2024 Q3 Form 10-Q Financial Statement
#000141057824001930 Filed on November 13, 2024
Income Statement
Concept | 2024 Q3 | 2023 Q3 |
---|---|---|
Revenue | $0.00 | $0.00 |
YoY Change | ||
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | ||
YoY Change | ||
% of Gross Profit | ||
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | ||
YoY Change | ||
% of Gross Profit | ||
Operating Expenses | $147.4K | $16.58K |
YoY Change | 789.26% | -127.63% |
Operating Profit | -$147.4K | -$16.58K |
YoY Change | 789.51% | |
Interest Expense | $931.2K | |
YoY Change | ||
% of Operating Profit | ||
Other Income/Expense, Net | ||
YoY Change | ||
Pretax Income | $783.8K | -$16.58K |
YoY Change | -4827.26% | -127.63% |
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | $783.8K | -$16.58K |
YoY Change | -4828.71% | |
Net Earnings / Revenue | ||
Basic Earnings Per Share | -$0.01 | |
Diluted Earnings Per Share | $0.09 | -$0.01 |
COMMON SHARES | ||
Basic Shares Outstanding | 8.975M | 1.500M |
Diluted Shares Outstanding | 1.500M |
Balance Sheet
Concept | 2024 Q3 | 2023 Q3 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $1.190K | $320.00 |
YoY Change | 271.88% | |
Cash & Equivalents | $1.191K | $315.00 |
Short-Term Investments | ||
Other Short-Term Assets | $51.85K | $938.1K |
YoY Change | -94.47% | 20.27% |
Inventory | ||
Prepaid Expenses | $51.85K | |
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $53.04K | $938.5K |
YoY Change | -94.35% | 20.31% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | ||
YoY Change | ||
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $72.56M | |
YoY Change | ||
Other Assets | ||
YoY Change | ||
Total Long-Term Assets | $72.56M | $4.00 |
YoY Change | 1813928225.0% | |
TOTAL ASSETS | ||
Total Short-Term Assets | $53.04K | $938.5K |
Total Long-Term Assets | $72.56M | $4.00 |
Total Assets | $72.61M | $938.5K |
YoY Change | 7637.21% | 20.31% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $210.4K | $1.002M |
YoY Change | -79.0% | 41.1% |
Accrued Expenses | $136.9K | $81.78K |
YoY Change | 67.4% | 16.83% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $224.9K | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $572.2K | $1.084M |
YoY Change | -47.19% | 38.92% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $2.415M | |
YoY Change | ||
Total Long-Term Liabilities | $2.415M | $0.00 |
YoY Change | ||
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $572.2K | $1.084M |
Total Long-Term Liabilities | $2.415M | $0.00 |
Total Liabilities | $2.987M | $1.084M |
YoY Change | 175.68% | 38.92% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$2.934M | -$145.1K |
YoY Change | 1922.26% | |
Common Stock | $208.00 | $173.00 |
YoY Change | 20.23% | |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | -$2.934M | -$145.1K |
YoY Change | ||
Total Liabilities & Shareholders Equity | $72.61M | $938.5K |
YoY Change | 7637.21% | 20.31% |
Cashflow Statement
Concept | 2024 Q3 | 2023 Q3 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $783.8K | -$16.58K |
YoY Change | -4828.71% | |
Depreciation, Depletion And Amortization | ||
YoY Change | ||
Cash From Operating Activities | -$224.9K | $0.00 |
YoY Change | ||
INVESTING ACTIVITIES | ||
Capital Expenditures | ||
YoY Change | ||
Acquisitions | ||
YoY Change | ||
Other Investing Activities | ||
YoY Change | ||
Cash From Investing Activities | ||
YoY Change | ||
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | 224.9K | |
YoY Change | ||
NET CHANGE | ||
Cash From Operating Activities | -224.9K | 0.000 |
Cash From Investing Activities | ||
Cash From Financing Activities | 224.9K | |
Net Change In Cash | -10.00 | 0.000 |
YoY Change | ||
FREE CASH FLOW | ||
Cash From Operating Activities | -$224.9K | $0.00 |
Capital Expenditures | ||
Free Cash Flow | ||
YoY Change |
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1 — Description of Organization and Business Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Global Lights Acquisition Corp (the “Company”) is a blank check company incorporated in the Cayman Islands on August 23, 2021. The Company was incorporated for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus its search on companies in and around several investment-worthy areas: (1) clean energy; (2) green financing; (3) circular economy; (4) energy technology; (5) low carbon consumption; and (6) carbon capture and storage, or CCS.