Financial Performance - As of December 31, 2022, the company reported a net income of $224,242, primarily from interest income of $1,683,870 and a change in fair value of warrant liabilities of $108,300, offset by operating expenses of $1,107,632[310]. - The company incurred cash used in operating activities of $730,469 for the year ended December 31, 2022, influenced by interest earned and changes in fair value of warrant liabilities[316]. - The company had a net loss of $119,631 for the period from inception through December 31, 2021, primarily due to general and administrative expenses[311]. Trust Account and Liquidity - The company had investments held in the trust account totaling $118,408,969 as of December 31, 2022, with interest income available for tax payments[318]. - As of December 31, 2022, the company had $81,763 in cash held outside the trust account, down from $812,232 in 2021, indicating a decrease in available liquidity[320]. - The company intends to use substantially all funds in the trust account to complete its business combination, with remaining proceeds allocated for working capital and growth strategies[319]. Business Combination and Operations - The company has until June 9, 2023, to complete a business combination, or it will face mandatory liquidation and potential dissolution[324]. - The merger agreement with Tomorrow was terminated on March 8, 2023, indicating a setback in the company's acquisition plans[308]. - The company has not commenced any operations as of December 31, 2022, and will not generate operating revenues until after completing a business combination[309]. Debt and Financial Obligations - The company has no long-term debt or capital lease obligations, with only registration rights for certain securities[326]. - As of December 31, 2022, the company reported no off-balance sheet arrangements, obligations, or liabilities[325]. - The company has not entered into any off-balance sheet financing arrangements or established special purpose entities[325]. Accounting and Regulatory Matters - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[329]. - The company does not believe that any recently issued accounting standards will materially affect its consolidated financial statements as of December 31, 2022[335]. - The company accounts for warrants as either equity or liability-classified instruments, with private warrants recorded as liabilities at fair value[333]. Market and Risk Factors - As of December 31, 2022, the company was not subject to any market or interest rate risk, with net proceeds held in U.S. government securities[336]. - The company has not made any adjustments to asset or liability carrying amounts in anticipation of potential liquidation[324]. IPO and Additional Financing - The company completed its IPO on December 9, 2021, raising gross proceeds of $100,000,000 from the sale of 10,000,000 units at $10.00 per unit[312]. - The underwriters exercised a 45-day option to purchase 1,500,000 additional units, generating gross proceeds of $11,500,000[327]. - The company has the option to extend the termination date of its business combination by up to two three-month extensions and three one-month extensions, with a cost of $390,000 for each three-month extension and $130,000 for each one-month extension[304].
Globalink Investment Inc.(GLLIU) - 2022 Q4 - Annual Report