Globalink Investment(GLLI) - 2022 Q2 - Quarterly Report

Financial Performance - As of June 30, 2022, the company reported a net loss of $52,981 for the three months and $255,242 for the six months, primarily due to general and administrative expenses of $89,962 and $243,480 respectively[95][96]. - As of June 30, 2022, the company reported a net loss per share, with diluted loss per share being the same as basic loss per share due to no dilutive securities outstanding[115]. IPO and Fundraising - The company generated gross proceeds of $100,000,000 from its IPO by selling 10,000,000 units at an offering price of $10.00 per unit[97]. - The company incurred offering costs of $6,887,896 related to the IPO, including $2,300,000 in underwriting fees[99]. - The underwriters exercised the over-allotment option, generating additional gross proceeds of $15,000,000 from the issuance of 1,500,000 units[98]. - The company may need to raise additional funds to cover costs related to identifying a target business and completing a business combination[107]. Trust Account and Cash Management - The total investment held in the trust account was $116,813,337 as of June 30, 2022, with interest income of $88,238 for the six months ended June 30, 2022[102]. - The company had cash held outside the trust account amounting to $516,280 as of June 30, 2022, down from $812,232 as of December 31, 2021[104]. - The company intends to use substantially all funds in the trust account to complete its initial business combination[103]. Operations and Business Strategy - The company has not commenced any operations and will not generate operating revenues until after completing an initial business combination[94]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for up to five years post-IPO[113]. Financial Position and Risk Management - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2022[108][109]. - As of June 30, 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[119]. - The company accounts for warrants based on specific terms, determining that both Public Warrants and Private Placement Warrants qualify for equity accounting treatment[116].