2023 Q3 Form 10-Q Financial Statement

#000182912623007595 Filed on November 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2022 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $742.7K $260.0K
YoY Change 185.66%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $742.7K $260.7K
YoY Change 184.9% 1371984.21%
Operating Profit -$742.7K -$260.7K
YoY Change 184.9%
Interest Expense $1.064M $40.00K
YoY Change 2560.83%
% of Operating Profit
Other Income/Expense, Net $1.064M $51.65K
YoY Change 1960.58%
Pretax Income $321.6K -$210.0K
YoY Change -253.15%
Income Tax $212.7K
% Of Pretax Income 66.13%
Net Earnings $108.9K -$209.0K
YoY Change -152.11% 1100131.58%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.01 -$0.02
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.417M $1.400M
YoY Change 72.67%
Cash & Equivalents $2.417M $1.398M
Short-Term Investments
Other Short-Term Assets $119.7K $263.5K
YoY Change -54.57%
Inventory
Prepaid Expenses $10.00K
Receivables
Other Receivables
Total Short-Term Assets $2.537M $1.681M
YoY Change 50.88%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $54.60M $82.04M
YoY Change -33.44%
Other Assets $103.6K
YoY Change
Total Long-Term Assets $54.60M $82.15M
YoY Change -33.53%
TOTAL ASSETS
Total Short-Term Assets $2.537M $1.681M
Total Long-Term Assets $54.60M $82.15M
Total Assets $57.14M $83.83M
YoY Change -31.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $609.4K $460.0K
YoY Change 32.47%
Accrued Expenses $1.263M $210.0K
YoY Change 501.26%
Deferred Revenue
YoY Change
Short-Term Debt $1.615M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.487M $820.0K
YoY Change 325.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.220M $2.800M
YoY Change 15.0%
Total Long-Term Liabilities $3.220M $2.800M
YoY Change 15.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.487M $820.0K
Total Long-Term Liabilities $3.220M $2.800M
Total Liabilities $6.707M $3.620M
YoY Change 85.28%
SHAREHOLDERS EQUITY
Retained Earnings -$3.334M -$1.791M
YoY Change 86.14%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.334M -$1.791M
YoY Change
Total Liabilities & Shareholders Equity $57.14M $83.83M
YoY Change -31.84%

Cashflow Statement

Concept 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $108.9K -$209.0K
YoY Change -152.11% 1100131.58%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$366.9K -$130.0K
YoY Change 182.22%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $43.55M -$82.00M
YoY Change -153.12%
Cash From Investing Activities $43.55M -$82.00M
YoY Change -153.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -41.08M 83.32M
YoY Change -149.3%
NET CHANGE
Cash From Operating Activities -366.9K -130.0K
Cash From Investing Activities 43.55M -82.00M
Cash From Financing Activities -41.08M 83.32M
Net Change In Cash 2.110M 1.190M
YoY Change 77.3%
FREE CASH FLOW
Cash From Operating Activities -$366.9K -$130.0K
Capital Expenditures
Free Cash Flow
YoY Change

