UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-K

[X]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES 

EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2012 

OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE 

SECURITIES EXCHANGE ACT OF 1934 

     

For the transition period from     to   

Commission file number: 333-133961

  

Globalink, Ltd.

 (Exact name of registrant as specified in its charter)
| Nevada

06-1812762

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

938 Howe Street, Suite 405

Vancouver, BC V6Z 1N9

(604) 828-8822

(Address of Principal Executive Offices)

(Registrant's telephone number)

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities Act.  

[ ] Yes  [x] No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.  [ ] Yes  [x] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.406 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes [ ] No [ ]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  

[x] Yes  [ ] No

Indicate by checkmark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, indefinitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  [x]

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [ ]

Accelerated filer                     [ ]

Non-accelerated filer   [ ]

Smaller reporting company   [x]

Indicate by check mark whether Globalink is a shell company (as defined in Rule 12b-2 of the Exchange Act).

     Yes [ ] No [x] 

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. **The market value of the registrant’s voting common stock held by non-affiliates of the registrant was approximately $0.**Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. **The number of shares outstanding of the registrant's only class of common stock, as of April 16, 2013 was 24,785,000 shares of its common stock.**No documents are incorporated into the text by reference.

2

Table of Contents

Page

PART I

4

Item 1.  Business

4

  Item 1A.  Risk Factors

5

  Item 1B.  Unresolved Staff Comments

5

Item 2.  Properties

5

Item 3.  Legal Proceedings

5

Item 4.  Mine Safety Disclosures

5

PART II

6

Item 5.  Market for Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

6

Item 6.  Selected Financial Data

6

Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations

6

  Item 7A.  Quantitative and Qualitative Disclosures about Market Risk

9

Item 8.  Financial Statements and Supplementary Data

10

Item 9.  Changes In and Disagreements with Accountants on Accounting and Financial Disclosures

31

  Item 9A.  Controls and Procedures

31

  Item 9B.  Other Information

32

PART III

33

Item 10.  Directors and Executive Officers, Promoters, Control Persons, and Corporate Governance

33

Item 11.  Executive Compensation

35

Item 12.  Security Ownership of Certain Beneficial Owners and Management

35

Item 13.  Certain Relationships and Related Transactions, and Director Independence

37

Item 14.  Principal Accountant Fees and Services

37

PART IV

38

Item 15.  Exhibits, Financial Statement Schedules

38

Signatures

40

3

PART I

ITEM 1.  BUSINESS 

The registrant was incorporated in the state of Nevada on February 3, 2006.  The registrant has focused its efforts in the Internet Hotel booking services arena. The registrant has developed a proprietary online hotel booking program for connecting users with available rooms in hotels across the world. 

In order to gain the access to the hotels, the registrant acquired OneWorld Hotel Destination Service Inc in Vancouver, B.C. Canada on October 31, 2008.  OneWorld Hotel Destination Service Inc is a hotel booking company which has established strong relationships with major hotel chains such as Radisson, Hilton and Sheraton. Its clients include travel agents in major cities such as Vancouver, Toronto, Calgary, and Montreal. After the acquisition the Company intends to put the OneWorld operations into the online platform.

Our hotel travel booking web site for the business-to-business stage is now under testing prior to the official launching.   The initial 39,000 available hotel rooms have been uploaded to the site, and will facilitate travel agencies to book rooms directly via the internet without having to personally call the office for booking.   The web site launched in 2012.  The web site facilitates the company’s travel agency customers, who already have or will set up accounts with us (B to B).

B to B is defined as business interactions between one business entity (OneWorld) to other business entities (the travel agencies in the travel industry). Our next stage of the web site development will be to facilitate non-business customers such that any individuals wishing to book rooms themselves may do so from our web site instead of booking through their travel agencies (B to C).  B to C is defined as business interactions between a business entity (OneWorld) and the individual customers, be they an individual or corporation, whose business is not related to the travel industry.  This web site is still in the development stage.

Competition

Competition is inevitable in any type of industries. This is particularly so for services using the internet to convey the products to the end users.   The online commerce market, particularly over the Internet, is rapidly evolving and intensely competitive, and we expect that the competition will intensify in the future.  Barriers to entry are minimal, and current and new competitors can launch new websites at a relatively low cost.  

4

We believe that while we currently may have disadvantages in this market, the growth of this market is able to allow us to take a market share if we can maintain reliable, fast response, and quality service to our customers and hotel suppliers.

We intend to use our expertise in North America and China market and the user-friendly web site to compete with the majors in this field.  We will compete on the basis of ease of use, pricing and customer preference.  Our competitors are well established, substantially larger and have substantially greater market recognition, greater resources and broader capabilities than we have.  There can be no assurance that we will be able to compete successfully against current and future competitors, and competitive pressures faced by the registrant may have a material adverse effect on our business, prospects, financial condition and results of operations. 

ITEM 1A.  RISK FACTORS

Not applicable to smaller reporting companies.

ITEM 2.  PROPERTIES

Our offices consist approximately 1,200 square feet and are located at 938 Howe Street, Suite 405, Vancouver, BC V6Z 1N9

The Company leases its administrative offices for US$1,736 per month. The lease expires in July 2013.  The operating lease expense for the year ended December 31, 2012 was $20,806 and $20,832 for December 31, 2011.

ITEM 3.   LEGAL PROCEEDINGS.

The registrant is aware of no pending or threatened litigation.  

ITEM 4.   MINE SAFETY DISCLOSURES

Not applicable.

5

PART II

ITEM 5.  MARKET FOR COMPANY'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

    Item 5(a)a)  Market Information.  Not applicable.

b)  Holders.  At April 16, 2013, there were approximately 49 shareholders of the registrant. c)  Dividends.  Holders of the registrant's common stock are entitled to receive such dividends as may be declared by its board of directors.  No dividends on the registrant’s common stock have ever been paid, and the registrant does not anticipate that dividends will be paid on its common stock in the foreseeable future. d)  Securities authorized for issuance under equity compensation plans.  No securities are authorized for issuance by the registrant under equity compensation plans.e)  Performance graph.  Not applicable.f)  Sale of unregistered securities.  None.

    Item 5(b)  Use of Proceeds.  Not applicable.    Item 5(c)  Purchases of Equity Securities by the issuer and affiliated purchasers.  None.

ITEM 6.  SELECTED FINANCIAL DATA.

Not applicable to a smaller reporting company.

