10-Q - GLOBALINK INVESTMENT INC. (0001888734) (Filer)
Thu, Nov 14, 11:06 AM (89 days ago)
Globalink Investment Inc. (GLLI) reported a net loss of $116.7K for Q3 2024, a significant decline from a profit of $254.3K in Q3 2023. Operating expenses rose to $337.6K, driven by increased general and administrative costs. The company’s cash position decreased to $65.2K, with total assets at approximately $29.9M, largely held in a trust account. The trust account balance increased to $29.8M from $28.7M at year-end 2023, reflecting interest income of $1.04M year-to-date. The company has extended its deadline for completing a business combination to December 9, 2024, after several shareholder approvals, amid ongoing efforts to identify a target. However, operational uncertainties persist due to market conditions, including inflation and interest rate impacts. Globalink's working capital deficit stands at approximately $5.8M, raising concerns about liquidity and the ability to continue as a going concern without successful capital raising or business combination completion. The company is also managing promissory notes totaling $3.7M, primarily owed to related parties.