Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $301,464, compared to a net loss of $988 for the same period in 2022[107]. - For the six months ended June 30, 2023, the company achieved a net income of $411,769, up from a net loss of $1,114 in the prior year[108]. - The company generated non-operating income of $1,228,030 from investments held in the Trust Account for the six months ended June 30, 2023[108]. Financial Position - The company had a working capital deficit of $482,395 as of June 30, 2023[114]. - The net proceeds from the initial public offering amounted to $70,610,000, with $70,207,500 placed in the trust account[111]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2023[118]. Business Operations - The company entered into a non-binding letter of intent for a business combination with OSR Holdings, a global healthcare holding company[105]. - The company expects to incur significant costs related to being a public company and for due diligence expenses in connection with the initial business combination[106]. - The company plans to use substantially all funds in the trust account to complete the initial business combination[112]. - If the company does not complete a business combination by November 14, 2023, it will cease operations and liquidate[117]. Internal Controls and Legal Matters - No changes in internal control over financial reporting during the most recent fiscal quarter that materially affected internal controls[126]. - Company is not currently subject to any material legal proceedings, nor are any threatened against the company or its officers[127].
Bellevue Life Sciences Acquisition Corp.(BLACU) - 2023 Q2 - Quarterly Report