Global Star Acquisition(GLST) - 2022 Q4 - Annual Report

Financial Performance - As of December 31, 2022, the company had net income of $168,814, consisting of a realized gain on marketable securities of $844,178, offset by formation and operational costs of $547,868 and income tax of $135,321[63]. - Total cash used in operating activities for the year ended December 31, 2022, was $461,825[65]. Capital Raising - The company generated gross proceeds of $80,000,000 from its Initial Public Offering of 8,000,000 Units at $10.00 per Unit on September 22, 2022, and an additional $4,562,250 from the private placement of 456,225 Private Placement Units[64]. Investments and Cash Management - As of December 31, 2022, the company had investments of $95,134,678 held in Trust Accounts, intended for the initial Business Combination[66]. - The company had cash of $877,560 outside of Trust Accounts, primarily for identifying and evaluating target businesses[67]. Business Combination Timeline - The company has until September 22, 2023, to consummate a Business Combination, with a possible extension to May 22, 2024[70]. - The underwriters are entitled to a deferred fee of $3,220,000, payable only if the company completes a Business Combination[73]. Going Concern and Costs - The company expects to incur significant costs in pursuit of its acquisition plans, raising doubts about its ability to continue as a going concern[69]. - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2022[71]. Accounting Policies - The company will account for warrants issued in connection with the Initial Public Offering in accordance with ASC 815-40, allowing for equity classification[75].