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of September 30, 2024, the Company had not commenced any operations. All activities for the period from August 23, 2021 (inception) through September 30, 2024 relate to the Company’s formation, the initial public offering (“IPO”) and searching for a target for its initial Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company has generated and expects to continue to generate non-operating income in the form of interest income from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s sponsor is Carbon Neutral Holding Inc., a Cayman Islands exempted company (the “Sponsor”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s registration statement for the Company’s IPO was declared effective by the Securities and Exchange Commission (the “SEC”) on November 13, 2023 (the “Effective Date”). On November 16, 2023, the Company consummated the IPO of 6,900,000 units (the “Public Units”) of the Company, including the full exercise of the over-allotment option of 900,000 Public Units granted to the underwriters. The Public Units were sold at an offering price of $10.00 per unit generating gross proceeds of $69,000,000. Simultaneously with the IPO, the Company sold to its Sponsor 350,000 units at $10.00 per unit (the “Private Units”) in a private placement (the “Private Placement”), generating total gross proceeds of $3,500,000. Each Public Unit consists of one ordinary share (the “Public Shares”), and one right to receive <span style="-sec-ix-hidden:Hidden_8ajLfo_NKEeMs83BrhXrlw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span>-sixth of an ordinary share at the closing of the Company’s Business Combination (the “Public Rights”). Each Private Unit consists of one ordinary share (the “Private Shares”) and one right to receive <span style="-sec-ix-hidden:Hidden_fHHeSrf3R0egIF97UrOvOA;"><span style="-sec-ix-hidden:Hidden_yvM1FZFbJkiG4DAKdbDb8Q;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">-sixth</span></span> of an ordinary share at the closing of the Company’s Business Combination (the “Private Rights” and collectively with the “Public Rights” the “Rights”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Transaction costs amounted to $5,038,858, consisted of $1,380,000 of underwriting fees, $2,415,000 of deferred underwriting fees (payable only upon completion of a Business Combination) and $1,243,858 of other offering costs. As of November 16, 2023, cash of $723,539 was held outside of the Trust Account (as defined below) and is available for the payment of offering costs and for working capital purposes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Units subject to funding the Trust Account (as defined below), although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company must complete a Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the agreement to enter into an initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Upon the closing of the IPO and the private placement on November 16, 2023, a total of $69,345,000 was placed in a trust account (“Trust Account”), located in the United States and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company will provide its holders of the outstanding Public Shares (the “public shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (i) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.05 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The Public Shares subject to redemption are recorded at a redemption value and classified as temporary equity upon the completion of the IPO in accordance with the Accounting Standards Codification (“ASC”) Topic 480 of the Financial Accounting Standard Board (FASB), “Distinguishing Liabilities from Equity.” </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 immediately prior to or upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against or abstain from voting on the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the Company’s Sponsor and any of the Company’s officers or directors that may hold Founder Shares (the “Initial Shareholders”) have agreed (a) to vote their Founder Shares, Private Shares and any Public Shares purchased during or after the IPO in favor of approving a Business Combination and (b) to waive their right to exercise redemptions rights with respect to any of their shares (including the Founder Shares) in connection with a shareholder vote to approve, or sell the shares to the Company in any tender offer in connection with, a proposed Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">If the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a partnership, limited partnership, syndicate (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Initial Shareholders have agreed (a) to waive their redemption rights with respect to the Founder Shares, Private Shares and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose, or vote in favor of, an amendment to the Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has until November 16, 2024 to consummate the initial Business Combination. In addition, if the Company is unable to consummate the initial Business Combination by November 16, 2024, the