Financial Performance - As of September 30, 2022, the company reported a net loss of $129,141 for the three months ended, primarily due to operating expenses of $580,823 and interest income of $608,230 from investments held in the Trust Account[118]. - For the nine months ended September 30, 2022, the company had a net loss of $294,551, with general and administrative expenses totaling $824,303 and interest income of $696,468[119]. - The company has not commenced any operations and will not generate operating revenues until after completing an initial business combination[117]. - The company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[134]. - The company complies with FASB ASC 260 for net loss per share, with diluted loss per share being the same as basic loss per share for the period presented[140]. IPO and Capital Raising - The company completed its IPO on December 9, 2021, raising gross proceeds of $100 million from the sale of 10,000,000 units at $10.00 per unit[120]. - The total gross proceeds from the over-allotment option exercised by underwriters amounted to $15 million, bringing the total to $115 million from the IPO and over-allotment units[121]. - The underwriters fully exercised their option to purchase 1,500,000 additional Units, generating gross proceeds of $11,500,000[135]. - The company has agreed to issue $15 million in PIPE Preferred Shares with a 10% monthly compound dividend as part of the merger financing[111]. Trust Account and Investments - As of September 30, 2022, the company held investments in the trust account totaling $117,421,567, with interest income of $696,468 available for tax payments[125]. - The net proceeds held in the Trust Account have been invested in U.S. government securities with a maturity of 180 days or less, minimizing exposure to interest rate risk[144]. - The company intends to use substantially all funds in the trust account to complete its initial business combination, with remaining proceeds allocated for working capital and growth strategies[126]. Business Combination and Future Plans - The company entered into a Merger Agreement on August 3, 2022, to acquire Tomorrow Crypto, with total consideration of $210 million in Globalink common stock[110]. - The company has until March 9, 2023, to consummate a Business Combination, or it will face mandatory liquidation and potential dissolution[132]. - As of September 30, 2022, there were no working capital loans outstanding, and the company may need to raise additional capital if the Business Combination is not consummated[130]. Accounting and Financial Reporting - The company accounts for warrants as either equity-classified or liability-classified instruments, with private warrants recorded as liabilities at fair value[141]. - The company has no obligations, assets, or liabilities considered off-balance sheet arrangements as of September 30, 2022[133]. - The company had cash of $326,172 outside the trust account as of September 30, 2022, intended for identifying and evaluating target businesses[127].
Globalink Investment(GLLI) - 2022 Q3 - Quarterly Report