Tue, Nov 12, 8:06 PM (90 days ago)
For the third quarter ended September 30, 2024, Broad Capital Acquisition Corp (BRAC) reported a net loss of $108,671, a decrease from a loss of $185,725 in Q3 2023. Total assets declined significantly to $20,211,332 from $50,817,322, primarily due to a reduction in cash and marketable securities held in trust, which fell to $20,160,402 from $50,772,949. Current liabilities rose to $8,826,270, increasing from $6,907,172, reflecting higher accrued expenses and tax liabilities. The company is in the process of pursuing a business combination, with ongoing amendments to its merger agreement with Openmarkets Group Pty Ltd. Cash flow challenges are evident as the company had only $30,680 in cash as of September 30, 2024, raising concerns about its ability to sustain operations over the next year without additional financing. The company’s liquidity strategy relies on loans from its sponsor and affiliates, but there are uncertainties regarding future capital raises. The management has expressed substantial doubt about the company's ability to continue as a going concern if the business combination is not completed timely.