---

|UNITED STATES                     
|----------------------------------
|SECURITIES AND EXCHANGE COMMISSION
|Washington, 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 June 30, 2010                                                      
|                                                                                                        
|[ 
      ]TRANSITION REPORT PURSUANT TO
      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE 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                                                                                  
|(State or other jurisdiction of
      incorporation or organization)                    
|                                                                                        
|810 Peace Portal Drive, Suite 201, Blaine, WA                                           
|(Address of principal executive
      offices)                                          
|                                                                                        
|(360) 220-5218                                                                          
|(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 has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (s. 232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).

Yes [  ]      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
August 19, 2010, 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 three months ended June 30, 2010 are
not necessarily indicative of the results that can be expected for the year
ending March 31, 2011.

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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---

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



|ASSETS                                                                                     |  
|------------------------------------------------------------------------------------------ | -
|                                                                                           |  
|                                                                                           |  
|                                                                                           |  
|                                                                                           |  
|Current Assets                                                                             |  
|Cash                                                                                       | $
|Prepaid Expenses                                                                           |  
|                                                                                           |  
|Total Current Assets                                                                       |  
|                                                                                           |  
|TOTAL ASSETS                                                                               | $
|                                                                                           |  
|                                                                                           |  
|LIABILITIES AND STOCKHOLDERS'
    EQUITY                                                   |  
|                                                                                           |  
|                                                                                           |  
|Current Liabilities                                                                        |  
|Accounts Payable and Accrued Expenses                                                      | $
|Loans from Related
    Parties                                                             |  
|Interest Payable                                                                           |  
|Stock Subscription
    Payable                                                             |  
|                                                                                           |  
|Total Current Liabilities                                                                  |  
|                                                                                           |  
|Long Term Debt                                                                             |  
|                                                                                           |  
|Stockholders' Equity                                                                       |  
|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 Notes to Financial Statements
|                                 
|4                                
|                                 

---

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



|                                             |   | THREE MONTHS
    ENDED |   |   |            |  
|-------------------------------------------- | - | ---------------------- | - | - | ---------- | -
|                                             |   | JUNE                   |   |   | 30,        |  
|                                             |   | 2010                   |   |   | 2009       |  
|Revenues                                     | $ | -0-                    |   | $ | -0-        |  
|                                             |   |                        |   |   |            |  
|Operating Expenses                           |   | (11,995                | ) |   | (16,688    | )
|                                             |   |                        |   |   |            |  
|Loss Before Provision for Income
    Taxes   |   | (11,995                | ) |   | (16,688    | )
|                                             |   |                        |   |   |            |  
|Provision for Income
    Taxes               |   | (-0-                   | ) |   | (-0-       | )
|                                             |   |                        |   |   |            |  
|Net Loss                                     |   | (11,995                | ) |   | (16,688    |  
|                                             |   |                        |   |   |            |  
|Accumulated Deficit, Beginning
    of Period |   | (422,612               | ) |   | (354,755   | )
|                                             |   |                        |   |   |            |  
|Accumulated Deficit, End of
    Period       | $ | (434,607               | ) | $ | (371,443   | )
|                                             |   |                        |   |   |            |  
|                                             |   |                        |   |   |            |  
|Net Loss per Share                           | $ | (0.00                  | ) | $ | (0.00      | )
|                                             |   |                        |   |   |            |  
|Weighted Average Shares Outstanding          |   | 11,366,666             |   |   | 11,366,666 |  

|                                 
|---------------------------------
|See Notes to Financial Statements
|                                 
|5                                
|                                 

---

|                                                          
|----------------------------------------------------------
|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 Notes to Financial Statements
|                                 
|6                                
|                                 

---

|                                                                      
|----------------------------------------------------------------------
|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 March 31,
    2009                   |  | ----         |  |   | ----       |  |   | ----        |  |   | (50,990  | )
|                                                            |  |              |  |   |            |  |   |             |  |   |          |  
|Balances, March 31, 2009                                    |  | 11,366,666   |  | $ | 11,366     |  | $ | 261,134     |  | $ | (354,755 | )
|                                                            |  |              |  |   |            |  |   |             |  |   |          |  
|Net Loss, Period Ended March 31,
    2010                   |  | ----         |  |   | ----       |  |   | ----        |  |   | (67,857  | )
|                                                            |  |              |  |   |            |  |   |             |  |   |          |  
|Balances, March 31, 2010                                    |  | 11,366,666   |  | $ | 11,366     |  | $ | 261,134     |  | $ | (422,612 | )
|                                                            |  |              |  |   |            |  |   |             |  |   |          |  
|Net Loss, Period Ended June 30,
    2010                    |  | ----         |  |   | ----       |  |   | ----        |  |   | (11,995  | )
|                                                            |  |              |  |   |            |  |   |             |  |   |          |  
|Balances, June 30, 2010                                     |  | 11,366,666   |  | $ | 11,366     |  | $ | 261,134     |  | $ | (434,607 | )

|                                 
|---------------------------------
|See Notes to Financial Statements
|                                 
|7                                
|                                 

