Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $110,305, compared to a net loss of $126 for the same period in 2022[102]. - The company generated non-operating income of $417,728 from investments held in the Trust Account[102]. Capital Structure - The net proceeds from the initial public offering and private placement amounted to $70,610,000, with $70,207,500 placed in the trust account[104]. - As of March 31, 2023, the company had $348,802 in its operating bank account and working capital of $26,443[107]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2023[111]. Future Obligations and Risks - The company expects to incur significant costs in pursuit of financing and acquisition plans following the initial public offering[103]. - 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[113]. - The company will cease operations and liquidate if it cannot complete a business combination by November 14, 2023[110]. - The company estimates its annual franchise tax obligations to be $200,000, which may be paid from funds held outside the trust account[105]. - The company may require additional funding through loans from its Sponsor or affiliates to meet working capital needs[108].
Bellevue Life Sciences Acquisition Corp.(BLACU) - 2023 Q1 - Quarterly Report