Greater Cannabis Company, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in cash and total assets compared to the previous fiscal period. Cash decreased from $166,859 as of December 31, 2023, to $62,282, while total assets fell from $172,276 to $63,949. Current liabilities increased slightly from $833,508 to $860,874, contributing to a rise in total stockholders’ deficiency from $(661,232) to $(796,925).

For the three months ended September 30, 2024, the company reported total operating expenses of $40,443, a decrease from $50,465 in the same period of 2023. The loss from operations improved from $(50,465) in 2023 to $(40,443) in 2024. Similarly, the loss before provision for income taxes decreased from $(53,430) to $(46,165), and the net loss narrowed from $(53,430) to $(46,165).

In the nine-month period ending September 30, 2024, total operating expenses were $118,651, down from $131,337 in 2023. The loss before provision for income taxes also improved from $(141,541) to $(135,693), with the net loss decreasing from $(141,541) to $(135,693). However, net cash used in operating activities increased significantly from $(70,498) in 2023 to $(104,577) in 2024, indicating a higher cash burn rate.

The company’s cash balance at the beginning of the nine-month period was $166,859, down from $270,030 in the previous year, and ended at $62,282 compared to $199,532 in 2023. The accumulated deficiency increased from $(4,481,304) at the end of 2023 to $(4,616,997) by September 30, 2024, reflecting ongoing financial challenges.

Throughout the nine months of 2024, the Additional Paid-in Capital remained stable at $804,638,436, while the Series A Preferred Stock and Common Stock values remained unchanged. The company continues to navigate a challenging financial landscape, with strategic adjustments aimed at improving operational efficiency and reducing losses.