Nongfu Shop Digital New Retail Co., Ltd. (NFSN) is a Nevada-incorporated shell company with zero operating assets and zero revenue as of September 30, 2025. The liquidation recovery posture is straightforward and deeply negative: total assets are $0, total liabilities are $173,331, and stockholders' deficit is ($173,331). Under the liquidation lens, there are no assets to haircut — the asset side contributes $0 to recovery. The liability side, carried at face value, consists entirely of $7,571 in accounts payable and accrued liabilities plus $165,760 in related-party payables (amounts due to former CEO Fei Wang of $156,848 and current CEO Daohong Yuan of $8,912). Both components of the related-party balance are described as non-interest bearing, unsecured, and due on demand — meaning they would be immediately callable in a wind-up scenario with no subordination benefit to equity. Liquidation value to equity is ($173,331), unchanged structurally from ($166,331) at the prior period end of June 30, 2025. The $7,000 deterioration in the nine-week period Q3 2025 reflects the ongoing drag from professional fees (SEC compliance costs), which are the sole operating expense. All cash used in operations ($30,797 YTD) was funded by additional related-party advances, leaving the cash balance at zero throughout the period. No assets of any kind — cash, receivables, PP&E, or intangibles — appear on the balance sheet. The accumulated deficit is ($3,742,380) against APIC of $3,371,271, implying that the equity capital stack has been fully consumed and then some. A 1-for-20 reverse stock split approved in 2023 remains uneffected, pending Nevada state filing now targeted for Q2 2026 per the filing. The filing discloses that federal and state income tax returns for 2023 and 2024 have not been filed, and that related-party expense payments may constitute reportable transactions requiring Form 5472; failure to timely file carries a $25,000 per-year information return penalty. No provision has been recorded for this exposure. These unfiled tax returns and the potential Form 5472 penalty represent an unquantified contingent liability not captured in the $173,331 face-value liability figure. The deferred tax asset is fully offset by a valuation allowance at 21%, so no DTA value is available to creditors or equity. The company self-identifies as a shell company on its cover page.
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