Financial Performance - As of March 31, 2022, the company reported a net loss of $202,261, primarily due to operating expenses[97]. - The Company reported a net loss per share, with basic and diluted loss per share being the same due to the absence of dilutive securities as of March 31, 2022[117]. 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[98]. - The total gross proceeds from the over-allotment option amounted to $15,000,000, bringing the total funds raised to $115,000,000[99]. - Offering costs for the IPO totaled $6,887,896, including $2,300,000 in underwriting fees[100]. Trust Account and Cash Management - The company had $116,726,356 in investments held in the trust account as of March 31, 2022, with interest income available for tax payments[103]. - The company intends to use substantially all funds in the trust account to complete its initial business combination[104]. - Cash held outside the trust account was $636,216 as of March 31, 2022, intended for identifying and evaluating target businesses[105]. Business Operations and Future Financing - The company has not commenced any operations and will not generate operating revenues until after completing a business combination[96]. - The company may need additional financing to complete its business combination or to cover redemptions of public shares[109]. Accounting Policies and Risks - The Company has identified critical accounting policies that require management to make estimates and assumptions affecting reported amounts of assets and liabilities[116]. - As of March 31, 2022, the Company was not subject to any market or interest rate risk, with net proceeds held in U.S. government securities or money market funds[120]. - The Company determined that the Public Warrants and Private Placement Warrants qualify for equity accounting treatment after a review of the warrant agreement[118]. - Management does not believe that any recently issued accounting standards would materially affect the condensed financial statements as of March 31, 2022[119]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2022[110][111].
Globalink Investment(GLLI) - 2022 Q1 - Quarterly Report