Tue, Nov 12, 2:49 PM (62 days ago)
The Greater Cannabis Company, Inc. (Ticker: N/A) reported a challenging financial performance for the quarter ending September 30, 2024, with no revenue generated, consistent with the previous year. Operating expenses decreased slightly to $118,651 from $131,337, mainly due to stable officer compensation and reduced other operating costs. The company's net loss for the nine months was $135,693, a marginal improvement from a loss of $141,541 in 2023. As of September 30, 2024, cash reserves fell to $62,282 from $166,859 at year-end 2023, highlighting liquidity concerns amid total current liabilities of $860,874. Negative working capital stands at $798,592, raising substantial doubt about the company's ability to continue as a going concern. The management emphasizes the need for additional funding to sustain operations and pursue clinical studies for cannabinoid therapeutics. The report reflects ongoing uncertainties in operational viability and the necessity for strategic financing to mitigate risks and capitalize on potential growth opportunities in the cannabis sector.