Thu, May 16, 3:08 PM (71 days ago)
Minerva Gold Inc., a start-up mineral exploration company incorporated in Nevada in 2021, reported a net loss of $35,660 for the fiscal year ending February 29, 2024, compared to a net loss of $17,669 in the previous year. Operating expenses increased to $35,660 from $17,669, primarily due to higher general and administrative costs. As of February 29, 2024, the company had minimal assets of $58 and current liabilities of $33,710, resulting in a stockholders' deficit of $33,652. The company has not generated any revenue and continues to rely on loans from its sole officer and director, Aftandil Aibekov, who has loaned $33,710 to date. Minerva signed a Mineral Property Option Agreement in March 2023 for the exploration of the Arsy deposit in Kyrgyz Republic but has yet to fund any exploration or development work. The company anticipates needing additional capital through equity or debt securities to meet long-term operational requirements. The financial statements raise substantial doubt about the company's ability to continue as a going concern.