BOCA RATON, Fla., July 12, 2023 (GLOBE NEWSWIRE) -- via IBN -- Greenlite Ventures, Inc (OTC: "GRNL") reported results for the year ended March 31, 2023.
The Company reported an operating loss of $8,294,982 ($0.38 per share) for the year ended March 31, 2023, compared to a net loss of $10,058 ($0.00 per share) for the year ended March 31, 2022. The year ended March 31, 2023 contains one-time, non-recurring expenses primarily dealing with non-cash stock-based related charges as well as extinguishment of debt. For this reason, the Company believes that a non-GAAP presentation of its operating loss for 2022 will be beneficial to investors for them to be able to obtain a better understanding of the Company's operating results and progress for the current year. The following is a brief description of these non-recurring items:
2022 Items Include:
- A non-cash charge of $7,695,000 related to the issuance of stock based compensation
- A charge of $502,074 for the extinguishment of debt
Excluding these items, the Company's adjusted net loss from operations, which is a non-GAAP measure, amounted to $97,908 for the year ended March 31, 2023.
Adam Pennington, GRNL CEO, stated, "We made significant progress during 2022, which includes key milestones and events that have laid the foundation for future growth at the Company."
These items include:
- November 4, 2022----Current management finalized purchase of control block of GRNL
- February 22, 2023----GRNL finalized purchase of Artinian LLC dba Game Time Watches and Bands giving Company active License Agreements with NFL, NHL, MLB, NASCAR, WWE, and many more iconic names and brands. This purchase enabled the Company to have its shell designation removed on March 29, 2023.
- May 5, 2023----GRNL signed Agreement with noted author/investor Charles Mizrahi to develop a series of podcasts featuring top executives as well as up-and-coming business leaders.
- May 23, 2023----GRNL signed exclusive Consulting Agreement with simulated altitude pioneer Dave Vincent to lead GRNL's entry into the altitude training market as well as other related businesses.
- June 16, 2023----GRNL finalized 3 targeted acquisitions giving the Company entry into simulated altitude training, atmospheric water generators, and the health and wellness markets.
- June 30, 2023----GRNL signed multi-year Corporate Partnership Agreement with New York Jets providing a wide variety of sponsorship, sales, and promotional benefits for the Company's Game Time Watches and Bands
- July 6, 2023----GRNL signed Consulting Agreement with Sports Celebrity Agent Jaron Hines to help launch GRNL's Game Time Media subsidiary along with Charles Mizrahi, Jeff DeForrest, and newly hired media firms New to the Street and Lynn Aronberg PR. Hines will also be seeking major celebrity signings for licensing deals, endorsements, podcasting, appearances, social media monetization, sponsorships, and charitable outreach programs,
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate, "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations, and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations, or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results could differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. No information contained in this press release should be construed in any manner as an indication of the Company's future stock price, revenues, or results of operations.
Non-GAAP Financial Measures
This press release contains a non-GAAP financial measure. The Company believes that, in addition to other financial measures, "Adjusted Net Loss from Operations" is an appropriate indicator to assist in the evaluation of its operating performance on a period-to-period basis. "Adjusted Net Loss from Operations" should be considered as a supplement to, not a substitute for, operating income, net income or other financial performance measures prepared in accordance with U.S. generally accepted accounting principles. As such, because non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States, they should not be considered in isolation from or as a replacement for the most directly comparable GAAP financial measures.
Contact: Lynn Aronberg Public Relations
Lynn Aronberg, President (310) 299-6143
Email: lynn@lynnaronberg.com
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