Financial Performance - As of March 31, 2023, the Company reported a net income of $682,939, primarily from interest income of $1,257,477 and a change in fair value of warrant liabilities of $570, offset by operating expenses of $271,537[105]. - The Company had investments held in the Trust Account amounting to $120,037,081 as of March 31, 2023, with interest income of approximately $1.3 million for the quarter, which may be used to pay taxes[114]. - As of March 31, 2023, cash used in operating activities was $79,619, with net income affected by interest earned and changes in fair value of warrant liabilities[112]. - The Company incurred offering costs of $6,887,896 related to the IPO and over-allotment option, including $2,300,000 in underwriting fees[110]. - The underwriters are entitled to a deferred underwriting discount of $4,025,000 from the closing of the IPO, contingent upon the completion of an initial Business Combination[125]. IPO and Fundraising - The Company completed its IPO on December 9, 2021, raising gross proceeds of $100,000,000 from the sale of 10,000,000 units, with an additional $15,000,000 from the over-allotment option[107][109]. - 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[115]. Business Operations and Plans - The Company has not commenced any operations as of March 31, 2023, and will not generate operating revenues until after completing an initial Business Combination[104]. - The Company has until June 9, 2023, to consummate an initial Business Combination, after which mandatory liquidation may occur if no extension is requested by the Sponsor[122]. - Management has determined that the liquidity condition raises substantial doubt about the Company's ability to continue as a going concern if a Business Combination is not consummated[122]. Cash and Liabilities - The Company had $21,509 in cash held outside the Trust Account as of March 31, 2023, intended for evaluating target businesses and transaction costs[116]. - As of March 31, 2023, the Company had no off-balance sheet arrangements or long-term liabilities, indicating a clean balance sheet[123][124]. - The Company entered into promissory notes totaling $640,000 for extension fees, with a 6% interest rate, repayable upon consummation of an initial Business Combination[119][120]. - The Company entered into a promissory note for $390,000 with an interest rate of 6% per annum, fully borrowed as of March 31, 2023, and another note for up to $250,000, which remains available for withdrawal[127][128]. Compliance and Reporting - The Company complies with FASB ASC Topic 260 for net income (loss) per share, with no dilutive securities as of March 31, 2023[133]. - The Company accounts for warrants as either equity or liability classified based on specific terms, with private warrants recorded as liabilities[134]. - 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[131]. - The Company has not made adjustments to asset or liability carrying amounts in anticipation of potential liquidation after June 9, 2023[122]. Market and Risk Exposure - The Company has no exposure to market or interest rate risk as of March 31, 2023, with net proceeds held in U.S. government securities or money market funds[137].
Globalink Investment Inc.(GLLIU) - 2023 Q1 - Quarterly Report