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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

(Mark One)

[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30,
2008

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIESEXCHANGE ACT OF 1934

For the transition period from ________ to ________

COMMISSION FILE NUMBER000-51773

GREENLITE VENTURES
INC.(Exact name of registrant as specified in its
charter)

|NEVADA                                           | 91-2170874                          
|------------------------------------------------ | ------------------------------------
|(State or other jurisdiction of incorporation or | (I.R.S. Employer Identification No.)
|organization)                                    |                                     
|                                                 |                                     
|810 Peace Portal Drive, Suite 201                |                                     
|Blaine, WA                                       | 98230                               
|(Address of principal executive offices)         | (Zip code)                          

(360) 318-3028(Registrant's telephone number,
including area code)

Not Applicable(Former name, former address and
former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X]No [ ]

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of large accelerated filer,
accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act.

|Large accelerated filer [ ]                                                   | Accelerated filer [ ]        
|----------------------------------------------------------------------------- | -----------------------------
|Non-accelerated filer [ ] (Do not check if a smaller
      reporting company) | Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes [X]No [ ]

Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable date: As of
November 7, 2008, the Issuer had 11,366,666 shares of common stock issued and
outstanding.

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PART I - FINANCIAL INFORMATION

|ITEM 1. | FINANCIAL STATEMENTS.
|------- | ---------------------

The accompanying unaudited financial statements have been
prepared in accordance with the instructions to Form 10-Q and Rule 8-03 of
Regulation S-X, and, therefore, do not include all information and footnotes
necessary for a complete presentation of financial position, results of
operations, cash flows, and stockholders' equity in conformity with generally
accepted accounting principles. In the opinion of management, all adjustments
considered necessary for a fair presentation of the results of operations and
financial position have been included and all such adjustments are of a normal
recurring nature. Operating results for the six months ended September 30, 2008
are not necessarily indicative of the results that can be expected for the year
ending March 31, 2009.

As used in this Quarterly Report, the terms we, us, our,
Greenlite, and the Company mean Greenlite Ventures Inc. unless otherwise
indicated. All dollar amounts in this Quarterly Report are expressed in U.S.
dollars, unless otherwise indicated.

2

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors 
  Greenlite Ventures Inc.

We have reviewed the accompanying balance sheet of Greenlite
  Ventures Inc. as of September 30, 2008, and the statements of operations and
  accumulated deficit, changes in stockholders equity/(deficit), and statements
  of cash flows for the six month periods ended September 30, 2008 and September
  30, 2007, and for the period December 21, 2000 (date of inception) to September
  30, 2008. These interim financial statements are the responsibility of the management
  of Greenlite Ventures Inc.

We conducted our review in accordance with the standards of the
  Public Company Accounting Oversight Board (United States). A review of interim
  financial information consists principally of applying analytical procedures
  and making inquiries of persons responsible for financial and accounting matters.
  It is substantially less in scope than an audit conducted in accordance with
  the standards of the Public Company Accounting Oversight Board (United States),
  the objective of which is the expression of an opinion regarding the financial
  statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications
  that should be made to the accompanying interim financial statements in order
  for them to be in conformity with accounting principles generally accepted in
  the United States of America.

Our review was made for the purpose of expressing limited assurance
  that there are no material modifications that should be made to the financial
  statements in order for them to be in conformity with U.S. generally accepted
  accounting principles. The supplemental statement of operating expenses is presented
  for the purposes of additional analysis and is not a required part of the basic
  financial statements. Such information has been subjected to the inquiry and
  analytical procedures applied in the review of the basic financial statements,
  and we are not aware of any material modifications that should be made thereto.

The accompanying financial statements have been prepared assuming
  that the Company will continue as a going concern. As discussed in Note 6 to
  the financial statements, the Company has suffered recurring losses from operations,
  which raise substantial doubt about its ability to continue as a going concern.
  The financial statements do not include any adjustments that might result from
  the outcome of this uncertainty.

We have previously audited, in accordance with standards of the
  Public Company Accounting Oversight Board (United States), the balance sheet
  of Greenlite Ventures Inc. as of March 31, 2008, and the related statements
  of operations and accumulated deficit, changes in stockholders equity/(deficit),
  and cash flows for the year then ended (not presented herein); and in our report
  dated June 25, 2008, we expressed an unqualified opinion on those financial
  statements which included an explanatory paragraph describing Greenlite Ventures,
  Inc.s ability to continue as a going concern as described in Note 6 to
  the financial statements. In our opinion, the information set forth in the accompanying
  balance sheet as of March 31, 2008 is fairly stated, in all material respects,
  in relation to the balance sheet from which it has been derived.

Sarna & Company

Sarna & Company
  Certified Public Accountants 
  Westlake Village, California 
  November 6, 2008

---

|GREENLITE VENTURES INC.       
|------------------------------
|(AN EXPLORATION STAGE COMPANY)
|BALANCE SHEET                 

|ASSETS                                         |  
|---------------------------------------------- | -
|                                               |  
|                                               |  
|                                               |  
|                                               |  
|Current Assets:                                |  
|Cash                                           | $
|Receivable 
      Trust Account               |  
|Prepaid Expenses                               |  
|                                               |  
|Total Current Assets                           |  
|                                               |  
|TOTAL ASSETS                                   | $
|                                               |  
|                                               |  
|LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT) |  
|                                               |  
|Current Liabilities:                           |  
|Cash Overdraft                                 | $
|Accounts Payable
      and                     |  
|Accrued Expenses                               |  
|Loans Payable                                  |  
|Interest Payable                               |  
|                                               |  
|Total Current Liabilities                      |  
|                                               |  
|Long Term Debt                                 |  
|Stockholders' Equity (Deficit):                |  
|Common Stock, $0.001 par value                 |  
|100,000,000 shares authorized,                 |  
|11,366,666
      shares issued                 |  
|Additional Paid
      in Capital               |  
|Deficit Accumulated During the                 |  
|Exploration Stage                              |  
|                                               |  
|Total Stockholders' Equity (Deficit)           |  
|                                               |  
|TOTAL LIABILITIES AND                          |  
|STOCKHOLDERS' EQUITY/(DEFICIT)                 | $

