Groove Botanicals Inc. reported a net loss of $130,834 for the fiscal year ending March 31, 2025, a decrease from the net loss of $202,089 recorded in the previous fiscal year. The company has not generated any revenue since its inception and does not anticipate generating revenue from product sales in the near future. Total operating expenses for the year were $130,834, down significantly from $266,581 in the prior year, primarily due to a reduction in consulting expenses, which fell from $78,300 to zero. The company’s accumulated deficit now stands at $35,196,581.
In terms of operational changes, Groove Botanicals has not launched any products and is currently focused on assembling a portfolio of early-stage electric vehicle (EV) battery technologies. The company is exploring partnerships with universities in Norway, Sweden, and Finland to commercialize these technologies. As of March 31, 2025, the company employed one full-time employee and one part-time administrative assistant, with no significant changes in employee headcount reported.
The company’s financial position remains precarious, with cash reserves of only $2,042 as of the end of the fiscal year. Groove Botanicals has relied on related party advances for financing, receiving $107,776 during the fiscal year. The company has expressed substantial doubt about its ability to continue as a going concern, citing the need for additional capital to maintain operations and pursue its business objectives. The management is actively seeking to identify strategic partners and technologies to establish a market presence.
Looking ahead, Groove Botanicals acknowledges the challenges posed by the competitive landscape of the green energy market, which includes numerous established players. The company is not currently engaged in marketing or sales activities and has no products to promote. The management's strategy includes focusing on its new business model and raising equity or debt financing to support its operations. However, the company has not secured any agreements for funding and faces uncertainty regarding its future financial stability.
About GROOVE BOTANICALS INC.
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