Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of $126,062, compared to a net loss of $578,753 for the same period in 2022, reflecting a decrease of approximately 78% year-over-year [156]. - For the nine months ended September 30, 2023, the company had a net loss of $468,928, down from a net loss of $1,074,579 in the same period of 2022, indicating a reduction of about 56% year-over-year [156]. - Cash used in operating activities for the nine months ended September 30, 2023, was $304,272, with a net loss impacted by changes in fair value of derivative warrant liabilities [159]. Initial Public Offering - The company generated gross proceeds of $40,000,000 from its Initial Public Offering of 4,000,000 Units at $10.00 per Unit on June 26, 2020 [158]. - The company incurred $2,069,154 in transaction costs related to the Initial Public Offering, including $1,610,000 in underwriting fees [159]. Cash and Working Capital - As of September 30, 2023, the company had cash held in the Trust Account amounting to $4,606,578, which is intended to be used for completing a Business Combination [160]. - As of September 30, 2023, the company had a working capital deficit of $1,689,087, excluding cash held in the Trust Account [165]. - The company may need to raise additional funds to meet expenditures required for operating its business prior to the initial Business Combination [163]. Business Combination - The company intends to complete a Business Combination before the mandatory liquidation date of November 23, 2023, or seek an extension [166]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2023 [167]. Accounting and Reporting - The company accounts for ordinary shares subject to possible redemption as temporary equity, presented at redemption value outside of shareholders' equity [174]. - Net loss per share is calculated by dividing net loss by the weighted average number of ordinary shares outstanding, excluding shares subject to forfeiture [175]. - Derivative warrant liabilities are recognized at fair value and adjusted at each reporting period, with changes in fair value recorded in the statement of operations [177]. - The fair value of Private Placement Warrants is estimated using a Binomial simulation model at each measurement date [177]. - Management does not anticipate that recently issued accounting standards will materially affect financial statements [178]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures [180].
Brilliant Acquisition (BRLI) - 2023 Q3 - Quarterly Report