See Accountants Review Report and Notes

2

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|GREENLITE VENTURES INC.                        
|-----------------------------------------------
|(AN EXPLORATION STAGE COMPANY)                 
|STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
|(Unaudited)                                    

|                           |   | THREE MONTHS ENDED |   |   | SIX MONTHS ENDED |   |   |              |  
|-------------------------- | - | ------------------ | - | - | ---------------- | - | - | ------------ | -
|                           |   | SEPTEMBER 30,      |   |   | SEPTEMBER 30,    |   |   | INCEPTION to |  
|                           |   | 2008               |   |   | 2007             |   |   | 2008         |  
|Revenues                   | $ | 0                  |   | $ | 0                |   | $ | 0            |  
|Operating Expenses         |   | (9,079             | ) |   | (19,681          | ) |   | (25,426      | )
|Loss Before Provision for  |   |                    |   |   |                  |   |   |              |  
|Income Taxes               |   | (9,079             | ) |   | (19,681          | ) |   | (25,426      | )
|Provision for Income Taxes |   | (0                 | ) |   | (0               | ) |   | (0           | )
|Net Loss                   |   | (9,079             | ) |   | (19,681          | ) |   | (25,426      | )
|Accumulated Deficit,       |   |                    |   |   |                  |   |   |              |  
|Beginning of Period        |   | (320,112           | ) |   | (251,127         | ) |   | (303,765     | )
|Accumulated Deficit,       |   |                    |   |   |                  |   |   |              |  
|End of Period              | $ | (329,191           | ) | $ | (270,808         | ) | $ | (329,191     | )
|                           |   |                    |   |   |                  |   |   |              |  
|                           |   |                    |   |   |                  |   |   |              |  
|Net Loss per Share         | $ | (0.00              | ) | $ | (0.00            | ) | $ | (0.00        | )
|Weighted Average           |   |                    |   |   |                  |   |   |              |  
|Shares Outstanding         |   | 11,366,666         |   |   | 10,600,000       |   |   | 11,366,666   |  

See Accountants Review Report and Notes

3

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|GREENLITE VENTURES INC.                               
|------------------------------------------------------
|(AN EXPLORATION STAGE COMPANY)                        
|STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY/(DEFICIT)
|(Unaudited)                                           

|                             | Common Stock |  |   | Additional |  |   | Accumulated |   |   | Total    |  
|---------------------------- | ------------ |  | - | ---------- |  | - | ----------- | - | - | -------- | -
|                             |              |  |   | Dollar     |  |   | Paid in     |   |   | Deficit  |  
|                             | Shares       |  |   | Amount     |  |   | Capital     |   |   |          |  
|                             |              |  |   |            |  |   |             |   |   |          |  
|Balances                     |              |  |   |            |  |   |             |   |   |          |  
|December 21, 2000            |              |  |   |            |  |   |             |   |   |          |  
|(Date of Inception)          | ----         |  | $ | ----       |  | $ | ----        |   | $ | ----     |  
|                             |              |  |   |            |  |   |             |   |   |          |  
|Stock Subscriptions Received |              |  |   |            |  |   |             |   |   |          |  
|$0.001 per share             |              |  |   |            |  |   |             |   |   |          |  
|February 14, 2001            | ----         |  |   | ----       |  |   | 2,500       |   |   | ----     |  
|                             |              |  |   |            |  |   |             |   |   |          |  
|Net Loss, Period Ended       |              |  |   |            |  |   |             |   |   |          |  
|March 31, 2001               | ----         |  |   | ----       |  |   | ----        |   |   | (1,310   | )
|                             |              |  |   |            |  |   |             |   |   |          |  
|Balances                     |              |  |   |            |  |   |             |   |   |          |  
|March 31, 2001               | ----         |  | $ | ----       |  | $ | 2,500       |   | $ | (1,310   | )
|                             |              |  |   |            |  |   |             |   |   |          |  
|Stock Subscriptions Received |              |  |   |            |  |   |             |   |   |          |  
|$0.001 per share             |              |  |   |            |  |   |             |   |   |          |  
|February 25, 2002            | ----         |  |   | ----       |  |   | 2,500       |   |   | ----     |  
|                             |              |  |   |            |  |   |             |   |   |          |  
|Common Stock Issued          |              |  |   |            |  |   |             |   |   |          |  
|$0.001 per share             |              |  |   |            |  |   |             |   |   |          |  
|February 28, 2002            | 7,500,000    |  |   | 7,500      |  |   | (5,000      | ) |   | ----     |  
|                             |              |  |   |            |  |   |             |   |   |          |  
|Net Loss, Period Ended       |              |  |   |            |  |   |             |   |   |          |  
|March 31, 2002               | ----         |  |   | ----       |  |   | ----        |   |   | (8,244   | )
|                             |              |  |   |            |  |   |             |   |   |          |  
|Balances                     |              |  |   |            |  |   |             |   |   |          |  
|March 31, 2002               | 7,500,000    |  | $ | 7,500      |  |   | ----        |   | $ | (9,554   | )
|                             |              |  |   |            |  |   |             |   |   |          |  
|Common Stock Issued          |              |  |   |            |  |   |             |   |   |          |  
|$0.05 per share              |              |  |   |            |  |   |             |   |   |          |  
|November 30, 2002            | 1,400,000    |  |   | 1,400      |  |   | 68,600      |   |   | ----     |  
|                             |              |  |   |            |  |   |             |   |   |          |  
|Net Loss, Period Ended       |              |  |   |            |  |   |             |   |   |          |  
|March 31, 2003               | ----         |  |   | ----       |  |   | ----        |   |   | (29,203  | )
|                             |              |  |   |            |  |   |             |   |   |          |  
|Balances                     |              |  |   |            |  |   |             |   |   |          |  
|March 31, 2003               | 8,900,000    |  | $ | 8,900      |  | $ | 68,600      |   | $ | (38,757  | )
|                             |              |  |   |            |  |   |             |   |   |          |  
|Net Loss, Period Ended       |              |  |   |            |  |   |             |   |   |          |  
|March 31, 2004               | ----         |  |   | ----       |  |   | ----        |   |   | (45,729  | )
|                             |              |  |   |            |  |   |             |   |   |          |  
|Balances                     |              |  |   |            |  |   |             |   |   |          |  
|March 31, 2004               | 8,900,000    |  | $ | 8,900      |  | $ | 68,600      |   | $ | (84,486  | )
|                             |              |  |   |            |  |   |             |   |   |          |  
|Common Stock Issued          |              |  |   |            |  |   |             |   |   |          |  
|$0.05 per share              |              |  |   |            |  |   |             |   |   |          |  
|September 30, 2004           | 900,000      |  |   | 900        |  |   | 44,100      |   |   | ----     |  
|                             |              |  |   |            |  |   |             |   |   |          |  
|Net Loss, Period Ended       |              |  |   |            |  |   |             |   |   |          |  
|March 31, 2005               | ----         |  |   | ----       |  |   | ----        |   |   | (46,137  | )
|                             |              |  |   |            |  |   |             |   |   |          |  
|Balances                     |              |  |   |            |  |   |             |   |   |          |  
|March 31, 2005               | 9,800,000    |  |   | 9,800      |  |   | 112,700     |   |   | (130,623 | )

