Integral Acquisition Corporation 1, a blank check company, reported its financial results for the period ending September 30, 2024, revealing significant changes in its financial position compared to the previous fiscal period. The company’s total assets increased to $14.76 million from $13.06 million at the end of 2023, primarily due to a rise in current assets, which surged to $1.18 million from $101,464. However, total liabilities also rose to $5.10 million, up from $3.38 million, contributing to a worsening accumulated deficit of $(3.80 million) compared to $(3.24 million) at the end of 2023.

For the three months ended September 30, 2024, Integral Acquisition reported a net loss of $(268,093), a stark contrast to a net income of $688,152 for the same period in 2023. This decline was attributed to decreased interest income, which fell to $173,785 from $412,108, and a significant drop in total other income, which decreased to $173,785 from $1.24 million year-over-year. For the nine-month period, the net loss was $(922,545), compared to a net income of $593,361 in the prior year.

Operating costs for the three months ended September 30, 2024, were $397,659, down from $520,762 in the same quarter of 2023. For the nine-month period, operating costs decreased to $1.31 million from $1.39 million. The company’s cash position improved, with $927,414 in its operating bank account as of September 30, 2024, compared to $41,740 at the end of the previous year.

Integral Acquisition is actively pursuing a business combination with Flybondi, having entered into a Business Combination Agreement on October 19, 2023. The agreement has undergone amendments, extending the deadline for completion to March 31, 2025. However, the company faced challenges, including a delisting notice from Nasdaq due to failure to complete the business combination by November 2, 2024, leading to trading on the OTC market starting November 11, 2024.

The company has also engaged in various financial maneuvers, including the issuance of promissory notes to the Sponsor and monthly deposits into the Trust Account to facilitate the business combination. As of September 30, 2024, the company had recorded a tax liability of $371,214 and expressed substantial doubt about its ability to continue as a going concern if the business combination is not completed by the extended deadline.