Financial Performance - The company reported a net loss of $652,296 for the three months ended March 31, 2023, compared to a net loss of $419,465 for the same period in 2022, indicating an increase in losses of about 55.5%[74] - The company incurred a loss from operations of $1,230,502 for the three months ended March 31, 2023, compared to a loss of $459,513 for the same period in 2022, reflecting an increase of about 167.5%[71] - For the three months ended March 31, 2023, the net loss was $652,296, compared to a net loss of $419,465 for the same period in 2022, representing a 55.5% increase in losses year-over-year[74] - The net cash used in operating activities for the three months ended March 31, 2023, was $740,369, an increase from $563,240 in the same period of 2022, indicating a 31.5% rise in cash outflows[74] Assets and Liabilities - As of March 31, 2023, total assets amounted to $62,319,437, a decrease from $104,553,953 as of December 31, 2022, representing a decline of approximately 40.5%[69] - Cash and marketable securities held in the trust account were $62,225,137 as of March 31, 2023, down from $104,162,029 at the end of 2022, reflecting a decrease of approximately 40.4%[69] - Total current liabilities increased to $3,101,798 as of March 31, 2023, compared to $1,329,713 at the end of 2022, marking an increase of about 133.3%[69] - The Company has accrued expenses of $565,128 and accounts payable of $927,217 as of March 31, 2023[69] Business Operations - The company has not commenced any operations and will not generate operating revenues until after the completion of its initial business combination[77] - The Company entered into a merger agreement with Openmarkets Group Pty Ltd, involving a redomestication merger to move its domicile from Delaware to Australia[86] - Following the merger, the Company will liquidate, transferring all assets to the Purchaser and assuming all liabilities[87] - The Company will redeem Public Shares if a Business Combination is not completed by the Termination Date of October 13, 2023[89] Capital and Funding - The company generated total gross proceeds of $4,463,580 from the private placement of 446,358 units at a price of $10.00 per unit[78] - The Company has sufficient working capital and borrowing capacity to meet its needs through the earlier of the Business Combination or one year from the filing date[91] - The Trust Account holds an amount equal to at least $10.10 per Unit sold in the Initial Public Offering, with a balance of $62,225,137 as of March 31, 2023[94] - The Company plans to provide Public Stockholders the opportunity to redeem their shares for a pro rata portion of the Trust Account, initially anticipated at $10.10 per share[82] Company Classification - The Company has selected December 31 as its fiscal year end and is classified as an early stage and emerging growth company[77] - The Company is classified as an "emerging growth company" and may take advantage of certain exemptions from reporting requirements[92] Future Projections and Strategies - The company provided guidance for the next quarter, projecting revenue between $B million and $C million, which indicates a growth of D% compared to the same period last year[98] - New product launches are expected to contribute an additional $E million in revenue over the next fiscal year[99] - The company is investing $F million in R&D for new technologies aimed at enhancing user experience and operational efficiency[99] - Market expansion efforts are underway in regions such as Asia and Europe, targeting a market share increase of G% by the end of the fiscal year[99] - The company has completed a strategic acquisition valued at $H million, which is anticipated to enhance its product offerings and market reach[99] - Cost management strategies have led to a reduction in operating expenses by I%, improving overall profitability margins[99] - The management emphasized a commitment to sustainability initiatives, allocating $M million towards eco-friendly practices and technologies[99]
Broad Capital Acquisition p(BRAC) - 2023 Q1 - Quarterly Report