IB Acquisition Corp. 10-K

ITEM 2. PROPERTIES We currently maintain our executive offices at 2500 N Military Trail, Suite 160-A, Boca Raton, FL 33431. Previously, the cost for this space is included in the $5,000 per month fee that was paid to Christy Albeck, our Chief Financial Officer, for office space, utilities, secretarial support and other administrative and consulting services. We believe that the amount we will pay under the administrative services agreement is comparable to the cost of similar services that we could obtain from unaffiliated persons. We consider our current office space adequate for our current operations. ITEM 3. LEGAL PROCEEDINGS To the knowledge of our management, there is no litigation currently pending or contemplated against us, any of our officers or directors in their capacity as such or against any of our property. ITEM 4. MINE SAFETY DISCLOSURE Not applicable. 50 PART II