Minerva Gold Inc. (MINR) is a Nevada-incorporated shell-stage company with a February 28 fiscal year-end. As of February 28, 2026, the liquidation posture is deeply negative. Gross assets total $10,116, consisting of $7,077 cash (recoverable at 100%) and $2,625 in other non-current assets tagged as OtherAssetsNoncurrent — described in the depreciation note as a website purchased for $3,500 in FY2025, now carried at net book value after $875 of cumulative depreciation. Under liquidation haircuts, the non-current asset recovers at best 50% of book, yielding approximately $1,300. Prepaid expenses of $414 recover at roughly 60-90%, contributing negligible value. Total haircut-adjusted asset recovery is approximately $8,500-$8,800. Against this, total liabilities stand at $60,280 at face value: $55,780 in related-party loans (non-interest-bearing, due on demand, unsecured, owed to the former sole officer Aftandil Aibekov — now resigned following the April 10, 2026 change of control) and $4,500 in deferred revenue representing unearned advance payments for design services. Under liquidation, the deferred revenue obligation does not extinguish — the $4,500 either requires service delivery or cash refund, both of which constitute face-value claims. Liquidation recovery to equity is approximately negative $51,500 to negative $52,000, consistent with the MFFAIS CLV/LLV/OLV estimate of negative $53,203. The company carried a going-concern qualification from its auditor (Fruci & Associates II, PLLC) in this filing. Year-over-year, the deficit worsened from negative $40,775 (FY2025) to negative $50,164 (FY2026), driven by a $9,389 net loss on $33,500 of revenue against $42,889 in G&A. The FY2026 net loss represents a slight deterioration from the FY2025 $7,123 net loss, and cash dropped from $17,180 to $7,077 with no new financing inflows. A material subsequent event occurred after period end: on April 10, 2026, Zhang Chengcheng acquired 76.10% of outstanding shares for $264,600 and entered a Letter of Intent to acquire Taizhou Sentian Sanitary Ware Co., Ltd. (a Chinese sanitary ware manufacturer) via issuance of common stock and a new series of preferred stock. This LOI is not reflected in the February 28, 2026 balance sheet but fundamentally alters the entity's forward profile. The filing does not separately tag the LOI consideration structure or the prospective preferred stock rights in XBRL. Related-party loan terms following the ownership change are not renegotiated or disclosed as changed in this filing.
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