Greenlit Ventures Inc., a Delaware-based consulting services company, has released its Form 10-Q report for the second quarter of 2024. The company, which has recently transitioned into the encryption industry, provides an overview of its financial performance and operational highlights for the period ending June 30, 2024.
Financial Highlights
- Net Loss: The company reported a net loss of $211,764 for the six months ended June 30, 2024, compared to a net loss of $37,757 during the same period in 2023. The increase in net loss was primarily due to higher professional fees, including stock-based compensation of $175,000, and increased note interest.
- Net Loss Per Share (Basic and Diluted): The net loss per share for the six months ended June 30, 2024, was $(0.08), compared to $(0.01) for the same period in 2023. This reflects the increased net loss and changes in the weighted average number of shares outstanding.
Business Highlights
- Company Overview: Greenlit Ventures Inc., formerly known as Ms Young Adventure Enterprise, Inc., AllyMe Holding Inc, and Rain Sound Acquisition Corporation, is a consulting services company incorporated in Delaware. The company has undergone several name changes and management shifts, with the latest change to Greenlit Ventures Inc. effective February 1, 2024.
- Business Model Transition: The company has transitioned from a marketing and management consulting firm focusing on advisory services for Asian companies to entering the encryption industry. This shift includes the development of digital privacy solutions such as ForceShield Mail and ForceShield VPN.
- New Product Launches: In November 2021, Greenlit Ventures launched 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.
- Operational Challenges: The company has faced challenges in generating significant revenue since its inception, with an accumulated deficit of $707,437 as of June 30, 2024. This raises concerns about its ability to continue as a going concern without additional financing or improved cash flow from operations.
- Management Changes: Significant management changes occurred on March 10, 2021, when Chunxia Jiang sold his shares to Pearl Digital International, Limited, and Mr. Fu Yong Nan was appointed as CEO, CFO, Secretary, and sole Director.
- Future Outlook: Management is focused on obtaining additional funding and implementing strategic plans to ensure the company's continuation as a going concern. However, there are no assurances that additional funds will be available or on favorable terms.
SEC Filing: