Breeze Acquisition (BREZ) - 2023 Q4 - Annual Report

Financial Performance - For the year ended December 31, 2023, the company reported a net loss of $2,549,111, which included a loss of$1,015,500 in the fair value of warrant liabilities and operating costs of $2,070,143[333]. - Cash used in operating activities for the year ended December 31, 2023 was$2,024,603, primarily due to the net loss and changes in working capital[573]. - As of December 31, 2023, the company had working capital deficits of $7,849,292, compared to$5,345,736 in the previous year[575]. Cash and Investments - The company had cash held in the interest-bearing trust account of $12,977,528 as of December 31, 2023[336]. - The company had cash used in investing activities of$5,308,141, which included extension payments and redemptions of common stock[573]. Business Operations and Strategy - The company executed multiple one-month extensions for its business combination deadline, with the latest extension through April 26, 2024[572]. - The company intends to use substantially all funds held in the trust account to complete its business combination and for working capital to finance operations[574]. - The company plans to address its financial obligations through a business combination or obtaining working capital loans, although success is not guaranteed[579]. Shareholder Actions - The company redeemed 6,732,987 shares of common stock for $69,700,628 during the stockholders' meeting held on May 5, 2022[336]. Liabilities - The total amount owed to the Sponsor as of December 31, 2023 was$7,814,506, which includes various promissory notes and expenses paid on behalf of the company[581].