Financial Position - As of September 30, 2023, the company had $181,681 in cash and a negative working capital deficit of $7,058,591[205]. - The company has outstanding loans from the Sponsor totaling $7,197,574 as of September 30, 2023, which includes amounts for working capital and SPAC extension funds[218]. - The company has no long-term debt or capital lease obligations, only a monthly fee of $5,000 for office space and administrative services[219]. Financial Performance - For the nine months ended September 30, 2023, the company reported a net loss of $3,241,155, primarily due to a loss on change in fair value of warrant liabilities of $2,031,000[207]. - The company incurred significant costs in pursuit of acquisition plans and may need to raise additional funds to meet operational expenditures[216]. Trust Account and Shareholder Actions - A total of $116,725,000 was placed in the Trust Account following the Initial Public Offering, with transaction costs amounting to $4,099,907[209]. - The company redeemed 3,076,817 shares of common stock for $31,845,056 during the stockholders' meeting held on September 13, 2022[210]. - On September 22, 2023, stockholders approved a proposal to extend the date for consummating a Business Combination up to nine times for an additional month each time, potentially until June 26, 2024[211]. Future Obligations and Uncertainties - A Transaction Success Fee of $50,000 is due upon successful completion of the merger with TV Ammo, as per the agreement signed on December 2, 2022[220]. - Management has indicated that there is uncertainty regarding the ability to meet obligations within one year, highlighting the need for a successful Business Combination or Working Capital Loans[217].
Breeze Acquisition (BREZ) - 2023 Q3 - Quarterly Report