2022 Q3 Form 10-Q Financial Statement

#000149315222022957 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $630.8K $140.0K $203.5K
YoY Change 62982.0%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $630.8K $140.0K $203.5K
YoY Change 62982.0%
Operating Profit
YoY Change
Interest Expense $598.8K $86.98K $1.260K
YoY Change
% of Operating Profit
Other Income/Expense, Net $598.8K $86.98K $48.62K
YoY Change
Pretax Income -$32.06K -$52.98K -$202.3K
YoY Change 3105.5%
Income Tax $97.09K $0.00
% Of Pretax Income
Net Earnings -$129.1K -$52.98K -$202.3K
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$8.641K -$3.545K -$13.53K
COMMON SHARES
Basic Shares Outstanding 14.95M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $326.2K $516.3K $636.2K
Short-Term Investments
Other Short-Term Assets $556.1K $753.8K $881.3K
YoY Change 1012.24%
Inventory
Prepaid Expenses $229.9K $237.6K
Receivables
Other Receivables
Total Short-Term Assets $556.1K $753.8K $881.3K
YoY Change 1012.24%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $117.4M $116.8M $116.7M
YoY Change
Other Assets $39.92K $174.7K $149.0K
YoY Change -42.0%
Total Long-Term Assets $117.5M $117.0M $116.9M
YoY Change 170554.49%
TOTAL ASSETS
Total Short-Term Assets $556.1K $753.8K $881.3K
Total Long-Term Assets $117.5M $117.0M $116.9M
Total Assets $118.0M $117.7M $117.8M
YoY Change 99216.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $237.6K $19.34K $61.05K
YoY Change 23663.1%
Accrued Expenses $234.3K $184.3K $134.3K
YoY Change 883.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $666.0K $270.6K $232.3K
YoY Change 602.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.059M $4.025M $4.025M
YoY Change
Total Long-Term Liabilities $4.059M $4.025M $4.025M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $666.0K $270.6K $232.3K
Total Long-Term Liabilities $4.059M $4.025M $4.025M
Total Liabilities $4.725M $4.296M $4.257M
YoY Change 4882.78%
SHAREHOLDERS EQUITY
Retained Earnings -$3.801M -$3.282M
YoY Change
Common Stock $3.445K $3.445K $0.00
YoY Change 19.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.798M -$3.279M -$3.226M
YoY Change
Total Liabilities & Shareholders Equity $118.0M $117.7M $117.8M
YoY Change 99216.34%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$129.1K -$52.98K -$202.3K
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$220.1K -$149.9K -$206.0K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
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 30.00K 30.00K 30.00K
YoY Change
NET CHANGE
Cash From Operating Activities -220.1K -149.9K -206.0K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 30.00K 30.00K 30.00K
Net Change In Cash -190.1K -119.9K -176.0K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$220.1K -$149.9K -$206.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_80D_eus-gaap--NatureOfOperations_zOjR1Kv065Ba" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 – <span id="xdx_821_zwx83kjNka07">Description of Organization and Business Operations and Liquidity</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globalink Investment Inc. (the “Company”) was incorporated in Delaware on March 24, 2021. The Company is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (the “Business Combination”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2022, the Company had not commenced any operations. All activity through June 30, 2022, relates to the Company’s formation and Initial Public Offering (“IPO”), which is described below and, since the offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income earned on investments from the proceeds derived from the IPO. The registration statement for the Company’s IPO was declared effective on December 6, 2021. On December 9, 2021, the Company consummated the IPO of <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211207__20211209__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zn7patvCMfo" title="Issuance of common stock of Initial Public Offering, shares">10,000,000</span> units (“Units”) at $<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_c20211209__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zq8Kh59cAxAe" title="Price per shares">10.00</span> per Unit generating gross proceeds of $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211207__20211209__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zoqxOkv8TAl8" title="Proceeds from initial public offering">100,000,000</span>, which is discussed in Note 3. The Company has selected December 31 as its fiscal year end.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the closing of the IPO, the Company consummated the sale of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220101__20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zCxk1ZpTmq4d" title="Issuance of common stock, shares">517,500</span> units (“Private Placement Units”) at a price of $<span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_c20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zZm5JXSbB6hc" title="Price per shares">10.00</span> per Private Placement Unit in a private placement to Public Gold Marketing Sdn. Bhd, a Malaysian private limited company, an entity not affiliated with the Company, the sponsor or the underwriters, generating gross proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20220101__20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zaJdVNKARwJa" title="Issuance of private placement">5,175,000</span>, which is described in Note 4.