Greenland Mines Ltd 2026年季度报告

As of May 20, 2026, there were 121,238,660 shares of the registrant’s common stock, $0.0001 par value, issued and outstanding. GREENLAND MINES LTD(formerly known as KLOTHO NEUROSCIENCES, INC.)FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026TABLE OF CONTENTSPagePART I.FINANCIAL INFORMATION1ITEM 1.Financial Statements1Condensed Consolidated Balance Sheets at March 31, 2026 (Unaudited) and December 31, 20251Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026and 20252Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the ThreeMonths Ended March 31, 2026 and 20253Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026and 20254Notes to Unaudited Condensed Consolidated Financial Statements5ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations24ITEM 3.Quantitative and Qualitative Disclosures about Market Risk27ITEM 4.Controls and Procedures28PART II.OTHER INFORMATION29ITEM 1.Legal Proceedings29ITEM 1A.Risk Factors29ITEM 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities29ITEM 3.Defaults Upon Senior Securities29ITEM 4.Mine Safety Disclosures29ITEM 5.Other Information29ITEM 6.Exhibits29SIGNATURES30 PART I. FINANCIAL INFORMATION GREENLAND MINES LTD(formerly known as KLOTHO NEUROSCIENCES, INC.) NOTE1—ORGANIZATION AND BUSINESS DESCRIPTION Greenland Mines Ltd (the “Company” or “Greenland Mines”), formerly known as Klotho Neurosciences, Inc., consists of twooperating divisions: 1) Mining, focused on the exploration and development of theSkaergaard ProjectinSoutheast Greenland, one ofthe largest undeveloped palladium, gold, and platinum deposits in the world; and 2) Biotech, including the Company’s KLTO-202primary indication for amyotrophic lateral sclerosis (ALS). Through its recent acquisition ofGreenland Mines Corp., the Companyholds an 80% interest in theSkaergaard Project, which hosts an NI 43-101 (November 2022) Mineral Resource of 11.4 Moz PdEq As of May 30, 2023, Redwoods Acquisition Corp. (“Redwoods”), a Delaware special purpose acquisition company, entered into aBusiness Combination Agreement with ANEW Medical, Inc. (“ANEW”), a Wyoming corporation, and related merger subsidiaries,pursuant to which the parties consummated a business combination on June 21, 2024. Following the closing, ANEW continued as thesurviving corporation and became a wholly owned subsidiary of Redwoods, and Redwoods changed its name to “ANEW Medical,Inc.” For accounting purposes, the transaction was treated as a reverse acquisition, with ANEW deemed the accounting acquirer and On March 4, 2026, the Company entered into an Agreement and Plan of Merger with Greenland Mines Corp., pursuant to which awholly owned merger subsidiary of the Company was merged with and into Greenland Mines, with Greenland Mines surviving themerger as a wholly owned subsidiary of the Company. Following the closing of the transaction, the Company acquired control ofGreenland Mines through this forward merger structure. For accounting purposes, the transaction was evaluated under ASC 805 and Effective March 11, 2026, the Company changed its name from Klotho Neurosciences, Inc. to Greenland Mines Ltd. In connection with the Company’s name change, the stock symbol for the Company’s common stock was changed and the Company’scommon stock and warrants began trading under the symbol “GRML” and “GRMLW” on the Nasdaq Capital Market at the start of NOTE2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared as if the Company will continue as agoing concern. The Company has incurred significant operating losses and negative cash flows from operations since inception. As ofMarch 31, 2026, the Company had cash and cash equivalents of approximately $10.0 million and an accumulated deficit ofapproximately$35.0million. The Company has incurred recurring losses, has experienced recurring negative operating cash flows, Basis of Presentation and Principles of Consolidation The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the UnitedStates of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. The Company prepared the FinancialStatements, without audit, pursuant to the rules and regulations of the SEC applicable to quarterly reporting on Form10-Q and reflect,in management’s opinion, all adjustments necessary to present fairly the financial information. All such adjustments are of a normalrecurring nature. Certain information and footnote disclosures normally included in financial statements, prepared in accordance with Reclassification Certain prior year amounts have been reclassified for comparative purposes to conform to the current-year financial statementp