Financial Performance - As of March 31, 2024, the company reported a net loss of $375,307, primarily due to operating expenses of $603,471 and interest expenses of $33,395[133]. - For the three months ended March 31, 2023, the company had a net income of $682,939, driven by interest income of $1,257,477 from investments held in the Trust Account[134]. - The company generated gross proceeds of $100,000,000 from its IPO, selling 10,000,000 units at $10.00 per unit[135]. - Cash used in operating activities for the three months ended March 31, 2024, was $885,807, compared to $79,619 for the same period in 2023[140][141]. Trust Account and Cash Management - The company had cash held in the Trust Account of $29,047,273 as of March 31, 2024, with interest income of $342,667 for the quarter[142]. - The company intends to use substantially all funds in the Trust Account to complete its business combination, with remaining proceeds allocated for working capital[143]. - The underwriters are entitled to a deferred underwriting discount of $4,025,000 from the closing of the IPO, payable only if the Company completes an initial business combination[162]. Business Combination and Extensions - The company has extended the deadline to complete its initial business combination to June 9, 2024, with the possibility of further extensions up to December 9, 2024[129]. - The Company has a deadline until June 9, 2024, to consummate a business combination, which can be extended to December 9, 2024, if requested by the Sponsor[157]. - If the business combination is not consummated by the deadline, the Company may face mandatory liquidation and potential dissolution[157]. Debt and Financial Obligations - The company has no working capital loans outstanding as of March 31, 2024, but has entered into promissory notes totaling $640,000 for extension fees, repayable upon consummation of an initial business combination[146][147]. - The Company has borrowed a total of $2,640,649 in connection with promissory notes as of March 31, 2024, which includes accrued interest[172]. - The Company entered into multiple promissory notes with Public Gold Marketing Sdn Bhd, including $700,000 for extension fees, $250,000 for working capital, and $300,000 for working capital, all bearing an interest of 6% per annum[166][149][153]. - As of March 31, 2024, the full amounts of the promissory notes have been borrowed, with no additional amounts available under these notes for borrowing[166][149][153]. - The Company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities as of March 31, 2024[160]. - The Company has no off-balance sheet arrangements or obligations as of March 31, 2024[158]. Regulatory and Compliance - 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[173]. - The company may need to raise additional capital through loans or investments if the initial business combination is not consummated[155]. Operating Status - The company has not commenced any operations and will not generate operating revenues until after completing an initial business combination[132]. - The company incurred offering costs of $6,887,896 related to the IPO, including $2,300,000 in underwriting fees[137].
Globalink Investment(GLLI) - 2024 Q1 - Quarterly Report