Company: NBRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110861
Chunk: 30

Company: Newbridge Acquisition Ltd
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 30
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using
                                            a substantial portion of our cash flow to pay principal and interest on our debt, which will
                                            reduce the funds available for dividends on our ordinary shares if declared, expenses, capital
                                            expenditures, acquisitions and other general corporate purposes;

●limitations
                                            on our flexibility in planning for and reacting to changes in our business and in the industry
                                            in which we operate;

●increased
                                            vulnerability to adverse changes in general economic, industry and competitive conditions
                                            and adverse changes in government regulation; and

●limitations
                                            on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions,
                                            debt service requirements, execution of our strategy and other purposes and other disadvantages
                                            compared to our competitors who have less debt.

As indicated in the accompanying
financial statements, at September 30, 2025, we had $57,208 in cash and a working capital deficit of $742,635. Further, we expect to
continue to incur significant costs in the pursuit of our acquisition plans. Our plans to raise capital or to consummate our initial
business combination may not be successful. These factors among others raise substantial doubt about our ability to continue as a going
concern.

Results of Operations and Known Trends or
Future Events

We have neither engaged in
any operations nor generated any revenues to date. Our only activities since inception have been organizational activities and those
necessary to prepare for the Proposed Public offering. Following this offering, we will not generate any operating revenues until after
completion of our initial business combination. We will generate non-operating income in the form of interest income on cash and cash
equivalents after this offering. There has been no significant change in our financial or trading position and no material adverse change
has occurred since the date of our audited financial statements. After this offering, we expect to incur increased expenses as a result
of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
We expect our expenses to increase substantially after the closing of this offering.

15

Liquidity and Capital Resources

Our liquidity needs will be
satisfied through receipt of $25,000 from the sale of the founder shares and an aggregate of up to $1,500,000 in loans available from
the sponsor under an unsecured promissory note executed on May 1, 2021 and an unsecured promissory note executed on May 1, 2025,
and due at the closing of