2023 Q4 Form 10-K Financial Statement

#000182912624001607 Filed on March 15, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $623.4K $2.127M
YoY Change 114.95% 286.72%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $623.4K $2.127M
YoY Change 114.95% 288.22%
Operating Profit
YoY Change
Interest Expense $746.7K $3.967M
YoY Change -6.66% 372.23%
% of Operating Profit
Other Income/Expense, Net $3.967M
YoY Change 365.58%
Pretax Income $123.3K $1.840M
YoY Change -75.82% 504.93%
Income Tax $151.4K $795.7K
% Of Pretax Income 122.71% 43.25%
Net Earnings -$28.01K $1.044M
YoY Change -107.37% 518.48%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 $0.13
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.507M $1.507M
YoY Change 71.24% 71.24%
Cash & Equivalents $1.507M
Short-Term Investments
Other Short-Term Assets $80.78K $80.78K
YoY Change -65.11% -64.88%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.588M $1.588M
YoY Change 43.15% 43.04%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $55.71M $55.71M
YoY Change -41.44% -41.44%
Other Assets
YoY Change
Total Long-Term Assets $55.71M $55.71M
YoY Change -41.47% -41.47%
TOTAL ASSETS
Total Short-Term Assets $1.588M $1.588M
Total Long-Term Assets $55.71M $55.71M
Total Assets $57.30M $57.30M
YoY Change -40.5% -40.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $782.0K $782.0K
YoY Change 334.43% 334.43%
Accrued Expenses $1.282M $1.282M
YoY Change 220.55% 220.55%
Deferred Revenue
YoY Change
Short-Term Debt $1.605M $1.605M
YoY Change 7925.45% 7925.45%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.669M $3.669M
YoY Change 507.86% 511.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.220M $3.220M
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $3.220M $3.220M
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.669M $3.669M
Total Long-Term Liabilities $3.220M $3.220M
Total Liabilities $6.889M $6.889M
YoY Change 80.18% 80.35%
SHAREHOLDERS EQUITY
Retained Earnings -$5.169M
YoY Change 122.02%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.169M $50.41M
YoY Change
Total Liabilities & Shareholders Equity $57.30M $57.30M
YoY Change -40.5% -40.5%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$28.01K $1.044M
YoY Change -107.37% 518.48%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$525.5K -$1.582M
YoY Change 28.16% 242.63%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$375.0K $43.37M
YoY Change -96.95% -145.99%
Cash From Investing Activities -$375.0K $43.37M
YoY Change -96.95% -145.99%
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 -10.00K -$41.16M
YoY Change -100.08% -143.03%
NET CHANGE
Cash From Operating Activities -525.5K -$1.582M
Cash From Investing Activities -375.0K $43.37M
Cash From Financing Activities -10.00K -$41.16M
Net Change In Cash -910.5K $629.4K
YoY Change 75.09% -28.28%
FREE CASH FLOW
Cash From Operating Activities -$525.5K -$1.582M
Capital Expenditures
Free Cash Flow
YoY Change

