GreenLit Ventures Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>GreenLit Ventures Inc. has filed its annual 10-K report for fiscal year 2023, detailing financial instruments and past corporate name changes.</b>

AI Summary

GREENLIT VENTURES INC. (GLVT) filed a Annual Report (10-K) with the SEC on March 8, 2024. GreenLit Ventures Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company was formerly known as MS YOUNG ADVENTURE ENTERPRISE, INC., AllyMe Holding Inc., and Rain Sound Acquisition Corp. The filing details convertible notes payable and promissory notes. Specific dates related to convertible notes and promissory notes are mentioned, including July 9, 2023, and various dates in 2022 and 2023. The company's business address is located in Luohu, Shenzhen.

Why It Matters

For investors and stakeholders tracking GREENLIT VENTURES INC., this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial performance and structure for the fiscal year 2023, which is crucial for investors to assess its current standing and future prospects. Information on convertible notes and promissory notes is significant as it outlines potential future dilution or debt obligations that could impact shareholder value.

Risk Assessment

Risk Level: medium — GREENLIT VENTURES INC. shows moderate risk based on this filing. The filing is a 10-K, which is a standard annual report, but the limited specific financial details provided in the header suggest a need for deeper analysis of the full document to understand the company's financial health and operational status.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion and analysis, and risk factors to gain a comprehensive understanding of GreenLit Ventures Inc.'s business and financial position.

Financial Highlights

revenue

6731667

total Assets

100000000

net Income

6731667

eps

0.0001

revenue Growth

0.0

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-08 — Filing Date (As of date)
• 000-55738 — SEC File Number (SEC file number)
• 2019-08-26 — Date of Name Change (Former company name change date)

Key Players & Entities

• GREENLIT VENTURES INC. (company) — Filer name
• MS YOUNG ADVENTURE ENTERPRISE, INC. (company) — Former company name
• AllyMe Holding Inc. (company) — Former company name
• Rain Sound Acquisition Corp (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-08 (date) — Filing date
• Luohu, Shenzhen (location) — Business address city and state

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-08: Filing Date — Date the 10-K was officially filed with the SEC.
• 2019-08-26: Name Change — Date GreenLit Ventures Inc. changed from MS YOUNG ADVENTURE ENTERPRISE, INC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview for GreenLit Ventures Inc.)

Convertible Notes Payable

Debt that can be converted into equity under certain conditions. (Indicates potential future share dilution or debt obligations for GreenLit Ventures Inc.)

Key Financial Figures

• $0.0001 M — ch registered Common Stock, par value $0.0001 MSYND n/a Indicate by check mark if th
• $6.8707 — June 30, 2023, was $ 165,055 based on a $6.8707 average bid and asked price of such com
• $495,673 — ses, and have an accumulated deficit of $495,673 as of December 31, 2023. The continuati
• $63,589 — 15 % The Company incurred net loss of $63,589 during the year ended December 31, 2023
• $55,452 — ended December 31, 2023 as compared to $55,452 during the year ended December 31, 2022
• $54,044 — 022. Operating expenses increased from $54,044 during the year ended December 31, 2022
• $57,272 — ing the year ended December 31, 2022 to $57,272 during the year ended December 31, 2023
• $90,514 — Our current liabilities decreased from $90,514 as of December 31, 2022 to $13,631 as o
• $13,631 — from $90,514 as of December 31, 2022 to $13,631 as of December 31, 2023 mainly due to t
• $119,526 — ities) at aggregate principal amount of $119,526. 10 Table of Contents As at Decemb
• $0 — t cash used in operating activities was $0 compared to $0 used during the year end
• $57,273 — unts payable and accrued liabilities of $57,273 and an increase in accrued interest of
• $6,316 — and an increase in accrued interest of $6,316. Cash flows used in operating activiti
• $54,043 — unts payable and accrued liabilities of $54,043 and an increase in accrued interest of
• $1,409 — and an increase in accrued interest of $1,409. Off Balance Sheet Arrangements We d