Sponsor (and/or its affiliates or designees) may, but is not obligated to, extend the period of time to consummate a Business Combination twice by an additional three months each time (up to by May 16, 2025 to complete a Business Combination) (the “Combination Period”), provided that, pursuant to the terms of the Amended and Restated Memorandum and Articles of Association and the trust agreement entered into between the Company and Continental Stock Transfer & Trust Company on November 13, 2023, the only way to extend the time available for the Company to consummate the initial business combination is for the Sponsor and/or it designee to deposit into the trust account $690,000 ($0.10 per share), on or prior to the date of the applicable deadline.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Amended and Restated Memorandum and Articles of Association requires that such an amendment be approved by the affirmative vote of a majority of the shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting. The public shareholders will not be afforded an opportunity to vote on the Company’s extension of time to consummate an initial Business Combination beyond November 16, 2024, to February 16, 2025, up to May 16, 2025 as described above or redeem their shares in connection with such extensions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">If the Company is unbale to complete a Business Combination within the Combination Period, it will trigger the automatic winding up, dissolution and liquidation pursuant to the terms of the Company’s Amended and Restated Memorandum and Articles of Association and the Company shall: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than <span style="-sec-ix-hidden:Hidden_ew_NboPT30aik6XQuVllQA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">ten</span></span> business days thereafter, redeem the Public Shares, payable in cash, at a per-share price equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company (less taxes payable and up to US$100,000 of interest to pay dissolution expenses), divided by the number of then Public Shares issued and outstanding, which redemption will completely extinguish public shareholders’ rights as public shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of applicable laws. If the Company is forced to liquidate, the amount in the Trust Account (less the aggregate nominal par value of the shares of the Company’s public shareholders) under the Companies Act (As Revised) of the Cayman Islands (the “Companies Act”) will be treated as share premium which is distributable under the Companies Act provided that immediately following the date on which the proposed distribution is proposed to be made, the Company is able to pay the debts as they fall due in the ordinary course of business. If the Company is forced to liquidate the Trust Account, the public shareholders would be distributed the amount in the Trust Account calculated as of the date that is two days prior to the distribution (including any accrued interest, net of taxes payable).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares and Private Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than $10.05 per Public Share.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.05 per Public Share, except as to any claims by a third party who executed a valid and enforceable agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Going Concern Consideration</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of September 30, 2024, the Company had cash of $1,191 and working capital deficit of $519,146. Subsequent to the consummation of the IPO, the Company’s liquidity has been satisfied through the net proceeds from the IPO and the Private Placement. The Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,000,000 of such Working Capital Loans may be converted into units of the post Business Combination entity at a price of $10.00 per unit (See Note 5).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company initially has until November 16, 2024 to consummate the initial Business Combination. However, the Company may extend the period of time to consummate a Business Combination two times (up to by May 16, 2025 to complete a Business Combination). If the Company does not complete a Business Combination within the Combination Period, the Company will trigger an automatic winding up, dissolution and liquidation pursuant to the terms of the Amended and Restated Memorandum and Articles of Association. Accordingly, no vote would be required from the shareholders to commence such a voluntary winding up, dissolution and liquidation. If the Company is unable to consummate the Company’s initial Business Combination within the Combination Period, the Company will, as promptly as possible but not more than 10 business days thereafter, redeem 100% of the Company’s outstanding Public Shares for a pro rata portion of the funds held in the Trust Account, including a pro rata portion of any interest earned on the funds held in the Trust Account (lesser tax payables and liquidation expenses up to $100,000), and then seek to liquidate and dissolve. However, the Company may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of the Company’s public shareholders. In the event of dissolution and liquidation, the Company’s Rights will expire and will be worthless.