GTIC 10-Q
Greentech Innovations, Inc. (GTIC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended | |
or | |
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from _________ to _________ | |
Commission File Number
(Exact name of registrant as specified in its charter) |
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(State or other jurisdiction of incorporation or organization) |
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(Address of principal executive offices) |
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(Registrant’s telephone number, including area code)
___________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | Accelerated filer | ☐ |
☐ | Smaller reporting company | ||
Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. ☐ Yes ☐ No
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
FORM 10-Q
TABLE OF CONTENTS
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Management s Discussion and Analysis of Financial Condition and Results of Operations | 13 |
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
GREENTECH INNOVATIONS, INC.
CONDENSED BALANCE SHEETS
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ASSETS |
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TOTAL ASSETS |
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LIABILITIES AND STOCKHOLDERS' DEFICIT |
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Current Liabilities |
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Accounts payable and accrued liabilities |
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Accrued interest |
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Due to related party |
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Convertible notes |
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Total Current Liabilities |
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TOTAL LIABILITIES |
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STOCKHOLDERS' DEFICIT |
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Common Stock: $ |
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Additional paid-in capital |
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Accumulated deficit |
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Total Stockholders' Deficit |
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
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The accompanying notes are an integral part of these unaudited condensed financial statements.
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GREENTECH INNOVATIONS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
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Operating Expenses |
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General and administration |
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Professional |
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Total operating expenses |
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Net loss from operations |
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Other expense |
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Interest expense |
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Total other expense |
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Net loss before taxes |
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Provision for income taxes |
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Net loss |
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Net Loss Per Common Share – Basic and Diluted |
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Weighted Average Common Shares Outstanding |
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The accompanying notes are an integral part of these unaudited condensed financial statements.
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GREENTECH INNOVATIONS, INC.
CONDENSED STATEMENT OF STOCKHOLDERS’ DEFICIT
FOR THE THREE MONTHS ENDED AUGUST 31, 2025 AND MAY 31, 2024
(UNAUDITED)
Three Months Ended August 31, 2025
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Balance, May 31, 2025 |
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Net loss |
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Balance, August 31, 2025 |
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Three Months Ended August 31, 2024
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Balance, May 31, 2024 |
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Net loss |
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Balance, August 31, 2024 |
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The accompanying notes are an integral part of these unaudited condensed financial statements.
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GREENTECH INNOVATIONS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
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Cash Flows from Operating Activities: |
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Net loss |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Changes in operating assets and liabilities: |
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Net Cash Used in Operating Activities |
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Cash Flows from Financing Activities: |
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Advancement from director |
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Net Cash Provided by Financing Activities |
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Net Change in Cash and Cash Equivalents |
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Cash and Cash Equivalents, beginning of period |
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Cash and Cash Equivalents, end of period |
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Supplemental Disclosure Information: |
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Cash paid for interest |
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Cash paid for taxes |
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The accompanying notes are an integral part of these unaudited condensed financial statements.
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GREENTECH INNOVATIONS, INC.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
AUGUST 31, 2025
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
Organization, Nature of Business and Trade Name
Greentech Innovations, Inc. (the Company) was incorporated in the State of Nevada on April 20, 2013 with the principal business objective of creating an independent and unbiased mobile app that enables consumers to find the best cellular rate plan for their need and getting real-time notifications when a new cellular plan is available.
The Company’s activities are subject to significant risks and uncertainties including failing to secure additional funding to operationalize the Company’s apps before another company develops similar apps.
On January 10, 2018, the Company, Analog Nest Technologies, Inc., and the shareholders of Analog Nest Technologies, Inc. closed a transaction pursuant to that certain Share Exchange Agreement (the “Share Exchange Agreement”), whereby the Company acquired 100% of the outstanding shares of common stock of Analog Nest (the “Analog Nest Stock”) from the Analog Nest Shareholders. In exchange for the Analog Nest Stock the Company issued 100,000 shares of its common stock. The Company’s Director and Chief Executive Officer held all of the shares of Analog Nest Technologies, Inc. at the time of the transaction.
