Financial Performance - The company reported a net income of $21,345 for the three months ended June 30, 2021, compared to a net income of $67 for the same period in 2020[138]. - For the six months ended June 30, 2021, the company had a net loss of $41,718, which included operating costs of $106,978[138]. - Cash used by operating activities for the six months ended June 30, 2021, was $85,875[140]. Initial Public Offering - The company generated gross proceeds of $40,000,000 from the Initial Public Offering of 4,000,000 Units at a price of $10.00 per Unit[139]. - The company incurred $2,069,154 in transaction costs related to the Initial Public Offering, including $1,610,000 in underwriting fees[140]. - The company has engaged EarlyBirdCapital as an advisor for the Business Combination, with a cash fee of 3.5% of the gross proceeds of the Initial Public Offering[148]. Trust Account and Investments - As of June 30, 2021, the company had cash and marketable securities held in the Trust Account amounting to $46,005,335[141]. - The company intends to use substantially all funds held in the Trust Account to complete its Business Combination[141]. - The net proceeds from the Initial Public Offering have been invested in U.S. government treasury bills, notes, or bonds with a maturity of 180 days or less[154]. - The company has also invested in certain money market funds that invest solely in U.S. treasuries[154]. - Due to the short-term nature of these investments, the company believes there will be no associated material exposure to interest rate risk[154]. Financing and Debt - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2021[146]. - The company may need to obtain additional financing to complete its Business Combination or due to significant redemptions of public shares[144]. Risk Factors - As of June 30, 2021, the company was not subject to any market or interest rate risk[154].
Brilliant Acquisition (BRLI) - 2021 Q2 - Quarterly Report