ITEM 7.   MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 

Trends and Uncertainties

During 2008, we started generating revenue upon completion of the acquisition of OneWorld Hotel Destination Services, Inc.  We acquired all of the common shares of OneWorld for 2,000,000 common shares and a promissory note.  In addition, we are seeking to expand our revenue base by adding new customers and increasing our marketing and advertising.  

6

Due to the recession in 2009, the registrant halted the plan to raise extra capital which is for the completion of the online hotel room reservation web site and the expansion of the Hotel booking business.  The registrant decided to allocate the majority cash flow to maintain the operation of One World because of the recession in 2009.  The officers and directors also agreed not to receive cash compensation for their management work in the registrant including the continuation of the development of the website in-house by the directors, the defraying of marketing, promotion and travel.

While the economy is gradually recovering today, One World currently generates sufficient cash flow to maintain its own daily operation.  However, in order to realize effective marketing and promotion, the registrant will need to raise the addition capital through the sale of capital stock in the future.  The use of funds would be rationed for marketing and promotion purposes, expansion of the OneWorld operation and working capital needs. 

There are several known trends that are reasonably likely to have a material effect on our net sales or revenues alongside our income from continuing operations and profitability.

We expect to experience significant fluctuations in our future operating results due to a variety of factors, many of which are outside our control. Factors that may adversely affect our quarterly operating results include but are not limited to:

   - Our ability to develop and complete the hotel booking website.

   - Our ability to attract customer to use our web site and maintain user satisfaction; 

   - Our ability to attract hotel suppliers to provide their hotel rooms in our web site.

   - Our ability to hire and train qualified personnel.

   - Our ability to resolve any technical difficulties and system downtime or Internet disconnection.

- Governmental regulations on use of Internet as a tool to conduct business transaction.

- Change of customer’s acceptance to use Internet to book hotel rooms. 

We may also incur losses for the foreseeable future due to costs and expenses related to:

- The implementation of our hotel booking web site business model; 

- Marketing and other promotional activities; 

- Competition

- The continued development of our website; 

- High cost to maintain the hotel booking web site, and 

- Hiring and training new staff for customer services.

We cannot be sure that we will be successful in addressing these risks and uncertainties and our failure to do so could have a materially adverse effect on our financial condition.  In addition, our operating results are dependent to a large degree upon factors outside of our control.  There are no assurances that we will be successful in addressing these risks, and failure to do so may adversely affect our business.

7

Capital and Source of Liquidity.

Prior to the acquisition of OneWorld, all of Globalink’s operating capital has either been advanced by current shareholders or from proceeds for the issuance on common shares.  

For the year ended December 31, 2012, Globalink received advances from shareholders of $6,603 and received $10,000 from stock subscriptions.  As a result, we had cash flows from financing activities of $16,603 for the year ended December 31, 2012.

Comparatively, for the year ended December 31, 2011, Globalink received advances from shareholders of $28,540.  As a result, we had cash flows from financing activities of $28,540 for the year ended December 31, 2011.

For the year ended December 31, 2012, Globalink lost $46,992 on translation adjustments.  As a result, we had cash flows used in investing activities of $46,992 for the year ended December 31, 2012.

Comparatively, for the year ended December 31, 2011, Globalink received $45,217 from translation adjustments.  As a result, we had cash flows from investing activities of $45,217 for the year ended December 31, 2011.

Results of Operations

For the year ended December 31, 2012, Globalink received revenues of $421,790.  We paid wages and salaries of $249,556 and other administrative expenses of $140,198.  We had other income and expenses of $46,992, and paid $12,875 in income taxes.  As a result, we had net income of $66,153 for the year ended December 31, 2012.

Comparatively, for the year ended December 31, 2011, Globalink received revenues of $350,142.  We paid wages and salaries of $254,774 and other administrative expenses of $131,745.  We had other income and expenses of $19,161.  As a result, we had a net loss of $17,216 for the year ended December 31, 2011.  The increase in net gain between 2011 and 2012 is primarily due to increased revenues while keeping operating costs roughly the same.

Management expects sales and gross revenue will grow significantly over the current year volume after the web site is launched.  We anticipate that it will not be a straight-line growth pattern but an exponential increase.  This anticipation can be realized if we spend the necessary funds in promotion through internet advertising, radio and television clicks and news media advertising.  On the whole, the more we direct funds into promotion, the bigger the increase in sales as a return.

8

Although there are signs of gradual stability, management believes that the effects of the recent economic crisis is a long ways from being over.   However, our One World operation has been well-established over the past ten years that we are capable of continuously sustain our existence during the current crisis.   We will survive under future crisis by maintaining a skeleton staff, reduce promotion and advertising to a bare minimum and management officers providing services temporarily en gratis.

Off-Balance Sheet Arrangements

The registrant had no material off-balance sheet arrangements as of December 31, 2012.

Contractual Obligations

The registrant has no material contractual obligations

New Accounting Pronouncements

The registrant has adopted all recently issued accounting pronouncements.  The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the registrant.

ITEM 7A.  Quantitative and Qualitative Disclosures About Market Risk.

The registrant does not have any significant market risk exposures.

9

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Globalink, Ltd.

Index to

Financial Statements

 

 

Page

Report of Independent Registered Public Accounting Firm

 

11

 

 

 

Audited Consolidated Balance Sheets of December 31, 2012 and 2011

 

12

 

 

 

Audited Consolidated Statements of Operations for the Years ended December 31, 2012 and 2011

 

13

 

 

 

Audited Consolidated Statement of Changes in Stockholders' (Deficit)

 

14

 

 

 

Audited Consolidated Statements of Cash Flows for the Years ended December 31, 2012 and 2011

 

16

 

 

 

Notes to Consolidated Financial Statements

 

17

10

THOMAS J. HARRIS

CERTIFIED PUBLIC ACCOUNTANT

3901 STONE WAY N., SUITE 202

SEATTLE, WA  98103

206.547.6050

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors

GLOBALINK, LTD.

Vancouver,B.C., Canada

 

I have audited the balance sheets of GLOBALINK, LTD. AND SUBSIDIARY, as at DECEMBER 31, 2012 AND 2011, the statements of earnings and deficit, stockholders' deficiency and cash flows for the periods then ended.  These financial statements are the responsibility of the company's management.  My responsibility is to express an opinion on these financial statements based on our audit 

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of GLOBALINK LTD. AND SUBSIDIARY, as of December 31, 2012 and 2011 and the results their operations and their cash flows for the periods then ended in conformity with generally accepted accounting principles accepted in the United States of America.

