2023 Q1 Form 10-K Financial Statement
#000149315223012540 Filed on April 17, 2023
Income Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $321.5K | $285.4K | $1.260M |
YoY Change | 57.99% | 111.99% | 828.67% |
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $321.5K | $285.4K | $1.260M |
YoY Change | 57.99% | 111.99% | 828.67% |
Operating Profit | |||
YoY Change | |||
Interest Expense | $1.258M | $1.015M | $1.792M |
YoY Change | 99745.24% | 1015230.0% | 1792070.0% |
% of Operating Profit | |||
Other Income/Expense, Net | $1.258M | $30.00K | $1.792M |
YoY Change | 2487.3% | ||
Pretax Income | $936.5K | $729.9K | $532.4K |
YoY Change | -563.02% | -642.47% | -492.79% |
Income Tax | $253.6K | $211.1K | $308.2K |
% Of Pretax Income | 27.08% | 28.92% | 57.88% |
Net Earnings | $682.9K | $518.8K | $224.2K |
YoY Change | -437.65% | -485.57% | -265.43% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | $0.05 | $0.03 | $0.02 |
COMMON SHARES | |||
Basic Shares Outstanding | 14.95M shares | 14.95M shares | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $21.51K | $81.76K | |
Short-Term Investments | |||
Other Short-Term Assets | $170.5K | $289.2K | $289.2K |
YoY Change | -80.66% | -71.91% | -71.91% |
Inventory | |||
Prepaid Expenses | $148.9K | $207.4K | |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $170.5K | $289.2K | $289.2K |
YoY Change | -80.66% | -71.91% | -71.91% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $120.0M | $118.4M | $118.4M |
YoY Change | 2.84% | 1.44% | 1.44% |
Other Assets | $0.00 | $0.00 | |
YoY Change | -100.0% | -100.0% | |
Total Long-Term Assets | $120.0M | $118.4M | $118.4M |
YoY Change | 2.71% | 1.27% | 1.27% |
TOTAL ASSETS | |||
Total Short-Term Assets | $170.5K | $289.2K | $289.2K |
Total Long-Term Assets | $120.0M | $118.4M | $118.4M |
Total Assets | $120.2M | $118.7M | $118.7M |
YoY Change | 2.08% | 0.63% | 0.63% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $287.5K | $184.1K | $184.1K |
YoY Change | 371.01% | 31.95% | 31.95% |
Accrued Expenses | $985.6K | $236.4K | $236.4K |
YoY Change | 634.13% | 180.56% | 180.56% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $390.0K | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $72.30M | $776.3K | $776.3K |
YoY Change | 31024.73% | 236.36% | 236.36% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $4.031M | $4.031M | $4.031M |
YoY Change | 0.14% | 0.16% | 0.16% |
Total Long-Term Liabilities | $4.031M | $4.031M | $4.031M |
YoY Change | 0.14% | 0.16% | 0.16% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $72.30M | $776.3K | $776.3K |
Total Long-Term Liabilities | $4.031M | $4.031M | $4.031M |
Total Liabilities | $76.33M | $4.887M | $4.887M |
YoY Change | 1693.0% | 14.83% | 14.83% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$5.417M | -$4.057M | |
YoY Change | 34.02% | ||
Common Stock | $3.445K | $3.445K | |
YoY Change | 0.0% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$5.413M | -$4.053M | $113.8M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $120.2M | $118.7M | $118.7M |
YoY Change | 2.08% | 0.63% | 0.63% |
Cashflow Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $682.9K | $518.8K | $224.2K |
YoY Change | -437.65% | -485.57% | -265.43% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$79.62K | -$154.4K | -$730.5K |
YoY Change | -61.35% | -52.47% | 124.85% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$370.6K | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% | |
Cash From Investing Activities | -$370.6K | $0.00 | |
YoY Change | -100.0% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $0.00 | ||
YoY Change | -100.0% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | $390.0K | -90.00K | |
YoY Change | 1200.0% | -100.08% | |
NET CHANGE | |||
Cash From Operating Activities | -$79.62K | -154.4K | -$730.5K |
Cash From Investing Activities | -$370.6K | 0.000 | |
Cash From Financing Activities | $390.0K | -90.00K | |
Net Change In Cash | -$60.25K | -244.4K | -$730.5K |
YoY Change | -65.77% | -130.09% | -189.93% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$79.62K | -$154.4K | -$730.5K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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-3138015 | usd |
CY2022 | GLLI |
Stock Issued During Period Value Remeasurement Of Redeemable Shares To Redemption Value
StockIssuedDuringPeriodValueRemeasurementOfRedeemableSharesToRedemptionValue
|
1139419 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
224242 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
224242 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-4053192 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
224242 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-119631 | usd | |
CY2022 | us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
1683870 | usd |
us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
99 | usd | |
CY2022 | GLLI |
Change In Fair Value Of Warrant Liabilities
ChangeInFairValueOfWarrantLiabilities
|
108300 | usd |
GLLI |
Change In Fair Value Of Warrant Liabilities
ChangeInFairValueOfWarrantLiabilities
|
16530 | usd | |
us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
611 | usd | |
CY2022 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-212583 | usd |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
420028 | usd | |
CY2022 | us-gaap |
Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
|
79358 | usd |
CY2022 | us-gaap |
Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
|
120000 | usd |
us-gaap |
Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
|
7000 | usd | |
CY2022 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
228827 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
44580 | usd |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
139551 | usd | |
CY2022 | GLLI |
Increase Decrease In Franchise Tax Payable
IncreaseDecreaseInFranchiseTaxPayable
|
152111 | usd |
GLLI |
Increase Decrease In Franchise Tax Payable
IncreaseDecreaseInFranchiseTaxPayable
|
