Quarterly ResultMay 13, 2026, 09:07 AM
Greater Cannabis Q1 Net Loss $33K; Going Concern Warning
AI Summary
Greater Cannabis Company reported a net loss of $33,376 for the first quarter ended March 31, 2026, a reduction from the $103,511 loss in the prior year. The company continues to operate with no revenue, minimal cash of $1,439, and substantial current liabilities of $776,464, leading to a going concern warning. The company is focused on developing cannabinoid therapeutics, having concluded preclinical studies and received approval for a Phase II Clinical Trial, but is currently awaiting specialized API and additional funding to proceed.
Key Highlights
- Reported a net loss of $33,376 for Q1 2026, a decrease from $103,511 in Q1 2025.
- Cash balance was $1,439 as of March 31, 2026, up from $815 at December 31, 2025.
- Total current liabilities increased to $776,464 as of March 31, 2026.
- The company generated no revenue from product sales or consulting fees in Q1 2026 or Q1 2025.
- Management issued a going concern warning due to insufficient cash and significant liabilities.
- Preclinical studies for cannabinoid therapeutic concluded; Phase II Clinical Trial approved but awaiting API and funding.
- A 1-for-1,500 reverse stock split was effective October 16, 2025.
- A new class of 1,000 Series B Convertible Preferred Stock was created.