See Accountants Review Report and Notes

4

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|GREENLITE VENTURES INC.                                                 
|------------------------------------------------------------------------
|(AN EXPLORATION STAGE COMPANY)                                          
|STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY/(DEFICIT)
      (Continued)
|(Unaudited)                                                             

|                         | Common Stock |  |   | Additional |  |   | Accumulated |  |   | Total    |  
|------------------------ | ------------ |  | - | ---------- |  | - | ----------- |  | - | -------- | -
|                         |              |  |   | Dollar     |  |   | Paid in     |  |   | Deficit  |  
|                         | Shares       |  |   | Amount     |  |   | Capital     |  |   |          |  
|                         |              |  |   |            |  |   |             |  |   |          |  
|                         |              |  |   |            |  |   |             |  |   |          |  
|Balances                 |              |  |   |            |  |   |             |  |   |          |  
|March 31, 2005           | 9,800,000    |  |   | 9,800      |  |   | 112,700     |  |   | (130,623 | )
|                         |              |  |   |            |  |   |             |  |   |          |  
|Common Stock Issued      |              |  |   |            |  |   |             |  |   |          |  
|$0.075 per share         |              |  |   |            |  |   |             |  |   |          |  
|September 29, 2005       | 800,000      |  |   | 800        |  |   | 59,200      |  |   | ----     |  
|                         |              |  |   |            |  |   |             |  |   |          |  
|Net Loss, Period Ended   |              |  |   |            |  |   |             |  |   |          |  
|March 31, 2006           | ----         |  |   | ----       |  |   | ----        |  |   | (49,089  | )
|                         |              |  |   |            |  |   |             |  |   |          |  
|Balances                 |              |  |   |            |  |   |             |  |   |          |  
|March 31, 2006           | 10,600,000   |  | $ | 10,600     |  | $ | 171,900     |  | $ | (179,712 | )
|                         |              |  |   |            |  |   |             |  |   |          |  
|Net Loss, Period Ended   |              |  |   |            |  |   |             |  |   |          |  
|March 31, 2007           | ----         |  |   | ----       |  |   | ----        |  |   | (52,274  | )
|                         |              |  |   |            |  |   |             |  |   |          |  
|Balances                 |              |  |   |            |  |   |             |  |   |          |  
|March 31, 2007           | 10,600,000   |  | $ | 10,600     |  | $ | 171,900     |  | $ | (231,986 | )
|                         |              |  |   |            |  |   |             |  |   |          |  
|Common Stock Issued      |              |  |   |            |  |   |             |  |   |          |  
|$0.15 per share          |              |  |   |            |  |   |             |  |   |          |  
|November 7, 2007         | 266,666      |  |   | 266        |  |   | 39,734      |  |   | ----     |  
|                         |              |  |   |            |  |   |             |  |   |          |  
|Common Stock Issued      |              |  |   |            |  |   |             |  |   |          |  
|$0.10 per share          |              |  |   |            |  |   |             |  |   |          |  
|January 24, 2008         | 500,000      |  |   | 500        |  |   | 49,500      |  |   | ----     |  
|                         |              |  |   |            |  |   |             |  |   |          |  
|Net Loss, Period Ended   |              |  |   |            |  |   |             |  |   |          |  
|March 31, 2008           | ----         |  |   | ----       |  |   | ----        |  |   | (71,779  | )
|                         |              |  |   |            |  |   |             |  |   |          |  
|Balances, March 31, 2008 | 11,366,666   |  | $ | 11,366     |  | $ | 261,134     |  | $ | (303,765 | )
|                         |              |  |   |            |  |   |             |  |   |          |  
|Net Loss, Period Ended   |              |  |   |            |  |   |             |  |   |          |  
|September 30, 2008       | ----         |  |   | ----       |  |   | ----        |  |   | (25,426  | )
|                         |              |  |   |            |  |   |             |  |   |          |  
|Balances,                |              |  |   |            |  |   |             |  |   |          |  
|September 30, 2008       | 11,366,666   |  | $ | 11,366     |  | $ | 261,134     |  | $ | (329,191 | )

See Accountants Review Report and Notes

5

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|GREENLITE VENTURES INC.       
|------------------------------
|(AN EXPLORATION STAGE COMPANY)
|STATEMENT OF CASH FLOWS       
|(Unaudited)                   

|                                |   | SIX MONTHS     |   |   | SIX MONTHS     |   |   |                |  
|------------------------------- | - | -------------- | - | - | -------------- | - | - | -------------- | -
|                                |   | ENDED          |   |   | ENDED          |   |   | INCEPTION to   |  
|                                |   | SEPT. 30, 2008 |   |   | SEPT. 30, 2007 |   |   | SEPT. 30, 2008 |  
|                                |   |                |   |   |                |   |   |                |  
|Cash Flows from                 |   |                |   |   |                |   |   |                |  
|Operating Activities:           |   |                |   |   |                |   |   |                |  
|                                |   |                |   |   |                |   |   |                |  
|Net Loss                        | $ | (25,426        | ) | $ | (38,822        | ) | $ | (329,191       | )
|                                |   |                |   |   |                |   |   |                |  
|Adjustments to Reconcile Net    |   |                |   |   |                |   |   |                |  
|Income to Net Cash Provided/    |   |                |   |   |                |   |   |                |  
|(Used) by Operating Activities: |   |                |   |   |                |   |   |                |  
|(Increase)Decrease
      in:    |   |                |   |   |                |   |   |                |  
|Receivable  Trust Account      |   | 2,199          |   |   | -0-            |   |   | (700           | )
|Prepaid Expenses                |   | 200            |   |   | -0-            |   |   | -0-            |  
|Increase(Decrease)
      in:    |   |                |   |   |                |   |   |                |  
|Cash Overdraft                  |   | 275            |   |   | -0-            |   |   | 275            |  
|Accounts Payable                |   | 2,573          |   |   | 13,933         |   |   | 22,362         |  
|Interest Payable                |   | -0-            |   |   | 2,507          |   |   | 5,754          |  
|                                |   |                |   |   |                |   |   |                |  
|Net Cash Used by                |   |                |   |   |                |   |   |                |  
|Operating Activities            |   | (20,179        | ) |   | (22,382        | ) |   | (301,500       | )
|                                |   |                |   |   |                |   |   |                |  
|Cash Flows from                 |   |                |   |   |                |   |   |                |  
|Investing Activities            |   | -0-            |   |   | -0-            |   |   | -0-            |  
|                                |   |                |   |   |                |   |   |                |  
|Cash Flows from                 |   |                |   |   |                |   |   |                |  
|Financing Activities:           |   |                |   |   |                |   |   |                |  
|Proceeds from Issuance of Debt  |   | 20,000         |   |   | -0-            |   |   | 79,000         |  
|Proceeds Related to             |   |                |   |   |                |   |   |                |  
|Issuance of Common Stock        |   | -0-            |   |   | -0-            |   |   | 222,500        |  
|                                |   |                |   |   |                |   |   |                |  
|Cash Provided by                |   |                |   |   |                |   |   |                |  
|Financing Activities            |   | 20,000         |   |   | -0-            |   |   | 301,500        |  
|                                |   |                |   |   |                |   |   |                |  
|                                |   |                |   |   |                |   |   |                |  
|Net Increase (Decrease) in Cash |   | (179           | ) |   | (22,382        | ) |   | -0-            |  
|                                |   |                |   |   |                |   |   |                |  
|Cash at Beginning of Period     |   | 179            |   |   | 23,870         |   |   | -0-            |  
|                                |   |                |   |   |                |   |   |                |  
|Cash at End of Period           | $ | -0-            |   | $ | 1,488          |   | $ | -0-            |  

