Brilliant Acquisition (BRLI) - 2022 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2022, the company reported a net loss of $35,544, with operating costs of $144,590 and interest income of $52,704 from marketable securities[145]. - For the six months ended June 30, 2022, the company had a net loss of $495,827, consisting of operating costs of $613,861 and interest income of $56,651[145]. - Net loss per share is calculated by dividing net loss by the weighted average number of ordinary shares outstanding, excluding shares subject to forfeiture[165]. Cash and Securities - As of June 30, 2022, the company had cash and marketable securities in the Trust Account totaling $41,549,673[151]. - The company generated gross proceeds of $40,000,000 from its Initial Public Offering of 4,000,000 Units at $10.00 per Unit[147]. - The company incurred transaction costs of $2,069,154 related to the Initial Public Offering, including $1,610,000 in underwriting fees[149]. - As of June 30, 2022, the company had a working capital deficit of $640,555, excluding marketable securities held in the Trust Account[156]. Business Combination and Funding - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and for working capital of the target business[151]. - The company may need to raise additional funds to complete its Business Combination or to cover redemptions of public shares[154]. - The company has less than twelve months to complete a business combination before its liquidation date of October 23, 2022[156]. Debt and Equity - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2022[158]. - The company accounts for ordinary shares subject to possible redemption as temporary equity, presented at redemption value outside of shareholders' equity[164]. - Derivative warrant liabilities are recognized at fair value and adjusted at each reporting period, with changes in fair value reflected in the statement of operations[167]. - The fair value of Private Placement Warrants is estimated using a Binomial simulation model at each measurement date[167]. Accounting and Reporting - Management does not anticipate that recently issued accounting standards will materially affect financial statements[168]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[170].