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In connection with the Company’s assessment of going concern considerations in accordance with FASB’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern. In addition, if the Company is unable to complete a Business Combination within the Combination Period, the Company’s board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company. There is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Combination Period. As a result, management has determined that such additional condition also raise substantial doubt about the Company’s ability to continue as a going concern. The unaudited condensed financial statement does not include any adjustments that might result from the outcome of this uncertainty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Risk and Uncertainties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Additionally, as a result of the military action commenced in February 2022 by the Russian Federation and Belarus in the country of Ukraine and related economic sanctions, the Company’s ability to consummate a Business Combination, or the operations of a target business with which the Company ultimately consummates a Business Combination, may be materially and adversely affected.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In October 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched extensive rocket attacks on the Israeli population and industrial centers located along Israel’s border with the Gaza Strip and in other areas within the State of Israel. These attacks resulted in thousands of deaths and injuries, and Hamas additionally kidnapped many Israeli civilians and soldiers. Following the attack, Israel’s security cabinet declared war against Hamas and commenced a military campaign against Hamas and other terrorist organizations in parallel to their continued rocket and terror attacks. The Company cannot currently predict the intensity or duration of Israel’s war against Hamas, nor can predict how this war will ultimately affect the Company’s ability to consummate a Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In addition, the Company’s ability to consummate a Business Combination may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of these actions and related sanctions on the world economy and the specific impact on the Company’s financial position, results of operations and/or ability to consummate a Business Combination are not yet determinable. The unaudited condensed financial statement do not include any adjustments that might result from the outcome of this uncertainty.</p> | ||
CY2024Q3 | glac |
Minimum Net Tangible Assets Upon Consummation Of Business Combination
MinimumNetTangibleAssetsUponConsummationOfBusinessCombination
|
5000001 | |
glac |
Threshold Percentage Of Public Shares Subject To Redemption Without Company S Prior Written Consent
ThresholdPercentageOfPublicSharesSubjectToRedemptionWithoutCompanySPriorWrittenConsent
|
0.15 | ||
glac |
Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
|
1 | ||
glac |
Number Of Months Business Combination Period Is Extended
NumberOfMonthsBusinessCombinationPeriodIsExtended
|
P3M | ||
glac |
Maximum Net Interest To Pay Dissolution Expenses
MaximumNetInterestToPayDissolutionExpenses
|
100000 | ||
glac |
Number Of Days Trust Amount Is Distributed Prior To Liquidation
NumberOfDaysTrustAmountIsDistributedPriorToLiquidation
|
P2D | ||
CY2024Q3 | us-gaap |
Cash
Cash
|
1191 | |
glac |
Working Capital Deficit
WorkingCapitalDeficit
|
519146 | ||
glac |
Threshold Business Days For Prior Notice To Extend Business Combination
ThresholdBusinessDaysForPriorNoticeToExtendBusinessCombination
|
P10D | ||
glac |
Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
|
1 | ||
glac |
Maximum Net Interest To Pay Dissolution Expenses
MaximumNetInterestToPayDissolutionExpenses
|
100000 | ||
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of unaudited condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p> | ||
CY2024Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
1191 | |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
1391 | |
glac |
Offering Cost
OfferingCost
|
5038858 | ||
