Globalink Investment Inc.(GLLIU) - 2022 Q2 - Quarterly Report

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 [95][96]. - The company has accrued Delaware franchise taxes of $100,000 for the six months ended June 30, 2022 [96]. - As of June 30, 2022, the company reported a net loss per share, with weighted average shares reduced by 375,000 due to potential forfeiture conditions [115]. IPO and Fundraising - The company generated gross proceeds of $100,000,000 from its IPO of 10,000,000 units, with each unit priced at $10.00 [97]. - 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 incurred offering costs of $6,887,896 related to the IPO, including $2,300,000 in underwriting fees [99]. - The company may need to raise additional funds to complete its business combination or to cover redemptions of public shares [107]. Trust Account and Investments - 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 intends to use substantially all funds in the trust account to complete its initial business combination [103]. - The company had cash held outside the trust account amounting to $516,280 as of June 30, 2022, intended for operational expenses and due diligence on target businesses [104]. Debt and Financial Risk - 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 market or interest rate risk, with net proceeds held in U.S. government securities or money market funds [119]. Reporting and Compliance - 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]. - The company accounts for warrants based on specific terms, determining that both Public Warrants and Private Placement Warrants qualify for equity accounting treatment [116].