Thomas J Harris, CPA

April 16, 2013

11

GLOBALINK, LTD. and Subsidiary

Consolidated Balance Sheet

December 31, 2012 and 2011

(Expressed in U.S. Dollars)

Audited

Audited

2012

2011

ASSETS

CURRENT ASSETS:

Cash

$446,846 

 $383,454 

Term deposit

Accounts receivable trade

  196,628 

177,502 

Other Receivable

Other Current Assets

       3,974 

 2,231 

TOTAL CURRENT ASSETS

   647,448 

563,187 

Fixed assets, net of accumulated depreciation

      3,818 

 6,179 

Goodwill

     274,449 

 274,449 

TOTAL ASSETS

 $925,714 

 $843,815 

LIABILITIES & STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts Payable and accural

 $528,496 

 $486,199 

Other current liabilties

  14,379 

 10,541 

TOTAL CURRENT LIABILITIES

 542,875 

496,740 

OTHER LIABILITIES:

Advances from Shareholders

 50,126 

43,523 

TOTAL OTHER LIABILITIES

 50,126 

43,523 

TOTAL LIABILITIES

  593,001 

540,263 

STOCKHOLDERS’ EQUITY:

Common Stock,  $.0002 par value

100,000,000 shares authorized and

24,785,000 shares issued and outstanding

   4,957 

 4,957 

Common Stock authorized, issued and outstanding 1,000,000 shares

Preferred Stock authorized, issued and outstanding

1,000,000 shares

Paid-in Surplus 

   403,243 

403,243 

Translation adjustment

      (1,775)

 45,217 

       

Subscription receivable

     10,000 

Retained earning

    (83,712)

(149,865)

TOTAL STOCKHOLDERS’ EQUITY

332,713 

303,552 

TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY

 $925,714 

 $843,815 

The accompanying notes are an integral part of these statements

12

GLOBALINK, LTD. And Subsidiary

Consolidated Statements of Operations

For the year ended December 31, 2012 and 2011

(Expressed in U.S. Dollars)

For twelve months

For twelve months

ended

ended

 

 

 

12/31/12

12/31/11

**Revenue**

 $            421,790 

 $            350,142 

**Expenses**

Wages & salaries

     249,556 

     254,774 

Expenses from subsidiary

Other administrative expenses

 140,198 

      131,745 

     389,754 

    386,519 

**Income (deficit) from operations**

**      32,036**

**      (36,377)**

**Other income and expenses**

    46,992 

    19,161 

**Income before income taxes**

**       79,028**

**       (17,216)**

      Income tax

         (12,875)

        (3,648)

**Income for the period**

 $              66,153 

 $             (20,864)

**Basic and Diluted Loss per Share**

**0.00**

**(0.00)**

**Weighted Number of Common Shares**

**24,785,000**

**24,785,000**

The accompanying notes are an integral part of these statements

13

GLOBALINK, LTD. And Subsidiary

Consolidated Statements of Shareholders' Equity (Deficit)

For the Years Ended December 31, 2012

(Expressed in U.S. Dollars)

Number of shares

Common Stock

Preferred Stock

Paid In Surplus

Stock Subscription

Translation Adjustment

Retained Earnings

Total Stockholders' Equity

BALANCE - June 30, 2006

2,000,000 

$6,382 

$6,382 

 $        - 

 $          - 

$221,660 

$234,424 

Net Income 2007

 

 

 

 

 

 

 70,743 

70,743 

BALANCE AT JUNE 30, 2007

2,000,000 

6,382 

6,382 

 - 

292,403 

305,167 

Dividends paid

(29,502)

(29,502)

Net income 2008

 - 

 - 

 

 - 

 

 

119,371 

119,371 

BALANCE AT JUNE 30, 2008

2,000,000 

6,382 

6,382 

   - 

382,272 

395,036 

Effects of merger

(39,283)

(39,283)

Net income July 1, 2008 through October 31, 2008

 

 

 

 

 

 

19,598 

19,598 

BALANCE AT OCTOBER 31, 2008

2,000,000 

$6,382 

$6,382 

 $        -   

 

 

$362,587 

$375,351 

**GlobaLink Ltd and Subsidiary**

Effect of 5 for 1 stock split and reduction of par value to .0002

22,785,000 

4,557 

223,643 

      - 

(160,956)

67,244 

Shares Issued in acquisition of OneWorld Hotel Destination Services, Inc.

2,000,000 

400 

179,600 

        -   

180,000 

Net Loss for the year ended December 31,2008

 

 

 

 

 

 

(106,831)

(106,831)

BALANCE AT DECEMBER 31, 2008

24,785,000 

4,957 

403,243 

      - 

(267,787)

140,413 

Net Income for the year ended December 31, 2009

 

 

 

 

 

 

59,560 

59,560 

14

GLOBALINK, LTD. And Subsidiary

Consolidated Statements of Shareholders' Equity (Deficit)

For the Years Ended December 31, 2012

(Expressed in U.S. Dollars)

(Continued from previous page)

BALANCE AT DECEMBER 31, 2009

24,785,000 

4,957 

- 

403,243 

      - 

(208,227)

199,973 

Net Income for the year ended December 31, 2010

 

 

 

 

 

 

79,226 

79,226 

BALANCE AT DECEMBER 31, 2010

24,785,000 

4,957 

- 

403,243 

      - 

(129,001)

279,199 

Translation adjustment

45,217 

45,217 

Net loss for the year ended December 31, 2011

 

 

 

 

 

 

(20,864)

(20,864)

BALANCE AT DECEMBER 31, 2011

24,785,000 

4,957 

- 

403,243 

     - 

45,217 

(149,865)

303,552 

Stock subscription

10,000 

10,000 

Translation adjustment

(46,992)

(46,992)

Net profit for the year ended December 31, 2012

 

 

 

 

 

 

66,153 

66,153 

BALANCE AT DECEMBER 31, 2012

24,785,000 

 $4,957 

$     -   

$403,243 

$10,000 

$(1,775)

$(83,712)

$332,713 

The accompanying notes are an integral part of these statements

15

GLOBALINK, LTD.

