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Globalink Investment(GLLI) - 2024 Q3 - Quarterly Report
GLLIGlobalink Investment(GLLI)2024-11-14 02:24

Financial Performance - As of September 30, 2024, the Company reported a net loss of 116,747,primarilyduetooperatingexpensesincludinggeneralandadministrativeexpensesof116,747, primarily due to operating expenses including general and administrative expenses of 287,590 and interest expense of 51,814[147].−FortheninemonthsendedSeptember30,2024,theCompanyhadanetlossof51,814[147]. - For the nine months ended September 30, 2024, the Company had a net loss of 709,239, with total operating expenses of 1,310,672andinterestincomefromtheTrustAccountamountingto1,310,672 and interest income from the Trust Account amounting to 1,036,806[148]. - The Company reported a net income of 1,224,868fortheninemonthsendedSeptember30,2023,primarilyfrominterestincomeof1,224,868 for the nine months ended September 30, 2023, primarily from interest income of 2,550,909[150]. - For the nine months ended September 30, 2023, cash used in operating activities was 1,174,478,whilenetincomewas1,174,478, while net income was 1,224,868, influenced by interest earned on cash and investments of 2,550,909[157].TrustAccountandCashManagement−TheTrustAccountheld2,550,909[157]. Trust Account and Cash Management - The Trust Account held 116,725,000 in cash after the IPO, which was initially invested in U.S. government securities[154]. - As of September 30, 2024, cash held in the Trust Account was 29,811,256,withinterestincomeof29,811,256, with interest income of 1,036,806 for the nine months ended September 30, 2024, of which 433,768waswithdrawnfortaxes[159].−TheCompanyintendstousefundsintheTrustAccountprimarilytocompleteabusinesscombination,withremainingproceedsallocatedforworkingcapitalandpotentialacquisitions[160].−AsofSeptember30,2024,cashheldoutsidetheTrustAccountwas433,768 was withdrawn for taxes[159]. - The Company intends to use funds in the Trust Account primarily to complete a business combination, with remaining proceeds allocated for working capital and potential acquisitions[160]. - As of September 30, 2024, cash held outside the Trust Account was 65,221, intended for evaluating target businesses and conducting due diligence[161]. Business Combination and Operations - The Company has until December 9, 2024, to complete its initial business combination, having extended the deadline multiple times since its IPO[140]. - The Company has incurred significant costs in pursuit of acquisition plans, with no assurance of successful completion of a business combination[139]. - The Company has until December 9, 2024, to complete the initial business combination, with uncertainty regarding the ability to consummate by this date[177]. - If the initial business combination is not completed, the Company may need to raise additional capital through loans or investments, which may not be guaranteed[175]. Funding and Capital Structure - The Company generated gross proceeds of 100,000,000fromitsIPO,selling10,000,000unitsat100,000,000 from its IPO, selling 10,000,000 units at 10.00 per unit, and an additional 15,000,000fromtheover−allotmentoption[151][152].−TheCompanyenteredintoPIPESubscriptionAgreementstoraise15,000,000 from the over-allotment option[151][152]. - The Company entered into PIPE Subscription Agreements to raise 40,200,000 by issuing shares at 10.00pershare,aimedatfundingoperationspost−businesscombination[143][144].−ThetotalamountowedinconnectionwithpromissorynotesasofSeptember30,2024,was10.00 per share, aimed at funding operations post-business combination[143][144]. - The total amount owed in connection with promissory notes as of September 30, 2024, was 3,736,066, including accrued interest[182]. - The Company has entered into multiple promissory notes with Public Gold Marketing Sdn Bhd, totaling $2,040,000 for extension fees and working capital, all fully borrowed as of September 30, 2024[163][164][165][166][167][169][170][171][172][173][174]. Compliance and Regulatory Matters - The Company has regained compliance with Nasdaq's requirement of 300 public holders for continued listing on the Nasdaq Capital Market[141]. - The Company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[184]. Accounting and Financial Reporting - The Company accounts for warrants as either equity-classified or liability-classified instruments based on specific terms and applicable guidance[187]. - Public warrants meet the criteria for equity treatment, while private warrants are classified as liabilities at fair value[187]. - The fair value of private placement warrants is estimated using assumptions related to exercise price, market price, expected life, and risk-free interest rate[188]. - The fair value of the warrants is remeasured at each balance sheet date until exercised, with changes recognized in consolidated statements of operations[187]. - The Company does not expect any recently issued accounting standards to materially affect its financial statements as of September 30, 2024[189].