IPO and Capital Raising - The company completed its IPO on December 15, 2021, raising approximately $287.5 million by issuing 28,750,000 units at $10.00 per unit[117]. Financial Performance - As of March 31, 2023, the company had a net income of $1,574,791, primarily from interest income of $3,075,729, after deducting operating costs and taxes[122]. - The company reported a working capital deficit of $3,061,468 as of March 31, 2023, with $69,431,940 held in the Trust Account for future business combinations[124]. - As of March 31, 2023, the company had $1,172,371 in its operating bank accounts and $2,130,305 of the Trust Account amount represented interest income[124]. - The company has incurred expenses related to being a public entity, including legal and compliance costs, but has not generated any operating revenues to date[121]. Debt and Liquidity - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2023[129]. - The company expects to need additional capital for operations and may seek loans or investments from sponsors or third parties[126]. - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern for at least one year from the date of the financial statements[127]. Business Combination Requirements - The company is required to complete a business combination within 23 months from the IPO closing date, or it will face mandatory liquidation[119]. - Following a stockholder vote on March 10, 2023, approximately $227.8 million was redeemed, leaving 6,630,703 shares of Class A common stock outstanding[118]. Accounting Standards and Internal Controls - The Company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements[140]. - The management does not believe that any other recently issued accounting standards would materially affect the financial statements[141]. - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected internal control[147]. Tax Implications - The Company may be subject to a 1% excise tax on stock repurchases occurring after January 1, 2023, as per the Inflation Reduction Act of 2022[150]. - The excise tax is based on the fair market value of shares repurchased, which could impact cash available for business combinations[151].
Burtech Acquisition Corp.(BRKHU) - 2023 Q1 - Quarterly Report