Analog Nest was incorporated in the State is a mobile application company focused on utility/entertainment apps for Google’s Android and Apple’s iOS platforms.
On June 26, 2019, a majority of our stockholders and our board of directors approved a change of name of our company to “Startech Labs, Inc.” and a reverse stock split of our issued and outstanding shares of common stock on a ninety-five (95) old for one (1) new basis. The name change and reverse stock split became effective on July 17, 2019.
On December 1, 2018, the Company disposed of its mobile application company subsidiary, Analog Nest Technologies, Inc.
Currently, the Company develops customized web solutions with both commercial and retail applications. Currently focused on further development of fare aggregators and travel metasearch engines, the Company owns and operates international online travel and hospitality web portals where users can search for flights and hotels and select the most economical options.
On April 25, 2025, a majority of our stockholders and our board of directors approved a change of name of our company to “GreenTech Innovations, Inc.” and a reverse stock split of our issued and outstanding shares of common stock on a one hundred (100) old for one (1) new basis. The name change and reverse stock split became effective on April 25, 2025.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A summary of significant accounting policies of Greentech Innovations, Inc. is presented to assist in understanding the Company’s financial statements. The accounting policies presented in these footnotes conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the accompanying financial statements. These financial statements and notes are representations of the Company’s management who are responsible for their integrity and objectivity.
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements.
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In the opinion of the company’s management, the accompanying unaudited interim financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the company as of August 31, 2025 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended August 31, 2025 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included in the company’s Annual Report on Form 10-K for the year ended May 31, 2025 filed with the SEC on August 29, 2025.
Use of Estimates
The preparation of financial statements in accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A change in managements’ estimates or assumptions could have a material impact on the Company’s financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. The Company’s financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented.
Related Party Balances and Transactions
The Company follows Financial Accounting Standards Board (“FASB”) ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transaction. (See Note 5)
Basic and Diluted Net Loss Per Share
Net loss per share is calculated in accordance with Codification topic 260, “Earnings Per Share” for the periods presented. Basic net loss per share is computed using the weighted average number of common shares outstanding. Diluted loss per share has not been presented because there are no dilutive items. Diluted net loss per share is based on the assumption that all dilutive stock options, warrants, and convertible debt are converted or exercised by applying the treasury stock method. Under this method, options and warrants are assumed exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Options, warrants and/or convertible debt will have a dilutive effect, during periods of net profit, only when the average market price of the common stock during the period exceeds the exercise or conversion price of the items.
For the three months ended August 31, 2025 and August 31, 2024, respectively, the following convertible notes were excluded from the computation of diluted net loss per shares as the result of the computation was anti-dilutive:
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Convertible notes payable |
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Fair Value of Financial Instruments
The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
Level 1 – Quoted prices in active markets for identical assets or liabilities.
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Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
In accordance with the fair value accounting requirements, companies may choose to measure eligible financial instruments and certain other items at fair value. The Company has not elected the fair value option for any eligible financial instruments.
As of August 31, 2025 and May 31, 2025, the carrying value of accounts payable and loans that are required to be measured at fair value, approximated fair value due to the short-term nature and maturity of these instruments.
Share-based Expenses
ASC 718 “Compensation – Stock Compensation” prescribes accounting and reporting standards for all share-based payment transactions in which employee services and non-employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees and non-employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).
Income Tax
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented. (See Note 7)
Recent Accounting Pronouncements
We have evaluated all other recently issued, but not yet effective, accounting pronouncements and do not believe that these accounting pronouncements will have any material impact on our financial statements or disclosures upon adoption.
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Recently adopted accounting standards
In August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt-Debt with Conversion and Other Options” and ASC subtopic 815-40 “Hedging-Contracts in Entity’s Own Equity.” The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a CCF and (2) convertible instruments with a beneficial conversion feature (“BCF”). With the adoption of ASU 2020-06, entities will not separately present in equity an embedded conversion feature these debts. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The adoption of ASU 2023-09 has not had a material effect on the Company’s statements and disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.The adoption of ASU 2023-07 has not had a material effect on the Company’s statements and disclosures.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company prospectively to all annual periods beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-09 has not had a material effect on the Company’s statements and disclosures.
