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 Q3 - Quarterly Report