NASDAQ: GLND
Greenland Energy CoCIK 0002093507 · SIC 1381 · Drilling Oil & Gas Wells
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Latest financial statements
From 10-Q filed Aug 13, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | - | - | - | - |
| Total revenue | - | - | - | - |
| Operating expenses | 4,945,112 | 445,105 | 5,763,791 | 445,105 |
| Depreciation | 889 | - | 889 | - |
| Total expenses | 4,946,002 | 445,105 | 5,764,680 | 445,105 |
| Other income/(expense), net | 26,152 | - | 26,152 | - |
| Net loss before income taxes | (4,919,849) | (445,105) | (5,738,528) | (445,105) |
| Income taxes | - | - | - | - |
| Net loss | (4,919,849) | (445,105) | (5,738,528) | (445,105) |
| Basic and diluted Class A common stock | (0.13) | (0.06) | (0.20) | (0.06) |
| Weighted average common shares outstanding basic and diluted | 38,274,849 | 7,522,653 | 29,265,646 | 7,522,653 |
Condensed Consolidated Balance Sheets
| Description | June 30, 2026 (Unaudited) | December 31, 2025 (Unaudited) |
|---|---|---|
| Cash and cash equivalents | 37,423,185 | 231,058 |
| Prepaid expenses and other current assets | 680,200 | - |
| Total Current Assets | 38,103,385 | 231,058 |
| Non-current Assets | ||
| Oil and natural gas properties, full cost method | 17,512,053 | - |
| Prepaid exploration costs and deposits | 11,935,024 | 1,440,870 |
| Property and equipment, net | 16,896 | - |
| Total Noncurrent Assets | 29,463,973 | 1,440,870 |
| Total Assets | 67,567,358 | 1,671,928 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current Liabilities | ||
| Accounts payable and accrued expenses | 1,363,865 | 398,795 |
| Total Current Liabilities | 1,363,865 | 398,795 |
| Total Liabilities | 1,363,865 | 398,795 |
| Commitments and contingencies | ||
| Stockholders’ Equity | ||
| Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025 | - | - |
| Common stock, $0.0001 par value per share; 500,000,000 shares authorized; 43,730,194 and 19,074,158 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | 4,373 | 1,907 |
| Additional paid-in capital | 76,217,135 | 5,640,713 |
| Subscription receivable | - | (90,000) |
| Accumulated deficit | (10,018,015) | (4,279,487) |
| Total Stockholders’ Equity | 66,203,493 | 1,273,133 |
| Total Liabilities and Stockholders’ Equity | 67,567,358 | 1,671,928 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net loss | (5,738,528) | (445,105) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock based compensation | 533,223 | - |
| Common stock issued for vendor services | 317,500 | - |
| Depreciation | 889 | - |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (609,923) | - |
| Accounts payable and accrued expenses | 895,708 | 380,009 |
| Net cash used in operating activities | (4,601,131) | (65,096) |
| Cash flows from investing activities | ||
| Additions to oil and natural gas properties, full cost method | (17,512,053) | - |
| Prepaid exploration costs and deposits | (10,494,154) | (868,907) |
| Purchases of property and equipment | (17,785) | - |
| Net cash used in investing activities | (28,023,992) | (868,907) |
| Cash flows from financing activities | ||
| Collection of subscription receivable | 90,000 | - |
| Proceeds from issuance of common stocks, net | 67,331,660 | 1,150,140 |
| Payment to related party | (775,000) | - |
| Proceeds from business combination with Pelican | 10,993,625 | - |
| Payment of transaction costs | (7,823,035) | - |
| Net cash provided by financing activities | 69,817,250 | 1,150,140 |
| Net increase in cash and cash equivalents | 37,192,127 | 216,137 |
| Cash and cash equivalents beginning of period | 231,058 | - |
| Cash and cash equivalents end of period | 37,423,185 | 216,137 |
| Supplemental disclosures of Cash Flow Information: | ||
| Cash paid during the year for interest | - | - |
| Cash paid during the year for income taxes | - | - |
| Supplemental Non-Cash Information: | ||
| Common stock issued in settlement of related-party liability | 306,250 | - |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