---

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



|                                                                                                              |  |   | THREE MONTHS
    ENDED |   |   |         |  
|------------------------------------------------------------------------------------------------------------- |  | - | ---------------------- | - | - | ------- | -
|                                                                                                              |  |   | JUNE                   |   |   | 30,     |  
|                                                                                                              |  |   | 2010                   |   |   | 2009    |  
|                                                                                                              |  |   |                        |   |   |         |  
|Cash Flows from Operating Activities                                                                          |  |   |                        |   |   |         |  
|                                                                                                              |  |   |                        |   |   |         |  
|Net Loss                                                                                                      |  | $ | (11,995                | ) | $ | (16,688 | )
|                                                                                                              |  |   |                        |   |   |         |  
|Adjustments to Reconcile                                                                                      |  |   |                        |   |   |         |  
|Net Income
    to Net Cash Provided/(Used) by Operating Activities (Increase)Decrease in
    Prepaid Expenses |  |   | 950                    |   |   | -0-     |  
|Increase(Decrease) in                                                                                         |  |   |                        |   |   |         |  
|Accounts Payable                                                                                              |  |   | 7,872                  |   |   | 12,240  |  
|Interest Payable                                                                                              |  |   | -0-                    |   |   | -0-     |  
|                                                                                                              |  |   |                        |   |   |         |  
|Net Cash Used by Operating
    Activities                                                                     |  |   | (3,173                 | ) |   | (4,448  | )
|                                                                                                              |  |   |                        |   |   |         |  
|Cash Flows from Investing
    Activities                                                                      |  |   | -0-                    |   |   | -0-     |  
|                                                                                                              |  |   |                        |   |   |         |  
|Cash Flows from Financing
    Activities                                                                      |  |   |                        |   |   |         |  
|Proceeds from Issuance of Debt                                                                                |  |   | -0-                    |   |   | -0-     |  
|Proceeds from Issuance of Common
    Stock                                                                    |  |   | -0-                    |   |   | -0-     |  
|                                                                                                              |  |   |                        |   |   |         |  
|Net Cash Provided by Financing
    Activities                                                                 |  |   | -0-                    |   |   | -0-     |  
|                                                                                                              |  |   |                        |   |   |         |  
|Net Increase (Decrease)
    in Cash                                                                           |  |   | (3,173                 | ) |   | (4,448  | )
|                                                                                                              |  |   |                        |   |   |         |  
|Cash at Beginning of
    Period                                                                               |  |   | 8,334                  |   |   | 6,338   |  
|                                                                                                              |  |   |                        |   |   |         |  
|Cash at End of Period                                                                                         |  | $ | 5,161                  |   | $ | 1,890   |  

|                                 
|---------------------------------
|See Notes to Financial Statements
|                                 
|8                                
|                                 

---

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

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

9

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


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -
CONTINUED

Depreciation, Amortization and Capitalization

The 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 Taxes

The 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 Instruments

Financial 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 Information

The 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.

10

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

NOTE 2 - PROVISION FOR INCOME TAXES

The provision for income taxes for the periods ended June 30,
2010 and June 30, 2009 represents the minimum state income tax expense of the
Company, which is not considered significant.

NOTE 3  LOANS FROM RELATED PARTIES

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 year ended March 31, 2009, the company obtained
additional loans totaling $39,000 under identical terms for similar purposes.
During the year ended March 31, 2010, additional loans in the amount of $10,000
were received under identical terms for similar purposes.

NOTE 4 - COMMITMENTS AND CONTINGENCIES

Operating Leases

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

Litigation

The Company is not presently involved in any litigation.

NOTE 5 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

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

NOTE 6  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 $371,443 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.

11

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

NOTE 7  STOCK ISSUANCES

On June 2, 2009, the Companys Board of Directors approved a
private placement offering under Regulation S of up to 5,000,000 units at a
price of $0.02 per unit, for total proceeds of up to $100,000. Each unit
consists of one share of the Companys common stock and one share purchase
warrant entitling the subscriber to purchase an additional share of the
Companys common stock for a period of two years following the date of issuance
at an exercise price of $0.05 per share.

On September 11, 2009, the Company received $25,000 as an
advance on the purchase of 1,250,000 units under this private placement
offering. The shares and the share purchase warrants had not been issued as of
June 30, 2010, and the advance is included as a current liability in the
financial statements.

