Globalink Investment(GLLI) - 2024 Q2 - Quarterly Report

Financial Performance - As of June 30, 2024, the company reported a net loss of $217,185, primarily due to operating expenses of$419,611 and interest expense of $43,602, partially offset by interest income of$344,645 from the Trust Account[111]. - For the six months ended June 30, 2024, the company had a net loss of $592,492, with total operating expenses of$1,023,082 and interest income of $687,312 from the Trust Account[111]. - The company generated a net income of$970,571 for the six months ended June 30, 2023, driven by interest income of $1,929,116 from the Trust Account, despite operating expenses of$468,947[112]. Initial Public Offering (IPO) and Business Combination - 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 each unit priced at$10.00[113]. - The company has extended the deadline to complete its initial business combination to September 9, 2024, with the possibility of further extensions up to December 9, 2024[104]. - The company entered into a Merger Agreement on January 30, 2024, to combine with Alps Global Holding Pubco, with the transaction structured in two steps[106]. - The Company has until September 9, 2024, to consummate a business combination, extendable to December 9, 2024, with substantial doubt about its ability to continue as a going concern if not completed[131]. Capital and Funding - The company plans to raise additional capital through a PIPE Investment, agreeing to sell shares at $10.00 per share for a total of$40,000,000[107]. - The Company may need to raise additional capital if the initial business combination is not consummated, which could involve loans or investments from various stakeholders[129]. - The total amount owed in connection with promissory notes as of June 30, 2024, was $3,384,252, including accrued interest[140]. - The Company entered into multiple promissory notes with Public Gold Marketing Sdn Bhd, totaling$2,390,000 for extension fees and working capital, all fully borrowed as of June 30, 2024[123][124][125][126][127][128][137][138][139][140]. Trust Account and Cash Management - As of June 30, 2024, the cash held in the Trust Account was $29,281,763, an increase from$28,668,218 as of December 31, 2023[120]. - Interest income from the Trust Account for the six months ended June 30, 2024, was $687,312, with$433,768 withdrawn for tax payments[120]. - The Company had $143,153 in cash held outside the Trust Account as of June 30, 2024, compared to$79,073 as of December 31, 2023[121]. - The company has liquidated U.S. government securities in its Trust Account and is holding all funds in cash to mitigate risks associated with being deemed an unregistered investment company[117]. Operating Activities - Cash used in operating activities for the six months ended June 30, 2024, was $1,559,688, compared to$1,039,268 for the same period in 2023[118]. - As of June 30, 2024, the company had not commenced any operations and relies on interest income from the Trust Account for non-operating income[110]. Debt and Liabilities - The Company does not have any long-term debt, capital lease obligations, or off-balance sheet arrangements as of June 30, 2024[132][133]. - The company has no obligations or liabilities related to off-balance sheet arrangements as of June 30, 2024[132]. Accounting and Reporting - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[142]. - 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[143]. - Management's financial estimates are based on significant judgments and historical experience, ensuring compliance with U.S. GAAP[144]. - The company accounts for warrants as either equity or liability based on specific terms, with private warrants classified as liabilities at fair value[145]. - The fair value of private placement warrants is estimated using assumptions related to exercise price, market price, expected life, and risk-free interest rate[146]. - Management does not anticipate that recently issued accounting standards will materially affect its financial statements as of June 30, 2024[147]. - There were no changes in internal control over financial reporting that materially affected the company's controls during the most recent fiscal quarter[151]. - The company plans to enhance processes to better evaluate complex accounting standards over time[151]. Underwriting and Discounts - The underwriters are entitled to a deferred underwriting discount of $4,025,000 from the Trust Account upon completion of an initial business combination[134].