SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[x]     Quarterly Report Pursuant to Section 13 or 15(d) Securities Exchange Act of 1934 for Quarterly Period Ended September 30, 2011

-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)

(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):

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,

November 21, 2011:

Common Stock  -  24,785,000

2

GLOBALINK, INC.

FORM 10-Q

For the quarterly period ended September 30, 2011

INDEX

PART 1 – FINANCIAL INFORMATION

PART II – OTHER INFORMATION

3

GLOBALINK, LTD. and Subsidiary

Consolidated Balance Sheet

September 30, 2011 and December 31, 2010

(Expressed in U.S. Dollars)

Continued on next page)

4

GLOBALINK, LTD. and Subsidiary

Consolidated Balance Sheet

September 30, 2011 and December 31, 2010

(Expressed in U.S. Dollars)

(Continued from previous page)

See accompanying notes to unaudited condensed financial statements.

5

GLOBALINK, LTD. and Subsidiary

Consolidated Statements of Operations

For the three and nine months ended September 30, 2011 and 2010

(Expressed in U.S. Dollars)

See accompanying notes to unaudited condensed financial statements.

6

GLOBALINK, LTD. and Subsidiary

Consolidated Statement of Cash Flows

For the Nine Months Ended September 30, 2011 and 2010

(Expressed in U.S. Dollars)

(Continued on the next page)

7

GLOBALINK, LTD. and Subsidiary

Consolidated Statement of Cash Flows

For the Nine Months Ended September 30, 2011 and 2010

(Expressed in U.S. Dollars)

(Continued from previous page)

See accompanying notes to unaudited condensed financial statements.

8

GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(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:

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GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

   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, 2009 is $86,189 and an exchange loss of $59,351 for the year ended December 31, 2010.

   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.  

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GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in 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.

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

GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

Computer equipment acquired

  before March 24, 2004

30%, declining balance

Computer equipment acquired

  after March 23, 2004

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, 2010 is $14,983 and $42,523 for September 30, 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:

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GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

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

At December 31, 2010, an unused net operating loss carryover approximating $129,001 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, 2010 and 2009 was $1,876.  Future minimum lease payments are as follows:

Future lease payments are as follows:

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GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

7.  Supplemental Information – consolidated statements

14

GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

15

GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

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GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

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.

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GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

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

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

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:

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GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

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

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GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

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

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GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

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.

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, 2010 and the nine months ended September 30, 2011:

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.

12.  New Accounting Pronouncements

In May 2008, the Accounting Standards Codification issued 944, “Accounting for Financial Guarantee Insurance Contracts-and interpretation of Accounting Standards Codification 944”.  Accounting Standards Codification 944 clarifies how Accounting Standards Codification 944 applies to financial guarantee insurance contracts, including the recognition and measurement of premium revenue and claims liabilities.

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GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

This statement also requires expanded disclosures about financial guarantee insurance contracts. Accounting Standards Codification 944 is effective for fiscal years beginning on or after December 15, 2008, and interim periods within those years. Accounting Standards Codification 944 has no effect on the Company’s financial position, statements of operations, or cash flows at this time.

In March 2008, the Accounting Standards Codification issued 815, Disclosures about Derivative Instruments and Hedging Activities—an amendment of Accounting Standards Codification 815.  This standard requires companies to provide enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under 815 and its related interpretations, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. This Statement is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged. The Company has not yet adopted the provisions of Accounting Standards Codification 815, but does not expect it to have a material impact on its consolidated financial position, results of operations or cash flows.

In December 2007, the Accounting Standards Codification 815, Noncontrolling Interests in Consolidated Financial Statements—an amendment of Accounting Standards Codification 810.  This statement amends Accounting Standards Codification  810 to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. It clarifies that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements. Before this statement was issued, limited guidance existed for reporting noncontrolling interests. As a result, considerable diversity in practice existed. So-called minority interests were reported in the consolidated statement of financial position as liabilities or in the mezzanine section between liabilities and equity. This statement improves comparability by eliminating that diversity. This statement is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008 (that is, January 1, 2009, for entities with calendar year-ends). Earlier adoption is prohibited. The effective date of this statement is the same as that of the related Accounting Standards Codification 805 (revised 2007). The Company will adopt this Statement beginning March 1, 2009. It is not believed that this will have an impact on the Company’s consolidated financial position, results of operations or cash flows.

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GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

In December 2007, the Accounting Standards Codification, issued Accounting Standards Codification 805 (revised 2007), Business Combinations.’  This Statement establishes principles and requirements for how the acquirer: (a) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree; (b) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase; and (c) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. This statement applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. An entity may not apply it before that date. The effective date of this statement is the same as that of the related Accounting Standards Codification 810, Noncontrolling Interests in Consolidated Financial Statements.  The Company will adopt this statement beginning March 1, 2009. It is not believed that this will have an impact on the Company’s consolidated financial position, results of operations or cash flows.

