Risk Factors Update Summary

• The Company's ability to continue as a going concern is in doubt due to the need for additional capital.
• Significant changes in the redemption value of redeemable noncontrolling interest equity common shares.
• The Company extended the Termination Date to December 9, 2024, allowing up to twelve monthly extensions. This required a deposit of $60,000 for each extension.
• The company borrowed a total of $1,757,255 under promissory notes with related parties.
• The deadline for completing a business combination was extended from June 9, 2023, to April 9, 2024.
• A compensation recovery policy was adopted to comply with Dodd-Frank Act and SEC rules.
• Net operating loss carryforward increased from $17 million to $362 million.
• Section 50 - Paragraph 3 - Subparagraph (c) added, referencing URI https://asc.fasb.org/1943274/2147481687/323-10-50-3. This change enhances disclosure clarity.
• The company extended the Termination Date by another month, depositing $60,000 into the trust account.
• Ms. Wong transitioned from a contractor to an independent member of the Board of Directors.
• The Company borrowed various amounts from Public Gold Marketing Sdn Bhd for working capital.
• Proceeds from issuance of common stock to Founder increased from $25,000 to $93,521.
• Underwriting fee payable increased from $4,025,000 to $8,197,948, a significant rise.
• Addition of a new detail on the excise tax imposed on common stock redemptions.
• The Company entered into a Merger Agreement with Alps Global Holding Berhad.
• Redemption of common stock increased significantly from $93,521,369 to $116,725,000.
• The number of public shares redeemed increased from 6,756,695 to 2,180,738.
• The total amount borrowed through promissory notes increased from $2.6 million to $1,757,255.
• Net income increased from $324 to $1,320, with a significant change in profitability.
• The Company extended the Termination Date to December 9, 2024, through monthly extensions, depositing $780,000 for each three-month extension.
• The number of common stock shares subject to possible redemption decreased from 3,445,000 to 2,562,567.
• Addition of new details related to stock issuance and redemption, with significant changes in shares and values.
• Added details on penalties recognized from income tax examinations, impacting estimated penalties recognized.
• Change in fair value of Private Placement Warrants from $108,300 to $114,570.
• Added details on the average number of shares outstanding for calculating diluted EPS.
• Added information on the proceeds from the sale of private units, totaling $5,700,000.
• Holders exercised their right to redeem shares for cash, resulting in an aggregate of approximately $69.92 million and $23.60 million.
• The company entered into promissory notes with Public Gold Marketing Sdn. Bhd. totaling $1,710,000.
• Operating expenses increased significantly from $135 million to $991 million, impacting financial performance.
• Commitments decreased from $4,370,374 to $950, a substantial reduction.
• Administrative fees expense increased from $10,000 to $217,000 due to related parties.
• The number of shares held by directors increased, with Say Leong Lim holding 15,000 shares.
• Fair value of Private Placement Warrants increased by $6,270 from $108,300 to $114,570.
• The number of public holders required for listing compliance decreased from 400 to 300.
• The fair value of warrant liabilities decreased from $6,270 to $1,881 by December 31, 2023.
• The audit committee will always consist of independent directors, ensuring financial oversight.
• The number of extensions permitted for completing a business combination increased from four to eight.
• Total operating expenses rose from $1.1 billion to $1.2 billion, affecting profitability.
• Changes in the issuance of common stock, with shares issued and price per share specified.
• Change in the remeasurement of common stock subject to redemption from ($1,139,419) to ($3,595,663).
• Stockholders approved amendments to extend the Termination Date and amend the Trust Agreement.
• Clarification on the proceeds from the Private Placement Units and their impact if a Business Combination is not completed.
• Basic and diluted net income per share increased from $0.04 to $0.38.
• The number of common stock shares issued and outstanding decreased from 11,500,000 to 2,562,567.
• Section 50 - Paragraph 28 - Subparagraph (f) added, with URI https://asc.fasb.org/1943274/2147482907/825-10-50-28. This addition likely impacts financial reporting.
• New information on income tax examination penalties expense, affecting current expenses.
• Changes in the allocation of net income and loss, with adjustments in values.
• Valuation allowance increased from $533 million to $162 million.
• Redemption of warrants price per share decreased from $16.50 to $5.75.
• Fair value of U.S. Treasury Securities increased from $1,881 to $6,270.
