Londax Corp. Liquidation Value

Londax Corp. (LDXC) is a Wyoming-incorporated, Cyprus-based development-stage software company with a fiscal year ending May 31. This Q3 FY2026 filing covers the nine months ended February 28, 2026. Under the liquidation lens, recovery to equity is effectively zero and the balance sheet shows a thin positive book equity of $4,566 that would evaporate entirely after applying standard liquidation haircuts to non-cash assets.

Asset side at February 28, 2026: Total assets are $68,561. Cash of $13,951 recovers at 100%. Prepaid expenses of $10,680 are effectively zero-recovery in liquidation. Fixed assets net $47 are negligible. The remaining $43,883 consists entirely of internally developed intangible assets — mobile app ($15,830), software development costs (CRM platform, $20,400), and website ($7,653) — all of which carry zero recovery under standard liquidation assumptions. Applying haircuts: recoverable assets approximate $13,951 (cash only).

Liability side at face value: Total current liabilities are $63,995, comprising accounts payable of $807, deferred income of $13,703, and a related-party loan of $49,485 owed to the company's current president, payable on demand. No long-term liabilities exist. The deferred income ($13,703, new this period versus zero at May 31, 2025) represents obligations to deliver subscription services; in a wind-down, this must be refunded or settled at face. The related-party loan is the dominant liability and accelerated materially — from $4,281 at May 31, 2025 to $49,485 at February 28, 2026, a $45,204 increase drawn entirely in the nine-month period to fund operations. This loan is payable upon request with no written agreement and no interest accrual disclosed.

Liquidation recovery to equity: Cash of $13,951 minus total liabilities of $63,995 equals negative $50,044. Equity would be fully wiped out with a shortfall of approximately $50,000 against the $13,951 in recoverable assets. Book equity of $4,566 is supported solely by intangible asset carrying values that receive zero recovery weight.

Change from prior period (November 30, 2025): The Q2 FY2026 filing showed total liabilities of $81,553 (including $39,143 AP and $22,109 deferred income). By February 28, 2026, AP collapsed from $39,143 to $807 — driven by a $50,565 operating cash outflow for AP settlement — while the related-party loan grew from $20,301 to $49,485 and deferred income fell from $22,109 to $13,703 as subscription revenue was recognized. Total liabilities declined from $81,553 to $63,995 but the liquidity position has not improved; $45,204 in related-party advances funded the shortfall between operating cash burn and subscription revenue. The going concern note is triggered by the $36,368 accumulated deficit and $49,485 demand-payable related-party loan. No material subsequent events disclosed. Filing discusses $12,000 in debt forgiveness (classified as other income) in MD&A but the counterparty and terms are not separately tagged in XBRL.