Financial Position - Total assets as of March 31, 2022, amounted to $103,285,890, with current assets of $639,346[10] - Cash and marketable securities held in the trust account totaled $102,646,544[10] - The company had total current liabilities of $47,500, primarily from accrued expenses[10] - As of March 31, 2022, the company had a shareholders' deficit of $2,923,881[10] - The Company has $102,646,544 held in the Trust Account as of March 31, 2022, primarily in U.S. government securities[53] - The Company had $639,346 of cash in its operating bank account as of March 31, 2022[42] - The Company has no amounts outstanding under any Working Capital Loan as of March 31, 2022[43] - The Company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2022[110] Operating Results - The company reported a net loss of $419,465 for the three months ended March 31, 2022, resulting in a basic and diluted net loss per ordinary share of $0.04[13] - The company generated non-operating income of $39,948 from interest on marketable securities for the three months ended March 31, 2022[97] - The provision for income taxes was deemed to be de minimis for the three months ended March 31, 2022[58] Initial Public Offering (IPO) - The Company closed its Initial Public Offering on January 13, 2022, raising gross proceeds of $100,000,000 from the sale of 10,000,000 Units at $10.00 per Unit[65] - Proceeds from the sale of Units in the Initial Public Offering generated gross proceeds of $100,000,000, with an additional $1,590,690 from the over-allotment option[24] - The company incurred transaction costs of $6,917,226 related to its Initial Public Offering, including $3,500,000 for deferred underwriting commissions[24] - The underwriters received a cash underwriting discount of $0.20 per Unit, totaling $2,000,000, and a deferred fee of $0.35 per Unit, totaling $3,500,000, contingent upon the completion of a Business Combination[80] - The Sponsor purchased 446,358 Placement Units at $10.00 per unit, generating an aggregate of $4,463,580[67] Business Combination - The company has not commenced any operations and will not generate operating revenues until after completing its initial Business Combination[23] - The company must complete a Business Combination with a fair market value equal to at least 80% of the net assets held in the Trust Account[30] - The Company will cease operations and liquidate if a Business Combination is not completed within 12 months from the Initial Public Offering[37] - The Company expects to incur significant costs in pursuing its financing and acquisition plans, raising concerns about its ability to continue as a going concern if a Business Combination is not completed[45] - The Company has agreed to waive redemption rights for Insider Shares in connection with the Business Combination[36] - The company may issue additional shares in connection with a Business Combination, which could significantly dilute existing investors' equity interests[92] - The company has until January 13, 2023, to consummate a Business Combination, with a potential extension to July 13, 2023[108] Administrative and Operational Costs - The Company has agreed to pay the Sponsor $10,000 per month for administrative services for up to 18 months[77] - The company expects to incur approximately $390,000 for legal, accounting, and due diligence expenses related to business combinations over the next 18 months[105] - The company has a contractual obligation to pay $10,000 monthly for office space and administrative support until the completion of the initial business combination[111] Impact of COVID-19 - The Company has evaluated the impact of the COVID-19 pandemic and concluded that it may negatively affect its financial position, but the specific impact is not determinable[63]
Broad Capital Acquisition p(BRAC) - 2022 Q1 - Quarterly Report