84254 | usd | |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-730469 | usd |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-324872 | usd | |
us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
116725000 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-116725000 | usd | |
GLLI |
Underwriting Fees
UnderwritingFees
|
2300000 | usd | |
us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
112700000 | usd | |
us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
5700000 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
25000 | usd | |
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
562896 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
70000 | usd | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
70000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
117862104 | usd | |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-730469 | usd |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
812232 | usd | |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
812232 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
81763 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
812232 | usd |
CY2022 | GLLI |
Remeasurementof Commonstocksubjecttoredemption
RemeasurementofCommonstocksubjecttoredemption
|
1139419 | usd |
GLLI |
Remeasurementof Commonstocksubjecttoredemption
RemeasurementofCommonstocksubjecttoredemption
|
18426933 | usd | |
GLLI |
Initial Value Of Class Common Stock Subject To Possible Redemption
InitialValueOfClassCommonStockSubjectToPossibleRedemption
|
116725000 | usd | |
GLLI |
Deferred Underwriting Commissions Charged To Additional Paid In Capital
DeferredUnderwritingCommissionsChargedToAdditionalPaidInCapital
|
4025000 | usd | |
GLLI |
Initial Classification Of Warrant Liability
InitialClassificationOfWarrantLiability
|
131100 | usd | |
CY2022 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_802_eus-gaap--NatureOfOperations_z6gd34JNhodb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_033"/>Note 1 – <span id="xdx_827_zmqujBoDCZAb">Description of Organization and Business Operations and Liquidity</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 0.25in"><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”). On July 27, 2022, Globalink Merger Sub, Inc., a Nevada corporation and a wholly-owned subsidiary of Globalink, was formed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 0.25in"><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: 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: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the Company had not commenced any operations. All activity through December 31, 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_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211207__20211209__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zYXOSKE2isZ7" title="Issuance of common stock">10,000,000</span> units (“Units”) at $<span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_c20211209__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z6MG1SnMX7Of" title="Price per shares">10.00</span> per Unit generating gross proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211207__20211209__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zIARJTkkwlYi" 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: 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: 0pt; text-align: justify; text-indent: 0.25in"><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_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211207__20211209__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementUnitsMember_zECNKwo2HWma" title="Issuance of common stock">517,500</span> units (“Private Placement Units”) at a price of $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_c20211209__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementUnitsMember_zM758fHgYgUh" 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_c20211207__20211209__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementUnitsMember_zr0UODP9T04k" 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: 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: 0pt; text-align: justify; text-indent: 0.25in"><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_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211207__20211209__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zKEY88vUvkNg" title="Issuance of common stock">1,500,000</span> Units to cover over-allotment. On December 13, 2021, the underwriters fully exercised the option and purchased <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zGr69SPZnelc" title="Issuance of common stock">1,500,000</span> additional Units (the “Over-allotment Units”), generating additional gross proceeds of $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zwMDsbPDp2v8" title="Proceeds from issuance or sale of equity">15,000,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 0.25in"><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_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementUnitsMember_zedX7XJfZsi1" title="Issuance of common stock">52,500</span> Private Placement Units at a price of $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_c20211213__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementUnitsMember_zjVPaTeN3kw2" title="Price per share">10.00</span> per Private Placement Unit, generating additional gross proceeds of $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__custom--PrivatePlacementUnitsMember_zqgvufmOV2u" 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: 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: 0pt; text-align: justify; text-indent: 0.25in"><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_906_ecustom--OfferingCostsNet_pp0p0_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zllp3SiBzHaa" title="Offering costs, net">6,887,896</span>, consisting of $<span id="xdx_90E_eus-gaap--ExpenseRelatedToDistributionOrServicingAndUnderwritingFees_pp0p0_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zsosmLvdgoF4" 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_zWqaONOgaMGk" 