See Accountants Review Report and Notes

6

---

|GREENLITE VENTURES INC.       
|------------------------------
|(AN EXPLORATION STAGE COMPANY)
|NOTES TO FINANCIAL STATEMENTS 
|(Unaudited)                   

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

Greenlite Ventures Inc. was incorporated on December 21, 2000
  in the state of Nevada. The Company acquires and develops certain mineral rights
  in Canada.

Basis of Presentation

The Company reports revenue and expenses using the accrual method
  of accounting for financial and tax reporting purposes.

Use of Estimates

Management uses estimates and assumptions in preparing these
  financial statements in accordance with generally accepted accounting principles.
  Those estimates and assumptions affect the reported amounts of assets and liabilities,
  the disclosure of contingent assets and liabilities, and the reported revenues
  and expenses.

Exploration Stage Company

The Company has been in the exploration stage since its formation
  and has not yet realized any revenues from its planned operations. The Company
  is primarily engaged in the acquisition and exploration of mining properties.
  Upon the location of commercially minable reserves, the Company plans to prepare
  for mineral extraction and enter the development stage. To date, the exploration
  stage of the Companys operations consists of the contracting with a geologist
  to sample and assess the mining viability of the Companys claim.

Pro Forma Compensation Expense

The Company accounts for options and restricted stock granted
  to employees and directors in accordance with the fair value method of SFAS
  No. 123, Accounting for Stock-Based Compensation (SFAS No. 123),
  as amended by SFAS No. 148, Accounting for Stock-Based Compensation Transition
  and Disclosure an amendment of FASB Statement No. 123 and related interpretations.
  As such, compensation expense is recorded on stock option and restricted stock
  grants based on the fair value of the options or restricted stock granted, which
  is estimated on the date of grant using the Black-Scholes option-pricing model
  for stock options granted, and is recognized on a straight-line basis over the
  vesting period. No stock options have been issued by Greenlite Ventures Inc.
  Accordingly, no pro forma compensation expense is reported in these financial
  statements.

Mineral RightsMineral rights and related exploration costs are expensed as they are incurred,
  as their recoverability is presumed to be insupportable during the exploration
  stage.

7

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|GREENLITE VENTURES INC.       
|------------------------------
|(AN EXPLORATION STAGE COMPANY)
|NOTES TO FINANCIAL STATEMENTS 
|(Unaudited)                   

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

Depreciation, Amortization and CapitalizationThe Company records depreciation and amortization when appropriate using
  both straight-line and declining balance methods over the estimated useful life
  of the assets (five to seven years).

Expenditures for maintenance and repairs are charged to expense
  as incurred. Additions, major renewals and replacements that increase the property's
  useful life are capitalized. Property sold or retired, together with the related
  accumulated depreciation, is removed from the appropriate accounts and the resultant
  gain or loss is included in net income.

Income TaxesThe Company accounts for its income taxes in accordance with Statement of
  Financial Accounting Standards No. 109, "Accounting for Income Taxes". Under
  Statement 109, a liability method is used whereby deferred tax assets and liabilities
  are determined based on temporary differences between basis used for financial
  reporting and income tax reporting purposes. Income taxes are provided based
  on tax rates in effect at the time such temporary differences are expected to
  reverse. A valuation allowance is provided for certain deferred tax assets if
  it is more likely than not, that the Company will not realize the tax assets
  through future operations.

Fair Value of Financial InstrumentsFinancial accounting Standards Statement No. 107, "Disclosures About Fair
  Value of Financial Instruments", requires the Company to disclose, when reasonably
  attainable, the fair market values of its assets and liabilities which are deemed
  to be financial instruments. The Company's financial instruments consist primarily
  of cash and certain investments.

Per Share InformationThe Company follows SFAS No. 128, Earnings Per Share and SFAS
  No. 150, Accounting for Certain Financial Instruments with Characteristics
  of Both Liabilities and Equity, which establish standards for the computation,
  presentation and disclosure requirements for basic and diluted earnings per
  share for entities with publicly-held common shares and potential common stock
  issuances. Basic earnings (loss) per share are computed by dividing net income
  by the weighted average number of common shares outstanding. In computing diluted
  earnings per share, the weighted average number of shares outstanding is adjusted
  to reflect the effect of potentially dilutive securities, such as convertible
  notes, stock options, and warrants. Common stock equivalent shares are excluded
  from the computation if their effect is antidilutive.

8

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|GREENLITE VENTURES INC.       
|------------------------------
|(AN EXPLORATION STAGE COMPANY)
|NOTES TO FINANCIAL STATEMENTS 
|(Unaudited)                   

NOTE 2 - PROVISION FOR INCOME TAXES

The provision for income taxes for the periods ended September
  30, 2008 and September 30, 2007 represents the minimum state income tax expense
  of the Company, which is not considered significant.