NOTE 3 – GOING CONCERN
The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have significant cash or other current assets, nor does it have an established source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern.
Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business.
The Company has incurred net losses since inception on April 20, 2013 through August 31, 2025 totaling $
During the next year, the Company’s foreseeable cash requirements will relate to continual development of the operations of its business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission, and the payment of expenses associated with research and development. The Company may experience a cash shortfall and be required to raise additional capital.
Historically, it has mostly relied upon funds from the sale of shares of stock and from acquiring loans to finance its operations and growth. Management may raise additional capital through future public or private offerings of the Company’s stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s failure to do so could have a material and adverse effect upon it and its shareholders.
In the past year, the Company funded operations by using cash proceeds received through related party proceeds. For the coming year, the Company plans to continue to fund the Company through related party issuances, debt and securities sales and issuances until the company generates enough revenues through the operations as stated above.
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NOTE 4 – COMMON STOCK
The Company has authorized seventy-five million (
On April 25, 2025, the Company approved a reverse stock split of our issued and outstanding shares of common stock on a basis of up to one hundred (100) old shares for one (1) new share of common stock. The financial statements retroactively reflect the reverse stock split.
As of August 31, 2025 and May 31, 2025,
NOTE 5 – RELATED PARTY TRANSACTIONS
During the three months ended August 31, 2025 and August 31, 2024, the Director of the Company made advancement of $
The loan is non-interest bearing and due on demand.
As of August 31, 2025 and May 31, 2025, the amount due to director was $
NOTE 6 – CONVERTIBLE NOTES
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Convertible Notes - November 2019 |
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Convertible Notes - February 2020 |
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Convertible Notes - May 2020 |
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Convertible Notes - August 2020 |
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Convertible Notes - November 2020 |
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Convertible Notes - February 2021 |
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Less current portion of convertible notes payable |
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On June 1, 2019, the Company issued convertible notes to three unaffiliated parties for an aggregate amount of $
On August 31, 2019, the Company issued a convertible note to an unaffiliated party of $
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On November 30, 2019, the Company issued a convertible note to an unaffiliated party of $
On January 3, 2020, the Company amended a convertible note of $
On February 29, 2020, the Company issued a convertible note to an unaffiliated party of $
On May 31, 2020, the Company issued a convertible note to an unaffiliated party of $
On August 31, 2020, the Company issued a convertible note to an unaffiliated party of $
On November 30, 2020, the Company issued a convertible note to an unaffiliated party of $
On February 28, 2021, the Company issued a convertible note to an unaffiliated party of $
During the three ended August 31, 2025 and August 31, 2024, the Company incurred note interest expense of $
As of August 31, 2025 and May 31, 2025, the convertible notes payable was $
NOTE 7 – SEGMENT REPORTING
Operating segments comprised of the components of an entity in which separate information is available for evaluation by the Company’s chief operating decision maker, or group of decision makers, in determining how to allocate resources in evaluating performance. The Company consists of a single reporting segment: international online travel and hospitality web portals. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer.
Through August 31, 2025, the Company is still in development stage. Upon the start of its operation, the CODM will evaluate the performance based on the Company’s net income (loss) as reported in the Statements of Operations.
The CODM will review performance based on gross profit, operating profit, net earnings and net earnings excluding the impact of the fair value adjustment, a non-GAAP financial measure. Operating profit will be reviewed to monitor the operating and administrative expenses of the Company.
NOTE 8 – SUBSEQUENT EVENT
In accordance with ASC 855-10, the Company has analyzed its operations subsequent to August 31, 2025 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING STATEMENTS
This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
Our unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.
Unless otherwise specified in this quarterly report, all dollar amounts are expressed in United States dollars and all references to “common stock” refer to shares of our common stock.
As used in this quarterly report, the terms “we”, “us”, “our company”, mean GreenTech Innovations, Inc., a Nevada corporation, unless otherwise indicated.
