Bright Green (BGXX) - 2024 Q3 - Quarterly Report

Form 10-Q Filing Information This section details Bright Green Corporation's identification, filing status, and common shares outstanding as of November 19, 2024 Registrant Information This section provides Bright Green Corporation's identification, state of incorporation, executive offices, and registered securities - Registrant: BRIGHT GREEN CORPORATION, incorporated in Delaware[3] - Principal Executive Offices: 1033 George Hanosh Boulevard, Grants, NM 87020[3] Securities Registered | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :---------------- | :---------------- | :---------------------------------------- | | Common Stock, par value $0.0001 | BGXX | The Nasdaq Stock Market LLC | Filing Status and Shares Outstanding The company confirms compliance with SEC filing requirements and its status as a non-accelerated filer, smaller reporting company, and emerging growth company. It also provides the number of common shares outstanding as of November 19, 2024 - The registrant has filed all required reports during the preceding 12 months and has been subject to filing requirements for the past 90 days[4] - The registrant has submitted electronically every Interactive Data File required pursuant to Rule 405 of Regulation S-T[4] Filer Status | Filer Status | Status | | :---------------- | :----- | | Large accelerated filer | ☐ | | Accelerated filer | ☐ | | Non-accelerated filer | ☒ | | Smaller reporting company | ☒ | | Emerging growth company | ☒ | - As of November 19, 2024, there were 191,166,318 shares of the registrant's common stock outstanding[6] Cautionary Note Regarding Forward-Looking Statements This section warns that the report contains forward-looking statements subject to risks and uncertainties, and actual results may differ materially Nature and Risks of Forward-Looking Statements This disclaimer highlights that forward-looking statements involve risks and uncertainties, and actual outcomes may differ materially from expectations - Forward-looking statements express opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or results[10] - Such statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future[11] - Readers are cautioned not to place undue reliance on forward-looking statements, as actual results may differ materially from those anticipated[12][13][14] PART I. FINANCIAL INFORMATION This part presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition Item 1. FINANCIAL STATEMENTS (UNAUDITED) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, equity changes, and cash flows, with notes Condensed Consolidated Balance Sheets The Condensed Consolidated Balance Sheets provide a snapshot of the company's financial position, detailing assets, liabilities, and stockholders' equity as of September 30, 2024, and December 31, 2023 Key Balance Sheet Data | Metric | September 30, 2024 (Unaudited) | December 31, 2023 | | :---------------- | :----------------------------- | :---------------- | | Cash | $40,366 | $10,059 | | Total current assets | $52,257 | $268,289 | | Total assets | $15,964,970 | $17,403,047 | | Total current liabilities | $7,043,056 | $6,236,319 | | Total liabilities | $7,043,056 | $6,438,102 | | Total stockholders' equity | $8,921,914 | $10,964,945 | | Accumulated deficit | $(50,700,777) | $(47,203,469) | Condensed Consolidated Statements of Operations and Comprehensive Loss This statement outlines the company's financial performance, showing no revenue and significant operating losses for both the three and nine months ended September 30, 2024 and 2023, with a net loss per common share of $(0.01) and $(0.02) respectively for the nine-month periods Key Operations Data | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :---------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Revenue | $- | $- | $- | $- | | Total operating expenses | $1,111,924 | $1,811,533 | $4,513,678 | $7,410,662 | | Loss from operations | $(1,111,924) | $(1,811,533) | $(4,513,678) | $(7,410,662) | | Total other income (expense) | $7,833 | $- | $1,016,370 | $(1,366) | | Net loss and comprehensive loss | $(1,104,091) | $(1,991,242) | $(3,497,308) | $(7,596,678) | | Net loss per common share - basic and diluted | $(0.01) | $(0.01) | $(0.02) | $(0.04) | Condensed Consolidated Statements of Changes in Stockholders' Equity This statement details the changes in stockholders' equity, including common stock, additional paid-in capital, and accumulated deficit, for the three and nine months ended September 30, 2024 and 2023, reflecting the impact of stock-based compensation, common stock issuances, and net losses Stockholders' Equity Changes (Nine Months Ended Sep 30, 2024) | Metric | December 31, 2023 | September 30, 2024 | | :---------------- | :---------------- | :----------------- | | Common Shares Outstanding | 184,758,818 | 191,166,318 | | Common Stock Amount | $18,476 | $19,117 | | Additional Paid-in Capital | $58,149,938 | $59,603,574 | | Accumulated Deficit | $(47,203,469) | $(50,700,777) | | Total Stockholders' Equity | $10,964,945 | $8,921,914 | - Stock-based compensation for the nine months ended September 30, 2024, contributed $486,537 to additional paid-in capital[18] - Common stock issued in lieu of unpaid cash remuneration and bonus compensation totaled $425,920 for the nine months ended September 30, 2024[18] Condensed Consolidated Statements of Cash Flows This statement summarizes the cash inflows and outflows from operating, investing, and financing activities for the nine months ended September 30, 2024 and 2023, showing a net increase in cash for 2024 compared to a decrease in 2023 Key Cash Flow Data (Nine Months Ended Sep 30) | Metric | 2024 | 2023 | | :---------------- | :------------ | :------------ | | Net cash used in operating activities | $(971,078) | $(2,473,439) | | Net cash used in investing activities | $(362,967) | $(2,204,161) | | Net cash provided by financing activities | $1,364,352 | $4,384,750 | | NET INCREASE (DECREASE) IN CASH | $30,307 | $(292,850) | | CASH, END OF PERIOD | $40,366 | $121,724 | - Non-cash financing activities for 2024 included a $425,920 related party payroll liability in exchange for common stock[22] - Non-cash investing activities for 2024 included a $645,638 adjustment to other investment held at fair value for return of shares in settlement of debt[23] Notes to the Condensed Consolidated Financial Statements (Unaudited) These notes provide detailed explanations and disclosures that are an integral part of the condensed consolidated