NOTE 3  LOANS PAYABLE

On December 7, 2007, the Company obtained loans from two stockholders
  totaling $9,000. These loans are non-interest-bearing, short-term loans due
  on demand, and were obtained to provide working capital and to pay ordinary
  expenses. During the quarter ended March 31, 2008, an additional $20,000 of
  loans were obtained from stockholders under the same terms for similar purposes.

NOTE 4  LONG-TERM DEBT

On October 31, 2006, the Companys Board of Directors approved
  a private placement of 10% convertible notes for proceeds of $50,000. These
  notes were issued on November 30, 2006, are due on October 31, 2008, and bear
  interest at 10% annually. The note holders are entitled to convert all or any
  portion of the notes into shares of the Companys common stock, at the
  lesser of $0.10 per share or 75% of the average trading price for the ten trading
  days immediately preceding the date of conversion. The proceeds are intended
  to fund completion of work on the Companys mineral claim, and for working
  capital purposes. As discussed in Note 8, on January 24, 2008 these notes were
  converted into 500,000 shares of the Companys common stock.

NOTE 5 - COMMITMENTS AND CONTINGENCIES

Operating LeasesThe Company currently rents administrative office space under a monthly
  renewable contract.

LitigationThe Company is not presently involved in any litigation.

NOTE 6 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Recently issued accounting pronouncements will have no significant
  impact on the Company and its reporting methods.

9

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|GREENLITE VENTURES INC.          
|---------------------------------
|(AN EXPLORATION STAGE COMPANY)   
|NOTES TO THE FINANCIAL STATEMENTS
|(Unaudited)                      

NOTE 7  GOING CONCERN

Future issuances of the Companys equity or debt securities
  will be required in order for the Company to continue to finance its operations
  and continue as a going concern. The Companys present revenues are insufficient
  to meet operating expenses.

The financial statements of the Company have been prepared assuming
  that the Company will continue as a going concern, which contemplates, among
  other things, the realization of assets and the satisfaction of liabilities
  in the normal course of business. The Company has incurred cumulative net losses
  of $329,191 since its inception and requires capital for its contemplated operational
  and marketing activities to take place. The Company's ability to raise additional
  capital through the future issuances of common stock is unknown. The obtainment
  of additional financing, the successful completion of the Company's contemplated
  plan of operations, and its transition, ultimately, to the attainment of profitable
  operations are necessary for the Company to continue operations. The ability
  to successfully resolve these factors raise substantial doubt about the Company's
  ability to continue as a going concern. The financial statements of the Company
  do not include any adjustments that may result from the outcome of these aforementioned
  uncertainties.

NOTE 8  STOCK ISSUANCES

On July 25, 2007, the Company approved a private placement of
  up to 350,000 units at a price of $0.15 per unit. Each unit consists of one
  common share of the Companys stock and one share purchase warrant, with
  each warrant entitling the holder to purchase an additional common share at
  a price of $0.20 per share, for a period ending one year from the date the units
  are issued. The proceeds of this offering are to be used to retire corporate
  debt and for general corporate expenses. This offering was made to non-US investors
  pursuant to Regulation S of the United States Securities Act of 1933. On November
  7, 2007, 266,666 units were issued under this private placement, for a total
  contribution of $40,000.

On January 24, 2008, $50,000 of 10% convertible notes payable
  were converted into 500,000 shares of the Companys common stock according
  to the terms described in Note 4 to the financial statements.

10

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SUPPLEMENTAL STATEMENT

---

|GREENLITE VENTURES INC.        
|-------------------------------
|(AN EXPLORATION STAGE COMPANY) 
|STATEMENT OF OPERATING EXPENSES
|(Unaudited)                    

|                            |   | THREE MONTHS ENDED |  |   | SIX MONTHS ENDED |  |   |              | 
|--------------------------- | - | ------------------ |  | - | ---------------- |  | - | ------------ | 
|                            |   | SEPTEMBER 30,      |  |   | SEPTEMBER 30,    |  |   | INCEPTION to | 
|                            |   | 2008               |  |   | 2007             |  |   | 2008         | 
|                            |   |                    |  |   |                  |  |   |              | 
|Operating Expenses          |   |                    |  |   |                  |  |   |              | 
|Accounting                  | $ | 1,180              |  | $ | 3,810            |  | $ | 10,980       | 
|Bank Charges                |   | 68                 |  |   | 10               |  |   | 130          | 
|Consulting                  |   | -0-                |  |   | -0-              |  |   | -0-          | 
|Exploration and Development |   | -0-                |  |   | -0-              |  |   | -0-          | 
|Interest                    |   | -0-                |  |   | 1,260            |  |   | -0-          | 
|Legal                       |   | 3,290              |  |   | 9,557            |  |   | 5,693        | 
|Office Administration       |   | 2,250              |  |   | 3,000            |  |   | 4,500        | 
|Property Rights             |   | -0-                |  |   | -0-              |  |   | -0-          | 
|Regulatory Expenses         |   | 1,560              |  |   | 1,309            |  |   | 2,660        | 
|Rent                        |   | 600                |  |   | 600              |  |   | 1,200        | 
|Telephone                   |   | 131                |  |   | 135              |  |   | 263          | 
|Travel & Entertainment      |   | -0-                |  |   | -0-              |  |   | -0-          | 
|                            |   |                    |  |   |                  |  |   |              | 
|                            |   |                    |  |   |                  |  |   |              | 
|Total Operating Expenses    | $ | 9,079              |  | $ | 19,681           |  | $ | 25,426       | 

See Accountants Review Report and Notes

12

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|ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF
      FINANCIAL CONDITION AND RESULTS OF OPERATION.
|------- | -------------------------------------------------------------------------------------------

Cautionary Statement Regarding Forward-Looking
Statements

Certain statements contained in this Quarterly Report
constitute "forward-looking statements. These statements, identified by words
such as plan, "anticipate," "believe," "estimate," "should," "expect" and
similar expressions include our expectations and objectives regarding our future
financial position, operating results and business strategy. These statements
reflect the current views of management with respect to future events and are
subject to risks, uncertainties and other factors that may cause our actual
results, performance or achievements, or industry results, to be materially
different from those described in the forward-looking statements. Such risks and
uncertainties include those set forth under the caption "Part II  Item 1A. Risk
Factors" and elsewhere in this Quarterly Report. We do not intend to update the
forward-looking information to reflect actual results or changes in the factors
affecting such forward-looking information. We advise you to carefully review
the reports and documents we file from time to time with the Securities and
Exchange Commission (the SEC), particularly our Annual Reports on Form 10-K or
Form 10-KSB, Quarterly Reports on Form 10-Q or Form 10-QSB and our Current
Reports on Form 8-K.

