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Groove Botanicals, Inc. (GRVE) reported another development-stage quarter with no revenue for the three months ended June 30, 2026. The company posted a net loss of $21,171, improving from a loss of $38,170 a year earlier, and a net loss attributable to common stockholders of $75,789 after $54,618 in preferred dividends. Total operating expenses declined to $28,318, mainly from lower legal and professional fees, and other income of $7,147 came from a settlement with the former audit firm.
The balance sheet remains highly constrained, with total assets of $2,525, current liabilities of $1,546,562, and a stockholders’ deficit of $1,544,037 as of June 30, 2026. This includes $774,140 owed to the CEO for accrued compensation and advances and $710,028 of accrued preferred dividends, while cash was only $1,494. Management states there is substantial doubt about the company’s ability to continue as a going concern and expects to require between $500,000 and $5,000,000 to fund its plans.
The company remains an early-stage vehicle focused on identifying Norwegian-origin technology for potential licensing or commercialization in North America and currently has no products, technologies, or intellectual property rights. Internal controls over financial reporting are deemed ineffective due to a single executive handling key roles and the absence of an independent audit committee. There were 59,643,062 common shares outstanding as of August 10, 2026, and no new equity was issued during the quarter.
Groove Botanicals Inc. reports another year of losses and severe financial strain. For the year ended March 31, 2026, the company generated no revenue and recorded a net loss of $139,917, similar to the prior year. Accumulated deficit reached $35,554,968, and auditors again raised substantial doubt about its ability to continue as a going concern.
Liquidity is extremely tight, with only $1,502 of cash and current liabilities of $1,472,680, including a related party payable of $747,961 and preferred dividends payable of $655,410. Operations are funded largely through advances from its CEO, who also earns $48,000 in annual accrued salary and significant preferred dividends.
The company remains an early-stage, pre-revenue vehicle pursuing technology-licensing opportunities from Norwegian research institutions but has not secured any licenses or products. Capital needs are estimated between $500,000 and $5,000,000. Governance is highly concentrated: the CEO holds Series A Preferred Stock convertible into 51% of fully diluted common shares and is the sole director, while internal controls are deemed ineffective due to material weaknesses.
Groove Botanicals Inc. reported a change in its independent auditor. On May 13, 2026, M. S. Madhava Rao, Chartered Accountant, resigned as the company’s independent registered public accounting firm, and the board, acting as the audit committee, accepted the resignation and appointed GSKCA & Associates as the new auditor the same day.
The prior audit reports for the years ended March 31, 2025 and March 31, 2024 contained an explanatory paragraph about substantial doubt regarding the company’s ability to continue as a going concern, but no adverse opinions, disclaimers, or qualifications on accounting principles, scope, or uncertainty. The company states there were no disagreements or reportable events with the former auditor and has requested a confirming letter, filed as an exhibit.
Groove Botanicals, Inc. reported another small operating loss with no revenue while pursuing an early-stage EV battery technology strategy. For the nine months ended December 31, 2025, the company recorded a net loss of $104,420, slightly higher than $99,404 a year earlier, and a loss attributable to common stockholders of $268,272.
Total operating expenses were $104,420, driven mainly by general and administrative, legal, rent and consulting costs. The company continues to pay substantial preferred dividends of about $163,852 for the nine-month period, which deepen losses available to common holders.
Liquidity is very constrained. As of December 31, 2025, cash was only $1,494 and total assets were $6,260, against current liabilities of $1,384,394, including related party payables of $719,961 and significant dividends payable on preferred stock. Stockholders’ deficit was $1,378,134. The company discloses substantial doubt about its ability to continue as a going concern and is relying on related-party financing while seeking $500,000 to $5,000,000 of new capital.
Groove Botanicals Inc. filed a notice that it will be late filing its Form 10-Q for the three and nine-month periods ended December 31, 2025. The company states it cannot complete the quarter-end reporting procedures in time without unreasonable effort or expense.
Groove Botanicals indicates it is relying on Rule 12b-25, which allows up to five additional calendar days beyond the original due date to file a quarterly report.
Groove Botanicals, Inc. (GRVE) reported another development-stage quarter with no revenue and continued losses as it pursues an EV battery technology strategy. For the six months ended September 30, 2025, the company recorded a net loss of $70,553 before preferred dividends, slightly higher than the $66,372 loss a year earlier. After preferred dividends of $109,235, the net loss attributable to common stockholders was $179,788.
Liquidity remains extremely tight, with $1,492 of cash and total assets of $8,164 against current liabilities of $1,297,813, resulting in a stockholders’ deficit of $(1,289,649) as of September 30, 2025. Operations are being funded largely through related-party advances, which totaled $55,124 of cash inflows in the six-month period, while related party payables reached $687,957.
The company has incurred cumulative losses of $35,376,369 and discloses that these factors raise substantial doubt about its ability to continue as a going concern. It has no products or patents yet, plans to acquire early-stage EV battery technologies in Scandinavia, and estimates future capital needs between $500,000 and $5,000,000, with no committed financing in place.
Groove Botanicals Inc. (GRVE) filed a Form 12b-25 to notify investors that its Form 10-Q for the three- and six-month periods ended September 30, 2025 will be late. The company states it cannot file the quarterly report on time without unreasonable effort or expense because of delays in completing procedures related to its quarter-end reporting process. Groove Botanicals indicates that, consistent with Rule 12b-25, it expects to file the delayed Form 10-Q on or before the fifth calendar day following the original due date.
Groove Botanicals, Inc. reports consolidated results showing sustained losses and signs of financial distress. The company had an accumulated deficit of $35,196,581 as of March 31, 2025, and auditors expressed substantial doubt about the company's ability to continue as a going concern. Common shares outstanding were 59,643,062 and a fully diluted share count noted inclusion of 62,077,473 common shares issuable upon conversion of 100 shares of Series A Preferred Stock held by the CEO. Convertible promissory notes totaling at least $100,000 were disclosed across periods, with fixed conversion features and past debt settlements that generated a gain on settlement. Related-party financing and accrued wages to CEO Kent Rodriguez are material: management contributed or is owed $453,057, and the CEO accrues annual wages of $48,000. Series A and B preferred dividends accrued and outstanding are disclosed (Series A outstanding $80,000; Series B outstanding $356,940 at March 31, 2025). The company states it is pursuing a new business model and seeking equity or debt financing to continue operations.