Neolara Corp. (NELR) is a Wyoming-incorporated shell company with no active business operations as of December 31, 2025. The company underwent a change of control in September 2025 and is currently in a maintenance stage, generating zero revenue and depending entirely on related-party capital support to fund SEC reporting obligations. Under a liquidation lens, recovery to equity is nominally positive on the reported balance sheet but functionally marginal and unstable. Total assets of $15,000 consist solely of a prepaid legal retainer — a deferred service asset with zero liquidation value under standard intangible haircut conventions (0% recovery). Applying liquidation haircuts: cash $0 (100% of zero), prepaid expenses $0 (0% recovery on service prepayments). Gross liquidation asset pool: $0. Total liabilities at face value: $373, consisting of $276 accounts payable and $97 related-party director loan. Indicated net recovery to equity: approximately negative $373. Reported book equity of $14,627 is entirely the product of related-party capital contributions ($90,713 debt forgiveness and $29,650 cash/expense contributions during H1 FY2026) and accumulated APIC; it does not represent realizable asset value. Since the prior filing (Q1 FY2026, period ended September 30, 2025), the Q2 filing shows the liability position has stabilized at de minimis levels ($373 vs. $2,051 total stockholders' deficit at September 30, 2025 which included $1,954 AP). The intangible asset impairment of $46,062 and prepaid advisory write-off of $19,685 — both material non-cash charges — were recorded in Q1 and are fully reflected in current period comparative figures. No new asset-side impairments occurred in Q2. The $15,000 prepaid legal retainer added in Q2 is the only balance-sheet change of note on the asset side, and it carries zero liquidation value. The Company has a formal going-concern qualification, disclosed material weaknesses in internal controls, no revenue, no cash, and no tangible asset base. Filing discusses the OTCQB application process and compliance costs in MD&A but does not separately tag OTCQB-related fee commitments in XBRL. The SIC code listed (1520 — Residential Building Contractors) does not correspond to the company's actual maintenance-stage/shell activity.
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