Financial Performance - The company reported a net loss of $45,475 for the three months ended September 30, 2020, with operating costs of $47,262 and interest income of $1,787 from marketable securities[98]. - For the nine months ended September 30, 2020, the net loss was $45,532, consisting of operating costs of $47,426 and interest income of $1,894[98]. - Cash provided by operating activities for the nine months ended September 30, 2020, was $10,693, influenced by interest earned on marketable securities and changes in operating assets and liabilities[104]. Initial Public Offering - The company completed its Initial Public Offering on June 26, 2020, raising gross proceeds of $40,000,000 from the sale of 4,000,000 Units at $10.00 per Unit[101]. - An additional 600,000 Units were sold due to the underwriters' over-allotment option, generating total gross proceeds of $6,210,000[102]. - The company incurred transaction costs of $2,069,154 related to the Initial Public Offering, including $1,610,000 in underwriting fees[103]. Financial Position - As of September 30, 2020, the company had cash and marketable securities in the Trust Account amounting to $46,001,894[107]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2020[111]. Future Financing Needs - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and for working capital of the target business[107]. - The company may need additional financing to complete its Business Combination or if a significant number of public shares are redeemed[110].
Brilliant Acquisition (BRLI) - 2020 Q3 - Quarterly Report