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally with the closing of the IPO, the Company granted the underwriters a 45-day option to purchase up to <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211207__20211209__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zyH9E1NJfyLj" title="Issuance of common stock of Initial Public Offering, shares">1,500,000</span> Units to cover over-allotment. On December 13, 2021, the underwriters fully exercised the option and purchased <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zQI4yV6pv5Aa" title="Issuance of common stock of Initial Public Offering, shares">1,500,000</span> additional Units (the “Over-allotment Units”), generating additional gross proceeds of $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zBUt6HEC6sTe" title="Proceeds from issuance or sale of equity">15,000,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the exercise of the over-allotment, the Company consummated a private sale of an additional <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementUnitsMember_zZmA2gxgTPsk" title="Number of common stock shares issued">52,500</span> Private Placement Units at a price of $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_c20211213__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementUnitsMember_zq46RBXwuIKe" title="Price per share">10.00</span> per Private Placement Unit, generating additional gross proceeds of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementUnitsMember_zX2g8L22CdJa" title="Proceeds from sale of private units">525,000</span>. Since the underwriters’ over-allotment was exercised in full, the sponsor did not forfeit any Founder Shares (as defined in Note 5).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs for the IPO and the exercise of the underwriters’ over-allotment option amounted to $<span id="xdx_901_ecustom--OfferingCostsNet_pp0p0_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z50wxM79c2V6" title="Offering costs, net">6,887,896</span>, consisting of $<span id="xdx_902_ecustom--UnderwritingFees_pp0p0_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zfzr2UTov33e" title="Underwriting fees">2,300,000</span> of underwriting fees, $<span id="xdx_903_ecustom--DeferredUnderwritingFees_iI_pp0p0_c20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zeARCr9hjK21" title="Deferred underwriting fees">4,025,000</span> of deferred underwriting fees payable (which are held in the Trust Account (defined below)) and $<span id="xdx_908_ecustom--OtherCosts_pp0p0_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zpHvHiR0zj09" title="Other costs">562,896</span> of other costs. As described in Note 6, the $<span id="xdx_909_ecustom--DeferredUnderwritingFees_iI_pp0p0_c20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z4j9w7OGZa28" title="Deferred underwriting fees">4,025,000</span> of deferred underwriting fee payable is contingent upon the consummation of a Business Combination by March 9, 2023, subject to the terms of the underwriting agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the IPO, $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220101__20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zy8f4aftiOIa" title="Proceeds from IPO">116,725,000</span> ($<span id="xdx_909_eus-gaap--SharesIssuedPricePerShare_iI_c20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zqHlKVPlIZLg" title="Price per shares">10.15</span> per Unit) from the net proceeds of the sale of the Units in the IPO and the Private Placement Units was placed in a trust account (“Trust Account”) and will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 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 paragraphs (d)(2), (d)(3) and (d)(4) 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, 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. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least <span id="xdx_901_ecustom--PercentageOfAggregateFairMarketValueOfAssets_iI_pid_dp_uPure_c20220630_zp9yeJsGB9kf" title="Aggregate market fair value percentage">80</span>% of the assets held in the Trust Account excluding the deferred underwriting discounts and taxes payable on income earned on the Trust Account at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires <span id="xdx_905_ecustom--SharesRedemptionofBusinessCombinationNotCompleted_iI_pid_dp_uPure_c20220630_zsNnpCmheYye" title="Public shares to redeemed business combination not completed">50</span>% 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. There is no assurance the Company will be able to successfully effect a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will provide the holders (the “Public Stockholders”) of the outstanding shares of common stock included in the Units, or the Public Shares 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 stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Stockholders 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 $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20220630__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicShareMember_z6Yc80gLpa78" title="Price per share">10.15</span> per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights with respect to the Company’s warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480-10-S99, redemption