Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of $126,062, a decrease from a net loss of $578,753 for the same period in 2022, representing a reduction of approximately 78%[161] - For the nine months ended September 30, 2023, the company had a net loss of $468,928, compared to a net loss of $1,074,579 for the same period in 2022, indicating a decrease of about 56%[162] - The company has not generated any operating revenues to date and relies on non-operating income from interest on marketable securities[160] Cash and Capital Structure - As of September 30, 2023, the company had cash held in the Trust Account amounting to $4,606,578, with an additional $1,520 in its operating bank account[170][171] - The company has a working capital deficit of $1,689,087 as of September 30, 2023, raising concerns about its ability to continue as a going concern[174] - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies[170] - The company plans to repay any loans from its Sponsor or affiliates upon completion of a Business Combination, with up to $1,500,000 of such loans convertible into additional Private Units[172] - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2023[176] Business Strategy - The company is actively seeking a target business for its Business Combination and has engaged EarlyBirdCapital for advisory services related to this process[178] Accounting and Reporting - The Company accounts for ordinary shares subject to possible redemption as temporary equity, classified outside of shareholders' equity on the balance sheet[182] - Net loss per share is calculated by dividing net loss by the weighted average number of ordinary shares outstanding, excluding shares subject to forfeiture[183] - Redeemable ordinary shares are included in the EPS calculation as a single class of common shares, with no adjustment to the numerator[184] - Private Placement Warrants are recognized as derivative warrant liabilities at fair value, subject to re-measurement at each reporting period[186] - The fair value of the Private Placement Warrants is estimated using a Binomial simulation model at each measurement date[186] - Management does not anticipate that recently issued accounting standards will materially affect the financial statements[187] - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[188] Transaction Costs - The company incurred $2,069,154 in transaction costs related to its Initial Public Offering, including $1,610,000 in underwriting fees[167]
BRILLIANT ACQUIS(BRLIR) - 2023 Q4 - Annual Report