GreenLit Ventures Inc. Q3 2024 10-Q Filed

TL;DR

GreenLit Ventures Q3 10-Q: Low cash, high convertible notes. Watch closely.

AI Summary

GreenLit Ventures Inc. filed its 10-Q for the period ending September 30, 2024. The company reported minimal cash on hand and a significant amount of convertible notes payable. Specific financial figures for revenue, net income, and cash flow are not detailed in this excerpt, but the filing indicates a fiscal year end of December 31.

Why It Matters

This filing provides insight into GreenLit Ventures' financial health and obligations as of Q3 2024, which is crucial for investors assessing the company's stability and future prospects.

Risk Assessment

Risk Level: high — The excerpt suggests a company with potentially limited liquidity and significant debt obligations, indicating a higher risk profile.

Key Numbers

• $0.0001 — Cash on hand (As of September 30, 2024, indicating very low liquidity.)
• $20.0M — Convertible Notes Payable (As of September 30, 2024, a significant liability.)
• $100.0M — Convertible Notes Payable (As of December 31, 2023, showing a decrease in this liability.)

Key Players & Entities

• GREENLIT VENTURES INC. (company) — Filer
• 0001693687 (company) — Central Index Key
• 814679061 (company) — IRS Number
• DE (company) — State of Incorporation
• 20240930 (date) — Reporting Period End Date
• 20241028 (date) — Filing Date
• 0.0001 (dollar_amount) — Cash on hand
• 20000000 (dollar_amount) — Convertible Notes Payable (2024-09-30)
• 100000000 (dollar_amount) — Convertible Notes Payable (2023-12-31)

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 September 30, 2024 and Decembe

Filing Documents

• msyn_10q.htm (10-Q) — 454KB
• msyn_ex311.htm (EX-31.1) — 10KB
• msyn_ex321.htm (EX-32.1) — 5KB
• 0001640334-24-001582.txt ( ) — 2042KB
• msyn-20240930.xsd (EX-101.SCH) — 23KB
• msyn-20240930_lab.xml (EX-101.LAB) — 122KB
• msyn-20240930_cal.xml (EX-101.CAL) — 19KB
• msyn-20240930_pre.xml (EX-101.PRE) — 104KB
• msyn-20240930_def.xml (EX-101.DEF) — 52KB
• msyn_10q_htm.xml (XML) — 249KB

- 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 September 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 $ 6,095 $ 5,845 Accrued interest 16,609 7,786 Total Current Liabilities 22,704 13,631 Convertible note payable, net of debt discount 157,646 140,472 Total Liabilities 180,350 154,103 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 ( 714,565 ) ( 495,673 ) Total Stockholders' Deficit ( 180,350 ) ( 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 OPERATING EXPENSES Professional fees $ 3,976 $ 9,369 $ 35,069 $ 45,695 Professional fees - related party - - 175,000 - Total Operating Expenses 3,976 9,369 210,069 45,695 OTHER EXPENSE Interest expense ( 3,152 ) ( 2,280 ) ( 8,823 ) ( 3,711 ) ( 3,152 ) ( 2,280 ) ( 8,823 ) ( 3,711 ) NET LOSS $ ( 7,128 ) $ ( 11,649 ) $ ( 218,892 ) $ ( 49,406 ) NET LOSS PER SHARE: BASIC AND DILUTED $ ( 0.00 ) $ ( 0.00 ) $ ( 0.07 ) $ ( 0.01 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED 4,082,479 6,731,667 3,036,704 6,731,667 The accompanying notes are an integral part of these unaudited

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 nine ended September 30, 2024 and 2023. Three months ended September 30, 2024 compared to three months ended September 30, 2023 Three Months Ended September 30, Changes 2024 2023 Amount % Operating Expenses $ (3,976 ) $ (9,369 ) $ 5,393 (58 )% Other Expense (3,152 ) (2,280 ) (872 ) 38 % Net Lo

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View this 10-Q filing on SEC EDGAR