Financial Performance - For the period ended March 31, 2023, the company reported a net loss of $79,306, compared to a net loss of $460,282 for the same period in 2022, indicating a decrease in losses of approximately 82.8% year-over-year[153]. - Cash used in operating activities for the three months ended March 31, 2023, was $107,172, with a net loss impacted by changes in operating assets and liabilities[159]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial Business Combination[152]. Cash and Funding - As of March 31, 2023, the company had cash held in the Trust Account amounting to $4,435,021, which is intended to be used for completing a Business Combination[162]. - The company generated gross proceeds of $40,000,000 from its Initial Public Offering of 4,000,000 Units at a price of $10.00 per Unit[156]. - The company incurred $2,069,154 in transaction costs related to the Initial Public Offering, including $1,610,000 in underwriting fees[158]. - As of March 31, 2023, the company had a working capital deficit balance (excluding cash held in Trust Account) of $1,307,476, raising concerns about its ability to continue as a going concern[166]. - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and performing due diligence[163]. - The company may need to raise additional funds to complete a Business Combination or to cover redemptions of public shares, which could involve issuing additional securities or incurring debt[165]. Equity and Shares - The Company accounts for ordinary shares subject to possible redemption as temporary equity, presented at redemption value outside of shareholders' equity[174]. - Net loss per ordinary share is calculated by dividing net loss by the weighted average number of ordinary shares outstanding, excluding shares subject to forfeiture[175]. - Redeemable ordinary shares are included in the EPS calculation as a single class of common shares, with no adjustment to the numerator[176]. Financial Instruments - Management evaluates financial instruments, including stock purchase warrants, to determine if they are derivatives or contain embedded derivatives[177]. - Private Placement Warrants are recognized as derivative warrant liabilities at fair value, subject to re-measurement at each reporting period[178]. - The fair value of Private Placement Warrants is estimated using a Binomial simulation model at each measurement date[178]. Regulatory and Reporting - Management does not anticipate that recently issued accounting standards will materially affect financial statements[179]. - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[180].
BRILLIANT ACQUIS(BRLIR) - 2023 Q2 - Quarterly Report