In This Story
Greater Cannabis Company, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the nine months ended September 30, 2024, consistent with the same period in 2023.
Operating expenses for the nine months ended September 30, 2024, were $118,651, down from $131,337 in the same period of 2023. The expenses included officers' compensation, amortization, professional fees, and research and development costs.
Other income and expenses resulted in a net expense of $17,042 for the nine months ended September 30, 2024, compared to $10,204 for the same period in 2023, primarily due to accrued interest expense.
The company reported a net loss of $135,693 for the nine months ended September 30, 2024, compared to a net loss of $141,541 for the same period in 2023.
Cash on hand as of September 30, 2024, was $62,282, down from $166,859 at December 31, 2023.
Greater Cannabis Company has outstanding notes to third parties totaling $171,437 as of September 30, 2024.
The company has identified substantial doubt about its ability to continue as a going concern through September 2025 due to negative cash flows and a working capital deficit.
The company is focused on developing and commercializing cannabinoid-based therapeutics and exploring cannabis-related investment opportunities.
The filing indicates no off-balance sheet arrangements that could materially affect the company's financial condition or operations.
The company acknowledges deficiencies in its internal controls over financial reporting and plans to address these issues as resources allow.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Greater Cannabis Company Inc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.