Greenland Mines

2 serious warning signs in Greenland Mines’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 1 Apr 2026, plus the 10-Q filed 17 Aug 2026 and 20 later 8-Ks.

• Doubt it can keep going

  Serious

  The company or its auditor warned it may not have enough money to last the next year.

  “Without additional funding, there is substantial doubt about the Company’s ability to continue as a going concern for twelve months from the date these financial statements are issued.”

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  The accompanying unaudited condensed consolidated financial statements have been prepared as if the Company will continue as a going concern. The Company has incurred significant operating losses and negative cash flows from operations since inception. As of June 30, 2026, the Company had cash and cash equivalents of approximately $ 9.3 million and an accumulated deficit of approximately $ 38.7 million. The Company has incurred recurring losses, has experienced recurring negative operating cash flows, and requires significant cash resources to execute its business plans. The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities in order to continue to execute its development plans and continue operations. Without additional funding, there is substantial doubt about the Company’s ability to continue as a going concern for twelve months from the date these financial statements are issued.

  From the 10-Q filed 17 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

• Weak checks on its own accounts

  Serious

  The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

  “These remediation efforts are ongoing, and the material weaknesses described above had not been fully remediated as of June 30, 2026.”

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  These remediation efforts are ongoing, and the material weaknesses described above had not been fully remediated as of June 30, 2026. Notwithstanding the material weaknesses, management believes that our condensed consolidated financial statements for the three and six months ended June 30, 2026 are fairly stated, in all material respects, in accordance with U.S. GAAP.

  From the 10-Q filed 17 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

• Changed auditor

  Worth knowing

  The company changed its auditor (the firm that checks its books) in the last two years.

  “On October 26, 2024, Registrant (the “Company”) terminated its engagement with Yusufali & Associates, LLC (“Yusufali & Associates”) as the Company’s independent registered public accounting firm .”

  From an 8-K filed 31 October 2024: Change of auditor. Read it in the filing

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.