Enertopia Corp. (ENRT) is a pre-revenue Nevada-incorporated exploration and green technology company. At February 28, 2026, total assets of $421,103 consist entirely of current assets: cash of $374,420 (89% of total assets), accounts receivable of $8,343, and prepaid expenses of $38,340. There are no long-term assets; the West Tonopah lithium mineral property, previously carried at $10,500, was sold on January 21, 2026 for $505,596, generating a $478,500 gain and eliminating the sole non-current asset. Under liquidation lens, recoverable asset value is approximately $419,000 (cash at 100%, AR at 90-95%, prepaids at partial recovery). Total liabilities of $299,250 are entirely current (accounts payable), with no long-term debt, no pension obligations, and no ASC 842 operating lease liability recognized—the month-to-month office rental (CAD$725/month) does not qualify for capitalization. Net liquidation recovery to equity is approximately $120,000-$125,000 against GAAP book equity of $121,853 (consolidated including NCI of negative $1,276). The prior quarter (November 30, 2025) showed a working capital deficit of $284,870 with total assets of only $56,208; the mineral property sale proceeds of $505,596 received in January 2026 are the single event driving the dramatic improvement in the balance sheet. Cumulative deficit stands at $15,717,491, down from $16,031,753 implied by the prior-period going concern disclosure ($16,106,523 referenced in the FY2025 audit). The Company holds three issued USPTO patents and one provisional patent; all intellectual property assets are carried at $0 on the balance sheet (expensed as R&D), consistent with the 0% intangible haircut under the liquidation lens—no value is attributable. The EMS joint venture subsidiary CapNTrack (76%-owned) has zero segment assets and has had no operations; one co-inventor died November 30, 2025, and 125,000 escrow shares are under probate review. A suspended consulting agreement with the President ($9,500/month, suspended July 1, 2024) and active CFO agreement ($7,500/quarter) represent committed off-balance-sheet cash obligations if financing conditions improve; the President commitment is not separately tagged in XBRL. Going concern qualification remains in place. No financing activity occurred in the six-month period.
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