Idaho Copper Corp (COPR) is a pre-revenue, exploration-stage molybdenum-copper mining company with no operating cash flows from mineral production. Under the liquidation lens, recovery to equity is deeply negative and structurally so. Total assets as of January 31, 2026, were $192,016, entirely offset by total liabilities of $6,646,351, producing a reported stockholders' deficit of -$6,454,335. Applying liquidation haircuts does not improve this picture: cash of $24,274 recovers at 100%; other receivables of $35,000 (net of a $117,500 allowance already applied against a $152,500 crypto-escrow loss from a December 2025 cyber-attack) recover at par given post-period recovery already confirmed; prepaid expenses of $32,742 recover near zero in liquidation; and the $100,000 non-current deposit (warehouse-related) has uncertain recovery. The company carries no inventory. There is no separately tagged mineral property or PP&E line in the XBRL—the CuMo mining claims, which a March 2023 independent appraisal valued at $23.9M, are not carried at any balance-sheet value in the current filing's tagged data, and the filing does not separately tag mineral property in XBRL (mentioned only in MD&A and prior filings). This absence means the single most significant potential asset in a distressed sale scenario has no book-value basis to haircut and would depend entirely on a third-party transaction at unknown market pricing. On the liability side, $6,646,351 in total obligations is carried at face. The debt stack is complex: $3,130,000 in bond liabilities (tagged as LongtermTransitionBondCurrentAndNoncurrent), of which $1,791,000 is current and $1,339,000 is non-current; $569,000 in notes payable (all current); $405,305 in convertible notes payable; and $1,681,926 in accrued interest payable current—this accrued interest figure alone exceeds total assets by roughly 9x. Multiple bond tranches are disclosed as in default as of July 1, 2025, and additional notes defaulted in February and March 2026 per subsequent events. Accrued liabilities grew materially during the year. The deferred tax asset of $1,726,961 is fully offset by a 100% valuation allowance and recovers at zero. Stock-based compensation of $1,454,167 for the year and officer compensation of $520,000 (net of conversions) reflect ongoing cash burn. The company executed a 1-for-200 reverse stock split in December 2025, reducing shares outstanding to approximately 13.9M post-split. The MFFAIS-computed cash liquidation value is -$5,198,519, consistent with this analysis. Recovery to equity in any stop-operations scenario is zero; senior creditors, particularly bondholders holding $3.13M at face plus $1.68M in accrued interest, are substantially impaired. Prior filing (10-Q for nine months ended October 31, 2025) showed cash of $2,067 versus $24,274 at January 31, 2026—a modest improvement driven by warrant exercises and new related-party notes from Feehan, not operations.
▼ Community Notes