss from Operations		(405,080)		(273,767)		(890,887)		(1,044,323)

Other (Expense) Income
Interest and income earned on cash and Trust investments		328,437		1,298,862		1,274,699		4,110,737
Unrealized gain on investments held in Trust		—		(234,153)		—		114,175
Change in fair value of warrant liabilities		209,000		2,926,000		1,254,000		(2,299,000)
Total Other Income		537,437		3,990,709		2,528,699		1,925,912

Income before provision for income taxes		132,357		3,716,942		1,637,812		881,589
Provision for income taxes		(111,320)		(213,088)		(364,333)		(855,721)
Net income	$	21,037	$	3,503,854	$	1,273,479	$	25,868

Weighted average shares outstanding of Class A redeemable Common Stock		1,915,386		9,607,057		2,566,410		13,724,208
Basic and diluted net income per share, Class A	$	0.00	$	0.23	$	0.15	$	0.00
Weighted average shares outstanding of Class B non-redeemable Common Stock		5,750,000		5,750,000		5,750,000		5,750,000
Basic and diluted net income per share, Class B	$	0.00	$	0.23	$	0.15	$	0.00

	Warrant Liabilities
Fair Value at January 1, 2023 – Private Placement Warrants	$	1,316,000
Change in Fair Value – Private Placement Warrants		1,504,000
Fair Value at March 31, 2023 – Private Placement Warrants	$	2,820,000
Change in Fair Value – Private Placement Warrants		846,000
Fair Value at June 30, 2023 – Private Placement Warrants	$	3,666,000
Change in Fair Value – Private Placement Warrants		(1,316,000)
Fair Value at September 30, 2023 – Private Placement Warrants	$	2,350,000
Change in Fair Value – Private Placement Warrants		(1,410,000)
Fair Value at December 31, 2023 – Private Placement Warrants	$	940,000

	For the Three Months Ended September 30,
	2024				2023
	Shares Subject to Possible Redemption		Shares Not Subject to Possible Redemption		Shares Subject to Possible Redemption		Shares Not Subject to Possible Redemption
Basic and diluted net (loss) income per common stock
Numerator:
Allocation of net (loss) income	$	5,257	$	15,780	$	2,191,939	$	1,311,915
Denominator:
Basic and diluted weighted average common shares outstanding		1,915,386		5,750,000		9,607,057		5,750,000
Basic and diluted net (loss) income per common stock	$	0.00	$	0.00	$	0.23	$	0.23

	For the Nine Months Ended September 30,
	2024		2023
Cash Flows from Operating Activities:
Net income	$	1,273,479	$	25,868
Adjustments to reconcile net income to cash used in operating activities:
Reinvested dividends on funds held in Trust Account		—		(560,256)
Unrealized gain on investments held in Trust Account		—		(114,175)
Realized Gain on Investments Held in Trust		—		(3,550,481)
Interest and income earned on cash and Trust Account investments		(1,274,695)		—
Deferred income taxes		—		(236,249)
Change in fair value of warrant liabilities		(1,254,000)		2,299,000
Changes in Operating Assets and Liabilities:
Prepaid expenses		19,893		346,193
Accounts payable and accrued expenses		324,693		(115,952)
Accrued franchise tax		22,571		(40,685)
Income tax payable		364,333		648,448
Net Cash Used in Operating Activities		(523,726)		(1,298,289)

Cash Flows from Investing Activities:
Cash withdrawn from Trust Account to pay franchise and income taxes		83,253		634,257
Cash deposited into Trust Account		(540,000)		(4,433,225)
Cash withdrawn from Trust Account for payment to redeeming stockholders		50,707,598		174,141,949
Net Cash Provided by Investing Activities		50,250,851		170,342,981

Cash Flows from Financing Activities:
Proceeds from Note Payable—Sponsor		540,000		4,433,225
Proceeds from Note Payable—related party		440,710		600,000
Proceeds from Working Capital Loan—Related Party		—		17,935
Payment to redeeming stockholders		(50,707,598)		(174,141,949)
Net Cash Used in Financing Activities		(49,726,888)		(169,090,789)

Net Change in Cash		237		(46,097)
Cash – Beginning of Period		189		54,173
Cash – End of Period	$	426	$	8,076

Supplemental Disclosure of Noncash Investing and Financing Activities:
Remeasurement of Common Stock subject to redemption	$	1,510,811	$	7,392,164
Accrued excise tax on Common Stock redemptions	$	509,757	$	1,741,420

Table search / Ownership / Integrated Rail and Resources Acquisition Corp.

60 results

Top filers

Top filing types

Recent filing years