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Globalink Investment(GLLI) - 2022 Q3 - Quarterly Report
2022-12-05 16:00
Financial Performance - As of September 30, 2022, the company reported a net loss of $129,141 for the three months ended, primarily due to operating expenses of $580,823 and interest income of $608,230 from investments held in the Trust Account[118]. - For the nine months ended September 30, 2022, the company had a net loss of $294,551, with general and administrative expenses totaling $824,303 and interest income of $696,468[119]. - The company has not commenced any operations and will not generate operating revenues until after completing an initial business combination[117]. - The company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[134]. - The company complies with FASB ASC 260 for net loss per share, with diluted loss per share being the same as basic loss per share for the period presented[140]. IPO and Capital Raising - The company completed its IPO on December 9, 2021, raising gross proceeds of $100 million from the sale of 10,000,000 units at $10.00 per unit[120]. - The total gross proceeds from the over-allotment option exercised by underwriters amounted to $15 million, bringing the total to $115 million from the IPO and over-allotment units[121]. - The underwriters fully exercised their option to purchase 1,500,000 additional Units, generating gross proceeds of $11,500,000[135]. - The company has agreed to issue $15 million in PIPE Preferred Shares with a 10% monthly compound dividend as part of the merger financing[111]. Trust Account and Investments - As of September 30, 2022, the company held investments in the trust account totaling $117,421,567, with interest income of $696,468 available for tax payments[125]. - The net proceeds held in the Trust Account have been invested in U.S. government securities with a maturity of 180 days or less, minimizing exposure to interest rate risk[144]. - The company intends to use substantially all funds in the trust account to complete its initial business combination, with remaining proceeds allocated for working capital and growth strategies[126]. Business Combination and Future Plans - The company entered into a Merger Agreement on August 3, 2022, to acquire Tomorrow Crypto, with total consideration of $210 million in Globalink common stock[110]. - The company has until March 9, 2023, to consummate a Business Combination, or it will face mandatory liquidation and potential dissolution[132]. - As of September 30, 2022, there were no working capital loans outstanding, and the company may need to raise additional capital if the Business Combination is not consummated[130]. Accounting and Financial Reporting - The company accounts for warrants as either equity-classified or liability-classified instruments, with private warrants recorded as liabilities at fair value[141]. - The company has no obligations, assets, or liabilities considered off-balance sheet arrangements as of September 30, 2022[133]. - The company had cash of $326,172 outside the trust account as of September 30, 2022, intended for identifying and evaluating target businesses[127].
Globalink Investment(GLLI) - 2022 Q2 - Quarterly Report
2022-08-14 16:00
Financial Performance - As of June 30, 2022, the company reported a net loss of $52,981 for the three months and $255,242 for the six months, primarily due to general and administrative expenses of $89,962 and $243,480 respectively[95][96]. - As of June 30, 2022, the company reported a net loss per share, with diluted loss per share being the same as basic loss per share due to no dilutive securities outstanding[115]. IPO and Fundraising - The company generated gross proceeds of $100,000,000 from its IPO by selling 10,000,000 units at an offering price of $10.00 per unit[97]. - The company incurred offering costs of $6,887,896 related to the IPO, including $2,300,000 in underwriting fees[99]. - The underwriters exercised the over-allotment option, generating additional gross proceeds of $15,000,000 from the issuance of 1,500,000 units[98]. - The company may need to raise additional funds to cover costs related to identifying a target business and completing a business combination[107]. Trust Account and Cash Management - The total investment held in the trust account was $116,813,337 as of June 30, 2022, with interest income of $88,238 for the six months ended June 30, 2022[102]. - The company had cash held outside the trust account amounting to $516,280 as of June 30, 2022, down from $812,232 as of December 31, 2021[104]. - The company intends to use substantially all funds in the trust account to complete its initial business combination[103]. Operations and Business Strategy - The company has not commenced any operations and will not generate operating revenues until after completing an initial business combination[94]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for up to five years post-IPO[113]. Financial Position and Risk Management - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2022[108][109]. - As of June 30, 2022, the company was not subject to any market or interest rate risk, with net proceeds held in U.S. government securities or money market funds[119]. - The company accounts for warrants based on specific terms, determining that both Public Warrants and Private Placement Warrants qualify for equity accounting treatment[116].
