Financial Performance - As of December 31, 2024, the company reported a net loss of $978,445, primarily due to operating expenses of $1,569,710 and interest expenses of $188,203, partially offset by interest income of $1,285,520 from the Trust Account[294]. - For the year ended December 31, 2023, the company achieved a net income of $1,320,324, driven by interest income of $3,090,407 from the Trust Account[295]. - For the year ended December 31, 2024, cash used in operating activities was $2,039,334, with a net loss of $978,445[301]. - For the year ended December 31, 2023, cash used in operating activities was $1,402,478, with a net income of $1,320,324[302]. - Interest income on the Trust Account for the year ended December 31, 2024, was $1,285,520, which may be used to pay taxes[303]. Business Combination and IPO - 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[296]. - The company has extended the deadline to complete its initial business combination to April 9, 2025, having done so four times under its amended certificate of incorporation[286]. - On January 30, 2024, the company entered into a Merger Agreement with Alps Holdco, which will be executed in two steps, subject to stockholder approval[287]. - The Company has until April 9, 2025, to complete the initial business combination, or it will face mandatory liquidation[324]. - The Company intends to use substantially all funds in the Trust Account to complete a business combination, with remaining proceeds used for working capital[304]. Trust Account and Cash Management - Following the IPO, $116,725,000 was placed in the Trust Account, initially invested in U.S. government securities[299]. - As of December 31, 2024, cash held in the Trust Account was $3,349,591, down from $28,668,218 as of December 31, 2023[303]. - The company has instructed its trustee to liquidate U.S. government securities in the Trust Account and hold all funds in cash to mitigate the risk of being deemed an unregistered investment company[300]. - The Company has $253,507 in cash held outside the Trust Account as of December 31, 2024, compared to $79,073 in 2023[305]. Debt and Capital Requirements - As of December 31, 2024, the total amount owed in connection with promissory notes was $4,445,458, an increase from $1,757,255 as of December 31, 2023[330]. - The company may need to raise additional capital if the initial business combination is not consummated, which could impact liquidity[323]. Compliance and Reporting - The company received a delisting notice from Nasdaq on December 10, 2024, due to non-compliance with the requirement to complete a business combination within 36 months of its IPO[292]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[332]. - Management's financial statements are prepared in accordance with U.S. GAAP, with significant accounting policies requiring professional judgment in estimates[333]. - The company qualifies as a smaller reporting company and is not required to provide certain market risk disclosures[337]. Accounting and Valuation - The company classifies warrants as either equity or liability based on specific terms, with public warrants treated as equity and private warrants as liabilities[334]. - Private Placement Warrants are valued using assumptions related to exercise price, market price, expected life, and risk-free interest rate[335]. - Management does not anticipate that recently issued accounting standards will materially affect consolidated financial statements as of December 31, 2024[336].
Globalink Investment Inc.(GLLIU) - 2024 Q4 - Annual Report