Financial Performance - The company reported a net loss of $35,388 for the year ended December 31, 2022, compared to a net loss of $3,308 for the year ended December 31, 2021, indicating a significant increase in operating costs [159]. Liquidity and Capital Structure - As of December 31, 2022, the company had $124,501 in its operating bank account and a working capital deficit of $1,138,861, raising concerns about its liquidity [164]. - The net proceeds from the initial public offering and the sale of Private Placement Units amounted to $70,610,000, with $70,207,500 placed in the Trust Account for future business combinations [162]. - The company has no off-balance sheet arrangements or long-term debt obligations as of December 31, 2022 [168]. Business Operations and Obligations - The company expects to incur significant costs related to being a public company, including legal and financial reporting expenses, as well as due diligence costs for potential business combinations [158]. - The company has a contractual obligation to pay an affiliate of its Sponsor a monthly fee of $7,500 for office space and administrative support, starting from February 9, 2023 [169]. - The company has incurred legal fees of $100,000 related to its initial public offering, which will only be payable upon consummation of a business combination [170]. Future Prospects and Risks - If the company fails to complete a business combination by November 14, 2023, it will cease operations and liquidate, raising substantial doubt about its ability to continue as a going concern [167]. - The company intends to use substantially all funds in the Trust Account to complete its initial business combination, with the possibility of withdrawing interest to pay taxes [163]. - The company anticipates that interest earned on the Trust Account will be sufficient to cover its annual franchise tax obligations of $200,000 [163].
Bellevue Life Sciences Acquisition Corp.(BLACU) - 2022 Q4 - Annual Report