Consolidated Statement of Cash Flows

For the year ended December 31, 2012 and 2011

(Expressed in U.S. Dollars)

 

 

   

For the Year Ended December 31, 2012

 

For the Year Ended December 31, 2011

**Cash Flows from Operating Activities**

Profit/(loss) for the period

 

 $          66,153 

 $           (20,864)

Less Depreciation not requiring use of funds

2,361 

3,398 

Net loss on exchange transactions

Income taxes (paid)/refunded

Net changes in working capital balances

(Increase)/decrease accounts receivable

(19,126)

55,254 

Other Receivable

(Increase)/decrease in other current assets

(1,743)

222 

Increase/(decrease) in accounts payable and accruals

42,298 

(93,365)

(Due to)/refunded government agencies

Increase/(decrease) in the current liabilities

3,838 

(40,039)

Cash flows provided/(used) in operating activities

93,781 

(95,394)

**Cash Flows from Financing Activities**

Increase/(decrease) in advances from shareholders

6,603 

28,540 

Cash dividend

Stock subscription

10,000 

 

Cash flows from financing activities

16,603 

28,540 

**Cash Flows from Investing Activities**

Acquisition of capital assets 

Note payable for purchase of sub

Translation adjustments

(46,992)

45,217 

Purchase effects of subsidiary

Cash from acquisition of Subsidiary

 

 

Cash flows from (used in) investing activities

(46,992)

45,217 

**Net (Decrease) Increase in Cash**

**And cash Equivalents**

63,392 

(21,637)

**Cash and Cash Equivalents at**

**Beginning of Period**

383,454 

405,091 

**Cash and Cash Equivalents at**

**End of Period**

 $        446,846 

 $          383,454 

**Represented by:**

Cash

446,846 

383,454 

Term

 

 

 $       446,846 

 $          383,454 

The accompanying notes are an integral part of these statements

16

GLOBALINK LTD. And Subsidiary

Notes to Financial Statements

December 31, 2012

(Expressed in U.S. Dollars)

1.

**Nature of Operations**

GLOBALINK LTD. was incorporated in the State of Nevada on February 3, 2006. GLOBALINK has focused its efforts in the Internet Hotel booking services arena. The Company has developed a proprietary online hotel booking program for connecting users with available rooms in hotels across the world. In order to gain the access to the hotels, GLOBALINK LTD. acquired OneWorld Hotel Destination Service Inc in Vancouver, B.C. Canada on October 31, 2008.  OneWorld Hotel Destination Service Inc is a hotel booking company which has established strong relationships with major hotel chains such as Radisson, Hilton and Sheraton. Its clients include travel agents in major cities such as Vancouver, Toronto, Calgary, and Montreal. After the acquisition the Company intends to put the OneWorld operations into the online platform.

Our hotel travel booking web site for the business-to-business stage is now under testing prior to the official launching.   The initial 39,000 available hotel rooms have been uploaded to the site, and will facilitate travel agencies to book rooms directly via the internet without having to personally call the office for booking.   Official launching is anticipated to be in the early second quarter of 2011.   Initially the web site will only facilitate the company’s travel agency customers, who already have or will set up accounts with us (B to B).   B to B is defined as business interactions between one business entity (OneWorld) to other business entities (the travel agencies in the travel industry). Our next stage of the web site development will be to facilitate non-business customers such that any individuals wishing to book rooms themselves may do so from our web site instead of booking through their travel agencies (B to C).  B to C is defined as business interactions between a business entity (OneWorld) and the individual customers, be they an individual or corporation, whose business is not related to the travel industry.  We anticipate this 2nd stage of the web site would be ready for launching during the last quarter of 2011.

2.

**Accounting Policies**

The financial statements have been prepared in accordance with generally accepted accounting principles accepted in the United States of America and reflect the following policies:

17

a)   Translation of foreign currencies

Monetary assets and liabilities in foreign currencies are translated into United States dollars at the prevailing year-end exchange rates. Revenue and expense items are translated at the average rates in effect during the month of transaction. Resulting exchange gains and losses on transactions are included in the determination of earnings for the year. The exchange gain for the period from January 1 to December 31, 2011 was $19,161 and 28,571 from January 1, 2012 through December 31, 2012.

b)

Financial instruments

The company’s financial instruments consist of accounts receivable, accounts payable, directors’ fees payable and advances from shareholders. It is management’s opinion that the company is not exposed to significant interest rate risk arising from these financial instruments and that their carrying values approximate their fair values.

c)

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles accepted in the United States of America requires management to make estimates and assumptions which affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses for the year reported. Actual results could differ from those estimates.

d)

Stock-based compensation

Accounting Standards Codification 718, Accounting for Stock-based compensation requires companies to record compensation cost for stock-based employee compensation to be measured at the grant date, and not subsequently revised. The company has chosen to continue to account for stock-based compensation using the provisions of ASC 718.  In addition the company’s policy is to account for all stock based transactions in conformance with ASC 718.

e)

Income taxes

Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with Accounting Standards Codification regarding Accounting for Income Taxes, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carryforwards.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in 

18

which those temporary differences are expected to be recovered or settled.  Deferred taxes are provided for the estimated future tax effects attributable to temporary differences and carryforwards when realization is more likely than not. 

f)

Net income per share of common stock

We have adopted Accounting Standards Codification regarding Earnings per Share, which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation.  In the accompanying financial statements, basic earnings per share of common stock is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period.  We do not have a complex capital structure requiring the computation of diluted earnings per share.  

g)

Revenue recognition

Revenue is recorded when the corresponding expense can be recognized.  Specially, room revenue is recorded when the client checks into the room.  Due to this matching principle revenue is reported by the net proceeds of the services performed as required by Accounting Standards Codification 605.

h)

Accounts receivable

Trade receivables are carried at original invoice amount.  Accounts receivable are written off to bad debt expense using the direct write-off method.  Receivables past due for more than 120 days are considered delinquent.  Management determines uncollectible accounts by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, and current economic conditions and by using historical experience applied to an aging of accounts.  Recoveries of trade receivables previously written off are recorded when received.

i)

Translation adjustments

The Company has translations adjustments due to a subsidiary operating in Canada.  The translation adjustment arises from the currency differences in the US dollar and the Canadian dollar.  The Company reports all figures in US dollars and reports the currency translation adjustment through the equity section of the consolidated balance sheet.

3.

