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Greater Cannabis Company Inc (GCAN+11.11%). has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that the company did not generate any revenue in 2024, consistent with the previous year. Operating expenses for 2024 were reported at $156,276, down from $175,364 in 2023.
The company reported a net loss of $179,041 for 2024, compared to a net loss of $188,402 in 2023. The decrease in net loss is attributed to reduced operating expenses.
As of December 31, 2024, Greater Cannabis had $57,368 in cash, down from $166,859 at the end of 2023. The company also reported a working capital deficit of $840,690.
The company has $171,437 in outstanding convertible notes, unchanged from the previous year. These notes are convertible into shares of common stock.
Greater Cannabis Company continues to focus on developing and commercializing cannabinoid therapeutics. The company has a license agreement with Shaare Zedek Scientific Ltd. for a novel cannabinoid therapeutic.
The filing highlights the company's dependence on securing additional financing to support its operations and development plans. The company has identified substantial doubt about its ability to continue as a going concern.
The company is subject to various risks, including regulatory challenges related to the cannabis industry and the need for additional financing.
The company has identified material weaknesses in its internal controls over financial reporting, primarily due to inadequate segregation of duties and lack of an audit committee.
Greater Cannabis Company does not anticipate paying cash dividends in the foreseeable future and expects to retain any future earnings to finance its operations.
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 annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.