Mon, May 5, 10:11 AM (13 days ago)
The Greater Cannabis Company, Inc. (GCAN) filed an amendment to its annual report (10-K/A) for the fiscal year ended December 31, 2024. The amendment includes the 2023 auditor report in Section F-2 and additional information about the licensing agreement with Shaare Zedek Scientific Ltd. in Section F-8. The company reported no revenue for 2024, with operating expenses amounting to $156,276, resulting in a net loss of $179,041. The company had $57,368 in cash on hand at year-end, down from $166,859 in 2023. The company faces substantial doubt about its ability to continue as a going concern due to its negative working capital and accumulated deficit. The company's strategic focus is on developing and commercializing innovative cannabinoid therapeutics, with a licensing agreement for treatments of autism, schizophrenia, Parkinson’s disease, Alzheimer’s disease, and other neuropsychiatric disorders. The company's future outlook is uncertain, with significant risks related to regulatory environment, financing, and market competition. The company's financial condition is weak, with limited liquidity and high operating expenses. The company's market position is challenged by competitors such as Jazz Pharmaceuticals and Zynerba Pharmaceuticals. The company's management includes Aitan Zacharin, who serves as President, Chief Executive Officer, Treasurer, and Director. The company does not have an audit committee or an audit committee financial expert. The company's executive officer has not received any cash compensation since its formation. The company's shares are quoted on the OTCPK tier of the over-the-counter market. The company has not declared or paid any cash dividends on its common stock and does not anticipate paying any in the foreseeable future. The company's shares are held by a limited number of beneficial owners, with Aitan Zacharin holding 1,695,333 shares of Series A Convertible Preferred Stock. The company's principal independent accountants incurred approximately $7,100 in fees for professional services rendered in connection with the audit of the company's financial statements and for the quarterly reviews of its financial statements.