Business
Greenlite Ventures, dba Game Time Productions, Reports Financial Results for Year End March 31, 2023
Greenlite Ventures, dba Game Time Productions, Reports Financial Results for Year End March 31, 2023.
About this update from Greenlite Ventures, Inc.
[{"type":"text","content":"\n BOCA RATON, Fla., July 12, 2023 (GLOBE NEWSWIRE) -- via IBN -- Greenlite Ventures, Inc (OTC: \"GRNL\") reported results for the year ended March 31, 2023. The Company reported an operating loss of $8,294,982 ($0.38 per share) for the year ended March 31, 2023, compared to a net loss of $10,058 ($0.00 per share) for the year ended March 31, 2022. The year ended March 31, 2023 contains one-time, non-recurring expenses primarily dealing with non-cash stock-based related charges as well as extinguishment of debt. For this reason, the Company believes that a non-GAAP presentation of its operating loss for 2022 will be beneficial to investors for them to be able to obtain a better understanding of the Company's operating results and progress for the current year.  The following is a brief description of these non-recurring items: 2022 Items Include: A non-cash charge of $7,695,000 related to the issuance of stock based compensationA charge of $502,074 for the extinguishment of debt Excluding these items, the Company's adjusted net loss from operations, which is a non-GAAP measure, amounted to $97,908 for the year ended March 31, 2023. Adam Pennington, GRNL CEO, stated, \"We made significant progress during 2022, which includes key milestones and events that have laid the foundation for future growth at the Company.\" These items include: November 4, 2022----Current management finalized purchase of control block of GRNLFebruary 22, 2023----GRNL finalized purchase of Artinian LLC dba Game Time Watches and Bands giving Company active License Agreements with NFL, NHL, MLB, NASCAR, WWE, and many more iconic names and brands. This purchase enabled the Company to have its shell designation removed on March 29, 2023.May 5, 2023----GRNL signed Agreement with noted author/investor Charles Mizrahi to develop a series of podcasts featuring top executives as well as up-and-coming business leaders. May 23, 2023----GRNL signed exclusive Consulting Agreement with simulated altitude pioneer Dave Vincent to lead GRNL's entry into the altitude training market as well as other related businesses. June 16, 2023----GRNL finalized 3 targeted acquisitions giving the Company entry into simulated altitude training, atmospheric water genera...