Financial reports / Inception Growth Acquisition Limited | Tables in SEC filings

IGTA Inception Growth Acquisition Limited

Quarterly report

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine months ended September 30, 2024		Nine months ended September 30, 2023
Cash flows from operating activities
Net income	$	262,934		317,367
Adjustments to reconcile net income to net cash used in operating activities
Interest income and dividend income earned in cash and investment held in Trust Account		(985,835)		(2,313,587)
Non-redemption agreement expense		-		452,026
Change in operating assets and liabilities:
(Increase) decrease in prepaid expenses		(20,250)		144,405
(Decrease) increase in accrued liabilities		(17,455)		109,958
(Decrease) increase in income tax payable		(76,832)		475,268
Net cash used in operating activities		(837,438)		(814,563)

Cash flows from investing activities
Cash withdrawn from Trust Account in connection to redemption		19,036,950		60,411,251
Cash withdrawn from Trust Account		-		419,279
Extension payments deposited in Trust Account		(700,000)		(100,000)
Net cash provided by investing activities		18,336,950		60,730,530

Cash flows from financing activities
Redemption of common stock		(19,036,950)		(60,411,251)
Proceed from promissory note – related party		1,400,000		-
Advance from a related party		88,293		71,639
Net cash used in financing activities		(17,548,657)		(60,339,612)

NET CHANGE IN CASH		(49,145)		(423,645)

Cash, beginning of period		60,440		680,812

Cash, end of period	$	11,295	$	257,167

Reconciliation to amounts on unaudited condensed consolidated balance sheets:
Cash	$	11,295	$	132,080
Cash in escrow		-		125,087

	$	11,295	$	257,167

SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Accretion of carrying value to redemption value	$	(1,685,835)	$	(1,994,659)
Excise tax payable attributable to redemption of common stock	$	190,370	$	765,515

	September 30, 2024		December 31, 2023
	(Unaudited)		(Audited)
ASSETS
Current assets:
Cash	$	11,295	$	60,440
Prepaid expenses		20,250		-
Total current assets		31,545		60,440

Cash and investments held in trust account		14,704,087		32,055,202
TOTAL ASSETS	$	14,735,632	$	32,115,642

LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Accrued liabilities	$	1,451,247	$	1,278,332
Income tax payable		314,713		391,545
Note payable – related party		1,490,000		90,000
Amount due to a related party		374,300		286,007
Total current liabilities		3,630,260		2,045,884

Deferred underwriting compensation		2,250,000		2,250,000

TOTAL LIABILITIES		5,880,260		4,295,884

Commitments and contingencies (Note 8)		-		-

Temporary equity:
Common stock, subject to possible redemption: 1,264,184 and 2,950,891 shares (at redemption value of $11.63 and $10.86 per share, respectively)		14,704,087		32,055,202

Shareholders’ deficit:
Common stock, $0.0001 par value; 26,000,000 shares authorized; 2,637,500 shares issued and outstanding (excluding 1,264,184 and 2,950,891 shares, subject to possible redemption, respectively)		264		264
Accumulated deficit		(5,848,979)		(4,235,708)

Total shareholders’ deficit		(5,848,715)		(4,235,444)

TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT	$	14,735,632	$	32,115,642

	September 30, 2024		Quoted Prices In Active Markets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
Description	(Unaudited)		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Treasury Securities held in Trust Account*	$	14,704,087	$	14,704,087	$	-	$	-

	Three months ended September 30, 2024		Three months ended September 30, 2023		Nine months ended September 30, 2024		Nine months ended September 30, 2023

Formation, general and administrative expense	$	(209,215)	$	(423,230)	$	(667,558)	$	(1,068,926)
Non-redemption agreement expenses		-		-		-		(452,026)

Other income:
Dividend income		187,825		611,440		985,835		2,313,587
Total other income		187,825		611,440		985,835		2,313,587

Income (loss) before income taxes		(21,390)		188,210		318,277		792,635

Benefit from income taxes (expense)		22,204		(125,908)		(55,343)		(475,268)

NET INCOME	$	814	$	62,302	$	262,934	$	317,367

Basic and diluted weighted average shares outstanding, common stock subject to possible redemption		1,264,184		4,111,784		2,261,434		5,902,701
Basic and diluted net income per share, common stock subject to possible redemption	$	0.10	$	0.07	$	0.29	$	0.16

Basic and diluted weighted average shares outstanding, common stock not subject to possible redemption		2,637,500		2,637,500		2,637,500		2,637,500
Basic and diluted net loss per share, common stock not subject to possible redemption	$	(0.05)	$	(0.08)	$	(0.15)	$	(0.23)

	December 31, 2023		Quoted Prices In Active Markets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
Description	(Audited)		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Treasury Securities held in Trust Account*	$	32,055,202	$	32,055,202	$	-	$	-

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