INTRODUCTION

We were incorporated on December 21, 2000 under the laws of the
State of Nevada.

We previously held a 100% interest mineral claim located on
Texada Island, British Columbia, Canada referred to as the Magnolia mineral
claim. On July 31, 2008, our management determined to allow title to the
Magnolia claim to lapse in order to avoid ongoing costs related to holding the
property. Accordingly, we are currently seeking out and evaluating alternative
business opportunities.

PLAN OF OPERATION

As we are currently seeking out and evaluating alternative
business opportunities, we are unable to provide an estimate of our exact
financial needs for the next twelve months. However, as at September 30, 2008,
we had no cash on hand and a working capital deficit of $56,691. As such, we
will require substantial additional financing in the near future in order to
meet our current obligations and to acquire an alternative opportunity. In
addition, in the event that we are successful in identifying suitable
alternative business opportunities, of which there is no assurance, we
anticipate that we will need to obtain additional financing in order to pursue
those opportunities.

Currently, we do not have any financing arrangements in place
and there are no assurances that we will be able to obtain sufficient financing
on terms acceptable to us, if at all.

Due to the lack of our operating history and our present
inability to generate revenues, our auditors have stated in their audit report
included in our audited financial statements for the year ended March 31, 2008
that there currently exists substantial doubt about our ability to continue as a
going concern.

3

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RESULTS OF OPERATIONS

Second Quarter and Six Months Summary

|         |   | Second Quarter Ended |   |   |            |   |  | Six Months Ended |  |   |            |  
|-------- | - | -------------------- | - | - | ---------- | - |  | ---------------- |  | - | ---------- | -
|         |   | September 30         |   |   | Percentage |   |  | September 30     |  |   | Percentage |  
|         |   |                      |   |   |            |   |  | Increase /       |  |   |            |  
|         |   | 2008                 |   |   | 2007       |   |  | (Decrease)       |  |   | 2008       |  
|Revenue  | $ | -                    |   | $ | -          |   |  | n/a              |  | $ | -          |  
|         |   |                      |   |   |            |   |  |                  |  |   |            |  
|Expenses |   | (9,079               | ) |   | (19,681    | ) |  | (53.9)%          |  |   | (25,426    | )
|         |   |                      |   |   |            |   |  |                  |  |   |            |  
|Net Loss | $ | (9,079               | ) | $ | (19,681    | ) |  | (53.9)%          |  | $ | (25,526    | )

Revenues

We have not earned any revenues to date and we do not
anticipate earning any revenues in the near future. We have no operations and
are presently seeking business opportunities.

Expenses

The major components of our expenses for the three and six
months ended September 30, 2008 and 2007 are outlined in the table below:

|                                   |   | Three Months Ended |  |   |            |  |  | Six Months Ended |  |   |            | 
|---------------------------------- | - | ------------------ |  | - | ---------- |  |  | ---------------- |  | - | ---------- | 
|                                   |   | September 30       |  |   | Percentage |  |  | September 30     |  |   | Percentage | 
|                                   |   |                    |  |   |            |  |  | Increase /       |  |   |            | 
|                                   |   | 2008               |  |   | 2007       |  |  | (Decrease)       |  |   | 2008       | 
|Accounting                         | $ | 1,180              |  | $ | 3,810      |  |  | (69.0)%          |  | $ | 10,980     | 
|Bank Charges                       |   | 68                 |  |   | 10         |  |  | 580%             |  |   | 130        | 
|Exploration and

      Development |   | -                  |  |   | -          |  |  | n/a              |  |   | -          | 
|Interest                           |   | -                  |  |   | 1,260      |  |  | (100)%           |  |   | -          | 
|Legal                              |   | 3,290              |  |   | 9,557      |  |  | (65.6)%          |  |   | 5,693      | 
|Office Administration              |   | 2,250              |  |   | 3,000      |  |  | (25.0)%          |  |   | 4,500      | 
|Regulatory Expenses                |   | 1,560              |  |   | 1,309      |  |  | 19.2%            |  |   | 2,660      | 
|Rent                               |   | 600                |  |   | 600        |  |  | n/a              |  |   | 1,200      | 
|Telephone                          |   | 131                |  |   | 135        |  |  | (3.0)%           |  |   | 263        | 
|TOTAL                              | $ | 9,079              |  | $ | 19,681     |  |  | (53.9)%          |  | $ | 25,426     | 

The decreases in expenses are primarily a result of the
decrease in accounting and legal fees.

Accounting and legal expenses primarily relate to costs in
connection with meeting our reporting requirements under the Securities Exchange
Act of 1934 (the Exchange Act).

Office administrative expenses consist of management consultant
fees of $750 per month paid to Mr. Thomson for his services.

4

---

LIQUIDITY AND CAPITAL RESOURCES

|Working Capital                   |   |                  |   |   |                   |   |  |                       | 
|--------------------------------- | - | ---------------- | - | - | ----------------- | - |  | --------------------- | 
|                                  |   | At September 30, |   |   |                   |   |  | Percentage            | 
|                                  |   | 2008             |   |   | At March 31, 2008 |   |  | Increase / (Decrease) | 
|Current Assets                    | $ | 700              |   | $ | 3,278             |   |  | (78.6)%               | 
|Current Liabilities               |   | (57,391          | ) |   | (34,543           | ) |  | 66.1%                 | 
|Working Capital Surplus (Deficit) | $ | (56,691          | ) | $ | (31,265           | ) |  | 81.3%                 | 

|Cash Flows                                    |   |                    |   |   |                    |  
|--------------------------------------------- | - | ------------------ | - | - | ------------------ | -
|                                              |   | Six Months Ended   |  
|                                              |   | September 30, 2008 |   |   | September 30, 2007 |  
|Net Cash Used in Operating Activities         | $ | (20,179            | ) | $ | (22,382            | )
|Net Cash From Investing Activities            |   | -                  |   |   | -                  |  
|Net Cash Provided By Financing Activities     |   | 20,000             |   |   | -                  |  
|Net Increase (Decrease) in Cash During Period | $ | (179               | ) | $ | (22,382            | )

The increase in our working capital deficit at September 30,
2008 from our year ended March 31, 2008 is primarily a result of the fact that
we had no revenue or sources of long-term financing during the six months ended
September 30, 2008.

During the six months ended September 30, 2008, we received
loans totaling $20,000 from stockholders. These loans are non-interest bearing
and due on demand.

