FinTrade Sherpa, Inc. (FTSP) is a pre-revenue Nevada shell undergoing a business pivot from legacy mining exploration to an AI-powered financial research platform. The liquidation posture is deeply negative and structurally insolvent on a balance-sheet basis. At December 31, 2025, total assets of $49,830 consist of $1,625 cash (recoverable at 100%) and $48,205 tagged as DeferredPolicyAcquisitionCosts — a non-insurance asset misapplying that XBRL tag to capitalized acquisition-related costs for the AI platform pivot. Under the liquidation lens, this $48,205 is intangible/prepaid in nature and recovers at zero. Liquidation asset recovery is therefore $1,625 against total liabilities at face value of $170,543, yielding an estimated equity recovery of negative $168,918 — consistent with MFFAIS CLV/LLV/OLV of -$168,918. The company's book stockholders' deficiency of -$120,713 overstates recovery relative to the liquidation posture because the $48,205 deferred cost is haircut to zero. Since the prior filing (10-Q for period ended September 30, 2025), total liabilities increased marginally from approximately $120,660 to $170,543, driven by accounts payable and accrued liabilities growing from $91,783 to $131,667, while the related-party balance owed to Lode-Star Gold Inc. (LSG) increased from $28,877 to $38,876. The debt conversion of $169,645 owed to LSG into 1,357,158 shares in February 2025 cleared the prior large related-party obligation; the current $38,876 represents fresh advances with no stated repayment terms or interest. A material contingent liability exists outside the XBRL balance sheet: the License Agreement with a third party carries a remaining unpaid obligation of approximately $430,000 ($440,000 total less $10,000 paid), payable in $5,000 monthly installments. This $430,000 face-value liability does not appear on the December 31, 2025 balance sheet and is not XBRL-tagged; it would survive a winding-up as a contractual obligation and materially worsens the liquidation deficit beyond the tagged figures. Additionally, the Asset Purchase Agreement to issue 227,000,000 shares for AI intellectual property closed post-year-end on January 23, 2026, introducing a massive dilutive event not reflected in the December 31, 2025 balance sheet and adding intangible IP assets that carry zero liquidation value. The auditor (Davidson & Company LLP, first engagement 2025) issued a going-concern qualification. Disclosure controls and internal controls over financial reporting are self-reported as not effective. The company has zero revenue, a single officer/director acting as CEO/CFO/Secretary with no compensation, and no employees.
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