Greenland Mines Ltd
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 31, 2025
Contents
Cover page
Show cover page
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
ACT OF 1934
For the fiscal period ended December 31,2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
**For the transition period from to **
Commission file number:001-41340
KLOTHO NEUROSCIENCES, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 86-2727441 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
13576 Walnut Street, Suite A Omaha, NE 68144
(Address of principal executive offices) (Zip Code)
(833) 931-6330
(Registrant’s telephone number, including area code)
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | KLTO | The Nasdaq Stock Market LLC |
| Warrants | KLTOW | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☒ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No☒
The aggregate market value of the common stock, par value $0.0001 per share (“Common Stock”), held by non-affiliates of the registrant as of the last business day of the registrant’s most recently completed second fiscal quarter (June 30, 2024) was $13.6 million.
As of March 31, 2025, there were 28,510,632 shares of the registrant’s common stock, $0.0001 par value, issued and outstanding.
FORM 10-K FOR THE ANNUAL PERIODS ENDED DECEMBER 31, 2024 AND 2023
TABLE OF CONTENTS
| Page | |
|---|---|
| PART I | |
| ITEM 1. BUSINESS | 1 |
| ITEM 1A. RISK FACTORS | 24 |
| ITEM 1B. UNRESOLVED STAFF COMMENTS | 47 |
| ITEM 1C. CYBERSECURITY | 47 |
| ITEM 2. PROPERTIES | 47 |
| ITEM 3. LEGAL PROCEEDINGS | 47 |
| ITEM 4. MINE SAFETY DISCLOSURES | 47 |
| PART II | |
| ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | 48 |
| ITEM 6. [RESERVED] | 49 |
| ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 49 |
| ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 53 |
| ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | 53 |
| ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE | 53 |
| ITEM 9A. CONTROLS AND PROCEDURES | 53 |
| ITEM 9B. OTHER INFORMATION | 54 |
| ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS | 54 |
| PART III | |
| ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | 55 |
| ITEM 11. EXECUTIVE COMPENSATION | 61 |
| ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 65 |
| ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE | 66 |
| ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES | 67 |
| PART IV | |
| ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES | 69 |
| SIGNATURES | 71 |
i
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Current Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws regarding, among other things, the plans, strategies, and prospects, both business and financial, of Klotho Neurosciences, Inc. (“Klotho”, “we” or “us”). These statements are based on the beliefs and assumptions of the management of Klotho. Although Klotho believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, Klotho cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to numerous risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” or similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements contained in this Current Report on Form 10-K include, but are not limited to, statements about:
| ● | the ability of Klotho to realize the benefits from the Business Combination; |
| ● | the ability of Klotho to maintain the listing of Klotho Common Stock on Nasdaq; |
| ● | future financial performance following the Business Combination; |
| ● | public securities’ potential liquidity and trading; |
| ● | the impact from the outcome of any known and unknown litigation and other disputes; |
| ● | the ability of Klotho to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; |
| ● | expectations regarding future expenditures of Klotho; |
| ● | the future mix of revenue and effect on gross margins of Klotho; |
| ● | the attraction and retention of qualified directors, officers, employees, and key personnel of Klotho; |
| ● | the ability of Klotho to compete effectively in a competitive industry; |
| ● | expectations concerning the relationships and actions of Klotho and its affiliates with third parties; |
| ● | the short- and long-term effect of the consummation of the Business Combination on Klotho’s business relationships, operating results, and business generally; |
| ● | the impact of future regulatory, judicial, and legislative changes in Klotho’s industry; |
| ● | the ability to locate and acquire complementary products or product candidates and integrate those into Klotho’s business; |
| ● | future arrangements with, or investments in, other entities or associations; |
| ● | intense competition and competitive pressures from other companies in the industries in which Klotho operates; |
| ● | changes in domestic and global general economic and micro-economic conditions; and |
| ● | other factors detailed under the section entitled “Risk Factors” in the Proxy Statement/Prospectus. |
ii
The foregoing list of factors is not exhaustive. Any forward-looking statements are based on information available as of the date of this Current Report on Form 10-K, and current expectations, forecasts, and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
In addition, statements that Klotho “believes” and similar statements reflect its beliefs and opinions on the relevant subject. These statements are based upon information available to Klotho as of the date of this Current Report on Form 8-K, and while Klotho believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and these statements should not be read to indicate that Klotho has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
As a result of a number of known and unknown risks and uncertainties, the actual results or performance of Klotho may be materially different from those expressed or implied by any forward-looking statements. Some factors that could cause Klotho’s actual results to differ include:
| ● | the risk that the consummation of the Business Combination disrupts current plans and operations of Klotho; |
| ● | the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, the ability of Klotho to grow and manage growth profitably, maintain relationships with customers, compete within its industry and retain its key employees; |
| ● | costs related to the Business Combination; |
| ● | the possibility that Klotho may be adversely impacted by other economic, business, and/or competitive factors; |
| ● | risks related to future pandemics and other macroeconomic or geopolitical developments, and government responses thereto; |
| ● | future exchange and interest rates; |
| ● | the risk that Klotho fails to maintain an effective system of disclosure controls and internal controls over financial reporting, Klotho’s ability to produce timely and accurate financial statements or comply with applicable SEC or stock exchange regulations could be impaired; |
| ● | the ability of Klotho to remediate material weaknesses in internal controls over financial reporting identified in Klotho’s financial statements by Klotho management; and |
| ● | other risks and uncertainties indicated in the Proxy Statement/Prospectus, including those under “Risk Factors” disclosed in the Proxy Statement/Prospectus, and other filings that have been made or will be made with the SEC by Klotho. |
These and other factors that could cause actual results to differ from those implied by the forward-looking statements in this Current Report on Form 10-K are more fully described under the heading “Risk Factors” and elsewhere in the Proxy Statement/Prospectus. The risks described under the heading “Risk Factors” are not exhaustive. Other sections of the Proxy Statement/Prospectus describe additional factors that could adversely affect the business, financial condition, or results of operations of Klotho. New risk factors emerge from time to time and it is not possible to predict all such risk factors, nor can Klotho assess the impact of all such risk factors on the business of Klotho, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. This is particularly true for a company like Klotho that has a limited operating history to reference. All forward-looking statements attributable to Klotho or persons acting on their behalf are expressly qualified in their entirety by the foregoing cautionary statements.
iii
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.