On October 15, 2009, the Company received an additional $25,000
as an advance on the purchase of 1,250,000 units under this private placement
offering. The shares and the share purchase warrants had not been issued as of
June 30, 2010, and the advance is included as a current liability in the
financial statements.

12

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SUPPLEMENTAL STATEMENT





13

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



|                            |   | THREE MONTHS ENDED |  |   |        | 
|--------------------------- | - | ------------------ |  | - | ------ | 
|                            |   | JUNE               |  |   | 30,    | 
|                            |   | 2010               |  |   | 2009   | 
|Operating Expenses          |   |                    |  |   |        | 
|Accounting                  | $ | 4,470              |  | $ | 4,640  | 
|Bank Charges                |   | -0-                |  |   | -0-    | 
|Cancelled Merger Costs      |   | -0-                |  |   | -0-    | 
|Consulting                  |   | 700                |  |   | 2,000  | 
|Exploration and Development |   | -0-                |  |   | -0-    | 
|Interest                    |   | -0-                |  |   | -0-    | 
|Legal                       |   | 3,402              |  |   | 6,650  | 
|Office Administration       |   | 2,250              |  |   | 2,250  | 
|Property Rights             |   | -0-                |  |   | -0-    | 
|Regulatory Expenses         |   | 573                |  |   | 548    | 
|Rent                        |   | 375                |  |   | 600    | 
|Telephone                   |   | 225                |  |   | -0-    | 
|Travel
    & Entertainment  |   | -0-                |  |   | -0-    | 
|                            |   |                    |  |   |        | 
|Total Operating Expenses    | $ | 11,995             |  | $ | 16,688 | 

|                                 
|---------------------------------
|See Notes to Financial Statements
|                                 
|14                               
|                                 

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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 United States
Securities and Exchange Commission (the SEC), particularly our Annual Reports,
Quarterly Reports and Current Reports.

INTRODUCTION

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

We currently have no business operations or significant assets.
Accordingly, we are in the process of reorganizing our business and are seeking
and evaluating alternative business opportunities. We are currently reviewing
opportunities in areas of reforestation and carbon credit trading. To date, no
agreements or decisions to enter these business areas have been made. Our
ability to seek out and acquire an alternative business opportunity is subject
to our obtaining financing, of which there is no assurance.

PLAN OF OPERATION

We are currently in the process of reorganizing our business
and are seeking and evaluating alternative business opportunities, particularly
in reforestation and carbon credit trading areas. As a result, we are unable to
provide an accurate estimate of our financial requirements for the next twelve
months. However, as at June 30, 2010, we had a working capital deficit of
$162,107 and will need substantial financing in the near term in order to meet
our current obligations as they become due and to meet our ongoing reporting
obligations under the Exchange Act. In addition, if our management is successful
in identifying a suitable business opportunity for us to pursue, we will likely
need significantly more financing in order to pursue the new business
opportunity. There is no assurance that we will be able to obtain sufficient
financing on terms acceptable to us, if at all.

RESULTS OF OPERATIONS

|Three Months Summary |   |                          |   |   |               |   |  |            |   
|-------------------- | - | ------------------------ | - | - | ------------- | - |  | ---------- | --
|                     |   | Three Months
      Ended |   |   | Percentage    |  
|                     |   |                          |   |   |               |   |  | Increase / |   
|                     |   | June 30, 2010            |   |   | June 30, 2009 |   |  | (Decrease) |   
|Revenue              | $ | -                        |   | $ | -             |   |  | n/a        |   
|Expenses             |   | (11,995                  | ) |   | (16,688       | ) |  | (28.1      | )%
|Net Loss             | $ | (11,995                  | ) | $ | (16,688       | ) |  | (28.1      | )%

|15
|--

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Revenues

We have not earned any revenues to date and we do not
anticipate earning revenues in the near future. We have no business operations
and are presently seeking alternative business opportunities, particularly in
the reforestation and carbon credit trading areas.

Expenses

Our operating expenses for the three months ended June 30, 2010
and 2009 are outlined in the table below:

|                      |   |                          |  |   |               | 
|--------------------- | - | ------------------------ |  | - | ------------- | 
|                      |   | Three Months
      Ended |  |   | Percentage    | 
|                      |   |                          |  |   |               | 
|                      |   | June 30, 2010            |  |   | June 30, 2009 | 
|Accounting            | $ | 4,470                    |  | $ | 4,640         | 
|Consulting            |   | 700                      |  |   | 2,000         | 
|Legal                 |   | 3,420                    |  |   | 6,650         | 
|Office Administration |   | 2,250                    |  |   | 2,250         | 
|Regulatory Expenses   |   | 573                      |  |   | 548           | 
|Rent                  |   | 375                      |  |   | 600           | 
|Telephone             |   | 225                      |  |   | -             | 
|Total                 | $ | 11,995                   |  | $ | 16,688        | 

The decrease in expenses are primarily a result of a decrease
in legal and consulting expenses.

