Greenland Mines Ltd 10-Q

Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures Our management has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of December 31, 2024. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of December 31, 2024, our disclosure controls and procedures were ineffective to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (a) is recorded, processed, summarized and reported within the time periods specified by Securities and Exchange Commission (“SEC”) rules and forms and (b) is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding any required disclosure. 24 Management has identified control deficiencies regarding inadequate accounting resources, the lack of segregation of duties and the need for a stronger internal control environment. Management of the Company believes that these material weaknesses are due to the small size of the Company’s accounting staff. The small size of the Company’s accounting outsourced staff may prevent adequate controls in the future due to the cost/benefit of such remediation. To mitigate the current limited resources and limited employees, we rely heavily on direct management oversight of transactions, along with the use of external legal and accounting professionals. As we grow, we expect to increase our number of employees, which will enable us to implement adequate segregation of duties within the internal control framework. These control deficiencies could result in a misstatement of account balances that would result in a reasonable possibility that a material miss tatement to our financial statements may not be prevented or detected on a timely basis. In light of this material weakness, we have made the following improvements: ● Conducted a risk assessment to identify gaps in internal controls over financial reporting ● Enhanced existing controls and implemented new controls as needed to address control gaps effective September 30, 2025 ● Tested key controls to verify operating effectiveness as of September 30, 2025 ● Documented narratives detailing enhanced processes and controls Accordingly, management believes that our financial statements for the quarter ended September 30, 2025 are fairly stated, in all material respects, in accordance with GAAP. Changes in Int ernal Control Over Financial Reporting Except for the changes described above related to the implementation and enhancement of controls and documentation, there were no other changes in our internal controls over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 25 PART II - OTHER INFORMATION Item 1. Legal Proceedings None. Item 1A. Risk Factors As a smaller reporting company, we are not required to make disclosures under this Item. Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities None. Item 3. Defaults Upon Senior Securities None. Item 4. Mine Safety Disclosures Not applicable.