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_905_ecustom--OtherCosts_pp0p0_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z6r3WeodmgTe" title="Other costs">562,896</span> of other costs. As described in Note 6, the $<span id="xdx_907_ecustom--DeferredUnderwritingFees_iI_pp0p0_c20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zQ9ZkbCaLgc4" title="Deferred underwriting fees">4,025,000</span> of deferred underwriting fee payable is contingent upon the consummation of a Business Combination, subject to the terms of the underwriting agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the IPO, $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211211__20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zU7sVcURdps8" title="Proceeds from IPO">116,725,000</span> ($<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_c20211213__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zJCerpPFLDk6" 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 has been 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: 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: 0pt; text-align: justify; text-indent: 0.25in"><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. <span id="xdx_904_eus-gaap--BusinessCombinationControlObtainedDescription_c20220101__20221231_zu9jkbxLWVFl" title="Business combination, description">The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% 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 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. There is no assurance the Company will be able to successfully effect a Business Combination.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 0.25in"><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_90E_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20221231__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicShareMember_zD1iMDjZUj1d" 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: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><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_902_ecustom--BusinessCombinationConditionMinimumTangibleAssets_iI_c20221231_zkbk8ycAN2nd" 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 consolidated balance sheets until such date that a redemption event takes place.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><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: 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: 0pt; text-align: justify; text-indent: 0.25in"><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_90D_ecustom--MinimumSharesRedemptionRequiringApproval_iI_pid_dp_uPure_c20221231_zeK2gbyW10Bi" 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: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--RedemptionOnDefaultOfBusinessCombination_c20220101__20221231__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicShareMember_zzrKEJsVq0Jj" title="Redemption on default of business combination">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 100% 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></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had until March 9, 2023, 15 months from the closing of the IPO to complete a Business Combination. On March 6, 2023, the Company held a special meeting (the “Special Meeting”), during which the stockholders of the Company approved a proposal to amend the Company’s amended and restated certified articles of incorporation which included extending the time in which the Company must complete a Business Combination (the “Extension Amendment Proposal”) and a proposal to amend the Company’s investment management trust agreement, dated as of December 6, 2021 (the “Trust Agreement”), by and between the Company and Continental Stock Transfer & Trust Company, as trustee (“Continental”) (the “Trust Amendment Proposal”). The Company will have the option of two (2) three-months extensions, followed by three (3) one-month extensions, or until December 9, 2023, if all extensions are exercised. The Company has exercised the option for a three-month extension and as a result the Company has deposited $<span id="xdx_90C_eus-gaap--AssetsHeldInTrust_iI_c20221231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zKKThSBGvce9" title="Deposited into Trust Account">390,000</span> into the Trust Account and now has until June 9, 2023 (“Combination Period”) to complete its Business Combination or exercise an additional extension. If the Company does not complete its Business Combination or exercise an additional extension, 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_902_ecustom--MaximumAllowedDissolutionExpenses_c20220101__20221231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zsH7Lb3y500g" 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: 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: 0pt; text-align: justify"><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_c20221231__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicShareMember_zEWRmcTx73He" 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: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business Combination</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 3, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among Tomorrow Crypto Group Inc., a Nevada corporation (“Tomorrow Crypto”), Globalink Merger Sub, Inc., a Nevada corporation and a wholly-owned subsidiary of Globalink (“Merger Sub”), GL Sponsor LLC, a Delaware limited liability company, in its capacity as the representative of the Company’s stockholders from and after the effective time of the Merger (as defined below) (the “Effective Time”) in accordance with the terms and conditions of the Merger Agreement (the “Parent Representative”), and Mingliu Wang, an individual, in his capacity as the representative of Tomorrow Crypto’s stockholders from and after the Effective Time for the stockholders of Tomorrow Crypto as of immediately prior to the Effective Time in accordance with the terms and conditions of the Merger