In February 2007, the Accounting Standards Codification, issued Accounting Standards Codification 810, The Fair Value Option for Financial Assets and Liabilities—Including an Amendment of Accounting Standards Codification 320.  This standard permits an entity to choose to measure many financial instruments and certain other items at fair value. This option is available to all entities. Most of the provisions in Accounting Standards Codification 810 are elective; however, an amendment to Accounting Standards Codification 320 Accounting for Certain Investments in Debt and Equity Securities applies to all entities with available for sale or trading securities. Some requirements apply differently to entities that do not report net income. Accounting Standards Codification 810 is effective as of the beginning of an entities first fiscal year that begins after November 15, 2007. Early adoption is permitted as of the beginning of the previous fiscal year provided that the entity makes that choice in the first 120 days of that fiscal year and also elects to apply the provisions of ASC 810 Fair Value Measurements.  The Company will adopt Accounting Standards Codification 810 beginning March 1, 2008 and is currently evaluating the potential impact the adoption of this pronouncement will have on its consolidated financial statements.

In September 2006, the Accounting Standards Codification issued Accounting Standards Codification 820, Fair Value Measurements.  This statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements.

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GLOBALINK LTD. and Subsidiary

Notes to Financial Statements

September 30, 2011

(Expressed in U.S. Dollars)

This statement applies under other accounting pronouncements that require or permit fair value measurements, the Board having previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute. Accordingly, this statement does not require any new fair value measurements. However, for some entities, the application of this statement will change current practice. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. Earlier application is encouraged, provided that the reporting entity has not yet issued financial statements for that fiscal year, including financial statements for an interim period within that fiscal year. The Company will adopt this statement March 1, 2008, and it is not believed that this will have an impact on the Company’s consolidated financial position, results of operations or cash flows.

These new accounting pronouncements are not currently expected to have a material effect on our financial Statements, except as noted above.

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Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations

Trends and Uncertainties.  

We are pursuing financing for our operations and seeking additional investments to launch the Hotel Travel booking web site.  We will need a minimum of $500,000 over the next twelve months to continue the operation and to launch the Hotel Travel booking web site.  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.  Failure to secure such financing or to raise additional equity capital and to expand its revenue base may result in Globalink depleting our available funds and not being able to pay our obligations.  

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 post their hotel rooms in our web site.   

 - Our ability to maintain our projected 10% commission profit from the hotel suppliers.   

 - 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.  

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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.  

After acquisition of OneWorld on October 31, 2008, Globalink received significant improvement in cash position.  At September 30, 2011, Globalink & its subsidiary have $588,153 in cash on hand.

For the nine months ended September 30, 2011, Globalink did not pursue any investing activities.

For the nine months ended September 30, 2010, Globalink had a note payable for the purchase of subsidiary of $159,105.  As a result, Globalink had cash flows used in investing activities of $159,105 for the nine months ended September 30, 2010.

For the nine months ended September 30, 2011, Globalink had an increase in advances from shareholders of $27,540, resulting in cash flows provided by financing activities of $27,540.

For the nine months ended September 30, 2010, Globalink had a decrease in advances from shareholders of $19,003 resulting in cash flows used in financing activities of $19,003.

Results of Operations

For the three months ended September 30, 2011, Globalink received revenues of $228,213.  Expenses consisted of wages and salaries of $105,882 and other administrative expenses of $60,935.  We also had other expenses of $54,880.  This resulted in net income of $6,516 for the three months ended September 30, 2011.  

Comparatively, for the three months ended September 30, 2010, Globalink received revenues of $104,057.  The expenses of $105,253 consisted mainly of wages and salaries of $52,976.  Other administrative expenses cost $52,277.  We also had other income of 55,476.  As a result, Globalink had a net income of $54,280 for the three months ended September 30, 2010.

For the nine months ended September 30, 2011, Globalink received revenues of $370,859.  Expenses consisted of wages and salaries of $218,708 and other administrative expenses of $126,090.  Additionally, Globalink had other expenses of $61,122 resulting in net loss of $35,061 for the nine months ended September 30, 2011.  

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Comparatively, for the nine months ended September 30, 2010, Globalink received revenues of $259,714. The expenses of $251,427 consisted mainly of wages and salaries of $147,925 and other administrative expenses of $103,502.  Additionally, Globalink had other income of $43,335 resulting in net income of $51,622 for the nine months ended September 30, 2010.

Hotel booking web site. The initial structure and preliminary functions of the Hotel Booking Web sites are done. We will launch the hotel web site in two stages.

The first stage of the web site to launch will be the booking functions for the existing customers of OneWorld.  We believe the on-line booking will help the OneWorld sales increase significantly because they can capture new sales without the time zone difference in a short period of time.  We also accept and welcome the comments and suggestion from the existing users (customers) about the web site. These suggestions will help us to improve our web site to be more user-friendly and easy to use.

By the end of this year, we intend to launch the final product, Hotel Booking Web site for consumers in general.

Off-Balance Sheet Arrangements

Globalink had no material off-balance sheet arrangements as of September 30, 2011.

Contractual Obligations

Globalink has no material contractual obligations.

