SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q /A 

[x]     Quarterly Report Pursuant to Section 13 or 15(d) Securities Exchange Act of 1934 for Quarterly Period Ended March 31, 2014

-OR-

[ ]     Transition Report Pursuant to Section 13 or 15(d) of the Securities And Exchange Act of 1934 for the transaction 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)

385 Boundary Road

Vancouver, BC

 

V5K 4S1

(Address of principal executive offices)

 

(Zip Code)

(604) 828-8822

 (Registrant's telephone number, including area code)

Indicate by check mark whether the issuer (1) 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.  Yes  [x]   No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 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 is a large accelerated filer, an accelerated filer, a non-accelerate filer, or a small reporting company as defined by Rule 12b-2 of the Exchange Act):

1

Large accelerated filer        [  ]

 

Non-accelerated filer             [  ]

Accelerated filer                 [  ]

 

Smaller reporting company   [x]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  [ ]      No [x]

The number of outstanding shares of the registrant's common stock, 

December 2, 2014:

Common Stock  -  38,485,000

In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary to present fairly the Company’s financial position as of March 31, 2014 and the results of its operations for the three month periods ended March 31, 2014 and 2013 and its cash flows for the three month periods ended March 31, 2014 and 2013.

 

The quarterly financial statements are presented in accordance with the requirements of Form 10-Q and do not include all of the disclosures required by accounting principles generally accepted in the United States of America.  For additional information, reference is made to the Company’s audited financial statements filed with Form 10-K for the years ended December 31, 2013.  The results of operations for the three month periods ended March 31, 2014 and 2013 are not necessarily indicative of operating results for the full year.

 EXPLANATORY NOTE 

 This amendment to the Form 10-Q, as originally filed May 15, 2014, is being filed solely to appropriately correct the signatures.  No other changes have been made to the document. 

2

GLOBALINK, INC.

FORM 10-Q

For the quarterly period ended March 31, 2014

INDEX

PART 1 – FINANCIAL INFORMATION

 

 

Page

Item 1.  Financial Statements (Unaudited)

 

4

Item 2.  Management's Discussion and Analysis of 

  Financial Condition and Results of Operations

 

15

Item 3.  Quantitative and Qualitative Disclosure 

  About Market Risk

 

18

Item 4.  Controls and Procedures

 

18

PART II – OTHER INFORMATION

Item 1.  Legal Proceedings

 

21

Item 1A.  Risk Factors

 

21

Item 2.  Unregistered Sales of Equity Securities and 

  Use of Proceeds

 

21

Item 3.  Defaults upon Senior Securities

 

21

Item 4.  Mine Safety Disclosure

 

21

Item 5.  Other Information

 

21

Item 6.  Exhibits

 

21

 

 

 

SIGNATURES

 

22

3

GLOBALINK, LTD.

Condensed Consolidated Balance Sheets

 (Expressed in U.S. Dollars)

(Unaudited)

 

* ***March 31,**

** 2014**

** **December 31,

 2013

 

** $**

** **$

 

 

 

**Assets**

 

 

**Current assets**

 

 

Cash and cash equivalents 

**709,971**

426,088

Accounts receivable 

**156,626**

189,682

Other current assets (note 3)

**28,862**

33,296

**Total current assets**

**895,459**

649,066

 

**Fixed assets**

**4,797**

4,797

**Goodwill**

**274,449**

274,449

**Total assets**

**1,174,705**

928,312

**Liabilities**

**Current liabilities**

Accounts payable and accrued liabilities (note 4)

**468,543**

610,393

Other current liabilities (note 5)

**24,739**

21,549

Advances from shareholders (note 6)

**474,523**

72,297

**Total current liabilities**

**967,805**

704,239

 

**Stockholders’ equity**

Common shares, $0.0002 par value; 

Authorized - 500,000,000 shares; shares issued and outstanding – 24,785,000  (note 7)

**4,957**

4,957

Additional paid-in-capital 

**403,243**

403,243

Accumulated other comprehensive loss 

**(9,101)**

(9,303)

Deficit

**(192,199)**

(174,824)

**Total stockholders’ equity**

**206,900**

224,073

**Total liabilities and stockholders’ equity**

**1,174,705**

928,312

See accompanying notes to unaudited condensed financial statements.

