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 expense of $33,395[177] - The company generated non-operating income of $32,099 from interest on cash held in the Trust Account for the three months ended March 31, 2025[176] 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 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] - The company has raised an aggregate of $3,479,911 from PIPE Investors at a purchase price of $10.00 per share, excluding a terminated $40 million subscription[167] Business Combination and Compliance - 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 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] - 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] Debt and Liabilities - 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 $2,500,000 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] - As of March 31, 2025, the company had $334,885 in convertible debt and $390,000 in advances reflected in its consolidated balance sheets[208] - The net amount of the convertible notes related to parties, after accounting for the debt discount, was $4,179,808 as of March 31, 2025[219] - 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] 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 has instructed to liquidate U.S. government securities held in the Trust Account and hold all funds in cash until the consummation of the initial business combination or liquidation[182] - The company plans to repay working capital loans from the proceeds of the Trust Account if the initial business combination is completed[189] Reporting and Compliance - The Company intends to evaluate the benefits of relying on reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for up to five years following the IPO[222] - The Company adopted ASU 2023-07 for the year ended December 31, 2024, which requires enhanced segment reporting disclosures[227] - The Company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities as of March 31, 2025[214] - The Company has not entered into any off-balance sheet financing arrangements or established any special purpose entities as of March 31, 2025[213] Underwriting and Fees - The underwriters are entitled to a deferred underwriting discount of $0.35 per unit, totaling $4,025,000, contingent upon the completion of an initial business combination[216] - The promissory note issued to a third party was non-interest bearing, with an aggregate amount owed of $30,000 as of March 31, 2025[220]
Globalink Investment Inc.(GLLIU) - 2025 Q1 - Quarterly Report