Greenland Mines Ltd
For the period ended Mar 31, 2025. Filed May 15, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 15, 2025
GRML$3.84+7.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-19.
0001213900-24-100218
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0001213900-25-043529
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 39 previous paragraphs and 37 current paragraphs.
28 unchanged; 9 reworded; 0 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (2)
Previous report
Our operating expenses for the nine months ended September 30, 2024 were $3,688,584 compared to $520,589 for the nine months ended September 30, 2023, an increase of $3,167,995. The increase was primarily due to increased share-based compensation expense as well as expenses associated with our business combination including increases in third party consulting fees and professional fees.
Previous report
For the nine months ended September 30, 2024, we incurred a net loss of $4,083,109 compared to a net loss of $580,983 for the nine month period ended September 30, 2023, an increase of $3,502,126. The increase in net loss was primarily due to increased stock-based compensation expense as well as expenses associated with preparing for our business combination including increases in third party consulting fees and professional fees.
Reworded paragraphs (9)
Previous wording
Results of Operations for the Three and Nine Months Ended September 30, 2024 Compared to the Three and Nine Months Ended September 30, 2023
Current wording
Results of Operations for the Three and Three Months Ended March 31, 2025 Compared to the Three and Three Months Ended March 31, 2024
Previous wording
The Company had no revenue for the nine months ended September 30, 2024 and September 30, 2023.
Current wording
The Company had no revenue for the Three Months ended March 31, 2025 and 2024.
Previous wording
Our operating expenses for the three months ended September 30, 2024 were $2,870,932 compared to $123,737 for the three months ended September 30, 2023, an increase of $2,747,195. The increase was primarily due to increased share-based compensation expense.
Current wording
Our operating expenses for the three months ended March 31, 2025 were $1,586,968 compared to $672,045 for the three months ended March 31, 2024, an increase of $914,923. The increase was primarily due to increase in professional fees, general and administrative, and share-based compensation expense.
Previous wording
For the three months ended September 30, 2024, we incurred a net loss of $2,959,426 compared to a net loss of $144,111 for the three month period ended September 30, 2023. The increase in net loss was primarily due to increased share-based compensation expense.
Current wording
For the three months ended March 31, 2025, we incurred a net loss of $2,233,982 compared to a net loss of $672,044 for the three month period ended March 31, 2024. The increase in net loss was primarily due to increased share-based compensation expense as well as professional fees and general operating expenses.
Previous wording
Net cash used in operating activities for the nine months ended September 30, 2024 was $2,002,358, compared to $247,406, for the nine months ended September 30, 2023, an increase of approximately $1,755,000. The significant increase in cash used in operating activities is primarily attributable to increases in expenses related to the business combination and continued operating costs. We expect net cash used in operating activities to increase in the coming periods, until our products are able to produce meaningful revenue.
Current wording
Net cash used in operating activities for the Three Months ended March 31, 2025 was $1,553,747, compared to $21,976, for the Three Months ended March 31, 2024, an increase of approximately $1,532,000. The significant increase in cash used in operating activities is primarily attributable to increases in expenses related to the business combination and continued operating costs. We expect net cash used in operating activities to increase in the coming periods, until our products are able to produce meaningful revenue.
Previous wording
Net cash used in investing activities for the nine months ended September 30, 2024 was $123,497, compared to $76,325 for the nine months ended September 30, 2023, an increase of approximately $47,000. The increase in cash used in investing activities is primarily attributable to licensing payments made in the period.
Current wording
Net cash used in investing activities for the Three Months ended March 31, 2025 was $0, compared to $123,496 for the Three Months ended March 31, 2024, a decrease of $123,496. The decrease in cash used in investing activities is attributable to the Company not purchasing any new licenses during the period.
Previous wording
Net cash provided by financing activities for the nine months ended September 30, 2024 was $2,173,942, which consisted of investments, proceeds from the business combination, as well as proceeds from related parties. For the nine months ended September 30, 2023, net cash provided by financing activities was $250,000, from repayment of an advance to a shareholder.
Current wording
Net cash provided by financing activities for the Three Months ended March 31, 2025 was $2,055,875, which consisted of investments, proceeds from the business combination, as well as proceeds from related parties, an increase of approximately $1,881,000.
Previous wording
As of September 30, 2024, the Company had cash of $50,895 and net working capital of ($827,783).
Current wording
As of March 31, 2025, the Company had cash of $565,869 and net working capital of ($1,649,874).
Previous wording
The accompanying consolidated financial statements have been prepared as if the Company will continue as a going concern. The Company has incurred significant operating losses and negative cash flows from operations since inception. As of September 30, 2024, the Company had cash of approximately $51,000 and an accumulated deficit of approximately $8.5 million. The Company has incurred recurring losses, has experienced recurring negative operating cash flows, and requires significant cash resources to execute its business plans. The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities in order to continue to execute its development plans and continue operations. Without additional funding, there is substantial doubt about the Company’s ability to continue as a going concern for twelve months from the date of these financial statements.
Current wording
The accompanying condensed consolidated financial statements have been prepared as if the Company will continue as a going concern. The Company has incurred significant operating losses and negative cash flows from operations since inception. As of March 31, 2025, the Company had cash of approximately $566,000 and an accumulated deficit of approximately $12.8 million. The Company has incurred recurring losses, has experienced recurring negative operating cash flows, and requires significant cash resources to execute its business plans. The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities in order to continue to execute its development plans and continue operations. Without additional funding, there is substantial doubt about the Company’s ability to continue as a going concern for twelve months from the date of these financial statements.