4

GLOBALINK, LTD.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Expressed in U.S. Dollars)

(Unaudited)

 

** Three Months Ended March 31, 2014**

** **Three Months Ended March 31, 2013

** $**

** **$

**Revenue**(note 8)

**64,911**

79,700

**General and administrative expenses**

 

 

Salaries and benefits 

**48,157**

46,912

Other general and administrative expenses

**34,129**

28,461

**Total general and administrative expenses**

**(82,286)**

(75,373)

 

 

 

**Net income (loss) for the period**

**(17,375)**

4,327

 

 

 

**Other comprehensive income (loss)**

 

 

Exchange difference on translating foreign operation

**202**

(18,744)

**   Comprehensive loss**

**(17,173)**

(14,417)

**Basic and diluted weighted average number of common shares outstanding  **

**24,785,000**

24,785,000

**Basic and diluted earnings (loss) per common share**

**(0.00)**

0.00

See accompanying notes to unaudited condensed financial statements.

5

GLOBALINK, LTD.

Condensed Consolidated Statements of Changes in Equity

(Expressed in U.S. Dollars)

(Unaudited)

 

**Common shares**

**Additional**

** paid-in-capital**

** Accumulated other comprehensive income (loss)**

**Deficit**

**Total**

 

 #

 $

$

$

$

$

December 31, 2013

 24,785,000

 4,957

403,243

(9,303)

(174,824)

224,073

Net loss for the period 

 -

 -

-

-

(17,375)

(17,375)

Foreign currency translation difference

 -

 -

-

202

-

202

**March 31, 2014**

** **24,785,000

** 4,957**

** 403,243**

**(9,101)**

**(192,199)**

**206,900**

6

GLOBALINK, LTD.

Condensed Consolidated Statement of Cash Flows

(Expressed in U.S. Dollars)

(Unaudited)

 

** Three Months Ended March 31, 2014**

** **Three Months Ended March 31, 2013

 

**$**

$

 

**Cash provided by (used in):**

**Operating activities**

Net income (loss) for the period

**(17,375)**

4,327

Non-cash item:

Depreciation

**-**

89

Changes in non-cash working capital:

Decrease in accounts receivable

**26,867**

7,712

Decrease in other current assets

**4,434**

85

Decrease in accounts payable and accrued liabilities

**(122,067)**

(41,011)

Increase in other current liabilities

**3,190**

17,523

**Total cash used in operating activities**

**(104,951)**

(11,275)

**Financing activities**

Advances from shareholders

**402,226**

382

**Total cash provided by financing activities**

**402,226**

382

**Increase (decrease) in cash and cash equivalents**

**297,275**

(10,893)

Effect of exchange rate changes on balance of cash held in foreign currencies

**(13,392)**

(17,455)

**Cash and cash equivalents, beginning of the period**

**426,088**

446,846

**Cash and cash equivalents, end of the period**

**709,971**

418,498

**Supplemental Information on Cash Flows**

Income taxes paid

**-**

-

Interest paid

-

-

See accompanying notes to unaudited condensed financial statements.

7

GLOBALINK LTD.

Notes to Condensed Consolidated Financial Statements

March 31, 2014

(Expressed in U.S. Dollars)

(Unaudited)

1.

NATURE OF OPERATIONS

Globalink, Ltd. (the “Company”) was incorporated in the State of Nevada on February 3, 2006. The Company has focused its efforts on internet hotel booking services and 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 hotels, the Company acquired OneWorld Hotel Destination Service Inc. (“OneWorld” or the “Subsidiary”) in Vancouver, British Columbia, Canada on October 31, 2008. OneWorld is a hotel booking company which has established relationships with major hotel chains. Since the acquisition, OneWorld became a wholly-owned subsidiary of the Company.

2.

SIGNIFICANT ACCOUNTING POLICIES

*Statement of presentation and consolidation*

These unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission, including Form 10-Q and Regulation S-K. Certain information and footnote disclosures normally present in annual financial statements have been omitted pursuant to such rules and regulations. The Company believes that the disclosures provided are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and explanatory notes for the year ended December 31, 2013 as disclosed in the Company’s  Form 10-K as filed with the Securities and Exchange Commission.

