Financial Position - As of September 30, 2023, the Company had $70,796,551 in investments held in the Trust Account, with a working capital deficit of $4,458,673[167]. - As of September 30, 2023, the Company had $358 in its operating bank accounts and $3,494,914 of the amount on deposit in the Trust Account represented interest income[167]. - The Company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2023[174]. Income and Expenses - For the three months ended September 30, 2023, the Company reported a net income of $3,362, with interest from investments in the Trust Account amounting to $910,391[163]. - For the nine months ended September 30, 2023, the Company achieved a net income of $1,676,925, driven by interest income of $4,809,802[164]. - The Company incurred $2,179,968 in operating costs and franchise taxes for the nine months ended September 30, 2023[164]. IPO and Trust Account Activity - The Company completed its IPO on December 15, 2021, raising $287,500,000 from the sale of 28,750,000 units at $10.00 per unit[157]. - Following a stockholder vote on March 10, 2023, approximately $227.8 million was removed from the Company's trust account due to 22,119,297 shares being tendered for redemption[158]. Future Operations and Capital Needs - The Company has until December 15, 2023, to complete its initial business combination, after which it will cease operations if unsuccessful[159]. - The Company expects to need additional capital to meet its liquidity needs and may not be able to obtain financing on commercially acceptable terms[169]. Accounting Standards and Internal Controls - ASU 2020-06, effective January 1, 2024, simplifies accounting for certain financial instruments and introduces additional disclosures for convertible debt[187]. - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows, with no adoption as of September 30, 2023[187]. - Disclosure controls and procedures were evaluated and deemed effective as of the end of the fiscal quarter ended September 30, 2023[191]. - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected the company's internal control[193].
BurTech Acquisition (BRKH) - 2023 Q3 - Quarterly Report