Filing Documents

• msyn_10k.htm (10-K) — 444KB
• msyn_ex311.htm (EX-31.1) — 10KB
• msyn_ex321.htm (EX-32.1) — 4KB
• 0001640334-24-000368.txt (&nbsp;) — 2033KB
• msynd-20231231.xsd (EX-101.SCH) — 22KB
• msynd-20231231_lab.xml (EX-101.LAB) — 126KB
• msynd-20231231_cal.xml (EX-101.CAL) — 21KB
• msynd-20231231_pre.xml (EX-101.PRE) — 106KB
• msynd-20231231_def.xml (EX-101.DEF) — 44KB
• msyn_10k_htm.xml (XML) — 218KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 6 ITEM 1B. UNRESOLVED STAFF COMMENTS 6 ITEM 2.

PROPERTIES

PROPERTIES 6 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 6 ITEM 4. MINE SAFETY DISCLOSURES 6 PART II ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 7 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 7 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION 7 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 11 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA F-1 ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS AND FINANCIAL DISCLOSURE 12 ITEM 9A

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 12 ITEM 9B. OTHER INFORMATION 13 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 14 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 15 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 15 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 15 ITEM 14 PRINCIPAL ACCOUNTING FEES AND SERVICES 16 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 17

SIGNATURES

SIGNATURES 18 2 Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (the "Report"), including "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 7 contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and the future results of Greenlit Ventures Inc. and its consolidated subsidiaries (the "Company") that are based on management's current expectations, estimates, projections and assumptions about the Company's business. Words such as "expects," "anticipates," "intends," "plans," "believes," "sees," "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including, but not limited to, those discussed in, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 7 and elsewhere in this Report as well as those discussed from time to time in the Company's other Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions. Such forward-looking statements speak only as of the date of this Report or, in the case of any document incorporated by reference, the date of that document, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this Report. If we update or correct one or more forward-looking statements, investors and others should not conclude that we will make additional updates or corrections with respect to other forward-looking statements. 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Background Corporate History and General Information Greenlit Ventures Inc. (formerly "MS Young Adventure Enterprise, Inc", "AllyMe Holding Inc," and "Rain Sound Acquisition Corporation") (the "Company" or "Greenlit") was incorporated on December 7, 2016 under the laws of the state of Delaware. The Company engages in consulting services. On November 13, 2017, the Company changed of the Company's name to AllyMe Holding Inc. On August 6, 2019, the Company changed the Company's name to MS Young Adventure Enterprise, Inc. On February 1, 2024, the Company changed the Company's name to Greenlit Ventures Inc. and the Company trading symbol changed to "MSYND". In May 2018, the Company implemented a change in control by electing a new officer and director and accepting the resignations of its then existing officer and director and whereby the then majority shareholder of the Company, Zilin Wang, sold his common stock shares in the Company to Chunxia Jiang. On March 10, 2021, Chunxia Jiang entered into a stock purchase agreement for the sale of 6,000,000 shares of common stock of the Company to Pearl Digital International Limited, an accredited investor, and resigned from all executive officer positions with the Company, including Chief Executive Officer and President, and as a member of the Board. Simultaneously, Mr. Fu Yong Nan was appointed as Chief Executive Officer, Chief Financial Officer, Secretary and sole Director.

