2024 Q1 Form 10-Q Financial Statement

#000149315224020671 Filed on May 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.734M $2.455M
YoY Change -29.38% 359.29%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $144.0K $157.5K
YoY Change -8.58% -17.87%
% of Gross Profit
Operating Expenses $1.878M $2.613M
YoY Change -28.12% 259.69%
Operating Profit -$1.878M -$2.613M
YoY Change -28.12% 259.69%
Interest Expense $15.00K -$640.00
YoY Change -2443.75%
% of Operating Profit
Other Income/Expense, Net $928.4K $642.00
YoY Change 144513.24%
Pretax Income -$949.5K -$2.613M
YoY Change -63.67% 259.78%
Income Tax
% Of Pretax Income
Net Earnings -$949.5K -$2.613M
YoY Change -63.67% 259.78%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.02
Diluted Earnings Per Share -$0.01 -$0.02
COMMON SHARES
Basic Shares Outstanding 187.5M shares 173.4M shares
Diluted Shares Outstanding 187.5M shares 173.4M shares

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $422.5K
YoY Change -100.0% -34.82%
Cash & Equivalents $422.5K
Short-Term Investments
Other Short-Term Assets $55.52K $70.08K
YoY Change -20.78% -41.87%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $55.52K $492.6K
YoY Change -88.73% -35.92%
LONG-TERM ASSETS
Property, Plant & Equipment $15.89M $18.57M
YoY Change -14.43% 133.37%
Goodwill
YoY Change
Intangibles $6.450K $1.000K
YoY Change 545.0%
Long-Term Investments $0.00 $3.991M
YoY Change -100.0%
Other Assets $1.110M
YoY Change
Total Long-Term Assets $15.90M $23.68M
YoY Change -32.84% 197.43%
TOTAL ASSETS
Total Short-Term Assets $55.52K $492.6K
Total Long-Term Assets $15.90M $23.68M
Total Assets $15.96M $24.17M
YoY Change -33.98% 176.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.490M $6.361M
YoY Change -29.42% 759.65%
Accrued Expenses $21.94K $938.4K
YoY Change -97.66% 1676.85%
Deferred Revenue
YoY Change
Short-Term Debt $165.0K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.677M $8.949M
YoY Change -47.74% 655.25%
LONG-TERM LIABILITIES
Long-Term Debt $166.2K $3.460M
YoY Change -95.2%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $166.2K $3.460M
YoY Change -95.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.677M $8.949M
Total Long-Term Liabilities $166.2K $3.460M
Total Liabilities $4.843M $12.41M
YoY Change -60.97% 947.26%
SHAREHOLDERS EQUITY
Retained Earnings -$48.15M -$36.69M
YoY Change 31.25%
Common Stock $59.27M $48.45M
YoY Change 22.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.11M $11.76M
YoY Change
Total Liabilities & Shareholders Equity $15.96M $24.17M
YoY Change -33.98% 176.88%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$949.5K -$2.613M
YoY Change -63.67% 259.78%
Depreciation, Depletion And Amortization $144.0K $157.5K
YoY Change -8.58% -17.87%
Cash From Operating Activities -$58.55K $273.4K
YoY Change -121.42% 98.28%
INVESTING ACTIVITIES
Capital Expenditures $56.06K $1.586M
YoY Change -96.46% -292.83%
Acquisitions
YoY Change
Other Investing Activities $0.00 $47.94K
YoY Change -100.0%
Cash From Investing Activities -$61.51K -$1.538M
YoY Change -96.0% 87.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $880.0K
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $110.0K $1.272M
YoY Change -91.35% 2444.41%
NET CHANGE
Cash From Operating Activities -$58.55K $273.4K
Cash From Investing Activities -$61.51K -$1.538M
Cash From Financing Activities $110.0K $1.272M
Net Change In Cash -$10.06K $7.928K
YoY Change -226.88% -101.25%
FREE CASH FLOW
Cash From Operating Activities -$58.55K $273.4K
Capital Expenditures $56.06K $1.586M
Free Cash Flow -$114.6K -$1.312M
YoY Change -91.27% -236.67%