Globalink Investment(GLLI) - 2022 Q1 - Quarterly Report
2022-05-15 16:00
Financial Performance - As of March 31, 2022, the company reported a net loss of $202,261, primarily due to operating expenses[97]. - The Company reported a net loss per share, with basic and diluted loss per share being the same due to the absence of dilutive securities as of March 31, 2022[117]. IPO and Fundraising - The company completed its IPO on December 9, 2021, raising gross proceeds of $100,000,000 from the sale of 10,000,000 units at $10.00 per unit[98]. - The total gross proceeds from the over-allotment option amounted to $15,000,000, bringing the total funds raised to $115,000,000[99]. - Offering costs for the IPO totaled $6,887,896, including $2,300,000 in underwriting fees[100]. Trust Account and Cash Management - The company had $116,726,356 in investments held in the trust account as of March 31, 2022, with interest income available for tax payments[103]. - The company intends to use substantially all funds in the trust account to complete its initial business combination[104]. - Cash held outside the trust account was $636,216 as of March 31, 2022, intended for identifying and evaluating target businesses[105]. Business Operations and Future Financing - The company has not commenced any operations and will not generate operating revenues until after completing a business combination[96]. - The company may need additional financing to complete its business combination or to cover redemptions of public shares[109]. Accounting Policies and Risks - The Company has identified critical accounting policies that require management to make estimates and assumptions affecting reported amounts of assets and liabilities[116]. - As of March 31, 2022, the Company was not subject to any market or interest rate risk, with net proceeds held in U.S. government securities or money market funds[120]. - The Company determined that the Public Warrants and Private Placement Warrants qualify for equity accounting treatment after a review of the warrant agreement[118]. - Management does not believe that any recently issued accounting standards would materially affect the condensed financial statements as of March 31, 2022[119]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2022[110][111].
Globalink Investment(GLLI) - 2021 Q4 - Annual Report
2022-03-30 16:00
Company Formation and Business Focus - The company was formed on March 24, 2021, with the aim of entering into a business combination, focusing on e-commerce and payments industries in North America, Europe, Southeast Asia, and Asia (excluding China, Hong Kong, and Macau) [229]. Financial Performance - As of December 31, 2021, the company reported a net loss of $135,550, primarily due to general and administrative expenses of $135,649, partially offset by interest income of $99 from marketable securities [233]. - The company incurred cash used in operating activities of $324,872 from inception through December 31, 2021 [239]. Initial Public Offering (IPO) - The company completed its IPO on December 9, 2021, raising gross proceeds of $100,000,000 from the sale of 10,000,000 units at $10.00 per unit [235]. - The underwriters exercised the over-allotment option, resulting in an additional issuance of 1,500,000 units and gross proceeds of $15,000,000 [236]. - Offering costs for the IPO and the over-allotment option totaled $6,887,896, including $2,300,000 in underwriting fees [237]. Trust Account and Fund Management - Following the IPO, the company placed $116,725,000 in a trust account, which will be invested in U.S. government securities or money market funds until the completion of an initial business combination [238]. - As of December 31, 2021, the company had $812,232 in cash held outside the trust account, intended for identifying and evaluating target businesses [242]. - The company intends to use substantially all funds in the trust account to complete its initial business combination and for working capital of the target business [241]. Debt and Financial Structure - The company has no long-term debt or off-balance sheet arrangements as of December 31, 2021 [246]. Accounting and Reporting Standards - The company accounts for public and private warrants as equity-classified instruments based on specific terms and applicable guidance, qualifying for equity accounting treatment [253]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards [255]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO [256]. - As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk [257].
Globalink Investment(GLLI) - 2021 Q3 - Quarterly Report
2022-01-20 16:00
Financial Performance - As of September 30, 2021, the company reported a net loss of $1,000, which consisted solely of general and administrative expenses[85]. - As of September 30, 2021, the company reported a net loss per share, with diluted loss per share being the same as basic loss per share due to the absence of dilutive securities[106]. IPO and Fundraising - The company completed its IPO on December 9, 2021, raising gross proceeds of $100,000,000 from the sale of 10,000,000 units at $10.00 per unit[87]. - An additional $5,175,000 was raised through the private placement of 517,500 units at the same price, bringing total gross proceeds to $105,175,000[88]. - The underwriters exercised an option to purchase 1,500,000 additional units, generating gross proceeds of $15,000,000[89]. - Total offering costs for the IPO and the underwriters' over-allotment amounted to $6,887,896, including $2,300,000 in underwriting fees[91]. - As of September 30, 2021, the company had no cash and had borrowed $70,000 under a promissory note to cover expenses related to the public offering[95]. Trust Account and Use of Funds - The company placed $116,725,000 from the IPO proceeds into a trust account, which will be invested in U.S. government securities until the completion of a business combination[92]. - The company intends to use substantially all funds in the trust account to complete its initial business combination and for working capital for the target business[94]. - The company may need to raise additional funds if the costs of identifying a target business exceed estimates, which could impact its ability to operate prior to the business combination[97]. Debt and Risk Management - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2021[98][99]. - The company is not subject to any market or interest rate risk as of September 30, 2021, with net proceeds held in U.S. government securities or money market funds[109]. Accounting and Standards - The company has accounted for Public Warrants and Private Placement Warrants as equity-classified instruments, qualifying for equity accounting treatment[107]. - The company believes that recently issued accounting standards, if adopted, would not have a material effect on its condensed financial statements[108].