Bright Green Corporation (OTC: BGXX) quietly released its earnings in November as the company continues to insist it is in the building stage of its DEA-approved cannabis facility. Bright Green still has no revenue to report and was delisted from the Nasdaq exchange this past fall. The company’s DEA Manufacturing Registration and its DEA Importer Registration expired July 31, 2024, but Bright Green said it received an extension letter as its renewal application is being processed.
It had expenses of $1.1 million during the quarter, with most of that money going toward professional fees, salaries, and stock-based compensation. The company’s CEO, Gurvinder Singh, receives a monthly salary of $38,000 that will rise to $41,000 in October 2025.
Bright Green also reported that it has an accumulated deficit of $50,700,777 and a negative working capital of $6,990,799. The company told investors that it does not have sufficient working capital to pay its operating expenses for at least 12 months from the date the condensed consolidated financial statements were authorized to be issued.
However, it said it does have a plan to raise funds. One way the company has raised funds is through the EB-5 program which provides a pathway to permanent residency through investment in the U.S. economy and in this case this company. Bright Green raised $800,000 by selling stock.
The company said in March that it had signed an agreement with Dalsem Greenhouse Technologies BV for a $250 million construction project to expand its current facility located in rural Grants, New Mexico. The Dalsem agreement was not mentioned in the third-quarter report and the Dalsem website only lists two projects in the U.S. and neither are in New Mexico. The greenhouse that has been photographed is essentially empty and has little equipment inside. The company stated in its filing that while it said in 2022 it intended to buy the real estate where its greenhouse is located in New Mexico, as of the end of the quarter it still had not done so.
Regarding the company’s lawsuit with John Fikany, the court determined in late August 2024 that Bright Green Corporation was not entitled to cancel his shares. Bright Green said it disagrees with the Court’s determination but has made arrangements to issue but not deliver the shares until the matter can be appealed. The jury trial on the counterclaim for breach of employment contract is set for February 2025.
[[{“value”:”For years Bright Green has claimed to be building a DEA approved cultivation facility, but has never progressed beyond the shell of a greenhouse.
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