GTEC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-13

• Greenland is the parent company of HEVI and Greenland Holding Enterprises Inc. (“Greenland Holding”), a holding company formed in the State of Delaware on August 28, 2023, which in turn acts as the holding company for Zhongchai Holding (Hong Kong) Limited, a holding company formed under the laws of …

• Net decrease in cash and cash equivalents and restricted cash $2,777,318 $(1,222,914)

• Effect of exchange rate changes on cash and cash equivalents $(17,011) $157,967

• Cash and cash equivalents and restricted cash at end of period $10,607,177 $7,546,848

• Net cash provided by operating activities for the three months ended March 31, 2025 was approximately $1.24 million, primarily attributable to net income of approximately $4.56 million, adjusted for non-cash item of depreciation and amortization expenses of approximately $0.52 million, change in fai…

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• Greenland serves as the parent company of HEVI and Greenland Holding, a company incorporated in the State of Delaware and a wholly-owned subsidiary of Greenland, which in turns holds 100% of the equity interests in Zhongchai Holding, a holding company formed under the laws of Hong Kong. Zhongchai Ho…

• Greenland’s revenue was approximately $66.80 million for the nine months ended September 30, 2025, representing an increase of approximately $2.23 million, or 3.4%, as compared to that of approximately $64.57 million for the nine months ended September 30, 2024. The increase in revenue was primarily…

• Greenland’s cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the Company’s manufacturing …

• Greenland’s gross profit was approximately $19.99 million for the nine months ended September 30, 2025, representing an increase by approximately $2.60 million, or 14.9%, as compared to that of approximately $17.39 million for the nine months ended September 30, 2024. For the nine months ended Septe…

• Greenland’s operating expenses consist of selling expenses, general and administrative expenses and research and development expenses.

Text added vs the prior filing · source: 10-Q · 2026-05-13

• ● initiating a targeted training program for key accounting personnel, focusing on complex U.S. GAAP topics and SEC disclosure requirements;

• ● implementing a new review protocol requiring that all non-recurring or complex transactions be reviewed by both management and the external consultants prior to finalization, to ensure proper accounting treatment and disclosure in accordance with U.S. GAAP.

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• ●training key position staff by U.S. accountant with U.S. corporate accounting experiences, and gaining additional knowledge and professional skills about SEC regulations and U.S. GAAP;

• ●establishing effective oversight and clarifying reporting requirements for non-recurring and complex transactions to ensure consolidated financial statements and related disclosures are accurate, complete and in compliance with U.S. GAAP and SEC reporting requirements.

Text added vs the prior filing · source: 10-Q · 2026-05-13

• ● Tariffs and other trade barriers imposed on Chinese goods, including components manufactured in the PRC and assembled in the United States by HEVI, could materially and adversely affect our business, financial condition, and results of operations;

• ● Volatile steel prices can cause significant fluctuations in our operating results. Our revenues and operating income could decrease if steel prices increase or if our subsidiaries are unable to pass price increases on to their customers;

• ● We are subject to various risks and uncertainties that may affect our subsidiaries’ ability to procure raw materials; and

• ● Geopolitical conflicts involving Iran, military actions in the Middle East, and the war in Ukraine may adversely affect economic conditions in the U.S., China and globally, and cause significant volatility in the trading price of our Class A ordinary shares.

• For more detailed discussions of the following risks, see “Risk Factors—Risks Related to Doing Business in China” on pages 25 through 34.

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• ●Volatile steel prices can cause significant fluctuations in our operating results. Our revenues and operating income could decrease if steel prices increase or if our subsidiaries are unable to pass price increases on to their customers; and

• ●We are subject to various risks and uncertainties that may affect our subsidiaries’ ability to procure raw materials.

• For more detailed discussions of the following risks, see “Risk Factors—Risks Related to Doing Business in China” on pages 24 through 33.

• ●Future sales of our ordinary shares, whether by us or our shareholders, could cause the price of our ordinary shares to decline;

• ●Because we do not expect to pay dividends in the foreseeable future, you must rely on the price appreciation of our ordinary shares for return on your investment; and