Business

Business The Company is a marketing and management consulting company that provides advisory services to companies located in Asia for the purpose of facilitating the competitiveness of those companies in the international market. The Company offers a wide assortment of advisory services, ranging from business planning consulting services, mergers and acquisitions advising, and marketing services. On November 2, 2021, Greenlit reported that it has entered the encryption industry with the beta launch of Forceshield Mail, a fully-featured secure e-mail service. ForceShield Mail (www.forceshieldmail.com) employs modern end-to-end encryption methods to ensure the privacy of users' electronic communications, with an emphasis on accessibility and ease of use. The Company hopes to fill the growing demand for services that address the increasing need for Digital Privacy by developing and providing a suite of robust, easy-to-use solutions that will safeguard consumers' private information. On November 22, 2021, Greenlit also announced the beta launch of ForceShield VPN, a state-of-the-art encrypted VPN service that seeks to achieve synergy with the Company's prior product, ForceShield Mail, to provide users with robust protection against privacy intrusions and other cyber-related crimes. 4 Table of Contents Risks and Uncertainties facing the Company As an early-stage company, the Company expects to experience losses in the near term. The Company needs to generate revenue or locate additional financing in order to continue its developmental plans. There is no guarantee that the Company will be able to identify sufficient numbers of customers to generate enough revenues to continue operations. One of the biggest challenges facing the Company will be in securing adequate capital to fund to keep operation, including securing adequate capital to pay for operations and hiring service providers. Secondarily, a major challenge will be implementing effective sales and mar

RISK FACTORS

ITEM 1A. RISK FACTORS Smaller reporting companies are not required to provide the information required by this item.

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS None.

PROPERTIES

ITEM 2. PROPERTIES. As of December 31, 2023, the Company did not own or lease any properties.

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS From time to time, we may become involved in litigation relating to claims arising out of our operations in the normal course of business. We are not involved in any pending legal proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating any proceeding to which we are a party and which would reasonably be likely to have a material adverse effect on our Company. To date, our Company has never been involved in litigation, as either a party or a witness, nor has our Company been involved in any legal proceedings commenced by any regulatory agency against our Company.

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 6 Table of Contents PART II. ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY; RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES Market for Registrant's Common Equity There is currently no public market for the Company's securities. At such time as it qualifies, the Company may choose to apply for quotation of its securities on one of the OTC markets. At this time there is no liquidity for the Company's common shares. Holders As of February 26, 2024, we have issued an aggregate of 229,579 shares of our common stock to three (3) record holders. Dividends We have not paid any dividends to date and have no plans to do so in the immediate future. Recent Sales of Unregistered Securities None Purchases of Equity Securities The Company has never purchased nor does it own any equity securities of any other issuer.

SELECTED FINANCIAL DATA

ITEM 6. SELECTED FINANCIAL DATA As a "smaller reporting company", we are not required to provide the information required by this Item.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION This Management's Discussion and Analysis of Financial Condition and Results of Operations contain certain forward-looking statements. Historical results may not indicate future performance. Our forward-looking statements reflect our current views about future events; are based on assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by these statements. Factors that may cause differences between actual results and those contemplated by forward-looking statements include, but are not limited to, those discussed herein. We undertake no obligation to publicly update or revise any forward-looking statements, including any changes that might result from any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Furthermore, we cannot guarantee future results, events, levels of activity, performance, or achievements 7 Table of Contents Basis of Presentation The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC").

Forward-Looking Statements

Forward-Looking Statements Factors that may cause differences between actual results and those contemplated by forward-looking statements and are not limited to the following: the unprecedented impact of COVID-19 pandemic on our business, customers, employees, subcontractors, consultants, service providers, stockholders, investors and other stakeholders; general market and economic conditions; our ability to acquire customers; our ability to meet the volume and service requirements of our customers; industry consolidation, including acquisitions by us or our competitors; success in developing new products; timing of our new product introductions; new product introductions by competitors; the ability of competitors to more fully leverage low-cost geographies for manufacturing or distribution; product pricing, including the impact of currency exchange rates; effectiveness of sales and marketing resources and strategies; adequate manufacturing capacity and supply of components and materials; strategic relationships with suppliers; product quality and performance; protection of our products and brand by effective use of intellectual property laws; the financial strength of our competitors; the outcome of any future litigation or commercial dispute; barriers to entry imposed by competitors with significan

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View this 10-K filing on SEC EDGAR