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14800000 usd
CY2023Q4 us-gaap Investments
Investments
726343 usd
CY2024Q1 us-gaap Advertising Expense
AdvertisingExpense
1860 usd
CY2023Q1 us-gaap Advertising Expense
AdvertisingExpense
11483 usd
CY2024Q1 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The amount recognized is the largest amount of tax benefit that is greater than 50% likely to be realized on examination.
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_z6maVCizxKp6" style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">L.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_zoxVA4K3u9q4">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience, various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities, and the accrual of costs and expenses that are not readily apparent from other sources. This applies in particular to valuation allowance for deferred tax assets, valuation of warrants, stock options, and stock-based compensation, going concern assessment, and assignment of the useful lives of property, plant, and equipment. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT GREEN CORPORATION </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Condensed Consolidated Financial Statements (Unaudited)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Three Months Ended March 31, 2024 and 2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed in United States Dollars)</span></p> <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"> </div></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. <span style="text-decoration: underline">Summary of Significant Accounting Policies (continued)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q4 us-gaap Time Deposit Liability Above Us Insurance Limit
TimeDepositLiabilityAboveUsInsuranceLimit
187821 usd
CY2024Q1 BGXX Change In Fair Value Of Assets And Liabilities Net
ChangeInFairValueOfAssetsAndLiabilitiesNet
80705 usd
CY2023Q4 us-gaap Other Investment Not Readily Marketable Fair Value
OtherInvestmentNotReadilyMarketableFairValue
726343 usd
CY2024Q1 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
88690 usd
CY2023Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
88690 usd
CY2024Q1 us-gaap Land
Land
260000 usd
CY2023Q4 us-gaap Land
Land
260000 usd
CY2024Q1 us-gaap Construction In Progress Gross
ConstructionInProgressGross
10266838 usd
CY2023Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
10635866 usd
CY2024Q1 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
8883851 usd
CY2023Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
8883851 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19499379 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19868407 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3605020 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3460992 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15894359 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16407415 usd
CY2024Q1 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
6450 usd
CY2023Q4 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
1000 usd
CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
6450 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1000 usd
CY2024Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
150000 usd
CY2024Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
100000 usd
CY2024Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
10000 usd
CY2024Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
14800000 usd
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
190166318 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
190166318 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
184758818 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
184758818 shares
CY2023Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
880000 usd
CY2023Q1 us-gaap Transfer To Investments
TransferToInvestments
880000 usd
CY2024Q1 BGXX Warrant Redeemed Or Called During Period Shares
WarrantRedeemedOrCalledDuringPeriodShares
200000 shares
CY2024Q1 BGXX Warrant Redeemed Or Called During Period Value
WarrantRedeemedOrCalledDuringPeriodValue
210000 usd
CY2022Q3 us-gaap Professional Fees
ProfessionalFees
800000 usd
CY2022Q3 us-gaap Legal Fees
LegalFees
55617 usd
CY2022Q3 us-gaap Escrow Deposit
EscrowDeposit
7650 usd
CY2023Q2 us-gaap Professional Fees
ProfessionalFees
316850 usd
CY2023Q2 us-gaap Legal Fees
LegalFees
78400 usd
CY2022Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
7399000 usd
CY2022Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
6901000 usd
CY2022Q3 BGXX Decrease In Fair Value Of Warrants
DecreaseInFairValueOfWarrants
498000 usd
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2425000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.3353
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y10M24D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
625000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.3353
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1800000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.3353
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y7M6D
CY2024Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
600000 shares
CY2023Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
0 shares
CY2024Q1 us-gaap Interest Expense
InterestExpense
15000 usd
CY2024Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
166235 usd
CY2024Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_804_eus-gaap--LossContingencyDisclosures_z8eEKZEL6EW7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_821_zqJ7o2ph6L6a">Contingencies</span> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the ordinary course of business, the Company is routinely defendants in, or parties to a number of pending and threatened legal actions including actions brought on behalf of various classes of claimants. In view of the inherent difficulty of predicting the outcome of such matters, the Company cannot state what the eventual outcome of such matters will be. Legal provisions are established when it becomes probable that the Company will incur an expense related to a legal action and the amount can be reliably estimated. Such provisions are recorded at the best estimate of the amount required to settle any obligation related to these legal actions as at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Management and internal and external experts are involved in estimating any amounts that may be required. The actual costs of resolving these claims may vary significantly from the amount of the legal provisions. The Company’s estimate involves significant judgement, given the varying stages of the proceedings, the fact that the Company’s liability, if any, has yet to be determined and the fact that the underlying matters will change from time to time. Other than as set forth below, the Company is not presently a party to any litigation. The Company is not able to make a reliable assessment of the potential losses as these matters are at an early stage, accordingly, no amounts have been accrued in the condensed consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT GREEN CORPORATION </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Condensed Consolidated Financial Statements (Unaudited)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Three Months Ended March 31, 2024 and 2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed in United States Dollars)</span></p> <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"> </div></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. <span style="text-decoration: underline">Contingencies (continued)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bright Green Corporation v. John Fikany, State of New Mexico, County of Cibola, Thirteenth Judicial District</i>. In this matter, the Company filed a complaint for declaratory judgment against a consultant of the <span id="xdx_909_eus-gaap--LossContingencyActionsTakenByDefendant_c20240101__20240331__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zYWOPXb2h0yi">Bright Green Group of Companies, an entity unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of the Company’s common stock, based on a failure to fulfill agreed upon conditions precedent to earning such shares from the Company.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defendant counterclaimed and filed a third-party claim against a director of the Company, and her spouse, for claims including wrongful termination and breach of contract. The Company denies defendants allegations and have set forth arguments refuting defendant’s counterclaims and third-party claims. The case has proceeded to trial and a decision is expected in the second half of 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bright Green Corporation v. Jerry Capussi, State of New Mexico, County of Cibola, Thirteenth Judicial District</i>. In this matter, the Company and defendant, a former consultant of Sunnyland Farms Inc., an entity unrelated to the Company, have each filed claims for declaratory judgment seeking to determine by court order whether defendant is entitled to <span id="xdx_901_eus-gaap--LossContingencyActionsTakenByDefendant_c20240101__20240331_zhHJpzsU7sRe" title="Contingency, taken by defendant description">(i) shares of common stock in the Company (amounting to no more than 108,000 shares) or (ii) fair market value of defendant’s equity ownership of Bright Green Grow Innovations, LLC, a predecessor company of Bright Green Corporation.</span> The lawsuit is in early discovery stages, and the Company is preparing arguments for a summary judgment motion. There are no claims for specific monetary liability against either party.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Loss Contingency Actions Taken By Defendant
LossContingencyActionsTakenByDefendant
(i) shares of common stock in the Company (amounting to no more than 108,000 shares) or (ii) fair market value of defendant’s equity ownership of Bright Green Grow Innovations, LLC, a predecessor company of Bright Green Corporation.

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