**Fixed assets**

Furniture, fixtures and equipment are recorded at cost.  Depreciation is provided annually at rates calculated to write off the assets over their estimated useful lives as follows, except in the year of acquisition when one half of the rate is used.  The 

19

Company uses an accelerated method of depreciating their assets over their useful lives.

Computer equipment acquired

30%, declining balance

Computer equipment acquired

45%, declining balance

Furniture and equipment             

   

20%, declining balance

Leasehold improvements

     20%, straight line

4.

**Advances from Shareholders**

Advances from shareholders are for the reimbursement of expenses incurred on behalf of the company by the three principal shareholders and they bear no interest due.  These notes are short term advances which are paid generally within one year.  The balance at December 31, 2012 was $50,126 and $43,523 for December 31, 2011.

5.

**Federal income tax:**

We follow Accounting Standards Codification regarding Accounting for Income Taxes. Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carryforwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carryforward has been recognized, as it is not deemed likely to be realized.

The provision for refundable Federal income tax consists of the following: 

**12/31/2012**

**12/31/2011**

Taxable (Credit) Federal Income tax attributable to:

  Current operations

$22,492

(7,094)

  Less, Nondeductible expenses

-0-

-0-

  Less, Change in valuation allowance

(22,492)

7,094

Net refundable amount

-0-

-0-

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: 

20

12/31/2012

12/31/2011

Deferred tax asset attributable to:

  Net operating loss carryover

$  28,462

50,954

  Less, Valuation allowance

(28,462)

(50,954)

Net deferred tax asset

-0-

-0-

The Company’s subsidiary had a foreign taxable income of $36,000, which generated foreign taxes paid of $12,869 USD.  The company will apply these foreign taxes as a credit for foreign taxes paid on their US tax filing.

At December 31, 2012, an unused net operating loss carryover approximating $83,712 which is available to offset future taxable income; it expires beginning in 2018.  Due to the change of control of the Company, the use of the net operating loss may be limited in the future.   

6.

***Operating Leases***

The Company leases its administrative offices for US$1,736 per month. The lease expires in July 2013.  The operating lease expense for the year ended December 31, 2012 was $20,806 and $20,832 for December 31, 2011.  Future minimum lease payments are as follows:

Future lease payments are as follows:

2013

$12,152

$12,152

21

**7.  Supplemental information – consolidated statements**

One World

Globalink

12/31/2012

12/31/2012

Eliminations

Consolidated

ASSETS

  Current Assets:

    Cash

$444,330 

$2,516 

$              -

$446,846 

    Accounts receivable

196,628

-

-

196,627

    Other receivable

523,396

-

(523,396)

0

    Investment in subsidiary

-

629,061

(629,061)

-

    Other current assets

3,765

209

-

3,974

  Total current assets

1,168,120

631,786

(1,152,457)

647,447

Fixed assets, net of accumulated depreciation

3,818

-

-

3,818

Other Assets:

  Goodwill

-

274,449

-

274,449

  Note Receivable

-

-

-

-

TOTAL ASSETS

$1,171,938 

$906,235 

$(1,152,457)

$925,714 

LIABILITIES AND SHAREHOLDERS EQUITY

  Current Liabilities

    Accounts payable

$528,497 

$           -

$               -

$528,496 

    Notes payable

-

523,396

(523,396)

-

    Other current liabilities

14,379

50,126

-

64,505

  Total current liabilities

542,877

573,522

(523,396)

593,001

  Shareholders Equity

    Common stock

20,135

4,957

(20,135)

4,957

    Paid in surplus

-

403,243

-

403,243

    Translation adjustment

12,388

(1,775)

(12,388)

(1,775)

    Stock subscription

-

10,000

-

10,000

    Retained earnings/ (deficit)

596,538

(83,712)

(596,538)

(83,712)

  Total shareholders equity

629,061

332,713

(629,061)

332,713

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

$1,171,938 

$906,235 

$(1,152,457)

$925,714 

22

For the year ended December 31, 2012

One World

Global

Eliminations

Consolidated

Revenue:

$421,790 

$84,774 

$(84,774)

$421,790 

Expenses:

  Wages and salaries

249,556

-

-

249,556

  Subsidiary expenses

-

-

-

-

  Other administrative expenses

121,577

18,621

-

140,198

Total expenses

371,133

18,621

-

389,754

Income/(loss) from operations

50,657

66,153

(84,774)

32,036

Other income/(expenses)

46,992

-

-

46,992

Income before income taxes

97,649

66,153

(84,774)

79,028

Income taxes

(12,875)

-

-

(12,875)

Net income/(loss)

$84,774 

$66,153 

$(84,774)

$66,153 

23

One World

GlobaLink

 

12/31/2011

12/31/2011

Eliminations

Consolidated

 

ASSETS

 

  Current Assets:

 

   Cash

$379,884 

$3,570 

$383,454 

 

   Accounts receivable

177,504

-

177,504

 

   Other receivable

508,872

(508,872)

-

 

   Investment in subsidiary

576,629

(576,629)

-

 

   Other current assets

2,022

209

2,231

 

Total current assets

1,068,282

580,408

(1,085,501)

563,189

 

 

  Fixed assets, net of accumulated depreciation

5,087

1,090

6,177

 

 

  Other Assets:

 

   Goodwill

274,449

274,449

 

   Note Receivable

-

-

-

-

 

TOTAL ASSETS

$1,073,369 

$855,947 

($1,085,501)

$843,815 

 

 

LIABILITIES AND SHAREHOLDERS EQUITY

 

  Current Liabilities

 

   Accounts payable

$486,199 

$         -

$         -

$486,199 

 

   Notes payable

-

508,872

(508,872)

-

 

   Other current liabilities

10,541

43,523

54,064

 

  Total current liabilities

496,740

552,395

(508,872)

540,263

 

 

  Shareholders’ Equity

 

   Common stock

19,648

4,957

(19,648)

4,957

 

   Paid in surplus

403,243

403,243

 

   Translation adjustment

45,217

45,217

(45,217)

45,217

 

   Retained earnings/(deficit)

511,764

(149,865)

(511,764)

(149,865)

 

  Total shareholders’ equity

576,629

303,552

(576,629)

303,552

 

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

$1,073,369 

$855,947 

($1,085,501)

$843,815 

 

24

For the year ended December 31, 2011

One World

Global

Eliminations

Consolidated

Revenue:

$350,142 

$3,249 

($3,249)

$350,142 

Expenses:

