Birdie Win Corp (BRWC) is a micro-cap Nevada shell-stage operating entity providing Personal Financial Literacy Seminar services out of Hong Kong. As of January 31, 2026, total assets are $16,046, composed entirely of current assets: cash $722, accounts receivable net $5,000, and prepayments $10,324. There are zero non-current assets; the only fixed asset (computer/software, gross $2,231) is fully depreciated to zero net book value. Under a liquidation lens, gross recoverable asset value is approximately: cash $722 (100%), AR $4,500-4,750 (90-95% on $5,000), and prepayments near $0 (prepayments are not recoverable in wind-down). Total liquidation asset recovery is therefore approximately $5,200-5,500. Total liabilities at face value are $18,200, comprising accrued liabilities $2,700 (audit fees, registrar fees) and amount owing to director $15,500 (unsecured, non-interest bearing, repayable on demand per Note 7). Net recovery to equity in liquidation is approximately negative $12,700 to negative $13,000, consistent with the MFFAIS-reported CLV of negative $17,478 and LLV of negative $12,478. The balance sheet flipped to technical insolvency this quarter: stockholders' equity went from positive $14,370 at July 31, 2025 to negative $2,154 at January 31, 2026, driven by a six-month net loss of $16,524. The primary driver of the liability increase is the $15,500 director advance from Yiding Bao, which did not exist in the prior period. Cash declined from $2,171 to $722 over the six months; at current burn rate of approximately $1,449 per period in operating cash outflow, the entity has fewer than one additional quarter of cash runway without further director support. The going concern disclosure is explicit and appropriate. Revenue concentration is 100% in two customers, both in Hong Kong; $5,000 of the $10,000 six-month revenue remains as AR with no allowance. The filing does not separately disclose the terms or aging of the Customer A receivable, nor any collateral or credit support. Stock-based compensation of $12,000 recognized in the six months (non-cash, relating to director consulting shares issued March 2025) inflates GAAP G&A but does not affect cash or the liquidation asset base. The deferred tax asset of $19,261 carries a full valuation allowance and has zero liquidation value.
▼ Community Notes