Golden Star Resource Corp. (GLNS) is a Nevada-incorporated, pre-revenue mineral exploration shell with four unpatented BLM lode mining claims in Churchill County, Nevada (82.64 acres total). The mineral property was written off in prior years and carries zero book value; no exploration expenditures have been incurred in the current or prior fiscal year due to lack of cash. Under a liquidation lens, recoverable assets as of December 31, 2025 consist solely of $45 in cash (100% recovery = $45) and $2,900 in prepaid fees (recovery near zero on wind-down, as prepaid services yield no liquidation value). Total recoverable asset value: approximately $45. Total liabilities at face value are $924,002, comprised of $166,425 in accounts payable and accrued liabilities, $284,058 in loans payable to non-related parties (unsecured, non-interest bearing, due on demand), and $473,519 due to related parties (principal shareholder's company: $445,519; director: $28,000; all unsecured, non-interest bearing, due on demand). Liquidation recovery to equity: approximately negative $924,000. Stockholders' deficiency is $(921,058). No operating leases, pension obligations, or PP&E exist to complicate the liability stack. The company has no revenues, no mineral reserves, no exploration program, and no identified financing source. Going concern doubt is explicitly stated. Comparison to the prior quarter (September 30, 2025, per PRIOR_FILING_BODY): total assets were identical at $2,945 (cash $45, prepaid $2,900); total liabilities were $891,112 at June 30, 2025 and have grown to $924,002 at December 31, 2025, a $32,890 increase driven entirely by the accumulation of operating losses funded by related-party advances. The working capital deficit widened from $888,168 (June 30, 2025) to $921,058 (December 31, 2025). Accumulated deficit since inception stands at $1,028,118. The sole funding mechanism is unsecured, demand-callable related-party advances ($20,860 advanced in the six-month period). A subsequent event discloses an additional $2,475 related-party loan advanced on February 7, 2026. The filing does not separately tag the mineral claim maintenance fee obligation (annual BLM waiver filing due September 1, 2026) in XBRL; it is discussed in MD&A only.
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