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Green Planet Bioengineering Co Ltd (GPLB0.00%) has submitted its 10-K annual report filing for the fiscal year ended December 31, 2024.
The company operates as a public reorganized shell corporation with the purpose to acquire or merge with an existing business operation. The company did not have any operations or operating revenues during the years ended December 31, 2024 and 2023.
Total expenses for the years ended December 31, 2024 and 2023 were $35,544 and $47,670, respectively, primarily consisting of administrative expenses related to accounting and compliance with the Exchange Act.
The company had no active business operation during the year. All cash flow needs for 2024 were provided by a related party of Global Funds to pay expenses necessary as a public company.
The financial statements have been prepared assuming the company will continue as a going concern. The company is currently a public reorganized shell corporation and has no current business activity.
The company’s ability to continue as a going concern is dependent on continued support from Global Funds, the majority stockholder. This raises substantial doubt about the company’s ability to continue as a going concern.
As of December 31, 2024, the company had net operating loss carry forwards of approximately $1,059,000 that may be available to reduce future years’ taxable income through 2039.
The company’s common stock is available for quotation on the Over the Counter Bulletin Board under the symbol “GPLB.PK.” There is no assurance that the company’s stock will continue to be quoted or that any liquidity will exist for stockholders.
The company has not paid and does not anticipate paying any dividends on its common stock. The company’s securities could face devaluation in the market.
The company identified no material weaknesses in its internal controls over financial reporting and concluded that the internal control over financial reporting was effective as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Green Planet Bioengineering Co Ltd annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.