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
877560 usd
CY2022 glst Deferred Offering Costs Included In Accrued Offering Costs
DeferredOfferingCostsIncludedInAccruedOfferingCosts
52414 usd
CY2022 glst Deferred Underwriting Costs
DeferredUnderwritingCosts
3220000 usd
CY2023 glst Class Ordinary Shares Remeasurement To Redemption Value
ClassOrdinarySharesRemeasurementToRedemptionValue
3458355 usd
CY2022 glst Class Ordinary Shares Remeasurement To Redemption Value
ClassOrdinarySharesRemeasurementToRedemptionValue
8048308 usd
CY2023 glst Excise Tax Payable Attributable To Redemptions Of Common Stock
ExciseTaxPayableAttributableToRedemptionsOfCommonStock
426807 usd
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
134985 usd
CY2023Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
3220000 usd
CY2023Q3 glst Deposit Amount
DepositAmount
125000 usd
CY2023 glst Minimum Percent Of Balance In The Trust Account For Business Combination
MinimumPercentOfBalanceInTheTrustAccountForBusinessCombination
0.90 pure
CY2023 us-gaap Proceeds From Issuance Of Trust Preferred Securities
ProceedsFromIssuanceOfTrustPreferredSecurities
94300000 usd
CY2023Q4 glst Sale Of The Placement Units Per Unit
SaleOfThePlacementUnitsPerUnit
10.25
CY2023Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
3220000 usd
CY2023 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
CY2023 glst Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
42680726 usd
CY2023Q3 us-gaap Assets Held In Trust
AssetsHeldInTrust
125000 usd
CY2023Q4 us-gaap Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
5000001 usd
CY2023Q4 us-gaap Share Price
SharePrice
10.25
CY2023Q4 us-gaap Share Price
SharePrice
10.25
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
723012 usd
CY2023Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
55707757 usd
CY2023Q4 glst Working Capital
WorkingCapital
2081550 usd
CY2023Q4 glst Deposit In The Trust Account
DepositInTheTrustAccount
2441434 usd
CY2023Q4 glst Payment Of Franchise Taxes
PaymentOfFranchiseTaxes
1189115 usd
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2023Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
5000001 usd
CY2023 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 consolidated balance sheets as of December 31, 2023. The liability does not impact the Company’s consolidated statements of income and is offset against additional paid-in capital or accumulated deficit if additional paid-in capital is not available. This liability will be reevaluated and remeasured at the end of each quarterly period.
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zPwDdQtoHvdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span id="xdx_86F_zY3uLeZAdpzl">Use of Estimates</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of consolidated 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 consolidated 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: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 consolidated 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: 0"> </p>
CY2023 glst Withdraw Of Interest Earned On The Trust Account
WithdrawOfInterestEarnedOnTheTrustAccount
1189115 usd
CY2023 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
723012 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_zRfeCVJrHwOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span id="xdx_86A_zwjGlYb7RBDh">Concentration of Credit Risk</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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_904_eus-gaap--CashFDICInsuredAmount_c20231231__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: 0"> </p>
CY2023Q4 us-gaap Other Liabilities
OtherLiabilities
119720 usd
CY2023 glst Underwriting Discount Paid Per Unit
UnderwritingDiscountPaidPerUnit
0.20
CY2023 glst Reimbursement Of Underwriting Expenses
ReimbursementOfUnderwritingExpenses
920000 usd
CY2023 glst Deferred Underwriting Commission Per Unit
DeferredUnderwritingCommissionPerUnit
0.35
CY2023Q4 glst Deferred Underwriting Commissions Noncurrent
DeferredUnderwritingCommissionsNoncurrent
3220000 usd
CY2023Q4 glst Commitments And Contingencie
CommitmentsAndContingencie
the Company engaged MZHCI, LLC, a MZ Group Company (“MZHCI”) as its public relations consultant starting from January 1, 2024 (the “MZHCI Agreement”). According to terms of the MZHCI Agreement, MZHCI will be paid a monthly fee of $10,000 for its services for the period of the Proposed Business Combination starting from January 1, 2024, which will increase to $14,000 (subject to 5% cost of living adjustment) upon closing of the Proposed Business Combination. In addition, upon a successful closing of the Proposed Business Combination, the Company will issue to MZHCI $150,000 worth of the Company’s restricted stock as valued on the first day of trading post-closing.
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment
0.0000 pure
CY2023 glst Effective Income Tax Rate Reconciliation Nondeductible Expense Fines And Penalties
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseFinesAndPenalties
0.002 pure
CY2023Q4 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
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 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
CY2023 glst Period After Which The Warrants Are Exercisable
PeriodAfterWhichTheWarrantsAreExercisable
P30D
CY2023 glst Warrants Exercisable Term From The Closing Of Ipo
WarrantsExercisableTermFromTheClosingOfIPO
P12M
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
0 shares
CY2023 glst Number Of Days After Which Business Combination With In Which Securities Registration Shall Be Effective
NumberOfDaysAfterWhichBusinessCombinationWithInWhichSecuritiesRegistrationShallBeEffective
P60D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
500000 shares
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1150000 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0374 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.015 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2023 glst Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsPercent
0.000 pure
CY2022 glst Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsPercent
-0.005 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Disposition Of Business
EffectiveIncomeTaxRateReconciliationDispositionOfBusiness
0.084 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Disposition Of Business
EffectiveIncomeTaxRateReconciliationDispositionOfBusiness
0.0000 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment
0.001 pure
CY2022 glst Effective Income Tax Rate Reconciliation Nondeductible Expense Fines And Penalties
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseFinesAndPenalties
0.0000 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.136 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.240 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.433 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.445 pure
CY2023 glst Effective Income Tax Rate Reconciliation At Federal Statutory Income Taxs Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxsRate
0.21 pure
CY2022 glst Effective Income Tax Rate Reconciliation At Federal Statutory Income Taxs Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxsRate
0.21 pure
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
796065 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
135321 usd
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-250221 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-73052 usd
CY2023 glst Change In Valuation Allowance
ChangeInValuationAllowance
250221 usd
CY2022 glst Change In Valuation Allowance
ChangeInValuationAllowance
73052 usd
CY2023 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
796065 usd
CY2022 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
135321 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
250221 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
73052 usd
CY2023Q4 glst Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
323273 usd
CY2022Q4 glst Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
73052 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
323273 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
71302 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
323273 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
71302 usd

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