Greenlit Ventures Inc., formerly known as MS Young Adventure Enterprise, Inc., reported a significant increase in net losses for the fiscal year ending December 31, 2024, amounting to $227,487, compared to a loss of $63,589 in the previous year. This represents a 258% increase in net loss, primarily attributed to rising professional fees, including $175,000 in stock-based compensation related to the issuance of 3,500,000 shares of common stock to the company's director. Operating expenses surged to $215,441, up from $57,272 in 2023, reflecting a 276% increase.
The company's financial position has deteriorated, with current liabilities rising from $13,631 in 2023 to $25,625 in 2024, marking an 88% increase. Greenlit Ventures reported no cash or current assets as of December 31, 2024, leading to a working capital deficiency of $25,625, compared to a deficiency of $13,631 the previous year. The accumulated deficit has now reached $723,160, raising concerns about the company's ability to continue as a going concern without generating revenue or securing additional financing.
In terms of strategic developments, Greenlit Ventures has expanded its business model to include the encryption industry, launching two products: ForceShield Mail, a secure email service, and ForceShield VPN, an encrypted VPN service. These products aim to address the growing demand for digital privacy solutions. However, the company continues to face challenges in customer acquisition and effective marketing strategies, which are critical for its success in this competitive landscape.
As of March 26, 2025, Greenlit Ventures has 4,082,479 shares of common stock outstanding, with a market value of approximately $376,923 based on a $1.00 average bid price. The company currently has one employee, Fu Yong Nan, who serves as the CEO and CFO. The management has acknowledged the need for additional funding to support operations and has expressed uncertainty regarding its ability to secure sufficient capital in the future.
Looking ahead, Greenlit Ventures remains focused on its strategic initiatives in the encryption sector while grappling with the financial challenges that threaten its viability. The management's forward-looking statements indicate a reliance on the successful implementation of its business strategies and the ability to generate revenue from its new product offerings to ensure the company's sustainability.
About GREENLIT VENTURES INC.
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