New Accounting Pronouncements

In May 2008, the Accounting Standards Codification issued 944, “Accounting for Financial Guarantee Insurance Contracts-and interpretation of Accounting Standards Codification 944”.  Accounting Standards Codification 944 clarifies how Accounting Standards Codification 944 applies to financial guarantee insurance contracts, including the recognition and measurement of premium revenue and claims liabilities. This statement also requires expanded disclosures about financial guarantee insurance contracts. Accounting Standards Codification 944 is effective for fiscal years beginning on or after December 15, 2008, and interim periods within those years. Accounting Standards Codification 944 has no effect on Globalink’s financial position, statements of operations, or cash flows at this time.

27

In March 2008, the Accounting Standards Codification issued 815, Disclosures about Derivative Instruments and Hedging Activities—an amendment of Accounting Standards Codification 815.  This standard requires companies to provide enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under 815 and its related interpretations, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows.  This Statement is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged.  Globalink has not yet adopted the provisions of Accounting Standards Codification 815, but does not expect it to have a material impact on its consolidated financial position, results of operations or cash flows.

In December 2007, the Accounting Standards Codification 815, Noncontrolling Interests in Consolidated Financial Statements—an amendment of Accounting Standards Codification 810.  This statement amends Accounting Standards Codification 810 to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary.  It clarifies that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements.  Before this statement was issued, limited guidance existed for reporting noncontrolling interests.  As a result, considerable diversity in practice existed.  So-called minority interests were reported in the consolidated statement of financial position as liabilities or in the mezzanine section between liabilities and equity.  This statement improves comparability by eliminating that diversity.  This statement is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008 (that is, January 1, 2009, for entities with calendar year-ends). Earlier adoption is prohibited. The effective date of this statement is the same as that of the related Accounting Standards Codification 805 (revised 2007).  Globalink will adopt this Statement beginning March 1, 2009.  It is not believed that this will have an impact on Globalink’s consolidated financial position, results of operations or cash flows.

In December 2007, the Accounting Standards Codification, issued Accounting Standards Codification 805 (revised 2007), Business Combinations.’  This Statement establishes principles and requirements for how the acquirer: (a) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree; (b) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase; and (c) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination.  

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This statement applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008.  An entity may not apply it before that date. The effective date of this statement is the same as that of the related Accounting Standards Codification 810, Noncontrolling Interests in Consolidated Financial Statements.  Globalink will adopt this statement beginning March 1, 2009. It is not believed that this will have an impact on Globalink’s consolidated financial position, results of operations or cash flows.

In February 2007, the Accounting Standards Codification, issued Accounting Standards Codification 810, The Fair Value Option for Financial Assets and Liabilities—Including an Amendment of Accounting Standards Codification 320.  This standard permits an entity to choose to measure many financial instruments and certain other items at fair value.  This option is available to all entities. Most of the provisions in Accounting Standards Codification 810 are elective; however, an amendment to Accounting Standards Codification 320 Accounting for Certain Investments in Debt and Equity Securities applies to all entities with available for sale or trading securities. Some requirements apply differently to entities that do not report net income.  Accounting Standards Codification 810 is effective as of the beginning of an entities first fiscal year that begins after November 15, 2007.  Early adoption is permitted as of the beginning of the previous fiscal year provided that the entity makes that choice in the first 120 days of that fiscal year and also elects to apply the provisions of ASC 810 Fair Value Measurements.  The Company will adopt Accounting Standards Codification 810 beginning March 1, 2008 and is currently evaluating the potential impact the adoption of this pronouncement will have on its consolidated financial statements.

In September 2006, the Accounting Standards Codification issued Accounting Standards Codification 820, Fair Value Measurements.  This statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements.  This statement applies under other accounting pronouncements that require or permit fair value measurements, the Board having previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute.  Accordingly, this statement does not require any new fair value measurements.  However, for some entities, the application of this statement will change current practice.  This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. Earlier application is encouraged, provided that the reporting entity has not yet issued financial statements for that fiscal year, including financial statements for an interim period within that fiscal year. Globalink will adopt this statement March 1, 2008, and it is not believed that this will have an impact on Globalink’s consolidated financial position, results of operations or cash flows.

These new accounting pronouncements are not currently expected to have a material effect on our financial Statements, except as noted above.

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Item 3.  Quantitative and Qualitative Disclosures about Market Risk

Not applicable for smaller reporting companies.

Item 4.  Controls and Procedures

During the three months ended June 30, 2011, there were no changes in our internal controls over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of June 30, 2011.  

During the edgarization process, the incorrect footnotes to the financial statements were inserted into the Form 10-Qs recently filed for the quarters ended June 30, 2010 and September 30, 2010.  As a result, the registrant implemented new review procedures to ensure the accuracy in the required filings.

Based on this evaluation, our chief executive officer and chief principal financial officers have concluded such controls and procedures were not effective as of June 30, 2011 to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms and to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

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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.

Item 3.   Defaults Upon Senior Securities.

          None

Item 4.   Removed and Reserved

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.

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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:  November 21, 2011

GLOBALINK, LTD.

By: /s/Robin Young

Robin Young

Chief Executive Officer

By:  /s/Ben Choi

Ben Choi

Chief Financial Officer

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