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GLAC Global Lights Acquisition Corp Ordinary Shares

Quarterly report


	For the nine months ended September 30,
	2024		2023
Cash Flows from Operating Activities:
Net income (loss)	$	2,158,335	$	(68,446)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:
Interest earned on investments held in Trust Account		(2,762,176)		—
Changes in operating assets and liabilities:
Prepaid expenses		256,716		—
Accrued expenses		22,128		—
Amount due to related parties		99,868		68,446
Net cash used in operating activities		(225,129)		—

Cash Flows from Financing Activities:
Promissory Note-Related Party	$	224,929		—
Net cash used in financing activities		224,929		—

Net Change in Cash		(200)		—
Cash – Beginning		1,391		315
Cash – Ending	$	1,191	$	315

Supplemental disclosure of non-cash activities:
Offering costs paid by related parties	$	—	$	125,042
Accrued offering costs and expenses	$	—	$	(23,243)
Remeasurement for ordinary shares subject to possible redemption	$	2,762,176	$	—
Deferred offering costs	$	—	$	101,799
Net off share subscription receivable with due to related party	$	173	$	—


	For the three and nine months ended September 30, 2024
				Additional		Share				Total
	Ordinary Shares			Paid in		Subscription		Accumulated		Shareholder’s
	Shares	Amount		Capital		Receivable		Deficit		Deficit
Balance – December 31, 2023	2,075,000	$	208	$	—	$	(173)	$	(2,330,513)	$	(2,330,478)
Net income	—		—		—		—		611,220		611,220
Remeasurement for ordinary shares subject to redemption value	—		—		—		—		(910,425)		(910,425)
Balance – March 31, 2024	2,075,000	$	208	$	—	$	(173)	$	(2,629,718)	$	(2,629,683)
Net income	—		—		—		—		763,331		763,331
Remeasurement for ordinary shares subject to redemption value	—		—		—		—		(920,531)		(920,531)
Balance –June 30, 2024	2,075,000	$	208	$	—	$	(173)	$	(2,786,918)	$	(2,786,883)
Collection of share subscription receivable	—		—		—		173		—		173
Net income	—		—		—		—		783,784		783,784
Remeasurement for ordinary shares subject to redemption value	—		—		—		—		(931,220)		(931,220)
Balance – September 30, 2024	2,075,000	$	208	$	—	$	—		(2,934,354)		(2,934,146)


	For the three months ended September 30,
	2024				2023
			Non-				Non-
	Redeemable		Redeemable		Redeemable		Redeemable
	Ordinary		Ordinary		Ordinary		Ordinary
	Shares		Shares		Shares		Shares
Basic and diluted net income (loss) per share:
Numerators:
Net loss	$	(113,349)	$	(34,087)	$	—	$	(16,575)
Remeasurement for ordinary shares subject to possible redemption		931,220		—		—		—
Allocation of net income (loss)	$	817,871	$	(34,087)	$	—	$	(16,575)
Denominators:
Weighted-average shares outstanding		6,900,000		2,075,000		—		1,500,000
Basic and diluted net income (loss) per share	$	0.12	$	(0.02)	$	—	$	(0.01)


	For three months ended September 30,					For nine months ended September 30,
	2024		2023			2024		2023
Formation costs and operating costs	$	147,436	$	16,575		$	603,841	$	68,446
Loss from operations		(147,436)		(16,575)			(603,841)		(68,446)

Other income:
Interest earned on investments held in Trust Account		931,220		—			2,762,176		—

Net Income (Loss)	$	783,784	$	(16,575)		$	2,158,335	$	(68,446)
Basic and diluted weighted average shares outstanding, ordinary shares subject to possible redemption		6,900,000		—			6,900,000		—
Basic and diluted net income per share, ordinary shares subject to possible redemption		0.12		—			0.33		—
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares		2,075,000		1,500,000	(1) (2)		2,075,000		1,500,000	(1) (2)
Basic and diluted net loss per share, non-redeemable ordinary shares	$	(0.02)	$	(0.01)		$	(0.07)	$	(0.05)

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