Financial Position - Total assets as of September 30, 2022, amounted to $103,762,752, a significant increase from $289,765 as of December 31, 2021[9] - Cash and marketable securities held in trust account were $103,233,186 as of September 30, 2022, indicating a strong liquidity position[9] - Total current liabilities increased to $307,342 as of September 30, 2022, from $284,860 as of December 31, 2021[9] - The total liabilities as of September 30, 2022, were $3,863,016, up from $284,860 as of December 31, 2021[9] - As of September 30, 2022, the Company had $529,566 in cash in its operating bank account[39] - The balance in the Trust Account was $103,233,186, primarily held in government securities[50] - The Company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2022[106] Income and Loss - The company reported a net income of $225,870 for the three months ended September 30, 2022, compared to a net loss of $202,445 for the nine months ended September 30, 2022[11] - The company reported a net loss of $202,445 for the nine months ended September 30, 2022[17] - Basic and diluted net loss per share of common stock was $0.02 for the three months ended September 30, 2022[11] - The Company incurred formation and operating costs of $252,312 for the three months ended September 30, 2022[11] - The Company recorded non-operating income of $478,182 for the three months ended September 30, 2022, and $626,589 for the nine months ended September 30, 2022, from interest income on marketable securities[93] Cash Flow - Net cash used in operating activities amounted to $673,019 during the same period[17] - The company invested $102,606,597 in the Trust Account, resulting in net cash used in investing activities of $102,606,597[17] - The net cash provided by financing activities was $103,807,018, significantly higher than the previous year's figure of $599[17] - The company had cash at the end of the period amounting to $529,566, up from $2,164 at the beginning of the period[17] Initial Public Offering (IPO) - The company raised gross proceeds of $100,000,000 from its Initial Public Offering, incurring transaction costs of $6,917,226[22] - The Company closed its Initial Public Offering on January 13, 2022, generating gross proceeds of $100,000,000 from the sale of 10,000,000 Units at $10.00 per Unit[62] - Transaction costs incurred during the Initial Public Offering were approximately $6,917,226, including $3,500,000 for deferred underwriting commissions[63] - The Sponsor purchased 446,358 Placement Units at $10.00 per Placement Unit, generating $4,463,580 in gross proceeds[64] - The underwriters partially exercised the over-allotment option, purchasing an additional 159,069 Units, generating gross proceeds of $1,590,690[76] - The company generated total gross proceeds of $4,463,580 from the private placement of 446,358 units at $10.00 per unit[119] Business Operations - The company has not commenced any operations as of September 30, 2022, and will not generate operating revenues until after completing its initial Business Combination[21] - The company expects to incur significant costs in pursuing its acquisition plans and cannot assure the success of its initial Business Combination[92] - The Company expects primary liquidity requirements of approximately $390,000 for legal, accounting, and due diligence expenses, $60,000 for regulatory reporting, $180,000 for office space and utilities, and $20,000 for miscellaneous working capital over the next 18 months[101] - The initial stockholders agreed not to transfer any Common Stock until six months after a Business Combination or until the stock price exceeds $12.00 per share for a specified period[70] - 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[27] Management and Governance - Management has determined that the potential mandatory liquidation raises substantial doubt about the company's ability to continue as a going concern[105] - The company does not expect to seek loans from parties other than its sponsor or an affiliate of its CEO[100] - There were no changes in internal control over financial reporting that materially affected the company's controls during the fiscal quarter ended September 30, 2022[115] - The Company is classified as an "emerging growth company" and is taking advantage of certain exemptions from reporting requirements[45] Shareholder Information - The weighted average shares outstanding of common stock were 13,485,199 for the three months ended September 30, 2022[11] - As of September 30, 2022, there were no amounts outstanding under any Working Capital Loan[40] - The Company had 2,990,897 shares of common stock issued and outstanding, excluding 10,159,069 shares subject to possible redemption[80] - Up to $1,500,000 of loans may be convertible into units at a price of $10.00 per unit upon the completion of the initial business combination[100]
Broad Capital Acquisition p(BRAC) - 2022 Q3 - Quarterly Report