Financial Performance - As of June 30, 2023, the Company reported a net income of $287,632, primarily from interest income of $671,639, after accounting for operating expenses of $197,410 and taxes[112]. - For the six months ended June 30, 2023, the Company achieved a net income of $970,571, with interest income totaling $1,929,116, offset by operating expenses of $468,947 and taxes of $399,372[113]. - As of June 30, 2023, cash used in operating activities was $1,039,268, influenced by net income and interest earned on investments[121]. Investments and Cash Position - The Company had investments in the Trust Account amounting to $50,657,418 as of June 30, 2023, down from $118,408,969 at the end of 2022[123]. - The Company had $155,394 in cash held outside the Trust Account as of June 30, 2023, up from $81,763 at the end of 2022[125]. - The Company intends to utilize funds in the Trust Account for its initial Business Combination and related operational financing[124]. IPO and Offering Costs - The Company completed its IPO on December 9, 2021, raising gross proceeds of $100 million from the sale of 10,000,000 units, with an additional $15 million from the over-allotment option[116][118]. - The Company incurred offering costs of $6,887,896 related to the IPO and over-allotment option, including $2,300,000 in underwriting fees[119]. - The underwriters are entitled to a deferred underwriting discount of $4,025,000 from the closing of the IPO, payable only if the Company completes an initial Business Combination[136]. Business Combination and Extensions - The Company has extended the Termination Date for its business combination to December 9, 2023, with deposits of $390,000 for each three-month extension[107][109]. - The Company has until September 9, 2023, to consummate an initial Business Combination, after which mandatory liquidation may occur if no extension is requested[132]. - The Company has not commenced any operations as of June 30, 2023, and will not generate operating revenues until after completing a business combination[111]. Debt and Liabilities - As of June 30, 2023, the total amount of promissory notes borrowed for extension fees payment is $1,353,111, which includes $13,111 of interest incurred[142]. - The Company has entered into three promissory note agreements with Public Gold Marketing Sdn Bhd, totaling $1,340,000, all of which have been fully borrowed as of June 30, 2023[128][129][130]. - The promissory notes bear an interest rate of 6% per annum and are repayable upon consummation of an initial Business Combination[128][129][130]. - The Company has no outstanding working capital loans as of June 30, 2023[127]. - There are no off-balance sheet arrangements or long-term liabilities other than registration rights for certain securities[133][134]. Risk Factors - The Company has no market or interest rate risk as of June 30, 2023, with net proceeds held in U.S. government securities[148]. - The Company may need to raise additional capital if the initial Business Combination is not consummated, which could lead to operational cutbacks[131]. - The Company has not made any adjustments to the carrying amounts of assets or liabilities in anticipation of potential liquidation after September 9, 2023[132].
Globalink Investment Inc.(GLLIU) - 2023 Q2 - Quarterly Report