Overview
We were incorporated in the State of Nevada on April 20, 2013 under the name UpperSolution.com with the principal business objective of creating an independent and unbiased mobile app that enables consumers to find the best cellular rate plan for their need and getting real-time notifications when a new cellular plan is available.
On January 10, 2018, our company, Analog Nest Technologies, Inc. (“Analog Nest”) and the shareholders of Analog (the “Analog Nest Shareholders”) closed a transaction pursuant a share exchange agreement dated January 10, 2018, whereby our company acquired 100% of the outstanding shares of common stock of Analog Nest (the “Analog Nest Stock”) from the Analog Nest Shareholders. In exchange for the Analog Nest Stock our company issued 100,000 shares of our common stock to the Analog Nest Shareholders.
Analog Nest was incorporated in the State of Nevada on September 8, 2017 as a mobile application (“app”) company focused on utility/entertainment apps for Google’s Android and Apple’s iOS platforms. In December 2017, Analog Nest acquired the following apps: Old Fart Booth, Old Fart Booth Pro, Ugly Face Booth, Ugly Santa Booth, Baldy – Bald Photo Booth, Fatty – Make Funny Fat Faces, Slender Man Scary Prank, Anime Booth, Anime Booth Free, Minecart Mayhem, Pimp My Pet, Pimp My Dog, Cavity Detector – Scary Prank, Mustacher, Alex From Target, A Farm Animal Salon, Mustacher Pro, Pimp My Cat, and Animal Dress Up Salon.
On June 26, 2019, a majority of our stockholders and our board of directors approved a change of name of our company to “Startech Labs, Inc.” and a reverse stock split of our issued and outstanding shares of common stock on a ninety-five (95) old for one (1) new basis. The name change and reverse stock split became effective on July 17, 2019.
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On April 25, 2025, a majority of our stockholders and our board of directors approved a change of name of our company to “GreenTech Innovations, Inc.” and a reverse stock split of our issued and outstanding shares of common stock on a one hundred (100) old for one (1) new basis. The name change and reverse stock split became effective on April 25, 2025.
We have not declared bankruptcy, been involved in receivership or any similar proceeding.
Our office is located at 244 Madison Avenue, New York, NY 10016-2817 and our telephone number is (802) 255-4212. We do not own any property and we do not have a corporate website.
Our Current Business
Greentech Innovations develops customized web solutions with both commercial and retail applications. Currently focused on further development of fare aggregators and travel metasearch engines, Greentech Innovations owns and operates international online travel and hospitality web portals where users can search for flights and hotels and select the most economical options.
Results of Operations
The following summary of our operations should be read in conjunction with our unaudited financial statements for the three months ended August 31, 2025 and 2024.
Three months ending August 31, 2025 compared to three months ending August 31, 2024:
|
| For the Three Months Ended |
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|
|
|
|
|
| |||||||
|
| August 31, |
|
| August 31, |
|
|
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|
|
|
| ||||
|
| 2025 |
|
| 2024 |
|
| Change |
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| % |
| ||||
Operating Expenses |
| $ | 11,149 |
|
| $ | 17,538 |
|
| $ | (6,389 | ) |
| (36%) |
| |
Other expense |
|
| 7,448 |
|
|
| 7,448 |
|
|
| - |
|
|
| - |
|
Net Loss |
| $ | (18,597 | ) |
| $ | (24,986 | ) |
| $ | 6,389 |
|
| (26%) |
| |
Net loss totalled $18,597 for the three months ended August 31, 2025, compared to a net loss for the three months ended August 31, 2024 of $24,986. The decrease in net loss was mainly due to the decrease in professional fees.
Liquidity and Capital Resources
Working Capital
|
| August 31, |
|
| May 31, |
|
|
|
| |||
|
| 2025 |
|
| 2025 |
|
| Change |
| |||
Current Assets |
| $ | - |
|
| $ | - |
|
| $ | - |
|
Current Liabilities |
| $ | 452,960 |
|
| $ | 434,363 |
|
| $ | 18,597 |
|
Working Capital Deficiency |
| $ | (452,960 | ) |
| $ | (434,363 | ) |
| $ | (18,597 | ) |
The increase in working capital deficiency during the three months ended August 31, 2025 was primarily a result of an increase in due to related parties and accrued interest payable.
