Financial Performance - As of December 31, 2023, the company reported a net income of $1,320,324, primarily from interest income of $3,090,407 and a change in fair value of warrant liabilities of $4,389, offset by operating expenses of $991,868 and taxes totaling $529,505 [330]. - The company had cash used in operating activities of $1,402,478 for the year ended December 31, 2023, with net income impacted by interest earned on cash and investments held in the trust account [338]. - The company incurred offering costs of $6,887,896 related to its IPO, including $2,300,000 in underwriting fees [335]. Capital Structure - The company generated gross proceeds of $100,000,000 from its IPO, with an additional $15,000,000 from the over-allotment option, totaling $115,000,000 in gross proceeds [333][334]. - 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 [354]. - The Company has granted a right of first refusal to Chardan Capital Markets, LLC, for future public and private equity and debt offerings for 18 months post-initial business combination [355]. Trust Account and Investments - As of December 31, 2023, the company held investments in the trust account amounting to $28,668,218, down from $118,408,969 in 2022 [340]. - As of December 31, 2023, the company had $79,073 in cash held outside the trust account, down from $81,763 in 2022 [342]. - The company intends to use substantially all funds in the trust account to complete its business combination, with remaining proceeds allocated for working capital [341]. Business Combination and Compliance - The company has extended the termination date for its initial business combination to December 9, 2024, with provisions for monthly extensions [326][327]. - The Company has until April 9, 2024, to consummate a business combination, with a possible extension to December 9, 2024 [351]. - The Company intends to complete a business combination before the mandatory liquidation date to avoid dissolution [351]. - The company was notified by Nasdaq of non-compliance with listing rules due to insufficient total holders, requiring at least 400 for continued listing [325]. Debt and Financial Obligations - As of December 31, 2023, the total amount owed in connection with promissory notes was $1,757,255, including accrued interest [361]. - The Company entered into multiple promissory notes with Public Gold Marketing Sdn Bhd, totaling $1,450,000 for extension fees and working capital, all of which had been fully borrowed by December 31, 2023 [344][345][346][347][348]. - The promissory notes bear an interest rate of 6% per annum and are repayable upon consummation of an initial business combination [344][345][346][347][348]. - If the initial business combination is not consummated, the Company may need to raise additional capital through loans or investments, which may not be guaranteed [350]. - The Company has no long-term debt, capital lease obligations, or off-balance sheet arrangements as of December 31, 2023 [352][353]. Company Classification - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of certain accounting standards [362].
Globalink Investment Inc.(GLLIU) - 2023 Q4 - Annual Report