10-K: Green Planet Bioengineering Co., Ltd. Files Form 10-K for Fiscal Year Ended December 31, 2024

Green Planet Bioengineering Co., Ltd., a public reorganized shell corporation, reports its financial results for the year ended December 31, 2024, with no operating revenues and continued reliance on related party funding.

Summary

• Green Planet Bioengineering Co., Ltd. filed its Form 10-K for the fiscal year ended December 31, 2024.
• The company operates as a public reorganized shell corporation seeking to acquire or merge with an existing business.
• For the years ended December 31, 2024 and 2023, the company had no operating revenues.
• Total expenses for 2024 were $35,544, and $47,670 for 2023, primarily consisting of administrative expenses.
• The company's cash flow needs were met by a related party of Global Funds.
• The company's ability to continue as a going concern is dependent on continued support from Global Funds, the majority stockholder.
• The company had net operating loss carryforwards of approximately $1,059,000 that may be available to reduce future years' taxable income through 2039.
• As of March 7, 2025, 20,006,402 shares of common stock were outstanding.

Sentiment

Score: 2

Explanation: The sentiment is negative due to the company's lack of revenue, reliance on related party funding, and the auditor's going concern warning. The company's future is highly uncertain.

Positives

• The company has net operating loss carryforwards of approximately $1,059,000 that may be available to reduce future years' taxable income through 2039.
• The company maintains effective disclosure controls and procedures.

Negatives

• The company has no operating revenues for the years ended December 31, 2024 and 2023.
• The company is dependent on continued support from a related party to fund its operations.
• The auditor has raised substantial doubt about the company's ability to continue as a going concern.
• The company is a shell corporation with no active business operation.

Risks

• The company's ability to implement future business plans depends on securing adequate financing or finding profitable business opportunities.
• The company will continue to incur significant costs as a result of remaining a public reorganized company.
• There is currently no active trading market for the company's common stock.
• The company's common stock may fall within the definition of 'penny stock,' subjecting it to additional regulations.
• The company has a history of losses and is dependent on related party funding.

Future Outlook

The company will continue to source adequate funding from future investors to execute business opportunities when they arise, but such funding and opportunities rely entirely on prevailing circumstances.

Management Comments

• Management believes that the company's disclosure controls and procedures were effective as of the financial year end.
• Management concluded that at December 31, 2024 there were no material weakness and concluded that the internal control over financial reporting was effective.

Industry Context

As a shell corporation, Green Planet Bioengineering's performance is not directly comparable to operating companies in the bioengineering or agritech sectors. Its activities are focused on identifying and acquiring a suitable business, making its financial results more reflective of administrative costs than operational performance.

Comparison to Industry Standards

• It is difficult to compare Green Planet Bioengineering to industry standards due to its status as a shell corporation.
• Typical bioengineering companies would be evaluated on metrics such as R&D spending, product pipeline progress, and revenue generation from existing products, none of which apply to Green Planet's current operations.
• Comparisons could be made to other shell corporations or SPACs based on their success in identifying and acquiring target businesses, but this is a different type of analysis focused on deal-making rather than operational performance.

Related Party Transactions

• The company relies on a related party to advance funds to fund its operating expenses.
• As of December 31, 2024 and 2023, the amounts advanced of $459,634 and $429,590 respectively are interest-free, unsecured and are repayable upon demand.
• The Chief Executive Officer, Chief Financial Officer and Director of the Company is also a director of the related party.

Stakeholder Impact

• Shareholders face significant risk due to the company's lack of operations and dependence on external funding.
• The company's employees (if any) are subject to job insecurity due to the company's uncertain future.
• The company's creditors face risk due to the company's dependence on related party funding and going concern issues.

Next Steps

• The company intends to source funding from future investors to execute business opportunities.
• The company will seek to identify profitable business opportunities for acquisition or merger.

Key Dates