M&A - Sino Green Land Corp.

Form Type: 10-Q

Filing Date: 2025-02-19

Corporate Action: Merger

Type: Update

Accession Number: 000149315225007247

Filing Summary: Sino Green Land Corporation filed its Form 10-Q for the quarterly period ended December 31, 2024. This report includes the financial results of SGLA and its subsidiaries, including major highlights such as a significant accumulated deficit of $3,583,534, and details on the recent merger with Sunshine Green Land Corp. The merger, finalized on October 1, 2023, was structured as a share exchange with SGLA acquiring SGL. Following this merger, control of SGLA is now substantially held by the Luo family, which indicates a consolidation of interests within the major shareholders. The financial statements report net losses of $691,975 for the six months ending December 31, 2024, amidst a decline in revenues, reflecting ongoing operational challenges. Furthermore, the report addresses the company's going concern status due to substantial current liabilities exceeding its currents assets, highlighting the financial pressures facing the company. The condensed consolidated financial statements also exhibit a total stockholders’ equity deficit now standing at $1,220,458, showcasing the financial strain post-merger. Lastly, the document comprises management's discussion on potential strategies to navigate these hardships, including cost management and future financing arrangements.

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