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Globalink Investment Inc.(GLLIU) - 2023 Q1 - Quarterly Report
2023-05-18 20:15
Financial Performance - As of March 31, 2023, the Company reported a net income of $682,939, primarily from interest income of $1,257,477 and a change in fair value of warrant liabilities of $570, offset by operating expenses of $271,537[105]. - The Company had investments held in the Trust Account amounting to $120,037,081 as of March 31, 2023, with interest income of approximately $1.3 million for the quarter, which may be used to pay taxes[114]. - As of March 31, 2023, cash used in operating activities was $79,619, with net income affected by interest earned and changes in fair value of warrant liabilities[112]. - The Company incurred offering costs of $6,887,896 related to the IPO and over-allotment option, including $2,300,000 in underwriting fees[110]. - The underwriters are entitled to a deferred underwriting discount of $4,025,000 from the closing of the IPO, contingent upon the completion of an initial Business Combination[125]. 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, with an additional $15,000,000 from the over-allotment option[107][109]. - 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[115]. Business Operations and Plans - The Company has not commenced any operations as of March 31, 2023, and will not generate operating revenues until after completing an initial Business Combination[104]. - The Company has until June 9, 2023, to consummate an initial Business Combination, after which mandatory liquidation may occur if no extension is requested by the Sponsor[122]. - Management has determined that the liquidity condition raises substantial doubt about the Company's ability to continue as a going concern if a Business Combination is not consummated[122]. Cash and Liabilities - The Company had $21,509 in cash held outside the Trust Account as of March 31, 2023, intended for evaluating target businesses and transaction costs[116]. - As of March 31, 2023, the Company had no off-balance sheet arrangements or long-term liabilities, indicating a clean balance sheet[123][124]. - The Company entered into promissory notes totaling $640,000 for extension fees, with a 6% interest rate, repayable upon consummation of an initial Business Combination[119][120]. - The Company entered into a promissory note for $390,000 with an interest rate of 6% per annum, fully borrowed as of March 31, 2023, and another note for up to $250,000, which remains available for withdrawal[127][128]. Compliance and Reporting - The Company complies with FASB ASC Topic 260 for net income (loss) per share, with no dilutive securities as of March 31, 2023[133]. - The Company accounts for warrants as either equity or liability classified based on specific terms, with private warrants recorded as liabilities[134]. - 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[131]. - The Company has not made adjustments to asset or liability carrying amounts in anticipation of potential liquidation after June 9, 2023[122]. Market and Risk Exposure - The Company has no exposure to market or interest rate risk as of March 31, 2023, with net proceeds held in U.S. government securities or money market funds[137].
Globalink Investment Inc.(GLLIU) - 2022 Q4 - Annual Report
2023-04-17 20:10
Financial Performance - As of December 31, 2022, the company reported a net income of $224,242, primarily from interest income of $1,683,870 and a change in fair value of warrant liabilities of $108,300, offset by operating expenses of $1,107,632[310]. - The company incurred cash used in operating activities of $730,469 for the year ended December 31, 2022, influenced by interest earned and changes in fair value of warrant liabilities[316]. - The company had a net loss of $119,631 for the period from inception through December 31, 2021, primarily due to general and administrative expenses[311]. Trust Account and Liquidity - The company had investments held in the trust account totaling $118,408,969 as of December 31, 2022, with interest income available for tax payments[318]. - As of December 31, 2022, the company had $81,763 in cash held outside the trust account, down from $812,232 in 2021, indicating a decrease in available liquidity[320]. - The company intends to use substantially all funds in the trust account to complete its business combination, with remaining proceeds allocated for working capital and growth strategies[319]. Business Combination and Operations - The company has until June 9, 2023, to complete a business combination, or it will face mandatory liquidation and potential dissolution[324]. - The merger agreement with Tomorrow was terminated on March 8, 2023, indicating a setback in the company's acquisition plans[308]. - The company has not commenced any operations as of December 31, 2022, and will not generate operating revenues until after completing a business combination[309]. Debt and Financial Obligations - The company has no long-term debt or capital lease obligations, with only registration rights for certain securities[326]. - As of December 31, 2022, the company reported no off-balance sheet arrangements, obligations, or liabilities[325]. - The company has not entered into any off-balance sheet financing arrangements or established special purpose entities[325]. Accounting and Regulatory Matters - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[329]. - The company does not believe that any recently issued accounting standards will materially affect its consolidated financial statements as of December 31, 2022[335]. - The company accounts for warrants as either equity or liability-classified instruments, with private warrants recorded as liabilities at fair value[333]. Market and Risk Factors - As of December 31, 2022, the company was not subject to any market or interest rate risk, with net proceeds held in U.S. government securities[336]. - The company has not made any adjustments to asset or liability carrying amounts in anticipation of potential liquidation[324]. IPO and Additional Financing - 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[312]. - The underwriters exercised a 45-day option to purchase 1,500,000 additional units, generating gross proceeds of $11,500,000[327]. - The company has the option to extend the termination date of its business combination by up to two three-month extensions and three one-month extensions, with a cost of $390,000 for each three-month extension and $130,000 for each one-month extension[304].
Globalink Investment Inc.(GLLIU) - 2022 Q3 - Quarterly Report
2022-12-06 21:38
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]. 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[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 sell $15 million in PIPE Preferred Shares with a 10% monthly compound dividend to raise additional capital for the merger[111]. Trust Account and Use of Funds - 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 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]. - As of September 30, 2022, the company had cash of $326,172 held outside the trust account, intended for identifying and evaluating target businesses[127]. Business Combination and Operations - The company entered into a Merger Agreement on August 3, 2022, to acquire Tomorrow Crypto for a total consideration of $210 million, with potential earn-out provisions based on performance milestones[110]. - The company has not commenced any operations and will not generate operating revenues until after completing an initial business combination[117]. - 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]. Financial Obligations and Risks - The company has no obligations, assets, or liabilities considered off-balance sheet arrangements as of September 30, 2022[133]. - The company does not have any long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[134]. - As of September 30, 2022, the company was not subject to any market or interest rate risk, with net proceeds held in U.S. government securities[144]. Accounting Policies - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[137]. - The company has identified critical accounting policies that may materially affect reported amounts of assets and liabilities[139]. - The company accounts for warrants as either equity-classified or liability-classified instruments based on specific terms and applicable guidance[141]. Underwriter Agreements - The company has granted a right of first refusal to the underwriters for future public and private equity and debt offerings for a period of 18 months after the Business Combination[136].
Globalink Investment Inc.(GLLIU) - 2022 Q2 - Quarterly Report
2022-08-15 21:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File No. 001-41122 GLOBALINK INVESTMENT INC. (Exact name of registrant as specified in its charter) | | | (State or other jurisdiction of incorporation or organization) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the trans ...
Globalink Investment Inc.(GLLIU) - 2022 Q1 - Quarterly Report
2022-05-16 20:16
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-41122 GLOBALINK INVESTMENT INC. (Exact name of registrant as specified in its charter) | | | (State or other jurisdiction of incorpora ...
Globalink Investment Inc.(GLLIU) - 2021 Q4 - Annual Report
2022-03-31 20:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41122 GLOBALINK INVESTMENT INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizati ...
Globalink Investment Inc.(GLLIU) - 2021 Q3 - Quarterly Report
2022-01-21 21:30
FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-41122 GLOBALINK INVESTMENT INC. (Exact name of registrant as specified in its charter) Delaware 36-4984573 (State or other jurisdi ...