Agreement (the “Seller Representative”). Pursuant to the terms of the Merger Agreement, a business combination between Globalink and Tomorrow Crypto through the merger of Merger Sub with and into Tomorrow Crypto, with Tomorrow Crypto surviving the merger as a wholly-owned subsidiary of Globalink (the “Merger,” and, together with the other transactions contemplated by the Merger Agreement, the “Transactions”). Subject to the terms and conditions set forth therein upon the consummation of the transactions contemplated by the Merger Agreement (the “Closing”), each share of Tomorrow Crypto common stock issued and outstanding immediately prior to the Effective Time (other than treasury shares or dissenting shares) will be converted into the right to receive shares of Globalink common stock. The total consideration to be paid by Globalink to the stockholders of Tomorrow Crypto in the form of Globalink’s common stock at the Closing will be equal to $<span id="xdx_900_eus-gaap--BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_iI_pn6n6_c20220803__us-gaap--BusinessAcquisitionAxis__custom--MergerAgreementMember_z78SBm4TuqY8" title="Business combination, consideration transferred">210</span> million, with an earn-out provision permitting the stockholders of Tomorrow Crypto to receive up to <span id="xdx_904_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pn6n6_c20220802__20220803__us-gaap--BusinessAcquisitionAxis__custom--MergerAgreementMember_zPdYGZAOFE6d" title="Business combination, consideration transferred, shares">10</span> million additional shares as and when the business meets certain incremental milestones for the number of ASIC mining machines successfully installed, commissioned and placed in operation. The Merger Agreement is subject to certain customary closing conditions and contains customary representations, warranties, covenants and indemnity provisions. The respective boards of directors of Globalink and Tomorrow Crypto have (i) approved and declared advisable the Merger Agreement, the Merger and the other transactions contemplated thereby (the “Transactions”) and (ii) resolved to recommend approval of the Merger Agreement and related transactions by their respective stockholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with the termination provisions under Section 10.1 of the Merger Agreement, the Merger Agreement was terminated March 8, 2023 (the “Merger Agreement Termination Date”). In conjunction with the termination of the Merger Agreement, the Additional Agreements (as defined in the Merger Agreement) (including the Support Agreements) have also been terminated in accordance with their respective terms as of March 8, 2023, the Merger Agreement Termination Date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><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: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date the consolidated financial statements were issued, there was still considerable uncertainty around the expected duration of the COVID-19 pandemic. The Company has concluded that while it is reasonably possible that the COVID-19 pandemic 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 these consolidated financial statements. The consolidated financial statements do 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: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><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 consolidated 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 consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.9pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity, Capital Resources and Going Concern</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the Company had $<span id="xdx_90E_eus-gaap--EscrowDeposit_iI_pp0p0_c20221231_zXbMOhdQKX77" title="Cash in escrow account">81,763</span> of cash held in escrow which is available to meet working capital needs and a working capital deficit of $<span id="xdx_904_ecustom--WorkingCapital_iI_c20221231_z3Ju8PmvsMo1" title="Working capital">21,922</span> (adjusted for amounts available for withdrawal from the Trust Account for tax related obligations).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><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, stockholders, 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: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Business Combination is not consummated, the Company will need to raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties. The Company’s officers, directors and the 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. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has until June 9, 2023 to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date and an extension is not requested by the Sponsor, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the mandatory liquidation, should a Business Combination not occur, and an extension is not requested by the Sponsor, and potential subsequent dissolution as well as liquidity condition noted above raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after June 9, 2023. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022 | us-gaap |
Business Combination Control Obtained Description
BusinessCombinationControlObtainedDescription
|
The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% 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 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. There is no assurance the Company will be able to successfully effect a Business Combination. | |
CY2022Q4 | GLLI |
Business Combination Condition Minimum Tangible Assets
BusinessCombinationConditionMinimumTangibleAssets
|
5000001 | usd |
CY2022Q4 | GLLI |
Minimum Shares Redemption Requiring Approval
MinimumSharesRedemptionRequiringApproval
|
0.15 | pure |
CY2022Q4 | us-gaap |
Escrow Deposit
EscrowDeposit
|
81763 | usd |
CY2022Q4 | GLLI |
Working Capital
WorkingCapital
|
21922 | usd |
CY2021Q4 | us-gaap |
Escrow Deposit
EscrowDeposit
|
