Globalink Investment Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing significant changes in its financial position compared to the previous fiscal period. The company, classified as a shell company and an emerging growth company, has not commenced any operations and generated no operating revenues.

As of September 30, 2024, Globalink's cash balance was $65,221, a decrease from $79,073 at the end of 2023. Total current assets fell to $125,967 from $204,698, while total assets increased slightly to $29,937,223 from $28,872,916. The company’s total current liabilities rose to $5,932,244 from $4,171,067, contributing to an increase in total liabilities to $9,971,494 from $8,197,948. The accumulated deficit also widened to $(9,261,423) from $(7,267,190).

For the three months ended September 30, 2024, Globalink reported a net loss of $(116,747), a stark contrast to a net income of $254,297 for the same period in 2023. This loss was attributed to increased general and administrative expenses of $287,590, up from $259,829 in the prior year, and a significant decline in income from cash and investments held in the Trust Account, which fell to $349,494 from $621,793. For the nine months ended September 30, 2024, the net loss was $(709,239), compared to a net income of $1,224,868 in the same period of 2023.

The company’s operating expenses for the nine months increased to $1,404,334 from $849,621, driven by higher administrative costs. Interest income from the Trust Account also decreased significantly, impacting overall profitability.

Strategically, Globalink has been working towards completing a business combination, with a deadline extended to December 9, 2024. The company entered into a new merger agreement with Alps Global Holding Pubco on January 30, 2024, following the termination of a previous agreement in March 2023. The new agreement involves a two-step business combination and aims to raise additional capital through PIPE Subscription Agreements totaling $40,200,000.

The company has faced challenges, including a notice from Nasdaq regarding non-compliance with the Minimum Total Holders Rule, which was resolved by transferring to the Nasdaq Capital Market. Management has expressed substantial doubt about the company's ability to continue as a going concern if the business combination is not completed by the deadline.

As of September 30, 2024, Globalink had $29,811,256 in cash held in its Trust Account, reflecting a slight increase from $28,668,218 at the end of 2023. The company continues to assess its financial position amid market conditions and potential impacts from inflation and interest rates.