Exhibit 99.1
Broad Capital Acquisition Corp.
Pro Forma Balance Sheet
January 13, | Pro Forma | |||||||||||||
2022 | Adjustments | As Adjusted | ||||||||||||
(unaudited) | (unaudited) | |||||||||||||
ASSETS: | ||||||||||||||
Current Assets: | ||||||||||||||
Cash | $ | 2,069 | $ | 1,165,728 | a. | $ | 1,034,454 | |||||||
190 | b. | |||||||||||||
(133,533 | ) | c. | ||||||||||||
1,590,690 | d. | |||||||||||||
47,721 | e. | |||||||||||||
(31,814 | ) | g. | ||||||||||||
(1,606,597 | ) | i. | ||||||||||||
Prepaid expenses | 36,900 | - | 36,900 | |||||||||||
Subscription receivable | 1,165,728 | (1,165,728 | ) | a. | - | |||||||||
Deferred offering costs associated with the initial public offering | - | 31,814 | g. | - | ||||||||||
(31,814 | ) | j. | ||||||||||||
Total Current Assets | 1,204,697 | (133,343 | ) | 1,071,354 | ||||||||||
Cash and marketable securities held in Trust Account | 101,000,000 | 1,606,597 | i. | 102,606,597 | ||||||||||
Total Assets | $ | 102,204,697 | $ | 1,473,254 | 103,677,951 | |||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT: | ||||||||||||||
Current Liabilities: | ||||||||||||||
Promissory note – related party | $ | 133,533 | $ | (133,533 | ) | c. | $ | - | ||||||
Total Current Liabilities | 133,533 | (133,533 | ) | - | ||||||||||
Deferred underwriting commission | 3,500,000 | 55,674 | h. | 3,555,674 | ||||||||||
Total Liabilities | 3,633,533 | (77,859 | ) | 3,555,674 | ||||||||||
Commitments and Contingencies | ||||||||||||||
Common stock subject to possible redemption; 10,159,069 (at $10.10 per share) | 101,000,000 | 1,590,690 | d. | 102,606,597 | ||||||||||
15,907 | f. | |||||||||||||
Stockholders’ Deficit: | ||||||||||||||
Preferred Stock, $0.000001 par value; 1,000,000 shares authorized; none issued and outstanding | - | - | - | |||||||||||
Common Stock, $0.000001 par value, 100,000,000 shares authorized; 3,321,358 issued and outstanding1 (excluding 10,159,069 shares subject to possible redemption) | 4 | 0 | e. | 3 | ||||||||||
(0 | ) | l. | ||||||||||||
Additional paid-in capital | - | 47,721 | e. | - | ||||||||||
(15,907 | ) | f. | ||||||||||||
(55,674 | ) | h. | ||||||||||||
(31,814 | ) | j. | ||||||||||||
55,674 | k. | |||||||||||||
Accumulated deficit | (2,428,840 | ) | 190 | b. | (2,484,324 | ) | ||||||||
(55,674 | ) | k. | ||||||||||||
Total Stockholders’ Deficit | (2,428,836 | ) | (55,484 | ) | (2,484,320 | ) | ||||||||
Total Liabilities and Stockholders’ Deficit | $ | 102,204,697 | $ | 1,473,254 | $ | 103,677,951 |
Broad Capital Acquisition Corp.
Pro Forma Balance Sheet
(unaudited)
NOTE 1. CLOSING OF OVERALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Broad Capital Acquisition Corp. (the “Company”) as of January 13, 2022, adjusted for the closing of the underwriters’ partial exercise of its over-allotment option and related transactions which occurred on February 10, 2022, as described below.
The Company consummated its initial public offering (the “IPO”) of 10,000,000 units (the “Units”) on January 11, 2022, which closed on January 13, 2022. Each Unit consists of one share of common stock and one right to receive one-tenth (1/10) of one share of common stock upon the closing of a business combination.
In connection with the IPO, the underwriters were granted an option to purchase up to an additional 1,500,000 Units to cover over-allotments, if any. On February 10, 2022, the underwriters partially exercised the over-allotment option and purchased an additional 159,069 Units (the “Over-Allotment Units”), generating gross proceeds of $1,590,690 and forfeited the remainder of the option, which is 335,233 shares of common stock.
In connection with the closing and sale of the Over-Allotment Units and the additional Private Placement Units (together, the “Over-Allotment Closing”), a total of $1,606,596.90 in proceeds from the Over-Allotment Closing (which amount includes $31,813.80 of the Underwriters’ deferred discount) was placed in a U.S.-based trust account established for the benefit of the Company’s public shareholders, maintained by Continental Stock Transfer & Trust Company, acting as trustee.
Unaudited pro forma adjustments to reflect the partial exercise of the underwriters’ over-allotment option described above are as follows:
Pro forma entry | Debit | Credit | ||||||
a. | Cash | 1,165,728 | ||||||
Subscription receivable | 1,165,728 | |||||||
To record transfer from escrow account back to operating account | ||||||||
b. | Cash | 190 | ||||||
Bank service fee | 190 | |||||||
To record bank service fee reversal | ||||||||
c. | Promissory Note | 133,533 | ||||||
Cash | 133,533 | |||||||
To record pay back of promissory note | ||||||||
d. | Cash | 1,590,690 | ||||||
Common stock subject to possible redemption | 1,590,690 | |||||||
To record sale of 159,069 Overallotment Units at $10.00 per Unit | ||||||||
e. | Cash | 44,721 | ||||||
Common Stock | 0 | |||||||
Additional paid-in capital | 44,721 | |||||||
To record sale of 4,472 Private Placement Units at $10.00 per unit | ||||||||
f. | Additional paid-in capital | 15,907 | ||||||
Common stock subject to possible redemption | 15,907 | |||||||
To record Accretion of redemption value at $10.10 per unit | ||||||||
g. | Deferred offering costs | 31,814 | ||||||
Cash | 31,814 | |||||||
To record payment of 2% of cash underwriting fee | ||||||||
h. | Additional paid-in capital | 55,674 | ||||||
Deferred underwriting commission | 55,674 | |||||||
To record the liability for 3% deferred underwriting fees on overallotment option | ||||||||
i. | Cash in Trust | 1,606,597 | ||||||
Cash | 1,606,597 | |||||||
To record the amount of Cash in Trust | ||||||||
j. | Additional paid-in capital | 31,814 | ||||||
Deferred offering costs | 31,814 | |||||||
To record transfer of deferred offering costs in APIC deficit | ||||||||
k. | Retained earnings | 55,674 | ||||||
Additional paid-in capital | 55,674 | |||||||
To record transfer of APIC deficit in Accumulated deficit | ||||||||
l. | Common Stock | 0 | ||||||
Additional paid-in capital | 0 | |||||||
To record forfeited shares due to partial over-allotment |