Financing Requirements

Since our inception, we have used our common stock to raise
money for our property acquisition, for corporate expenses and to repay
outstanding indebtedness. We have not attained profitable operations and our
ability to pursue any future plan of operation is dependent upon our ability to
obtain financing. For these reasons, our auditors stated in their report to our
audited financial statements for the year ended March 31, 2008 that that there
is substantial doubt that we will be able to continue as a going concern.

On July 25, 2007, we approved a private placement offering of
up to 350,000 units at a price of $0.15 US per Unit pursuant to Regulation S of
the Securities Act. Each Unit consists of one share of our common stock and one
share purchase warrant. Each warrant entitles the holder to purchase an
additional share of our common stock at a price of $0.15 US per share for a
period of one (1) year from the date the Units were issued. On November 7, 2007,
we issued 266,666 Units at a price of $0.15 US per Unit to non-U.S. persons in
reliance of Regulation S of the Securities Act. The balance of the offering has
not been closed and there is no assurance that the remaining Units will be
sold.

We anticipate continuing to rely on equity sales of our common
shares in order to continue to fund our business operations. Issuances of
additional shares will result in dilution to our existing shareholders. There is
no assurance that we will achieve any of additional sales of our equity
securities or arrange for debt or other financing for to fund our business.

OFF-BALANCE SHEET ARRANGEMENTS

We have no significant off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or

5

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expenses, results of operations, liquidity, capital
expenditures or capital resources that is material to stockholders.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements in conformity with
United States generally accepted accounting principles requires our management
to make estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
Our management routinely makes judgments and estimates about the effects of
matters that are inherently uncertain.

We have identified certain accounting policies, described
below, that are most important to the portrayal of our current or recent
financial condition and results of operation.

Exploration Stage Company

We were in the exploration stage from our formation until July
31, 2008 and have not yet realized any revenues from our operations. We were
primarily engaged in the acquisition and exploration of mining properties. Upon
the location of commercially mineable reserves, we plan to prepare for mineral
extraction and enter the development stage. To date, the exploration stage of
our previous operations consisted of contracting with a geologist to sample and
assessing the mining viability of our mineral claim.

Mineral Rights

Mineral rights and related exploration costs have been expensed
as their recoverability is presumed to be insupportable during the exploration
stage.

Pro Forma Compensation Expense

We account for costs of stock-based compensation in accordance
with APB No. 25, "Accounting for Stock Based Compensation" instead of the fair
value based method in SFAS No. 123. No stock options have been issued by us.

Use of Estimates

Management uses estimates and assumptions in preparing our
financial statements in accordance with generally accepted accounting
principles. Those estimates and assumptions affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities, and
the reported revenues and expenses.

|ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES
      ABOUT MARKET RISK.
|------- | -----------------------------------------------------------------

Not Applicable.

6

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|ITEM 4T. | CONTROLS AND PROCEDURES.
|-------- | ------------------------

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation of the effectiveness of our
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) as of September 30, 2008 (the Evaluation Date). This evaluation
was carried out under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer. Based upon that evaluation, our
Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures were not effective as of the Evaluation Date
as a result of the material weaknesses in internal control over financial
reporting discussed below.

Disclosure controls and procedures are those controls and
procedures that are designed to ensure that information required to be disclosed
in our reports filed or submitted under the Exchange Act are recorded,
processed, summarized and reported within the time periods specified in the
SEC's rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required
to be disclosed in our reports filed under the Exchange Act is accumulated and
communicated to management, including our Chief Executive Officer and Chief
Financial Officer, to allow timely decisions regarding required disclosure.

Notwithstanding the assessment that our internal control over
financial reporting was not effective and that there were material weaknesses as
identified in this report, we believe that our financial statements contained in
our Quarterly Report on Form 10-Q for the year ended September 30, 2008 fairly
present our financial condition, results of operations and cash flows in all
material respects.

Material Weaknesses

Management assessed the effectiveness of the Companys internal
control over financial reporting as of Evaluation Date and identified the
following material weaknesses:

Insufficient Resources:We have an inadequate number of
personnel with requisite expertise in the key functional areas of finance and
accounting.

Inadequate Segregation of Duties: We have an inadequate
number of personnel to properly implement control procedures.

Lack of Audit Committee & Outside Directors on the
Companys Board of Directors:We do not have a functioning audit committee
and outside directors on the Companys Board of Directors, resulting in
ineffective oversight in the establishment and monitoring of required internal
controls and procedures.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial
reporting identified in connection with our evaluation of these controls as of
the end of the period covered by this report that could have affected those
controls subsequent to the date of the evaluation referred to in the previous
paragraph, including any correction action with regard to deficiencies and
material weakness.

7

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PART II - OTHER INFORMATION

|ITEM 1. | LEGAL PROCEEDINGS.
|------- | ------------------

None.

|ITEM 1A. | RISK FACTORS.
|-------- | -------------

The following are some of the important factors that could
affect our financial performance or could cause actual results to differ
materially from estimates contained in our forward-looking statements. We may
encounter risks in addition to those described below. Additional risks and
uncertainties not currently known to us, or that we currently deem to be
immaterial, may also impair or adversely affect our business, financial
condition or results of operation.

We Do Not Have Any Business Operations Or Any Significant
Assets. Our Plan Of Operation For The Next Twelve Months Will Consist Solely Of
Seeking Suitable Business Opportunities.

Our management determined to allow title to our Magnolia Claim
to expire. We are currently seeking and evaluating alternative business
opportunities. We have not yet identified any suitable business opportunities
and there is no assurance that we will be able to do so in the future. Even if
we are able to identify suitable business opportunities, there are no assurances
that we will be able to acquire an interest in those opportunities or that we
will have the resources to pursue such opportunities. As such, an investment in
our shares at this time would be highly speculative and investors could lose all
of their investment.

We May Not Be Able To Obtain Additional Financing.

As at September 30, 2008, we had no cash on hand and a working
capital deficit of $56,691. As such, we will require substantial additional
financing in order to continue as a going concern.

Currently, we do not have a specific business plan, nor have we
identified any suitable alternative business opportunities. As such, our ability
to obtain additional financing may be substantially limited. If sufficient
financing is not available or obtainable, we may not be able to continue as a
going concern and investors may lose a substantial portion or all of their
investment. We currently do not have any financing arrangements in place and
there are no assurances that we will be able to acquire financing on acceptable
terms or at all.

Because our executive officer has only agreed to provide his
services on a part-time basis, he may not be able or willing to devote a
sufficient amount of time to our business.

