GLND 10-K & 10-Q changes, risk factors and insider trading

Greenland Energy Company is an exploration-stage oil and gas company focused on the development and advancement of its exploration activities in Greenland. The Company has not generated revenue from oil and gas production to date. During the threesix months ended MarchJune 31,30, 2026, our activities were primarily focused on the completion of the Business Combination, transition to operating as a public company, planning and preparation for our exploration program, procurement and mobilization-related activities, and the establishment of public company infrastructure.

The recapitalization included Pelican net assets acquired of approximately $10.6 million, the net impacts of Greenland Exploration Limited and Pelican Holdco, Inc. of approximately $(0.3) million and $(0.1) million, respectively, and approximately $8.1 million of transaction costs ofattributable approximatelyto $8.0the millionBusiness Combination recorded as a reduction of additional paid-in capital. During the six months ended June 30, 2026, the Company paid approximately $11.3 million of aggregate transaction costs related to both the Business Combination and the April 2026 public offering.

Three Months Ended MarchJune 31,30, 2026 and 2025

Operating expenses for the three months ended MarchJune 31,30, 2026 were approximately $0.8$4.9 million.million, Thesecompared expenseswith approximately $0.4 million for the three months ended June 30, 2025. The increase primarily relatedreflected to public companypublic-company readiness activities, professional fees, exploration planning,planning and preparation, administrative costs, andapproximately other$0.5 costsmillion incurredof innoncash connectioncompensation associated with theequity Company’sawards operationsgranted to officers and thedirectors Businessand Combination.approximately $0.3 million of noncash expense associated with common stock issued for vendor services.

Net loss for the three months ended MarchJune 31,30, 2026 was approximately $0.8$4.9 million, or $0.04$0.13 per basic and diluted share.share, Basiccompared with a net loss of approximately $0.4 million, or $0.06 per basic and diluted weighted-average common shares outstanding were 20,078,162share, for the three months ended MarchJune 31,30, 2026.2025.

Our primary sources of liquidity during the threesix months ended MarchJune 31,30, 2026 were cash on hand, proceeds received in connection with the Business Combination and proceeds from the reverseApril recapitalization,2026 andpublic working capital generated through changes in operating assets and liabilities.offering.

As of MarchJune 31,30, 2026, we had cash and cash equivalents of approximately $3.1$37.4 million, total assets of approximately $67.6 million, total liabilities of approximately $1.4 million and total currentstockholders’ assetsequity of approximately $6.5$66.2 million. Current assets consisted of cash and cash equivalents of approximately $3.1 million, prepaid insurance of approximately $0.9 million, deposits on equipment of approximately $0.2 million, and prepaid exploration costs of approximately $2.3 million.

As of MarchJune 31,30, 2026, accounts payable and accrued professional fees included amounts related to Business Combination transaction costs, public company costs, exploration-related activities and other professional services.

SubsequentDuring tothe March 31, 2026,quarter, the Company continued activities related to its Registration Statement on Form S-1 and capital raising efforts. On April 27, 2026, the Registration Statement was declared effective. On April 29, 2026, we completed an offering of 16,250,000 shares of common stock, 1,250,000 pre-funded warrants and 17,500,000 common warrants. We received gross proceeds of approximately $70 million before deducting placement agent fees and offering expenses. We expect to use the proceeds primarily for exploration activities, working capital, payment of outstanding obligations, public company costs and general corporate purposes.

Net cash used in investing activities was approximately $0.6 $28.0 million for the threesix months ended MarchJune 31,30, 2026, consistingcompared ofwith purchasesapproximately of$0.9 propertymillion andfor equipment.the six months ended June 30, 2025.

Net cash provided by financing activities was approximately $6.1$67.3 million for the threesix months ended MarchJune 31,30, 2026, consistingcompared ofwith cashapproximately proceeds$1.2 frommillion for the businesssix combinationmonths ofended approximatelyJune $11.030, million, proceeds from issuance of common stock of approximately $0.6 million, collection of subscription receivable of $0.1 million, partially offset by payment of transaction costs of approximately $5.6 million.2025.

As of MarchJune 31,30, 2026, the Company had accounts payable of approximately $2.8 million,and accrued professional fees of approximately $0.04 million, and amounts due to related partiesexpenses of approximately $1.1$1.4 million. Accounts payable primarily consist of vendor invoices and costs incurred in connection with the Company’s business combination, public company activities, and pre-exploration-related activities. Accrued professional fees primarily consist of legal, accounting, audit, advisory and other professional service costs incurred but not yet paid as of March 31, 2026.

Significant estimates and judgments may include, but are not limited to, accounting for the Business Combination, classification and measurement of transaction costs, valuation of equity instruments and share-based compensation, income taxes and valuation allowances, accrued expenses, related party balances,balances. The Company follows the full cost method of accounting for its oil and natural gas activities. Significant judgments include determining whether costs are directly associated with acquisition, exploration or development activities, whether unevaluated property costs should continue to be excluded from the depletion base, and whether facts and circumstances indicate impairment. The Company’s capitalized oil and natural gas properties are also subject to the quarterly full cost ceiling test. Changes in estimates, exploration plans, license status or drilling results could affect the classification, recoverability and classificationcarrying amount of exploration-relatedthese costs and property and equipment.assets.

As of MarchJune 31,30, 2026, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, results of operations, liquidity, capital expenditures, or capital resources.