Global Lights Acquisition Corp, classified as a shell company, reported its financial performance for the third quarter and nine months ended September 30, 2024, following its Initial Public Offering (IPO) on November 16, 2023. The company generated gross proceeds of $69 million from the IPO, selling 6,900,000 public units at $10.00 each, alongside an additional $3.5 million from a private placement of 350,000 units.

As of September 30, 2024, Global Lights held cash of $1,191, a decrease from $1,391 at the end of 2023. Total current assets significantly declined to $53,039 from $309,955, while total assets increased slightly to $72,610,172 from $70,104,912, primarily due to investments held in a trust account, which rose to $72,557,133 from $69,794,957. Total current liabilities surged to $572,185 from $225,433, contributing to an increase in total liabilities to $2,987,185 from $2,640,433. The accumulated deficit also widened to $(2,934,354) from $(2,330,513).

In terms of profitability, the company reported a net income of $783,784 for Q3 2024, a significant turnaround from a net loss of $(16,575) in Q3 2023. Year-to-date net income for the nine months ended September 30, 2024, was $2,158,335, compared to a net loss of $(68,446) for the same period in 2023. The positive results were largely driven by interest earned on investments held in the trust account, amounting to $931,220 for Q3 2024, compared to no interest earned in the prior year.

Strategically, the company has incurred substantial professional costs to maintain its public status and anticipates ongoing expenses related to its business combination efforts. It has until November 16, 2024, to complete its initial business combination, with a possible extension to May 16, 2025, contingent upon a deposit of $690,000 into the trust account by the sponsor. The company has also issued unsecured promissory notes totaling $600,000 to its CEO and an affiliated entity for working capital purposes.

As of September 30, 2024, Global Lights had a working capital deficit of $519,146 and reported no revenue from operations, focusing solely on identifying acquisition targets in sustainable development and environmentally sound infrastructure. The company has not engaged in any material litigation or legal proceedings.