2024 Q3 Form 10-Q Financial Statement

#000182912624007408 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $742.7K
YoY Change 185.66%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $248.8K $742.7K
YoY Change -66.51% 184.9%
Operating Profit -$742.7K
YoY Change 184.9%
Interest Expense $1.064M
YoY Change 2560.83%
% of Operating Profit
Other Income/Expense, Net $170.0K $1.064M
YoY Change -84.02% 1960.58%
Pretax Income $78.72K $321.6K
YoY Change -75.52% -253.15%
Income Tax $28.91K $212.7K
% Of Pretax Income 36.72% 66.13%
Net Earnings -$107.6K $108.9K
YoY Change -198.8% -152.11%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.01
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.417M
YoY Change 72.67%
Cash & Equivalents $392.1K $2.417M
Short-Term Investments
Other Short-Term Assets $119.7K
YoY Change -54.57%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $422.4K $2.537M
YoY Change -83.35% 50.88%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $54.60M
YoY Change -33.44%
Other Assets
YoY Change
Total Long-Term Assets $12.92M $54.60M
YoY Change -76.34% -33.53%
TOTAL ASSETS
Total Short-Term Assets $422.4K $2.537M
Total Long-Term Assets $12.92M $54.60M
Total Assets $13.34M $57.14M
YoY Change -76.65% -31.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $609.4K
YoY Change 32.47%
Accrued Expenses $1.263M
YoY Change 501.26%
Deferred Revenue
YoY Change
Short-Term Debt $1.615M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.172M $3.487M
YoY Change 48.32% 325.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $3.220M
YoY Change 15.0%
Total Long-Term Liabilities $3.220M
YoY Change 15.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.172M $3.487M
Total Long-Term Liabilities $3.220M
Total Liabilities $8.392M $6.707M
YoY Change 25.12% 85.28%
SHAREHOLDERS EQUITY
Retained Earnings -$7.907M -$3.334M
YoY Change 137.14% 86.14%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.907M -$3.334M
YoY Change
Total Liabilities & Shareholders Equity $13.34M $57.14M
YoY Change -76.65% -31.84%

Cashflow Statement

Concept 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$107.6K $108.9K
YoY Change -198.8% -152.11%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$366.9K
YoY Change 182.22%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $43.55M
YoY Change -153.12%
Cash From Investing Activities $43.55M
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
YoY Change -149.3%
NET CHANGE
Cash From Operating Activities -366.9K
Cash From Investing Activities 43.55M
Cash From Financing Activities -41.08M
Net Change In Cash 2.110M
YoY Change 77.3%
FREE CASH FLOW
Cash From Operating Activities -$366.9K
Capital Expenditures
Free Cash Flow
YoY Change

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P185D
CY2024Q3 glst Market Value Of Listed Securities
MarketValueOfListedSecurities
50000000 usd
glst Market Value Of Listed Securities
MarketValueOfListedSecurities
50000000 usd
CY2023Q3 glst Temporary Equity Shares Issued During The Period
TemporaryEquitySharesIssuedDuringThePeriod
4052066 shares
CY2023Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.53
glst Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
44605448 usd
CY2023Q3 us-gaap Assets Held In Trust
AssetsHeldInTrust
125000 usd
CY2023Q4 us-gaap Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
5000001 usd
glst Special Meeting Of Stockholder Description
SpecialMeetingOfStockholderDescription
On June 11, 2024, the Company held a Special Meeting of Stockholders (the “June 2024 Meeting”). At the Meeting, the Company’s stockholders approved the Charter Amendment, which further extends the date by which the Company must consummate its initial business combination by an additional six-months pursuant to six one-month extensions, from June 22, 2024 to December 22, 2024 (the “Second New Termination Date”), provided that the sponsor or its designees deposit into the trust account approximately $22,740 prior to the commencement of each extension period. At the June 2024 Meeting, Stockholders holding 4,010,928 shares of common stock exercised their right to redeem their shares for cash at an approximate price of $11.12 per share of the funds in the Trust Account. As a result, $44,605,448 was removed from the Trust Account to pay such holders. The Company has made five monthly extension payments in the Trust Account to extend the period of time by which it has to consummate its initial business combination to November 22, 2024.
CY2023Q4 us-gaap Share Price
SharePrice
10.25
CY2023Q4 us-gaap Share Price
SharePrice
10.25
CY2024Q3 glst Payment Of Franchise Taxes
PaymentOfFranchiseTaxes
1684187 usd
us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
1288941 usd
CY2024Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
395247 usd
CY2024Q3 glst Working Capital Amout
WorkingCapitalAmout
3108 usd
CY2024Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
288597 usd
CY2024Q3 glst Accrued Franchise Tax Payable Current
AccruedFranchiseTaxPayableCurrent
169113 usd
CY2023Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
830000 usd
CY2024Q3 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
12919725 usd
CY2024Q3 glst Working Capital
WorkingCapital
4749664 usd
CY2024Q3 glst Payment Of Franchise Taxes
PaymentOfFranchiseTaxes
1684187 usd
CY2023Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
5000001 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 consolidated balance sheets as of August 22, 2023. On June 25, 2024, in connection with the implementation of the Second Extension, the Company’s public stockholders elected to redeem 4,010,928 Public Shares for a total of $44,605,448. As such the Company has recorded a 1% excise tax liability in the amount of $446,054 on the Company’s consolidated balance sheets as of September 30, 2024. The total liability of $872,861 recorded as of September 30, 2024 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.
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.25 pure
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_848_eus-gaap--UseOfEstimates_zTW0ZiArwem6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_zpm6I7qgzIQe">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of condensed 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 condensed 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
glst Withdraw Of Interest Earned On The Trust Account
WithdrawOfInterestEarnedOnTheTrustAccount
1684187 usd
us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
1288941 usd
CY2024Q3 glst Tax Liabilities
TaxLiabilities
392139 usd
CY2024Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.367 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
3.533 pure
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.661 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.375 pure
CY2024Q3 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
CY2023Q3 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_84B_eus-gaap--ConcentrationRiskCreditRisk_zvtlUuqfMEYb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_z7HgCBQ2htGe">Concentration of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $<span id="xdx_900_eus-gaap--CashFDICInsuredAmount_pp0p0_c20240930__srt--RangeAxis__srt--MaximumMember_zZX0VDpMmC16" title="Federal depository insurance corporation coverage limit">250,000</span>. The Company has not experienced losses on these accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
160000 shares
glst Founder Shares
FounderShares
2140000 shares
CY2024Q3 us-gaap Other Liabilities
OtherLiabilities
119720 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
CY2024Q3 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.
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 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
CY2024Q3 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
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
500000 shares
CY2024Q3 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

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