812232 | usd |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_849_eus-gaap--UseOfEstimates_ziTS3dGiuVSk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zraGRrlcd7A5">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated 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. One of the more significant accounting estimates included in these consolidated financial statements is the determination of the fair value of the warrant liabilities. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022Q4 | us-gaap |
Escrow Deposit
EscrowDeposit
|
81763 | usd |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
611 | usd | |
CY2022 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_84E_eus-gaap--ConcentrationRiskCreditRisk_zzsPVk0MKxRb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_zBjfFnQdSpVk">Concentration of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><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 December 31, 2022 and 2021, the Company has not experienced losses on these accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022Q4 | GLLI |
Temporary Equity Shares Redemption
TemporaryEquitySharesRedemption
|
11500000 | shares |
CY2021Q4 | GLLI |
Temporary Equity Shares Redemption
TemporaryEquitySharesRedemption
|
11500000 | shares |
CY2021Q4 | us-gaap |
Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
|
70000 | usd |
CY2022Q4 | us-gaap |
Due To Affiliate Current
DueToAffiliateCurrent
|
127000 | usd |
CY2021Q4 | us-gaap |
Due To Affiliate Current
DueToAffiliateCurrent
|
7000 | usd |
CY2022Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
500000000 | shares |
CY2022Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2022Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
3445000 | shares |
CY2021Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
3445000 | shares |
CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
3445000 | shares |
CY2021Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
3445000 | shares |
CY2022Q4 | GLLI |
Temporary Equity Shares Redemption
TemporaryEquitySharesRedemption
|
11500000 | shares |
CY2021Q4 | GLLI |
Temporary Equity Shares Redemption
TemporaryEquitySharesRedemption
|
11500000 | shares |
CY2022Q4 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
9.50 | |
CY2022 | us-gaap |
Sale Of Stock Percentage Of Ownership Before Transaction
SaleOfStockPercentageOfOwnershipBeforeTransaction
|
0.60 | pure |
CY2022Q4 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
9.50 | |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
17673 | usd |
CY2022Q4 | GLLI |
Deferred Tax Liabilities Startup Costs
DeferredTaxLiabilitiesStartupCosts
|
162545 | usd |
CY2021Q4 | GLLI |
Deferred Tax Liabilities Startup Costs
DeferredTaxLiabilitiesStartupCosts
|
10793 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
|
79358 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
83187 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
28466 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
162545 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
28466 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
79358 | usd |
CY2022 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
228827 | usd |
CY2022 | us-gaap |
Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
|
-54721 | usd |
us-gaap |
Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
|
-28466 | usd | |
CY2022 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
134079 | usd |
us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
28466 | usd | |
CY2022 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
308185 | usd |
CY2022Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
0 | usd |
CY2021Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
84156 | usd |
CY2022 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
134079 | usd |
us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
28466 | usd | |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure | |
CY2022 | GLLI |
Effective Income Tax Rate Reconciliation Transaction Costs Warrants Percentage
EffectiveIncomeTaxRateReconciliationTransactionCostsWarrantsPercentage
|
0.0000 | pure |
GLLI |
Effective Income Tax Rate Reconciliation Transaction Costs Warrants Percentage
EffectiveIncomeTaxRateReconciliationTransactionCostsWarrantsPercentage
|
-0.001 | pure | |
CY2022 | GLLI |
Effective Income Tax Rate Reconciliation Delaware Franchise Tax Penalties Percentage
EffectiveIncomeTaxRateReconciliationDelawareFranchiseTaxPenaltiesPercentage
|
0.0078 | pure |
GLLI |
Effective Income Tax Rate Reconciliation Delaware Franchise Tax Penalties Percentage
EffectiveIncomeTaxRateReconciliationDelawareFranchiseTaxPenaltiesPercentage
|
0.0000 | pure | |
CY2022 | GLLI |
Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants Percentage
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsPercentage
|
-0.0427 | pure |
GLLI |
Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants Percentage
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsPercentage
|
0.029 | pure | |
CY2022 | GLLI |
Effective Income Tax Rate Reconciliation Business Combination Expenses Percentage
EffectiveIncomeTaxRateReconciliationBusinessCombinationExpensesPercentage
|
0.1519 | pure |
GLLI |
Effective Income Tax Rate Reconciliation Business Combination Expenses Percentage
EffectiveIncomeTaxRateReconciliationBusinessCombinationExpensesPercentage
|
0.0000 | pure | |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
0.2518 | pure |
us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.238 | pure | |
CY2022 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.5788 | pure |
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.000 | pure | |
CY2022 | GLLI |
Redemption Trust Accounts
RedemptionTrustAccounts
|
119010000.00 | usd |
CY2022 | GLLI |
Increase From Redemption Trust Accounts
IncreaseFromRedemptionTrustAccounts
|
118410000 | usd |
CY2022 | GLLI |
Redemption Interest Earned
RedemptionInterestEarned
|
817010000.00 | usd |
CY2022 | GLLI |
Redemption Tax Obligations
RedemptionTaxObligations
|
219620000 | usd |