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Cash Flows
Cash Flow from Operating Activities
|
| For the Three Months Ended |
| |||||
|
| August 31, |
|
| August 31, |
| ||
|
| 2025 |
|
| 2024 |
| ||
Cash Flows used in Operating Activities |
| $ | (12,350 | ) |
| $ | (16,631 | ) |
Cash Flows used in Investing Activities |
|
| - |
|
|
| - |
|
Cash Flows from Financing Activities |
|
| 12,350 |
|
|
| 16,631 |
|
Net Change in Cash and Cash Equivalents |
| $ | - |
|
| $ | - |
|
During the three months ended August 31, 2025, our Company used $12,350 in cash from operating activities, compared to $16,631 cash used in operating activities during the three months ended August 31, 2024.
The cash used from operating activities for the three months ended August 31, 2025 was attributed to a net loss of $18,597, reduced by changes in operating assets and liabilities of $6,247.
The cash used from operating activities for the three months ended August 31, 2024 was attributed to a net loss of $24,986, reduced by changes in operating assets and liabilities of $8,355.
Cash Flow from Investing Activities
During the three months ended August 31, 2025 and 2024, our Company did not use any cash in investing activities.
Cash Flow from Financing Activities
During the three months ended August 31, 2025 and 2024, our Company received $12,350 and $16,631 from director’s advancement, respectively.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.
Going Concern
We have incurred net loss since our inception on April 20, 2013 through August 31, 2025 totalling $39,168,230 and have completed only the preliminary stages of our business plan. We anticipate incurring additional losses before realizing any revenues and will depend on additional financing in order to meet our continuing obligations and ultimately, to attain profitability. Our ability to obtain additional financing, whether through the issuance of additional equity or through the assumption of debt, is uncertain. Accordingly, our independent auditors’ report on our financial statements for the year ended May 31, 2025 includes an explanatory paragraph regarding concerns about our ability to continue as a going concern, including additional information contained in the notes to our financial statements describing the circumstances leading to this disclosure. The financial statements do not include any adjustments that might result from the uncertainty about our ability to continue our business.
Recently Issued Accounting Pronouncements
We do not expect the adoption of any recently issued accounting pronouncements to have a significant impact on our net results of operations, financial position, or cash flows.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
As a “smaller reporting company”, we are not required to provide the information required by this Item.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer (our principal executive officer, principal financial officer and principal accounting officer), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a- 15(e) and 15d- 15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act)), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer has concluded that as of such date, our disclosure controls and procedures were not effective such that the information relating to us required to be disclosed in our Securities and Exchange Commission (“SEC”) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings
We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered beneficial shareholder, is an adverse party or has a material interest adverse to our interest.
Item 1A. Risk Factors
As a “smaller reporting company”, we are not required to provide the information required by this Item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None
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Item 6. Exhibits
INCORPORATED BY REFERENCE | ||||||||
EXHIBIT NUMBER | Exhibit Description | Form |
| Exhibit |
| Filing Date | ||
(3) | (i) Articles of Incorporation, (ii) Bylaws | |||||||
10-K | 3.1 | August 21, 2019 | ||||||
S-1 | 3.2 | August 16, 2013 | ||||||
10-K | 3.3 | August 21, 2019 | ||||||
(31) | (i) Rule 13a-14(a)/15d-14(a) Certifications, (ii) Rule 13a-14/15d-14 Certifications | |||||||
Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer and Chief Financial Officer | ||||||||
(32) | Section 1350 Certifications | |||||||
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer | ||||||||
(100) | Interactive Data File | |||||||
101.INS** | XBRL Instance Document | |||||||
101.SCH** | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL** | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF** | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB** | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE** | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
_________
*Filed herewith.
**Furnished herewith.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GREENTECH INNOVATIONS, INC. | |||
(Registrant) | |||
Dated: September 23, 2025 | /s/ Kevin So | ||
Kevin So | |||
President, Chief Executive Officer, Secretary and Director | |||
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
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