Financial Performance - The company reported a net loss of $124,611 for the three months ended September 30, 2021, compared to a net loss of $41,430 for the same period in 2020, reflecting an increase in operating costs [137]. - For the nine months ended September 30, 2021, the company had a net loss of $166,329, with operating costs amounting to $260,315, compared to a net loss of $41,487 for the same period in 2020 [137]. - The company has not engaged in any operations or generated any revenues to date, with only non-operating income from interest on marketable securities [136]. 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]. Cash and Investments - As of September 30, 2021, the company had cash and marketable securities held in the Trust Account totaling $46,926,504 [142]. - As of September 30, 2021, the company had cash of $504,362 in its operating account, intended for identifying and evaluating target businesses [143]. - 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 [156]. - The company believes there will be no material exposure to interest rate risk due to the short-term nature of its investments [156]. Business Strategy and Risks - The company intends to use substantially all funds in the Trust Account to complete a Business Combination and for working capital of the target business [142]. - The company may incur significant costs in pursuing acquisition plans and cannot assure the success of completing a Business Combination [135]. Financial Instruments and Risks - Management evaluates financial instruments, including share purchase warrants, to determine if they are derivatives or contain embedded derivatives [155]. - As of September 30, 2021, the company was not subject to any market or interest rate risk [156]. - The company has no off-balance sheet financing arrangements or long-term liabilities as of September 30, 2021 [147]. - Management does not anticipate that recently issued accounting standards will have a material effect on the unaudited condensed financial statements [155].
Brilliant Acquisition (BRLI) - 2021 Q3 - Quarterly Report