Our sole executive officer, Howard Thomson, is employed on a
full time basis by other companies. Mr. Thomson expects to expend approximately
ten hours per week on our business. Competing demands on his time may lead to a
divergence between his interests and the interests of other shareholders.

Because our sole executive officer and sole director, Howard
Thomson, owns 43.8% of our outstanding common stock, investors may find that
corporate decisions influenced by Mr. Thomson are inconsistent with the best
interests of other stockholders.

Howard Thomson, our sole executive officer and sole director,
controls 43.8% of the issued and outstanding shares of our common stock.
Accordingly, in accordance with our Articles of Incorporation and Bylaws, Mr.
Thomson is able to control who is elected to our board of directors and thus
could act,

8

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or could have the power to act, as our management. The
interests of Mr. Thomson may not be, at all times, the same as those of other
shareholders. Since Mr. Thomson is not simply a passive investor but is also our
active executive, his interests as an executive may, at times, be adverse to
those of passive investors. Where those conflicts exist, our shareholders will
be dependent upon Mr. Thomson exercising, in a manner fair to all of our
shareholders, his fiduciary duties as an officer or as a member of our board of
directors. Also, Mr. Thomson will have the ability to significantly influence
the outcome of most corporate actions requiring shareholder approval, including
the merger of our company with or into another company, the sale of all or
substantially all of our assets and amendments to our Articles of Incorporation.
This concentration of ownership with Mr. Thomson may also have the effect of
delaying, deferring or preventing a change in control of Greenlite which may be
disadvantageous to minority shareholders.

Because our stock is a penny stock, shareholders will be
more limited in their ability to sell their stock.

The SEC has adopted rules that regulate broker-dealer practices
in connection with transactions in penny stocks. Penny stocks are generally
equity securities with a price of less than $5.00, other than securities
registered on certain national securities exchanges or quoted on the Nasdaq
system, provided that current price and volume information with respect to
transactions in such securities is provided by the exchange or quotation
system.

Because our securities constitute penny stocks within the
meaning of the rules, the rules apply to us and to our securities. The rules may
further affect the ability of owners of shares to sell our securities in any
market that might develop for them. As long as the trading price of our common
stock is less than $5.00 per share, the common stock will be subject to rule
15g-9 under the Exchange Act. The penny stock rules require a broker-dealer,
prior to a transaction in a penny stock, to deliver a standardized risk
disclosure document prepared by the SEC, that:

|1. | contains a description of the nature and level of risk in
      the market for penny stocks in both public offerings and secondary
      trading;                                                                                        
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                          
|2. | contains a description of the brokers or dealers duties
      to the customer and of the rights and remedies available to the customer
      with respect to a violation to such duties or other requirements of
      securities laws;
|   |                                                                                                                                                                                                                                          
|3. | contains a brief, clear, narrative description of a
      dealer market, including bid and ask prices for penny stocks and the
      significance of the spread between the bid and ask price;                                           
|   |                                                                                                                                                                                                                                          
|4. | contains a toll-free telephone number for inquiries on
      disciplinary actions;                                                                                                                                                       
|   |                                                                                                                                                                                                                                          
|5. | defines significant terms in the disclosure document or
      in the conduct of trading in penny stocks; and                                                                                                                             
|   |                                                                                                                                                                                                                                          
|6. | contains such other information and is in such form,
      including language, type, size and format, as the SEC shall require by
      rule or regulation.                                                                              

The broker-dealer also must provide, prior to effecting any
transaction in a penny stock, the customer with: (a) bid and offer quotations
for the penny stock; (b) the compensation of the broker-dealer and its
salesperson in the transaction; (c) the number of shares to which such bid and
ask prices apply, or other comparable information relating to the depth and
liquidity of the market for such stock; and (d) a monthly account statements
showing the market value of each penny stock held in the customer's account. In
addition, the penny stock rules require that prior to a transaction in a penny
stock not otherwise exempt from those rules; the broker-dealer must make a
special written determination that

9

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the penny stock is a suitable investment for the purchaser and
receive the purchaser's written acknowledgment of the receipt of a risk
disclosure statement, a written agreement to transactions involving penny
stocks, and a signed and dated copy of a written suitably statement. These
disclosure requirements may have the effect of reducing the trading activity in
the secondary market for our stock.

|ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND
      USE OF PROCEEDS.
|------- | ------------------------------------------------------------------

None.

|ITEM 3. | DEFAULTS UPON SENIOR SECURITIES.
|------- | --------------------------------

None.

|ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY
      HOLDERS.
|------- | ----------------------------------------------------------

None.

|ITEM 5. | OTHER INFORMATION.
|------- | ------------------

None.

|ITEM 6. | EXHIBITS.
|------- | ---------

|Exhibit |                                                                                                                                                                                                       
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description of Exhibits                                                                                                                                                                               
|3.1     | Articles of Incorporation.(1)                                                                                                                                                                         
|3.2     | Bylaws, as amended.(1)                                                                                                                                                                                
|10.1    | Mineral Claim
        Purchase Agreement between Greenlite Ventures Inc. and Lorrie Ann Archibald
        dated April 30, 2002.(1)                                                                    
|10.2    | Bill of Sale.(1)                                                                                                                                                                                      
|10.3    | Form of Convertible
        Note.(3)                                                                                                                                                                  
|10.4    | Management Consulting Agreement
        with John Curtis.(4)                                                                                                                                          
|10.5    | Management Consulting
        Agreement with Howard Thomson.(5)                                                                                                                                       
|14.1    | Code of Ethics.(2)                                                                                                                                                                                    
|31.1    | Certification
        of Chief Executive Officer and Chief Financial Officer pursuant to Section
        302 of the Sarbanes-Oxley Act of 2002.                                                       
|32.1    | Certification
        of Chief Executive Officer and Chief Financial Officer pursuant to 18
        U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
        Act of 2002.

|Notes:
|------
|(1)   
|(2)   
|(3)   
|(4)   
|(5)   

10

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

|      |                   |  |     | GREENLITE VENTURES INC.                                
|----- | ----------------- |  | --- | -------------------------------------------------------
|      |                   |  |     |                                                        
|      |                   |  |     |                                                        
|      |                   |  |     |                                                        
|Date: | November 12, 2008 |  | By: | /s/
      Howard Thomson                               
|      |                   |  |     | HOWARD THOMSON                                         
|      |                   |  |     | Chief Executive Officer, Chief Financial
      Officer,
|      |                   |  |     | President, Secretary and Treasurer                     
|      |                   |  |     | (Principal Executive Officer                           
|      |                   |  |     | and Principal Accounting Officer)                      

11

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