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1539820 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1397490 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
877560 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2417380 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1397490 usd
glst Remeasurement Adjustment Of Common Stock To Redemption Value
RemeasurementAdjustmentOfCommonStockToRedemptionValue
1651364 usd
glst Excise Tax Payable Attributable To Redemptions Of Common Stock
ExciseTaxPayableAttributableToRedemptionsOfCommonStock
426807 usd
glst Offering Costs Included In Accrued Offering Costs
OfferingCostsIncludedInAccruedOfferingCosts
40349 usd
glst Deferred Underwriters Commission
DeferredUnderwritersCommission
2800000 usd
glst Class Ordinary Shares Remeasurement Adjustment
ClassOrdinarySharesRemeasurementAdjustment
6640017 usd
glst Fair Value Of Overallotment Option At Issuance
FairValueOfOverallotmentOptionAtIssuance
52594 usd
CY2023Q3 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
3220000 usd
CY2023Q3 glst Deposit Amount
DepositAmount
125000 usd
glst Minimum Percent Of Balance In The Trust Account For Business Combination
MinimumPercentOfBalanceInTheTrustAccountForBusinessCombination
0.90 pure
us-gaap Proceeds From Issuance Of Trust Preferred Securities
ProceedsFromIssuanceOfTrustPreferredSecurities
94300000 usd
CY2023Q3 glst Sale Of The Placement Units Per Unit
SaleOfThePlacementUnitsPerUnit
10.25
CY2023Q3 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
3220000 usd
glst Term Of Restricted Investments
TermOfRestrictedInvestments
P185D
CY2023Q3 glst Temporary Equity Shares Issued During The Period
TemporaryEquitySharesIssuedDuringThePeriod
4052066 shares
CY2023Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.53
CY2023Q3 glst Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
42680726 usd
glst Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
42680726 usd
CY2023Q3 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
125000 usd
CY2023Q3 us-gaap Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
5000001 usd
CY2023Q3 us-gaap Share Price
SharePrice
10.25
CY2023Q3 us-gaap Share Price
SharePrice
10.25
CY2023Q3 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
54604237 usd
CY2023Q3 glst Working Capital
WorkingCapital
950019 usd
CY2023Q3 glst Deposit In The Trust Account
DepositInTheTrustAccount
1712914 usd
CY2023Q3 glst Payment Of Franchise Taxes
PaymentOfFranchiseTaxes
1198615 usd
us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
1189115 usd
glst Public Stockholders Shares Description
PublicStockholdersSharesDescription
in connection with the implementation of the Extension, the Company’s public stockholders elected to redeem 4,052,066 Public Shares for a total of $42,680,726. As such the Company has recorded a 1% excise tax liability in the amount of $426,807 on the Company’s condensed balance sheets as of September 30, 2023. The liability does not impact the Company’s condensed statements of operations and is offset against additional paid-in capital or accumulated deficit if additional paid-in capital is not available. This excise tax liability can be offset by future share issuances within the same fiscal year which will be evaluated and adjusted in the period in which the issuances occur. Should the Company liquidate prior to December 31, 2023, the excise tax liability will not be due.
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_zkGU9Ak7W17l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; font-family: Times New Roman, Times, Serif; font-size: 10pt; margin-top: 0; margin-right: 0; margin-bottom: 0"><i><span id="xdx_863_z1yBWAzX3Bt4">Use of Estimates</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; font-family: Times New Roman, Times, Serif; font-size: 10pt; margin-top: 0; margin-right: 0; margin-bottom: 0">The preparation of financial statements in conformity with GAAP requires 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 and the reported amounts of revenues and expenses during the reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; font-family: Times New Roman, Times, Serif; font-size: 10pt; margin-top: 0; margin-right: 0; margin-bottom: 0">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p>
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
glst Withdraw Of Interest Earned On The Trust Account
WithdrawOfInterestEarnedOnTheTrustAccount
1198615 usd
us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
1189115 usd
us-gaap Other Expenses
OtherExpenses
30000 usd
CY2023Q3 us-gaap Other Expenses
OtherExpenses
0 usd
us-gaap Other Expenses
OtherExpenses
23666 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.651 pure
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.375 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2022Q3 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
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_z6YMVHVZlQY9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; font-family: Times New Roman, Times, Serif; font-size: 10pt; margin-top: 0; margin-right: 0; margin-bottom: 0"><i><span id="xdx_868_zbjhTLqFYyS2">Concentration of Credit Risk</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; font-family: Times New Roman, Times, Serif; font-size: 10pt; margin-top: 0; margin-right: 0; margin-bottom: 0">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $<span id="xdx_901_eus-gaap--CashFDICInsuredAmount_c20230930__srt--RangeAxis__srt--MaximumMember_pp0p0" title="Federal depository insurance corporation coverage limit">250,000</span>. The Company has not experienced losses on these accounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84C_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zqWgOC7EDyk8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; font-family: Times New Roman, Times, Serif; font-size: 10pt; margin-top: 0; margin-right: 0; margin-bottom: 0"><i><span id="xdx_867_zyeu6lf9C4U9">Reclassifications</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; font-family: Times New Roman, Times, Serif; font-size: 10pt; margin-top: 0; margin-right: 0; margin-bottom: 0">Certain reclassifications have been made to the prior period’s Consolidated Financial Statements in order to conform to the current year presentation. Such reclassifications had no effect on previously reported net income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p>
CY2022Q3 us-gaap Other Liabilities
OtherLiabilities
119720 usd
CY2022Q3 us-gaap Other Expenses
OtherExpenses
2000 usd
glst Underwriting Discount Paid Per Unit
UnderwritingDiscountPaidPerUnit
0.20
glst Reimbursement Of Underwriting Expenses
ReimbursementOfUnderwritingExpenses
920000 usd
glst Deferred Underwriting Commission Per Unit
DeferredUnderwritingCommissionPerUnit
0.35
CY2023Q3 glst Deferred Underwriting Commissions Noncurrent
DeferredUnderwritingCommissionsNoncurrent
3220000 usd
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
glst Period After Which The Warrants Are Exercisable
PeriodAfterWhichTheWarrantsAreExercisable
P30D
glst Warrants Exercisable Term From The Closing Of Ipo
WarrantsExercisableTermFromTheClosingOfIPO
P12M
CY2023Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
0 shares
glst Number Of Days After Which Business Combination With In Which Securities Registration Shall Be Effective
NumberOfDaysAfterWhichBusinessCombinationWithInWhichSecuritiesRegistrationShallBeEffective
P60D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
500000 shares
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1150000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0374 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.015 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure

Files In Submission

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FilingSummary.xml Edgar Link unprocessable
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0001829126-23-007595-index.html Edgar Link pending
0001829126-23-007595.txt Edgar Link pending
0001829126-23-007595-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
globalstaracq_10q.htm Edgar Link pending
globalstaracq_ex31-1.htm Edgar Link pending
globalstaracq_ex31-2.htm Edgar Link pending
globalstaracq_ex32-1.htm Edgar Link pending
globalstaracq_ex32-2.htm Edgar Link pending
glst-20230930.xsd Edgar Link pending
MetaLinks.json Edgar Link pending
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glst-20230930_def.xml Edgar Link unprocessable
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glst-20230930_pre.xml Edgar Link unprocessable
globalstaracq_10q_htm.xml Edgar Link completed
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