Greenlit Ventures Inc. (formerly Ms Young Adventure Enterprise, Inc.) reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The company experienced a notable increase in total liabilities, which rose to $180.4 million from $154.1 million as of December 31, 2023. Current liabilities also increased to $22.7 million, up from $13.6 million, primarily due to higher accrued interest.
The company’s accumulated deficit expanded to $(714.6 million) from $(495.7 million) during the same period. Total stockholders’ deficit increased to $(180.4 million) compared to $(154.1 million) at the end of the previous fiscal year. The number of common shares issued and outstanding surged to 4,082,479 from 229,579, reflecting a significant change in capital structure.
For the three months ended September 30, 2024, Greenlit Ventures reported a net loss of $(7.1 million), a decrease from $(11.6 million) in the same quarter of 2023, indicating a 39% improvement. Operating expenses for this quarter were $4.0 million, down 58% from $9.4 million year-over-year. However, for the nine months ended September 30, 2024, the net loss ballooned to $(218.9 million), a substantial increase from $(49.4 million) in the prior year, attributed to rising professional fees and stock-based compensation of $175,000.
Operating expenses for the nine-month period also surged to $210.1 million from $45.7 million, marking a 360% increase. The company noted that stock-based compensation was a significant factor in the increased expenses, with 3.5 million shares issued to a director for services.
Greenlit Ventures has shifted its business focus towards the encryption industry, launching products such as ForceShield Mail and ForceShield VPN in late 2021. The company underwent a name change effective February 1, 2024, and its trading symbol changed to "GLVT."
The financial statements indicate that the company has not engaged in any investing or financing activities during the nine months ended September 30, 2024, and 2023. Additionally, the company reported no off-balance sheet arrangements that materially affect its financial condition. However, management acknowledged deficiencies in disclosure controls and procedures, which were not effective as of the reporting period's end.
About MS YOUNG ADVENTURE ENTERPRISE, INC.
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