The condensed consolidated financial statements include the financial statements of the Company and its subsidiary. All inter-company transactions and balances between the Company and its subsidiary have been eliminated upon consolidation.

The Subsidiary is consolidated from the date on which control is transferred to the Company and will cease to be consolidated from the date on which control is transferred out of the Company.

Certain comparative figures have been reclassified to conform to the current period’s presentation.

8

*Continuance of operation*

These consolidated financial statements prepared in conformity with US GAAP contemplate continuation of the Company as a going concern. As of March 31, 2014, the Company has an accumulated deficit of $192,199 since inception and a working capital deficiency of $72,346. Its ability to continue as a going concern depends upon whether it develops profitable operations and continues to raise adequate financing.  However, management believes that the Company has sufficient working capital to meet its projected minimum financial obligations for the next fiscal year. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

*Use of estimates*

The preparation of consolidated financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities and provisions, income and expenses and the disclosure of contingent assets and liabilities at the date of these financial statements.  Estimates are used for, but not limited to, the selection of the useful lives of fixed assets, provision necessary for contingent liabilities, allowance for doubtful debt associated with accounts receivable, fair values, revenue recognition, and taxes. Management believes that the estimates utilized in preparing its consolidated financial statements are reasonable and prudent. Actual results may differ from these estimates.  

*Foreign currency translation*

The Company’s financial information is presented in the United States dollar (“US dollar”). The functional currency of the Company is the US dollar. The functional currency of the Company’s Subsidiary is the Canadian dollar (“CAD”). Transactions by the Company’s subsidiary which are denominated in currencies other than CAD are remeasured into CAD at the exchange rate prevailing at the date of the transactions. Exchange gains and losses resulting from transactions denominated in a currency other than CAD are included in the consolidated statements of comprehensive income as exchange gain or loss. The financial statements of the Subsidiary are translated into US dollars in accordance with ASC830, “Foreign Currency Matters”. The financial information is first presented in CAD and then is translated into US dollars at period-end exchange rates as to assets and liabilities and average exchange rates as to revenue and expenses. Capital accounts are translated at their historical exchange rates in effect when the capital transactions occurred.

9

*Cash and cash equivalents*

Cash and cash equivalents include cash, money market investments and guaranteed investment certificates (GICs) with terms of 1 year or less.  These investments are redeemable at any time at the option of the Company without penalty.

*Accounts receivable*

Trade receivables are carried at the 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.

*Fixed assets*

Fixed assets are recorded at cost less accumulated depreciation. Depreciation is computed using the declining balance method, other than leasehold improvements which is computed using the straight-line method over the lease term. Estimated rates of depreciation are as follows:

Computer equipment

30% declining balance

Computer equipment

45% declining balance

Furniture

20% declining balance

Leasehold improvements

5 years, straight-line

*Fair Value*

The Company measures the fair values in accordance with accounting guidance that defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance also discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

-

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

-

Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

10

-

Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

The inputs used in the fair value measurement should be from the highest level available. In instances where the measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety.

As at March 31, 2014, the Company’s financial instruments comprised cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, other current liabilities and advances from shareholders. With the exception of cash and cash equivalents, all financial instruments held by the Company are measured at amortized cost.  The fair values of these financial instruments approximate their carrying value due to their short-term maturities.  Cash and cash equivalents are measured at Level 1 of the fair value hierarchy.

*Goodwill*

The Company recognizes goodwill in accordance with ASC805 “Business Combination”. Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, if any. The goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, goodwill of the reporting unit would be considered impaired. To measure the amount of the impairment loss, the implied fair value of a reporting unit's goodwill is compared to the carrying amount of that goodwill. If the carrying amount of a reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is indicated. The Company concluded that there were no indicators of impairment with respect to the Company's goodwill as of March 31, 2104 or December 31, 2013.

*Impairment Reviews for Long-Lived Assets*

Long-lived assets such as fixed asets and goodwill are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset.  When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets.  The Company did not recognize any impairment losses for any periods presented.

