Financial Performance - For the three months ended June 30, 2023, the company reported a net loss of $122,363, compared to a net loss of $35,544 for the same period in 2022, reflecting an increase in operating costs [162]. - For the six months ended June 30, 2023, the company had a net loss of $342,866, down from a net loss of $495,826 for the same period in 2022, indicating a reduction in operating costs [163]. - Cash used in operating activities for the six months ended June 30, 2023, was $183,291, with a net loss impacted by changes in fair value of derivative warrant liabilities [169]. - Net loss per share is calculated by dividing net loss by the weighted average number of ordinary shares outstanding, excluding shares subject to forfeiture [184]. Cash and Capital Structure - As of June 30, 2023, the company had cash held in the Trust Account amounting to $4,529,551, which is intended to be used for completing a Business Combination [171]. - The company has a working capital deficit of $1,572,423 as of June 30, 2023, raising concerns about its ability to continue as a going concern [175]. - The company may need to raise additional funds to meet expenditures required for operating its business prior to the initial Business Combination [174]. - The company generated gross proceeds of $40,000,000 from the Initial Public Offering of 4,000,000 Units at $10.00 per Unit [166]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2023 [177]. Business Combination Plans - The company intends to complete a Business Combination before the mandatory liquidation date of August 23, 2023, or obtain an extension [176]. Accounting and Financial Instruments - The Company accounts for ordinary shares subject to possible redemption as temporary equity, presented at redemption value outside of shareholders' equity [183]. - Redeemable ordinary shares are included in the EPS calculation without creating a different class of shares, as the redemption feature is at fair value [185]. - Management evaluates financial instruments, including stock purchase warrants, to determine if they are derivatives, reassessing classification at each reporting period [186]. - Private Placement Warrants are recognized as derivative warrant liabilities at fair value, subject to re-measurement until exercised [187]. - The fair value of Private Placement Warrants is estimated using a Binomial simulation model at each measurement date [187]. - Management does not anticipate that recently issued accounting standards will materially affect financial statements if adopted [188]. - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures [189]. Transaction Costs - The company incurred $2,069,154 in transaction costs during the Initial Public Offering, including $1,610,000 in underwriting fees [168].
BRILLIANT ACQUIS(BRLIR) - 2023 Q3 - Quarterly Report