  Wages and salaries

254,774

-

-

254,744

  Subsidiary expenses

-

-

-

-

  Other administrative expenses

116,715

15,030

-

131,745

Total expenses

371,489

15,030

-

386,519

Income/(loss) from operations

(21,347)

(11,781)

(3,249)

(36,377)

Other income/(expenses)

28,244

(9,083)

-

19,161

Income before income taxes

6,897

(20,864)

(3,249)

(17,216)

Income taxes

(3,648)

-

-

(3,648)

Net income/(loss)

$3,249 

$(20,864)

$(3,249)

$(20,864)

**8.  Business Combinations**

Effective October 31, 2008, the Company issued 2,000,000 shares of common stock and a notes payable to acquire all of the outstanding stock of OneWorld Hotel Destination Services, Inc. The purchase is being accounted for as an acquisition as required by SFAS No. 141.  Due to SFAS No. 141 OneWorld Hotel Destination Services, Inc. is considered the predecessor company.  Goodwill has been recorded and listed as another asset.  The purchase is being reported and operating as a wholly owned subsidiary of the parent company.  The purchase has been recorded as follows:

    2,000,000 shares of common stock valued at $.09 each equals $180,000.

       Notes payable at $469,800, with 1% interest and maturity dates of May 9, 2011 and October 19, 2011 

 

    Total purchase price of OneWorld Hotel Destination Services, Inc. was $649,800.

 

    Net assets of OneWorld Hotel Destination Services, Inc. was $375,351.

 

    Goodwill recorded on purchase ($649,800 - $375,351) is $274,449.

25

The quote for the price of the stock was from Otcbb.com.  It showed the price of the stock to be in the $.10 range.  The Company used a price of $.09 because of the large volume of shares.  That is also the price used by the seller when he filed his Canadian income tax return.  The value used for the note was principal amount.

Net assets were calculated as follows:

One World

10/31/2008

ASSETS

  Current Assets:

   Cash

$623,005 

   Accounts receivable

252,698

   Other current assets

17,224

  Total current assets

892,927

  Other Asset

44,536

TOTAL ASSETS

937,463

LIABILITIES

  Current Liabilities

   Accounts payable

$560,263 

   Other current liabilities

1,849

  Total current liabilities

562,112

NET ASSETS

$375,351 

Following is the proforma balance sheet and income statement as of the acquisition date, October 31, 2008:

26

One World

GlobaLink

10/31/2008

10/31/2008

Eliminations

Consolidated

ASSETS

  Current Assets:

   Cash

$623,005 

$66,080 

-

$689,085 

   Accounts receivable

252,698

251

-

252,949

   Investment in subsidiary

-

375,351

375,351

-

   Other current assets

17,224

-

-

17,224

Total current assets

892,927

441,682

375,351

959,258

  Other Assets:

   Goodwill

-

274,449

274,449

Other

44,536

11,020

-

55,556

TOTAL ASSETS

$937,463 

$727,151 

$375,351 

$1,289,263 

LIABILITIES AND SHAREHOLDERS EQUITY

  Current Liabilities

   Accounts payable

$560,263 

$1,280 

$-

$561,543 

   Other current liabilities

1,849

500,100

-

501,949

  Total current liabilities

562,112

501,380

-

1,063,492

  Shareholders’ Equity

   Common stock

6,382

4,957

(6,382)

4,957

   Paid in surplus

-

403,243

-

403,243

  Preferred stock

6,382

-

(6,382)

-

   Retained earnings/(deficit)

362,587

(182,429)

(362,587)

(182,429)

  Total shareholders’ equity

375,351

225,771

(375,351)

225,771

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

$937,463 

$727,151 

$(375,351)

$1,289,263 

27

January through October 31, 2008

One World**

Global

Eliminations

Consolidated

Revenue:

$97,996 

$- 

$-

$97,996 

Expenses:

  Wages and salaries

44,386

-

-

44,386

  Other administrative expenses

28,821

8,990

-

37,811

Total expenses

73,207

8,990

-

82,197

Income/(loss) from operations

24,789

(8,990)

-

15,799

Other income/(expenses)

(5,191)

1,088

-

(4,103)

Income before income taxes

19,598

(7,902)

-

11,696

Income taxes

-

-

-

-

Net income/(loss)

$19,598 

$(7,902)

$-

$11,696

** OneWorld is reported for the four months ended October 31, 2008.

**9.  Capital Stock**

Authorized

      500,000,000 Common shares with $0.0002 par value

Issued

      24,785,000 shares 

The Company issued 2,625,000 shares for cash of $.0133333 per share in the amount of $35,000 and 1,125,000 shares for services at $.10 in the amount of $112,500 in 2006.

The company also issued 807,000 shares at $.10 in the amount of $80,700 for cash under the filing with the Securities and Exchange Commission of the United States in 2007.

The Company issued stock options of 100,000 each to three directors on January 2, 2008; which expire on January 2, 2010.  The strike price on these shares were $0.10 per share.  After the 5 for 1 stock split the outstanding options were $500,000 per 

28

director at $0.02 per share.    On December 23, 2009 the Board of Directors extended these options to January 2, 2012.

The company has split its common stock on a 5 for 1 basis on July 1, 2008. 

The company has issued 2,000,000 shares to Vincent Au in exchange for 100% of his shares in One World Hotel Destination Service, Inc. on October 31, 2008.

On March 30, 2010 the Board of Directors authorized an additional 400,000 shares of common stock each to three directors.  The options expire on March 31, 2012 and have a strike of $0.01 per share.

During 2012, the Company raised $10,000 for operating needs.  The Company was to issue shares of stock in exchange for these funds.  The Company is presently working on either paying this loan back or issuing share of stock.  At December 31, 2012, the Company recorded a stock subscription for these funds.

**10.**   **Net Revenue**

The Company follows the reporting requirements of Accounting Standards Codification 605, which requires revenue to be reported net after costs.  Following is the gross revenue and expenses for the period ending December 31, 2012 and the three months ended March 31, 2012:

12/31/2012

12/31/2011

Gross Revenue

$3,211,108

$3,226,762

Cost of Revenue

2,789,318

2,876,620

Net Revenue

$   421,790

$   350,142

**11.  Stock Based Compensation**

On January 2, 2008 the Board of Directors approved a motion to extend to three Directors options to purchase 100,000 shares of common stock (pre 5:1 split) at $.10 per share to expire on January 2, 2010.  On December 23, 2009 the Directors extended the options to January 2, 2012.  No expense has been added as a result of the issuance of these options because the stock was trading and still is trading below the option price.