11

*Revenue Recognition*

The Company recognizes revenue once the service is rendered and all the significant risks and rewards of the service have been transferred to the customer. As a result, revenue from hotel booking services are recognized when customers check in the hotels. Amounts received from customers for services not yet rendered are included in current liabilities as unearned revenue.

In accordance with the ASC 605 “Revenue Recognition”, the Company reports its revenue as an agent, on the net amount retained, which is the amount billed to a customer less the amount paid to a hotel.

*Income Taxes*

The Company accounts for income taxes following the asset and liability method in accordance with the ASC 740 “Income Taxes.” Under such method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company applies the accounting guidance issued to address the accounting for uncertain tax positions. This guidance clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements as well as provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years that the asset is expected to be recovered or the liability settled.

*Earnings (Loss) per Common Share*

Basic earnings (loss) per share is determined by dividing earnings (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is determined by dividing earnings (loss) by the diluted weighted average shares outstanding. Diluted weighted average number of shares reflects the dilutive effect, if any, of potentially dilutive common shares, such as stock options and warrants calculated using the treasury stock method. In periods with reported net operating losses, all common stock options and warrants are deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal.

*Recent Accounting Pronouncements*

In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under the new guidance, a disposal of a component of an entity or a group of components of an entity is required to be 

12

reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This guidance also changes an entity’s requirements when presenting, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation. A discontinued operation may include a component of an entity, or a business or nonprofit activity. The guidance is effective interim and annual reporting periods beginning after December 15, 2014. The adoption of the new requirements is not expected to have a material impact on the consolidated earnings, financial position or cash flows of the Company.

3. 

OTHER CURRENT ASSETS 

The items comprising the Company’s other current assets are summarized below:

 

**March 31,**

**2014**

December 31,

2013

 

**$**

$

Deposits to hotels 

**24,893**

24,476

Other deposits to suppliers

**3,969**

4,038

Credit card receivable

**-**

4,782

Total other current assets

**28,862**

33,296

4. 

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 

Accounts payable and accrued liabilities mainly consist of trade payables to hotels and travel service suppliers.

5. 

OTHER CURRENT LIABILITIES 

The items comprising the Company’s other current liabilities are summarized below:

 

**March 31,**

**2014**

December 31,

2013

 

**$**

$

Unearned revenue

Corporate taxes payable 

**13,232**

**9,525**

9,687

9,852

Sales tax refundable

**1,982**

2,010

Total other current liabilities

**24,739**

21,549

6. 

ADVANCES FROM SHAREHOLDERS

Advances from shareholders consist of $10,000 (December 31, 2013 - $10,000) of share subscription received from an investor in fiscal 2012 and $64,523 (December 31, 2103 - $62,297) of cash contributed by three directors of the Company or expenses paid by them on behalf of the Company. These advances have no fixed term of repayment and bear no interest.

13

On February 1, 2014, the Company elected Hin Kwok Sheung and Jia Charles Yao to the board of directors.  In addition, Hin Kwok Sheung was elected to the position of chairman of the board.  Each director extended a demand loan to the Company for $200,000 with an annual interest rate of 2%.  

7. 

SHAREHOLDERS’ EQUITY

*Capital stock*

*Authorized*

- 500,000,000 of common voting shares with $0.0002 par value.

*Issued and outstanding*

As of March 31, 2014 and December 31, 2013, the Company has 24,785,000 shares issued and outstanding. There were no share issuances during the three months ended March 31, 2014.

The Company has no options or warrants outstanding as of March 31, 2014 and December 31, 2013. There were no option or warrant transactions during the three months ended March 31, 2014.

8. 

REVENUE

The Company reports its revenue as an agent on a net basis. The following table shows the gross amount the Company received from customers and the booking costs during the three months ended March 31, 2014 and 2013:

For the three months ended

**March 31,**

**2014**

March 31,

2013

 

**$**

$

Gross amount received

**524,539**

631,488

Costs

**459,628**

551,788

Revenue

**64,911**

79,700

9. 

SEGMENTED INFORMATION

The Company currently operates in one business segment, which is the internet hotel booking service. Accordingly, the Company does not have separately reportable segments.

14

Item 2.  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.  

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

15

- 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.

Capital and Source of Liquidity

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

For the three months ended March 31, 2014, we received $402,226 from an increase in advances from shareholders, resulting in net cash flows from financing activities of $402,226 for the period.