CY2023 | glac |
Gross Proceeds From Reclassification Of Permanent Equity To Temporary Equity
GrossProceedsFromReclassificationOfPermanentEquityToTemporaryEquity
|
69000000 | |
CY2023 | glac |
Temporary Equity Proceed Allocated To Public Rights
TemporaryEquityProceedAllocatedToPublicRights
|
-2553000 | |
CY2023 | glac |
Temporary Equity Allocation Of Offering Costs
TemporaryEquityAllocationOfOfferingCosts
|
-4852420 | |
CY2023 | glac |
Non Cash Transaction Of Remeasurement For Ordinary Shares Subject To Possible Redemption
NonCashTransactionOfRemeasurementForOrdinarySharesSubjectToPossibleRedemption
|
8200377 | |
CY2023Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
69794957 | |
glac |
Non Cash Transaction Of Remeasurement For Ordinary Shares Subject To Possible Redemption
NonCashTransactionOfRemeasurementForOrdinarySharesSubjectToPossibleRedemption
|
2762176 | ||
CY2024Q3 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
72557133 | |
glac |
Ordinary Shares Issued Per Rights Multiples
OrdinarySharesIssuedPerRightsMultiples
|
6 | ||
CY2024Q3 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2023Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2024Q3 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2023Q4 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | ||
CY2024Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
783784 | |
CY2023Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-16575 | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
2158335 | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
-68446 | ||
CY2024Q3 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
931220 | |
us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
2762176 | ||
CY2024Q3 | glac |
Net Income Loss Including Accretion Of Ordinary Shares To Redemption Value
NetIncomeLossIncludingAccretionOfOrdinarySharesToRedemptionValue
|
-147436 | |
CY2023Q3 | glac |
Net Income Loss Including Accretion Of Ordinary Shares To Redemption Value
NetIncomeLossIncludingAccretionOfOrdinarySharesToRedemptionValue
|
-16575 | |
glac |
Net Income Loss Including Accretion Of Ordinary Shares To Redemption Value
NetIncomeLossIncludingAccretionOfOrdinarySharesToRedemptionValue
|
-603841 | ||
glac |
Net Income Loss Including Accretion Of Ordinary Shares To Redemption Value
NetIncomeLossIncludingAccretionOfOrdinarySharesToRedemptionValue
|
-68446 | ||
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. As of September 30, 2024 and December 31, 2023, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p> | ||
glac |
Number Of Months Business Combination Period Is Extended
NumberOfMonthsBusinessCombinationPeriodIsExtended
|
P3M | ||
CY2023 | glac |
Accrued Administrative Service Fee
AccruedAdministrativeServiceFee
|
15000 | |
CY2024Q3 | glac |
Accrued Administrative Service Fee
AccruedAdministrativeServiceFee
|
30000 | |
glac |
Accrued Administrative Service Fee
AccruedAdministrativeServiceFee
|
90000 | ||
glac |
Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
|
3 | ||
CY2023Q4 | glac |
Payment Of Financial Advisory Fees
PaymentOfFinancialAdvisoryFees
|
200000 | |
CY2023 | glac |
Financial Advisory Fees
FinancialAdvisoryFees
|
30770 | |
CY2024Q3 | glac |
Financial Advisory Fees
FinancialAdvisoryFees
|
46155 | |
glac |
Financial Advisory Fees
FinancialAdvisoryFees
|
138465 | ||
glac |
Financial Advisory Fees Percentage Of Financing Proceeds
FinancialAdvisoryFeesPercentageOfFinancingProceeds
|
0.020 | ||
CY2024Q2 | glac |
Financial Advisory Fees Percentage Of Financing Proceeds
FinancialAdvisoryFeesPercentageOfFinancingProceeds
|
0.020 | |
glac |
Number Of Days On Options To Underwriting
NumberOfDaysOnOptionsToUnderwriting
|
P18M | ||
CY2024Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | |
CY2024Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2024Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
495000000 | |
CY2024Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
us-gaap |
Common Stock Voting Rights
CommonStockVotingRights
|
one | ||
CY2021Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
1000000 | |
CY2021Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
840000 | |
CY2022Q4 | us-gaap |
Shares Issued
SharesIssued
|
1840000 | |
CY2024Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
2075000 | |
CY2023Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
2075000 | |
CY2024Q3 | us-gaap |
Temporary Equity Shares Issued
TemporaryEquitySharesIssued
|
6900000 | |
CY2023Q4 | us-gaap |
Temporary Equity Shares Issued
TemporaryEquitySharesIssued
|
6900000 | |
CY2024Q3 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2024Q3 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024Q3 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2024Q3 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false |