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.

LIQUIDITY AND CAPITAL RESOURCES

|Working Capital         |   |                  |   |   |                   |   |  |                       |   
|----------------------- | - | ---------------- | - | - | ----------------- | - |  | --------------------- | --
|                        |   |                  |   |   |                   |   |  | Percentage            |   
|                        |   | At June 30, 2010 |   |   | At March 31, 2010 |   |  | Increase / (Decrease) |   
|Current Assets          | $ | 5,161            |   | $ | 9,284             |   |  | (44.4                 | )%
|Current Liabilities     |   | (167,268         | ) |   | (159,396          | ) |  | 4.9%                  |   
|Working Capital Deficit | $ | (162,107         | ) | $ | (150,112          | ) |  | 8.0%                  |   

|Cash Flows                                      |   |                    |   |   |               |  
|----------------------------------------------- | - | ------------------ | - | - | ------------- | -
|                                                |   | Three Months Ended |  
|                                                |   | June 30, 2010      |   |   | June 30, 2009 |  
|Net Cash Used in Operating
      Activities     | $ | (3,173             | ) | $ | (4,448        | )
|Net Cash From Investing Activities              |   | -                  |   |   | -             |  
|Net Cash Provided By Financing
      Activities |   | -                  |   |   | -             |  
|Net Decrease in Cash During Period              | $ | (3,173             | ) | $ | (4,448        | )

The increase in our working capital deficit at June 30, 2010
from our year ended March 31, 2010 is primarily due to an increase in accounts
payable due to our lack of capital to meet our ongoing operating costs.

|16
|--

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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.

On June 2, 2009, our sole director approved a private placement
offering of up to 5,000,000 units at a price of $0.02 US per unit, with each
unit consisting of one share of our common stock and one share purchase warrant.
Each share purchase warrant entitles the holder to purchase an additional share
of our common stock at a price of $0.05 US per share exercisable for a period of
two years from the date the units are issued. The private placement offering
will be made to persons who are not U.S. Persons as defined in Regulation S.
As of June 30, 2010, we had received proceeds of $50,000 US under this offering,
but we have not issued any securities under the offering. There are no
assurances that any additional units will be sold under the offering.

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 additional sales of our equity securities
or arrange for debt or other financing 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 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.

Pro Forma Compensation Expense

We account 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 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.

|17
|--

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

Not Applicable.

|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 June 30, 2010 (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 as identified in our Annual Report on Form 10-K for the year ended
March 31, 2010 (the 2010 Annual Report).

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 our 2010 Annual Report, we believe that our financial statements
contained in our Quarterly Report on Form 10-Q for the fiscal quarter ended June
30, 2010 fairly present our financial condition, results of operations and cash
flows in all material respects.

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 quarter ended June 30, 2010 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.

|18
|--

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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.

We are currently seeking and evaluating alternative business
opportunities. We are currently reviewing opportunities in areas of
reforestation and carbon credit trading. To date, no agreements or decisions to
enter these business areas have been made. 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 June 30, 2010, we had cash on hand of $5,161 and a
working capital deficit of $162,107. 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.

On June 2, 2009, our sole director approved a private placement
offering of up to 5,000,000 units at a price of $0.02 US per unit, with each
unit consisting of one share of our common stock and one share purchase warrant.
Each share purchase warrant entitles the holder to purchase an additional share
of our common stock at a price of $0.05 US per share exercisable for a period of
two years from the date the units are issued. The private placement offering
will be made to persons who are not U.S. Persons as defined in Regulation S.
As of June 30, 2010, we had received proceeds of $50,000 US under this offering,
but we have not issued any securities under the offering. There are no
assurances that any additional units will be sold under the offering.

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, 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 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.

|19
|--
|  

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Howard Thomson, our sole executive officer and director,
controls 43.8% of the issued and outstanding shares of our common stock. 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 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 trading activity in the
secondary market for our stock.

|20
|--

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|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    | Management Consulting Agreement with
      Howard Thomson.(3)                                                                                                                             
|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)   

|21
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SIGNATURES

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

|      |                 |     | GREENLITE VENTURES INC.                                
|----- | --------------- | --- | -------------------------------------------------------
|      |                 |     |                                                        
|      |                 |     |                                                        
|      |                 |     |                                                        
|Date: | August 20, 2010 | By: | /s/ Howard Thomson                                     
|      |                 |     | HOWARD THOMSON                                         
|      |                 |     | Chief Executive Officer, Chief Financial
      Officer,
|      |                 |     | President, Secretary and Treasurer                     
|      |                 |     | (Principal Executive Officer                           
|      |                 |     | and Principal Accounting Officer)                      

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