provisions not solely within the control of a company require the Public Shares subject to redemption to be classified outside of permanent equity. Given that the Public Shares will be issued with other freestanding instruments (i.e., public warrants and rights), the initial carrying value of common stock classified as temporary equity will be the allocated proceeds determined in accordance with ASC 470-20. The Public Shares are subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. While redemptions cannot cause the Company’s net tangible assets to fall below $<span id="xdx_906_ecustom--BusinessCombinationConditionMinimumTangibleAssets_iI_c20220630_zVEHr2M7wJSc" title="Minimum net tangible asset upon consummation of business combination">5,000,001</span>, the Public Shares are redeemable and are classified as such on the balance sheet until such date that a redemption event takes place.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemptions of the Company’s Public Shares may be subject to the satisfaction of conditions, including minimum cash conditions, pursuant to an agreement relating to the Company’s Business Combination. If the Company seeks stockholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. If a stockholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Certificate of Incorporation, conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the amended and restated certificate of incorporation of the Company (the “Certificate of Incorporation”) provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (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 <span id="xdx_907_ecustom--MinimumSharesRedemptionRequiringApproval_iI_pid_dp_uPure_c20220630_zRUPVM5NvcV2" title="Minimum percentage of shares">15</span>% or more of the common stock sold in the Initial Public Offering, without the prior consent of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s sponsor, officers and directors (the “Initial Stockholders”) have agreed not to propose an amendment to the Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem <span id="xdx_901_ecustom--ObligationToRedeemPercentageOfCommonStockWithRespectToAnyOtherMaterialProvisionRelatingToStockholdersRightsOrPreinitialBusinessCombinationActivity_pid_dp_uPure_c20220101__20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zDVItoq3ZRI1" title="Percentage of shares of stock the Company is obligated to redeem without consummating a business combination">100</span>% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Stockholders with the opportunity to redeem their shares of common stock in conjunction with any such amendment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company is unable to complete a Business Combination by March 9, 2023, 15 months from the closing of the IPO (“Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, 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 us to pay the Company’s franchise and income taxes (less up to $<span id="xdx_90F_ecustom--MaximumAllowedDissolutionExpenses_c20220101__20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zd6isoR3YFef" title="Maximum allowed dissolution expenses">100,000</span> of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish the Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to deferred underwriting discounts (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 residual assets remaining available for distribution (including Trust Account assets) will be only $<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20220630__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicShareMember_zehyzAkOHBG5" title="Price per share">10.15</span> per share held in the Trust Account. 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. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering 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 (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks and Uncertainties</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic which continues to spread throughout the United States and the world. As of the date the financial statements were issued, there was still considerable uncertainty around the expected duration of this pandemic. The Company has concluded that while it is reasonably possible that COVID-19 could have a negative effect on identifying a target company for a Business Combination, the specific impact is not readily determinable as of the date of this financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these financial statements and the specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity and Capital Resources</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2022, the Company had $<span id="xdx_901_eus-gaap--EscrowDeposit_iI_pp0p0_c20220630_zXtGBrBdQxXb" title="Cash in escrow account">516,280</span> of cash held in escrow which is available to meet working capital needs, $<span id="xdx_907_eus-gaap--AssetsHeldInTrustNoncurrent_iI_pp0p0_c20220630_zVSCOsPiU8Hf" title="Investments held in trust account">116,813,337</span> in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its common stock in connection therewith and working capital of $<span id="xdx_907_ecustom--WorkingCapital_iI_c20220630_z3kYos6TfQrg" title="Working capital">483,246</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 28.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. The Company will need to raise additional capital through loans or additional investments from its sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors and sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p>
