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Bright Green Corporation (BGXX+6.51%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that the company has not generated any revenue during the three and nine months ended September 30, 2024, as it is still in the initial stages of building facilities for the growth, research, and distribution of medical plants.
Operating expenses for the three months ended September 30, 2024, were $1,111,924, compared to $1,811,533 for the same period in 2023. For the nine months ended September 30, 2024, operating expenses were $4,513,678, compared to $7,410,662 in 2023.
The company reported a net loss of $1,104,091 for the three months ended September 30, 2024, and a net loss of $3,497,308 for the nine months ended September 30, 2024.
Cash and cash equivalents as of September 30, 2024, were $40,366, an increase from $10,059 as of December 31, 2023. The increase was primarily due to $880,000 received from the sales of common stock through the company's EB-5 Program and a net draw on the related party line of credit.
The company has an accumulated deficit of $50,700,777 as of September 30, 2024, and a negative working capital of $6,990,799.
Bright Green Corporation's ability to continue as a going concern is dependent on its ability to execute its operating plan and obtain additional financing.
The company has developed plans to raise funds and continues to pursue sources of funding that management believes would be sufficient to support its operating plan.
The filing also details the company's efforts to expand its business to include additional plant-based medicines derived from controlled substance plants and fungi, including psilocybin and peyote cactus.
The company has applied for an additional DEA bulk manufacturing registration for these additional Schedule I and Schedule II controlled substances.
The filing includes information on stock-based compensation costs for the nine months ended September 30, 2024, which were $1,028,357, allocated to general and administrative expenses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bright Green Corporation quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.