Company Formation and Business Focus - The company was formed on March 24, 2021, with the aim of entering into a business combination, focusing on e-commerce and payments industries in North America, Europe, Southeast Asia, and Asia (excluding China, Hong Kong, and Macau) [229]. Financial Performance - As of December 31, 2021, the company reported a net loss of $135,550, primarily due to general and administrative expenses of $135,649, partially offset by interest income of $99 from marketable securities [233]. - The company incurred cash used in operating activities of $324,872 from inception through December 31, 2021 [239]. 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 [235]. - The underwriters exercised the over-allotment option, resulting in an additional issuance of 1,500,000 units and gross proceeds of $15,000,000 [236]. - Offering costs for the IPO and the over-allotment option totaled $6,887,896, including $2,300,000 in underwriting fees [237]. Trust Account and Fund Management - Following the IPO, the company placed $116,725,000 in a trust account, which will be invested in U.S. government securities or money market funds until the completion of an initial business combination [238]. - As of December 31, 2021, the company had $812,232 in cash held outside the trust account, intended for identifying and evaluating target businesses [242]. - The company intends to use substantially all funds in the trust account to complete its initial business combination and for working capital of the target business [241]. Debt and Financial Structure - The company has no long-term debt or off-balance sheet arrangements as of December 31, 2021 [246]. Accounting and Reporting Standards - The company accounts for public and private warrants as equity-classified instruments based on specific terms and applicable guidance, qualifying for equity accounting treatment [253]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards [255]. - 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 [256]. - As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk [257].
Globalink Investment(GLLI) - 2021 Q4 - Annual Report