Financial Performance - As of March 31, 2025, the company reported a net loss of $738,555, which included interest expense of $285,197 and general and administrative expenses of $270,256 [176]. - For the three months ended March 31, 2024, the company had a net loss of $375,307, driven by operating expenses of $603,471 and interest income of $342,667 [177]. - The company generates non-operating income from interest on proceeds held in a trust account, with interest income of $32,099 reported for the three months ended March 31, 2025 [175]. Initial Public Offering (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 [178]. - The company raised a total of $15,000,000 from the issuance of 1,500,000 units at a price of $10.00 per unit during the IPO [179]. - Offering costs for the IPO and the exercise of the underwriters' Over-allotment Option amounted to $6,887,896, including $2,300,000 in underwriting fees [180]. Business Combination and Merger Agreement - The company has extended the deadline to complete its initial business combination to June 9, 2025, having done so six times under its amended certificate of incorporation [164]. - The company entered into a Merger Agreement on January 30, 2024, with Alps Global Holding Pubco, which will result in Alps Holdco becoming a wholly-owned subsidiary of PubCo [165]. - The company expects to continue with the transactions outlined in the Merger Agreement despite the delisting of its securities [174]. Delisting and Compliance - 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 [172]. - Following the delisting, the company's securities have been quoted on the OTC Pink market since December 17, 2024 [173]. Trust Account and Cash Management - As of March 31, 2025, cash held in the Trust Account was $3,561,690, with interest income of $32,099 for the three months ended March 31, 2025 [186]. - The company intends to use substantially all funds in the Trust Account to complete its business combination [187]. - The company had cash held outside the Trust Account amounting to $3,468 as of March 31, 2025, intended for evaluating target businesses [188]. Debt and Financing - As of March 31, 2025, the company had borrowed a total of $3,844,923 under various promissory notes, which includes $16,570 in additional interest expense [206]. - The company entered into multiple promissory notes with Public Gold Marketing Sdn Bhd, totaling $2,750,000 for working capital and extension fees, all repayable upon consummation of an initial business combination [190][191][192][193][194][196][197][198][199][201][202][203]. - The Company recorded a gain on modification of terms of promissory notes and advances from affiliates amounting to $880,656 [206]. Related Party Transactions - As of March 31, 2025, the aggregate principal amount owed to related parties in connection with promissory notes was $4,507,595, reflecting an increase from $4,445,458 as of December 31, 2024 [219]. - The net amount of the convertible notes related to the affiliate was $334,885, included in the consolidated balance sheet as of March 31, 2025 [209]. Going Concern and Future Capital Needs - The Company has until June 9, 2025, to complete the initial business combination, with substantial doubt raised about its ability to continue as a going concern if not completed [212]. - The Company may need to raise additional capital through loans or investments if the initial business combination is not consummated [210]. - The Company intends to complete a business combination before the mandatory liquidation date to avoid dissolution [212]. Accounting and Compliance - The Company is evaluating the impact of recent accounting pronouncements, including ASU 2023-09, which requires expanded disclosures of income taxes paid [228].
Globalink Investment(GLLI) - 2025 Q1 - Quarterly Report