Financial Performance - For the period ended March 31, 2023, the company reported a net loss of $79,306, consisting of operating costs of $78,381 and a decrease in fair value of derivative warrant liabilities of $925[154]. - Cash used in operating activities for the three months ended March 31, 2023, was $107,172, with a net loss impacted by changes in operating assets and liabilities[157]. - As of March 31, 2023, the company had a working capital deficit balance (excluding cash held in Trust Account) of $1,307,476[163]. - The company incurred $2,069,154 in transaction costs related to the Initial Public Offering, including $1,610,000 in underwriting fees[157]. - Net loss per ordinary share is calculated by dividing net loss by the weighted average number of ordinary shares outstanding, excluding shares subject to forfeiture[173]. Cash and Funding - The company had cash held in the Trust Account of $4,435,021 as of March 31, 2023, and intends to use these funds primarily to complete a Business Combination[159]. - The company may need to raise additional funds to meet expenditures required for operating its business prior to its initial Business Combination[162]. - The company generated gross proceeds of $40,000,000 from its Initial Public Offering of 4,000,000 Units at a price of $10.00 per Unit[156]. Business Combination and Acquisition Plans - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of successful completion[152]. - The company has less than twelve months to complete a business combination before its liquidation date of May 23, 2023[163]. Accounting and Reporting - The company accounts for ordinary shares subject to possible redemption as temporary equity, presented at redemption value outside of shareholders' equity[172]. - 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[175]. - The fair value of Private Placement Warrants is estimated using a Binomial simulation model at each measurement date[175]. - Management does not anticipate that recently issued accounting standards will materially affect financial statements[176]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[178]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2023[165].
Brilliant Acquisition (BRLI) - 2023 Q1 - Quarterly Report