For the three months ended March 31, 2013, we received $382 from an increase in advances from shareholders, resulting in net cash flows from financing activities of $382 for the period.

For the three months ended March 31, 2014 and 2013, we did not pursue any investing activities.

Results of Operations

For the three months ended March 31, 2014, we earned revenues of $64,911.  We paid salaries and benefits of $48,157 and other general and administrative expenses of $34,129.  We also had a gain $202 on the exchange difference on translating foreign operation.  As a result, we had a comprehensive loss of $17,173 for the three months ended March 31, 2014.

Comparatively, for the three months ended March 31, 2013, we earned revenues of $79,700.  We paid salaries and benefits of $46,912 and other general and administrative expenses of $28,461.  We had a loss of $18,744 due to the exchange difference on translating foreign operations.  As a result, we had a comprehensive loss of $14,417 for the three months ended March 31, 2013.

The $2756 decrease in comprehensive loss between the three months ended March 31, 2014 and 2013 is due to decreased revenues and increased general and administrative expenses.  We earned 18.6% fewer revenues and total general and administrative expenses increased by 8.4%.  The primary mitigating factor that prevented our compared 

16

comprehensive loss from being greater was that we received $202 from the exchange difference on translating foreign operation during the three months ended March 31, 2014, while we had a loss of $18,744 during the three months ended March 31, 2013.  As a result of this, we only had a 16% decrease in our comprehensive loss for the three months ended March 31, 2014.

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.

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.

In order to achieve our goal, the registrant may seek additional funds.  The funds distribution to various sectors will depend on the actual funds raised and on the time needed to raise such sums.  The larger portion of the raised funds will be allocated towards marketing and promotion.   

17

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 Company had no material off-balance sheet arrangements as of March 31, 2014.

Contractual Obligations

The Company has no material contractual obligations.

New Accounting Pronouncements

The Company 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 Company.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

Not applicable for smaller reporting companies.

Item 4.  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 March 31, 2014.

18

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

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act, for the Company. 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 recognizes that there are inherent limitations in the effectiveness of any system of internal control, and accordingly, even effective internal control can provide only reasonable assurance with respect to financial statement preparation and may not prevent or detect material misstatements. In addition, effective internal control at a point in time may become ineffective in future periods because of changes in conditions or due to deterioration in the degree of compliance with our established policies and procedures.

Management has evaluated the effectiveness of our internal control over financial reporting using the criteria established in Internal Control – Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).  

The matters involving internal control over financial reporting that our management considered to be material weaknesses were:

-

Lack of segregation of duties as we have an inadequate number of personnel to properly implement control procedures.

The aforementioned material weaknesses were identified by our chief executive officer and chief financial officer in connection with the review of our consolidated financial statements as of March 31, 2014.

Management believes that the material weaknesses set forth above did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee, the inadequate accounting personnel results in ineffective oversight in the monitoring of required internal controls over financial reporting, which weaknesses could result in a material misstatement in our financial statements in future periods.

Management’s Remediation Initiatives

In an effort to remediate the identified material weaknesses and enhance our internal controls over financial reporting, the Company plans to make the necessary improvements to remediate these deficiencies.  

19

This annual report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting.  We were not required to have, nor have we, engaged our independent registered public accounting firm to perform an audit of internal control over financial reporting pursuant to the rules of the Commission that permit us 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 three months ended March 31, 2014.  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.

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PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

          

None

Item 1A.  Risk Factors

          

Not applicable for smaller reporting companies

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds. 

None

Item 3.   Defaults Upon Senior Securities. 

          

None

Item 4.   Mine Safety Disclosures

Not applicable

Item 5.   Other Information

          

None

Item 6.   Exhibits 

       Exhibit 31* - Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

       Exhibit 32* - Certifications 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

*  Filed herewith

**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.  ( Incorporated by reference to the 10-Q filed May 15, 2014.) 

21

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated:  December 2, 2014

GLOBALINK, LTD.

By: /s/ Hin Kwok Sheung 

 Hin Kwok Sheung 

Chief Executive Officer

By:  /s/Ben Choi

Ben Choi 

Chief Financial Officer

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