29

**12.  New accounting pronouncements:**

 

In December 2010, the FASB issued updated guidance on when and how to perform certain steps of the periodic goodwill impairment test for public entities that may have reporting units with zero or negative carrying amounts. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2010, with early adoption prohibited.  The adoption of this standard update did not impact the Company’s consolidated financial statements.

 

In May 2011, the FASB issued guidance to amend certain measurement and disclosure requirements related to fair value measurements to improve consistency with international reporting standards. This guidance is effective prospectively for public entities for interim and annual reporting periods beginning after December 15, 2011, with early adoption by public entities prohibited. The Company is currently evaluating this guidance, but does not expect its adoption will have a material effect on its consolidated financial statements.

 

In June 2011, the FASB issued new guidance on the presentation of comprehensive income that will require a company to present components of net income and other comprehensive income in one continuous statement or in two separate, but consecutive statements. There are no changes to the components that are recognized in net income or other comprehensive income under current GAAP. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2011, with early adoption permitted.  The Company is currently evaluating this guidance, but does not expect its adoption will have a material effect on its consolidated financial statements.

30

ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None

ITEM 9A.  CONTROLS AND PROCEDURES

Controls and Procedures. Evaluation of Disclosure Controls and Procedures:

We maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act that are designed to insure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, or the persons performing similar functions, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our CEO and CFO, or the persons performing similar functions, our management has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this annual report.  Based on that evaluation, our CEO and CFO, or the persons performing similar functions, concluded that our disclosure controls and procedures were not effective as of December 31, 2012.

Management’s Annual Report on Internal Control over Financial Reporting:

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is the process designed by and under the supervision of our CEO and CFO, or the persons performing similar functions, to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America.  Management has evaluated the effectiveness of our internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control over Financial Reporting – Guidance for Smaller Public Companies.

31

Under the supervision and with the participation of our CEO and CFO, or the persons performing similar functions, our management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2012, and concluded that it is not effective due to the reasons discussed above.

This annual report does not include an attestation report of the registrant’s registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by the registrant’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the registrant to provide only management’s report in this annual report.

Evaluation of Changes in Internal Control over Financial Reporting:

Under the supervision and with the participation of our CEO and CFO, or those persons performing similar functions, our management has evaluated changes in our internal controls over financial reporting that occurred during the fourth quarter of 2012.  Based on that evaluation, our CEO and CFO, or those persons performing similar functions, did not identify any change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B.  OTHER INFORMATION

None

32

PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

Our bylaws provide that the number of directors who shall constitute the whole board shall be such number as the board of directors shall at the time have designated.  We confirm that the number of authorized directors has been set at three (3) pursuant to our bylaws. Each director shall be selected for a term of one year and until his successor is elected and qualified. Vacancies are filled by a majority vote of the remaining directors then in office with the successor elected for the unexpired term and until the successor is elected and qualified.

The directors and executive officers are as follows:

NAME                                AGE      POSITIONS HELD          SINCE

Robin Young                        69      President/Director           Inception to

                                                                    

    Present

Ben Choi                              57      Treasurer/Director           Inception to

                                                                    

    Present

Daniel Lo                              46      Secretary/Director           Inception to

                                                                    

    Present

Business Experience of Officers and Directors

Robin Young, President and Director, has been the principal of Young Engineering Corporation, an engineering consultant firm for the building industry since 1975.  He has also been the president of Landtek Properties Ltd., a development company since 1994 and Coreng Construction Corporation, a company providing project and construction management as well as general contracting from 1976 to 1990.  Mr. Young was listed in the “Who’s Who in British Columbia” and “International Who’s Who of Professionals”.  Mr. Young received a bachelor of applied science degree in civil engineering from the University of British Columbia in 1963.  He conducted his post-graduate studies both at McGill University and at Concordia University and received his master’s degree in civil and structural engineering in 1970 from Concordia University.

33

Ben Choi, Treasurer and Director, is a software development consultant.  From 2001 to present, Mr. Choi has been project manager of NewViews Health Care Consultants Ltd, a company which develops health care software programs. He has also been the project leader of developing Pharmacy Claims Adjudicate Software, a Health Canada, Non-Insurance Health Benefit Pilot project & Medical Transportation Software for Alberta Regional Health Department.  Mr. Choi has extensive consulting experiences in the technology fields including network services, hardware and software sales and implementation. Mr. Choi received a Bachelor of Science degree from the University of Winnipeg in 1976.  In 1988, he took courses in computer programming and data processing at the University of Alberta.

Daniel Lo, Secretary and Director, has been the president of LCF Advanced Technology Ltd which is a leading computer hardware solution company in Western Canada since 1996.  LCF is an Intel Premier Partner and Microsoft Certified partner. In 1998, Mr. Lo led LCF to become an ISO 2002 company and upgraded the company into the new ISO 2001:2000 standard in 2003.  The ISO 2001:2000 standard is an international quality management system which ensures consistency and improvement of working practices, including the products and services product.  In 1986, Mr. Lo received his business administration degree in finance from Simon Fraser University, BC. 

Section 16(a) Beneficial Ownership Reporting Compliance

Under Section 16(a) of the Securities Exchange Act of 1934, as amended, an officer, director, or greater-than-10% shareholder of the registrant must file a Form 4 reporting the acquisition or disposition of registrant's equity securities with the Securities and Exchange Commission no later than the end of the second business day after the day the transaction occurred unless certain exceptions apply.  Transactions not reported on Form 4 must be reported on Form 5 within 45 days after the end of the registrant's fiscal year.  Such persons must also file initial reports of ownership on Form 3 upon becoming an officer, director, or greater-than-10% shareholder.  To our knowledge, based solely on a review of the copies of these reports furnished to it, the officers, directors, and greater than 10% beneficial owners have not complied with all applicable Section 16(a) filing requirements during 2012.

Code of Ethics Policy

The registrant has prepared but has not yet adopted a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

34

Corporate Governance

There have been no changes in any state law or other procedures by which security holders may recommend nominees to our board of directors.  In addition to having no nominating committee for this purpose, we currently have no specific audit committee and no audit committee financial expert.  Based on the fact that our current business affairs are simple, any such committees are excessive and beyond the scope of our business and needs.

