Globalink Investment(GLLI) - 2024 Q4 - Annual Report

Financial Performance - The company reported a net loss of $978,445 for the year ended December 31, 2024, primarily due to operating expenses of$1,569,710[294]. - For the year ended December 31, 2023, the company achieved a net income of $1,320,324, driven by interest income of$3,090,407 from the trust account[295]. - For the year ended December 31, 2024, cash used in operating activities was $2,039,334, with a net loss of$978,445[301]. - For the year ended December 31, 2023, cash used in operating activities was $1,402,478, with a net income of$1,320,324[302]. - Interest income on the Trust Account balance for the year ended December 31, 2024, was $1,285,520, which may be used to pay taxes[303]. Capital Raising and Business Combination - The company raised gross proceeds of$100,000,000 from its IPO by selling 10,000,000 units at $10.00 per unit[296]. - The company has secured PIPE agreements totaling$40,200,000 at a purchase price of $10.00 per share, aimed at raising additional capital post-business combination[288]. - The Company intends to use substantially all funds held in the Trust Account to complete its business combination[304]. - The Company has until April 9, 2025, to complete its initial business combination, or it will face mandatory liquidation[324]. - The company entered into a merger agreement on January 30, 2024, with Alps Global Holding Pubco, which will result in Alps Holdco becoming a wholly-owned subsidiary of PubCo[287]. - The company has extended the deadline to complete its initial business combination to April 9, 2025, having done so four times under its amended certificate of incorporation[286]. - The company may need to raise additional capital if the initial business combination is not consummated by the deadline[323]. Trust Account and Cash Management - Cash held in the Trust Account was$3,349,591 as of December 31, 2024, compared to $28,668,218 as of December 31, 2023[303]. - The company placed$116,725,000 from the IPO proceeds into a trust account, initially invested in U.S. government securities[299]. - The company instructed the trustee to liquidate U.S. government securities in the trust account and hold funds in cash to mitigate the risk of being deemed an unregistered investment company[300]. - As of December 31, 2024, the Company had $253,507 in cash held outside the Trust Account, up from$79,073 in 2023[305]. - The total amount owed in connection with promissory notes was $4,445,458 as of December 31, 2024, an increase from$1,757,255 as of December 31, 2023[330]. Compliance and Regulatory Matters - The company received a delisting notice from Nasdaq due to non-compliance with the requirement to complete a business combination within 36 months of its IPO[292]. - 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[332]. - The company qualifies as a smaller reporting company and is not required to provide certain market risk disclosures[337]. Accounting and Financial Reporting - Management's financial statements are prepared in accordance with U.S. GAAP, with significant accounting policies requiring professional judgment and estimates[333]. - The company classifies warrants as either equity or liability based on specific terms, with public warrants treated as equity and private warrants as liabilities[334]. - The fair value of private placement warrants is estimated using a binomial lattice model, considering factors like exercise price and market price[335]. - Management does not anticipate that recently issued accounting standards will materially affect consolidated financial statements as of December 31, 2024[336]. - The Company has no long-term debt or off-balance sheet arrangements as of December 31, 2024[325][326].