GreenLit Ventures Sees Massive Debt Surge

TL;DR

GreenLit Ventures' debt exploded from near zero to $100M in Q2 2024. Big changes ahead.

AI Summary

GreenLit Ventures Inc. filed its 10-Q for the period ending June 30, 2024. The company reported minimal cash and cash equivalents, with a significant increase in convertible notes payable from $0.0001 in Q1 2024 to $100,000,000 by June 30, 2024. The filing also indicates a substantial increase in total assets from $229,579 to $4,082,479.

Why It Matters

The dramatic increase in convertible notes payable suggests significant financing activity or a change in the company's capital structure, which could impact future dilution and financial obligations.

Risk Assessment

Risk Level: high — The substantial increase in convertible notes payable to $100 million represents a significant financial obligation and potential dilution risk for shareholders.

Key Numbers

• $100.0B — Convertible Notes Payable (As of June 30, 2024, a significant increase from previous periods.)
• $4.1M — Total Assets (Increased to $4,082,479 by June 30, 2024.)
• $0.2M — Total Assets (Reported as $229,579 at the start of the period.)
• $0.0001 — Convertible Notes Payable (Reported at the start of the period, indicating a substantial increase.)

Key Players & Entities

• GREENLIT VENTURES INC. (company) — Filer
• 20240630 (date) — Period of Report
• $100,000,000 (dollar_amount) — Convertible Notes Payable as of June 30, 2024
• $4,082,479 (dollar_amount) — Total Assets as of June 30, 2024
• $229,579 (dollar_amount) — Total Assets as of January 1, 2024

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 GLVT None Indicate by check mark
• $175,000 — , 2024 through March 10, 2024 valued at $175,000 . As of June 30, 2024 and December 31,
• $18,111 — 63 % The Company incurred net loss of $18,111 during the three months ended June 30,
• $11,142 — une 30, 2024 as compared to net loss of $11,142 during the three months ended June 30,
• $211,764 — 61 % The Company incurred net loss of $211,764 during the six months ended June 30, 20
• $37,757 — une 30, 2024 as compared to net loss of $37,757 during the six months ended June 30, 20

Filing Documents

• msyn_10q.htm (10-Q) — 425KB
• msyn_ex311.htm (EX-31.1) — 10KB
• msyn_ex321.htm (EX-32.2) — 4KB
• 0001640334-24-001165.txt ( ) — 1972KB
• msyn-20240630.xsd (EX-101.SCH) — 22KB
• msyn-20240630_lab.xml (EX-101.LAB) — 120KB
• msyn-20240630_cal.xml (EX-101.CAL) — 19KB
• msyn-20240630_pre.xml (EX-101.PRE) — 102KB
• msyn-20240630_def.xml (EX-101.DEF) — 51KB
• msyn_10q_htm.xml (XML) — 233KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Item 2.

Management's Discussion and Analysis of Financial Condition or Plan of Operation

Management's Discussion and Analysis of Financial Condition or Plan of Operation 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 14 Item 4.

Controls and Procedures

Controls and Procedures 14

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 15 Item 1A.

Risk Factors

Risk Factors 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15 Item 3. Defaults Upon Senior Securities 15 Item 4. Mine Safety Disclosures 15 Item 5. Other Information 15 Item 6. Exhibits 16

SIGNATURES

SIGNATURES 17 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements GREENLIT VENTURES INC. Balance Sheets June 30, 2024 December 31, 2023 (Unaudited) (Audited) ASSETS Current Assets Cash $ - $ - Total Current Assets - - TOTAL ASSETS $ - $ - LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 5,594 $ 5,845 Accrued interest 13,458 7,786 Total Current Liabilities 19,052 13,631 Convertible note payable, net of debt discount 154,170 140,472 Total Liabilities 173,222 154,103 Stockholders' Deficit Preferred stock, par value $ 0.0001 ; 20,000,000 shares authorized, none shares issued and outstanding - - Common stock, par value $ 0.0001 ; 100,000,000 shares authorized, 4,082,479 shares and 229,579 shares issued and outstanding, respectively 408 23 Additional paid-in capital 533,807 341,547 Accumulated deficit ( 707,437 ) ( 495,673 ) Total Stockholders' Deficit ( 173,222 ) ( 154,103 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ - $ - The accompanying notes are an integral part of these unaudited financial statements 3 Table of Contents GREENLIT VENTURES INC. (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 OPERATING EXPENSES Professional fees $ 15,303 $ 10,326 $ 31,093 $ 36,326 Professional fees - related party - - 175,000 - Total Operating Expenses 15,303 10,326 206,093 36,326 OTHER EXPENSE Interest expense ( 2,808 ) ( 816 ) ( 5,671 ) ( 1,431 ) ( 2,808 ) ( 816 ) ( 5,671 ) ( 1,431 ) NET LOSS $ ( 18,111 ) $ ( 11,142 ) $ ( 211,764 ) $ ( 37,757 ) NET LOSS PER SHARE: BASIC AND DILUTED $ ( 0.00 ) $ ( 0.00 ) $ ( 0.08 ) $ ( 0.01 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED 4,082,479 6,731,667 2,505,150 6,731,667 The accompanying notes are an integral part of these unaudited financial statement

Management's Discussion and Analysis of Financial Condition or Plan of Operation

Item 2. Management's Discussion and Analysis of Financial Condition or Plan of Operation

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This quarterly report contains forward-looking statements relating to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "intends", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors which may cause our or our industry's actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity or performance. You should not place undue reliance on these statements, which speak only as of the date that they were made. These cautionary statements should be considered with any written or oral forward-looking statements that we may issue in the future. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results, later events or circumstances or to reflect the occurrence of unanticipated events. In this report unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares of our capital stock. The management's discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). As used in this quarterly report, the terms "we", "us", "our", and "our company

Business

Business The Company was 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. The new management is developing a new direction and business model. We do not have any subsidiaries. We have never declared bankruptcy, been in receivership, or involved in any kind of legal proceeding. Results of Operations The following summary of our operations should be read in conjunction with our unaudited condensed financial statements for the six ended June 30, 2024 and 2023. Three months ended June 30, 2024 compared to three months ended June 30, 2023 Three Months Ended June 30, Changes 2024 2023 Amount % Operating Expenses $ (15,303 ) $ (10,326 ) $ (4,977 ) 48 % Other Expense (2,808 ) (816 ) (1,992 ) 244 % Net Loss $ (18,111 ) $ (11,142 ) $ (6,969 ) 63 % The Company incurred net loss of $18,111 during the three months ended June 30, 2024 as compared to net loss of $11,142 during the three months ended June 30, 2023. The increase in net loss was due to an increase in professional fees and note interest expense. 12 Table of Contents Six months ended June 30, 2024 compared to six months ended June 30, 2023 Six Months Ended June 30, Changes 2024 2023 Amount % Operating Expenses $ (206,093 ) $ (36,326 ) $ (169,767 ) 467 % Other Expense (5,671 ) (1,431 ) (4,240 ) 296 % Net Loss $ (211,764 ) $ (37,757 ) $ (174,007 ) 461 % The Company incurred net loss of $211,764 during the six months ended June 30, 2024 as compared to net loss of $37,757 during the six months ended June 30, 2023. The increase in net loss was due to an increase in professional fees including stock based com

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