ITEM 11.  EXECUTIVE COMPENSATION

Since inception in February 2006, we have issued 375,000 shares of the company securities to each of the president, secretary and treasurer as compensation for their services performed to and on behalf of the Company.  No executive compensation in cash has been made.  We may elect to award a cash bonus to key employees, directors, officers and consultants based on meeting individual and corporate planned objectives.  We have not entered into any employment agreements with our officers, however, we estimate that the executive officers will be paid an annual salary of $84,000 each.

   Directors Compensation.  We do not have any standard arrangements by which directors are compensated for any services provided as a director.  No cash has been paid to the directors in their capacity as such. 

On January 2, 2008 the Board of Directors approved a motion to extend to three Directors options to purchase 100,000 shares of common stock (pre 5:1 split) at $.10 per share to expire on January 2, 2010.  On December 23, 2009 the Directors extended the options to January 2, 2012.  No expense has been added as a result of the issuance of these options because the stock was trading and still is trading below the option price.

On March 30, 2010 the Board of Directors authorized an additional 400,000 shares of common stock each to three directors.  The options expire on March 31, 2012 and have a strike of $0.01 per share.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS MATTERS

The following table sets forth, as of December 31, 2012, the number and percentage of outstanding shares of the registrant’s common stock owned by (i) each person known to us to beneficially own more than 5% of its outstanding common stock, (ii) each director, (iii) each named executive officer, and (iv) all officers and directors as a group.

35

Name of Beneficial Owners      

Common Stock 

                               

       Beneficially Owned    

Percentage(1)

Robin Young                    

    3,750,000                   15.13%

426 Main Street

Suite #202

Vancouver, B.C. V6A 2T4

Ben Choi                        

    3,750,000                   15.13%

426 Main Street

Suite #202

Vancouver, B.C. V6A 2T4

Daniel Lo                       

    3,750,000                   15.13%

333 - 13988 Cambie Road 

Richmond, B.C. Canada V6V 2K4 

Directors and Officers,

as a group(3 persons)          

  11,250,000                   45,39%

Barry Phillips 

              

    3,750,000                   15.13%

7903 - 93a Ave. 

Edmonton, Alberta T6C 1V2 

Petula Wong                     

    3,750,000                   15.13%

Rm C 12/F 55 Tong Mi Road 

Kowloon, Hong Kong 

Vincent Au                      

    2,000,000                   8.07%

426 Main Street

Suite #202

Vancouver, B.C. V6A 2T4

 (1) Based upon 24,785,000 issued and outstanding as of April 16, 2013.

All the above-named officers and directors would be deemed to be promoters of Globalink.

36

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

Shareholder Advances.  Advances from shareholders are for the reimbursement of expenses incurred on behalf of the company by the three principal shareholders and they bear no interest due.  These notes are short term advances which are paid generally within one year.  The balance at December 31, 2011 is $43,523 and $50,126 for December 31, 2012.

Director Independence.

The registrant’s board of directors consists of Robin Young, Ben Choi and Daniel Lo.  None of them is independent as such term is defined by a national securities exchange or an inter-dealer quotation system.  During the fiscal year ended December 31, 2012, there were no transactions with related persons other than as described in the section above entitled “Item 11.  Executive Compensation”.

ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees.   We incurred aggregate fees and expenses of $15,000 and $15,000 from Thomas J. Harris, CPA, respectfully for the 2012 and 2011 fiscal years.  Such fees included work completed for our annual audit and for the review of our financial statements included in our Forms 10-K and 10-Q.

Tax Fees.   We did not incur any aggregate tax fees and expenses from Thomas J. Harris, CPA for the 2012 and 2011 fiscal years for professional services rendered for tax compliance, tax advice, and tax planning.

All Other Fees.   We incurred audit related fees of $0 and $0 from Thomas J. Harris, CPA during fiscal 2012 and 2011.  The Board of Directors, acting as the Audit Committee considered whether, and determined that, the auditor's provision of non-audit services was compatible with maintaining the auditor's independence.  All of the services described above for fiscal years 2012 and 2011 were approved by the Board of Directors pursuant to its policies and procedures.  We intend to continue using Thomas J. Harris, CPA solely for audit and audit-related services, tax consultation and tax compliance services, and, as needed, for due diligence in acquisitions.

37

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES(a)(1)  List of Financial statements included in Part II hereofReport of Independent Registered Public Accounting Firm

Balance Sheet:

  December 31, 2012 and 2011

Statements of Operations:

  For the year ended December 31, 2012 and 2011

Statements of Cash Flows:

  For the year ended December 31, 2012 and 2011

Notes to Financial Statements:

  December 31, 2012

 (a)(2) List of Financial Statement schedules included in Part IV hereof:  None (a)(3) Exhibits The following exhibits are included herewith:

**Exhibit No.**

**      Description**

31

 Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*

XBRL Instance Document

101.SCH*

XBRL Taxonomy Extension Schema Document

101.CAL*

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*

XBRL Taxonomy Extension Label Linkbase Document

101.PRE*

XBRL Taxonomy Extension Presentation Linkbase Document

*XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections. 

Following are a list of exhibits which we previously filed in other reports which we filed with the SEC, including the Exhibit No., description of the exhibit and the identity of the Report where the exhibit was filed.

38

**NO.**

**DESCRIPTION**

**FILED WITH**

**DATE****FILED**

3.1

Articles of Incorporation

Form SB-2

May 10, 2006

3.2

Bylaws

Form SB-2

May 10, 2006

4

Specimen Stock Certificate

Form SB-2

May 10, 2006

10

Share Exchange Agreement

Form 8-K

March 6, 2009

39

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed on its behalf by the undersigned duly authorized person.

Dated: April 16, 2013

/s/Robin Young

By: Robin Young, President/CEO

In accordance with the requirements of the Securities Exchange Act of 1934, as amendment, this report has been signed by the following persons in the capacities and on the dates stated.

Globalink, Inc.

(Registrant)

By: /s/Robin Young                     Dated: April 16, 2013

           Robin Young

           Chief Financial Officer, Controller and Director

Director, Chief Executive Officer 

(As a duly authorized officer on behalf of the registrant and as Principal Executive Officer)

By: /s/Ben Choi                           Dated: April 16, 2013

          Ben Choi

          Chief Financial Officer, Controller and Director

By: /s/Daniel Lo                          Dated: April 16, 2013

          Daniel Lo

          Director

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