Groove Botanicals Reports Increased Net Loss and Plans Business Model Transition

Groove Botanicals Inc. reported a net loss of $139,917 for the fiscal year ending March 31, 2026, compared to a net loss of $130,834 for the previous fiscal year. The company's total operating expenses increased to $139,917 from $130,834, primarily due to a rise in consulting expenses, which grew from $3,000 to $8,000. The company has not generated any revenue since its inception and does not anticipate doing so in the near future. As of March 31, 2026, Groove Botanicals had an accumulated deficit of $35,554,968, raising concerns about its ability to continue as a going concern.

In terms of operational changes, Groove Botanicals is in the early stages of transitioning its business model, with plans to focus on identifying and evaluating early-stage intellectual property and applied technologies from Norwegian research institutions. The company has not yet entered into any licensing agreements or formal arrangements with these institutions and currently lacks proprietary or exclusive access to any technology pipeline. The company intends to change its name to Nordmark Technologies, Inc. to better reflect this new focus.

The company has a minimal workforce, consisting of one full-time employee and a part-time administrative assistant. As of March 31, 2026, Groove Botanicals had approximately 709 holders of its common stock. The company’s common stock is traded on OTCMarkets under the symbol GRVE, with share prices fluctuating between $0.0071 and $0.0700 over the past year. The company has not engaged in any marketing or sales activities and does not currently have any products or technologies to commercialize.

Groove Botanicals has indicated a need for additional capital, estimating that its capital requirements could range from $500,000 to $5,000,000 depending on growth strategies. The company has relied on related party financing, receiving $95,320 in advances during the fiscal year ending March 31, 2026. However, it has expressed uncertainty about its ability to secure future financing, which is critical for its operations and strategic objectives. The company’s management has acknowledged the need for substantial additional funds to continue operations and to meet its business goals.

Looking ahead, Groove Botanicals is focused on establishing strategic relationships and commercial partnerships to facilitate the licensing and commercialization of technologies. However, the company has not yet identified specific technologies or intellectual property rights under contract, and it remains uncertain whether it will be able to generate revenue in the future. The management has expressed intentions to evaluate its processes and procedures to improve internal controls and financial reporting, but it currently faces challenges due to limited resources and staffing.