• The Company received a notice from Nasdaq about non-compliance with the Minimum Total Holders Rule.
• Excise tax accrued for common stock redemptions rose from $935,214 to $1,116,725.
• A promissory note subscription term sheet was entered for $250,000 for working capital.
• The Company deposited $130,000 into the Trust Account on September 9, October 4, and October 31, 2023, extending the Business Combination period.
• The administrative services agreement with the sponsor was terminated, ceasing $10,000 monthly payments.
• The Company received a notice from Nasdaq indicating non-compliance with the Minimum Total Holders Rule.
• Common stock shares redemption decreased from 11,500,000 to 2,562,567, impacting equity structure.
• The amount deposited for each extension increased from $390,000 to $60,000.
• The number of Private Placement Warrants decreased from $114,570 to $6,270.
• The total net income changed from a loss of $119 million to income of $1.32 million.
• Cash deposited to trust account increased by $1,170,000 from $119,010,000 to $120,180,000.
• Remeasurement of common stock subject to redemption increased from $3,426,595 to $3,933,663.
• Revision of basic and diluted weighted average shares outstanding, impacting net income per share.
• The company issued 2,562,567 common shares subject to redemption, down from 11,500,000.
• Deferred tax assets increased from $83,187 to $362,533, impacting financial stability.
• The Company evaluated risks related to inflation, rising interest rates, market instability, and geopolitical events.
• The company approved an amendment to extend the Termination Date by another month.
• The Company submitted an application to phase-down to The Nasdaq Capital Market.
• Sale of stock percentage decreased from 60.00% to 50.00%.
• Accrued interest on investments held in Trust Account decreased from $545 million to $10,793.
• Description of the cash inflow from raising capital via private placement instead of public.
• The administrative services agreement was terminated, saving $10,000 monthly from September 30, 2023.
• Details on the sale of stock, including warrants, prices per share, and the business combination implications.
• Section 55 - Paragraph 10 added, with URI https://asc.fasb.org/1943274/2147481372/852-10-55-10. This change may affect accounting practices.
• Due to related parties increased from $7,000 to $130,000,000,000 in outstanding loans.
• Added details on investment income interest, impacting fair value and profit or loss.
• Increase in net income from $224,242 to $1,320,324 due to changes in remeasurement and excise tax.
• Redeemable common stock increased from 11,500,000 to 27,938,713 shares.
• Due to related parties for Working Capital Loans increased from $1,500,000 to $10.00 conversion price.
• Introduction of details on earnings per share, including basic and diluted calculations.
• Accumulated deficit increased from $3,141,460 to $7,267,190.
• Deferred tax assets increased from $83,187 to $362,533.
• The company entered into a Merger Agreement for a business combination with Alps.
• The Company's stockholders approved amendments to extend the Termination Date and the Trust Agreement.
• Temporary equity shares redemption increased from 2,562,567 to 11,500,000.
• The income tax provision decreased from $529,505 to $308,185.
• Inclusion of net income available to common stockholders, with adjustments in values.
• Stockholders' deficit increased from $3,138,015 to $7,263,745.
• The Company recorded a 1% excise tax liability of $935,214 on the consolidated balance sheets.
• The company recorded a 1% excise tax liability of $935,214 in the United States.
• Founder's stock issuance conditions changed from "our" to "the Company's" and "we" to "the Company."
• The Company adopted ASU 2020-06 to simplify accounting for financial instruments, with no impact on financial statements.
• Current liabilities due to related parties increased from $117,127 to $607,000.
• The company adopted ASU 2020-06, impacting accounting for certain financial instruments.
• The fair value of Warrant Liabilities decreased from $114,570 to $6,270.
• Definition of expense for administrative service provided was added, including affiliate examples.
• Addition of details on earnings per share basic and diluted, impacting financial reporting.
• The Company's net income per share of common stock was $0.38 for 2023, compared to $(0.25) in 2022.
• The fair value of warrant liabilities decreased from $114,570 to $6,270.
• The company recognized a 1% excise tax liability of $935,214 on the consolidated balance sheets.
• Definition of debt instrument added, reflecting the current portion of liabilities due within one year.
• Deferred underwriting fee payable was redefined as "GLLI_DeferredUnderwritingFeePayable".
• Changes in the consolidated profit, net income, and loss available to common shareholders.