CY2022Q2 GLLI Percentage Of Aggregate Fair Market Value Of Assets
PercentageOfAggregateFairMarketValueOfAssets
0.80 pure
CY2022Q2 GLLI Shares Redemptionof Business Combination Not Completed
SharesRedemptionofBusinessCombinationNotCompleted
0.50 pure
CY2022Q2 GLLI Business Combination Condition Minimum Tangible Assets
BusinessCombinationConditionMinimumTangibleAssets
5000001 usd
CY2022Q2 GLLI Minimum Shares Redemption Requiring Approval
MinimumSharesRedemptionRequiringApproval
0.15 pure
CY2022Q2 us-gaap Escrow Deposit
EscrowDeposit
516280 usd
CY2022Q2 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
116813337 usd
CY2022Q2 GLLI Working Capital
WorkingCapital
483246 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_zsTt7Mv6AvWi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_863_z8dtJfwQOExg">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. 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 financial statements. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. 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 financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Escrow Deposit
EscrowDeposit
516280 usd
CY2021Q4 us-gaap Escrow Deposit
EscrowDeposit
812232 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_847_eus-gaap--ConcentrationRiskCreditRisk_zTmRkTN87qaf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_z7fy6rIITRZ1">Concentration of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit. At June 30, 2022 and December 31, 2021, the Company has not experienced losses on these accounts. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 GLLI Temporary Equity Shares Redemption
TemporaryEquitySharesRedemption
11500000 shares
CY2021Q4 GLLI Temporary Equity Shares Redemption
TemporaryEquitySharesRedemption
11500000 shares
GLLI Temporary Equity Carrying Amount Attributable To Parents
TemporaryEquityCarryingAmountAttributableToParents
115000000 usd
CY2021 GLLI Temporary Equity Carrying Amount Attributable To Parents
TemporaryEquityCarryingAmountAttributableToParents
115000000 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
11695950 usd
CY2021 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
11695950 usd
GLLI Common Stock Issuance Costs
CommonStockIssuanceCosts
-6190074 usd
CY2021 GLLI Common Stock Issuance Costs
CommonStockIssuanceCosts
-6190074 usd
GLLI Accretion Of Carrying Value To Redemption Value
AccretionOfCarryingValueToRedemptionValue
19611024 usd
CY2021 GLLI Accretion Of Carrying Value To Redemption Value
AccretionOfCarryingValueToRedemptionValue
19611024 usd
GLLI Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
116725000 usd
CY2021 GLLI Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
116725000 usd
CY2021Q4 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
7242000 shares
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
7242000 shares
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
11.50
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
11.50
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
11.50
CY2021Q3 us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
The Initial Stockholders have agreed, subject to limited exceptions, that 50% of these shares will not be transferred, assigned, sold or released from escrow until the earlier of six months after the date of the consummation of the Company’s initial Business Combination and the date on which the closing price of our common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after our initial business combination and the remaining 50% of the Founder Shares will not be transferred, assigned, sold or released from escrow until six months after the date of the consummation of our initial Business Combination, or earlier, in either case, if, subsequent to our initial Business Combination, we complete a liquidation, merger, stock exchange or other similar transaction which results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property
CY2022Q2 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
0 usd
CY2021Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
0 usd
CY2022Q2 GLLI Working Capital Loans
WorkingCapitalLoans
1500000 usd
CY2022Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10.00
CY2022Q2 GLLI Working Capital Loans Outstanding
WorkingCapitalLoansOutstanding
0 usd
CY2021Q4 GLLI Working Capital Loans Outstanding
WorkingCapitalLoansOutstanding
0 usd
CY2022Q2 GLLI Accrued Administrative Expenses
AccruedAdministrativeExpenses
67000 usd
CY2021Q4 GLLI Accrued Administrative Expenses
AccruedAdministrativeExpenses
7000 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3445000 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3445000 shares
CY2022Q2 GLLI Temporary Equity Shares Redemption
TemporaryEquitySharesRedemption
11500000 shares
CY2021Q4 GLLI Temporary Equity Shares Redemption
TemporaryEquitySharesRedemption
11500000 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
9.50
us-gaap Sale Of Stock Percentage Of Ownership Before Transaction
SaleOfStockPercentageOfOwnershipBeforeTransaction
0.60 pure
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
9.50

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