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- Going Concern (worsened) — Going concern language persists; working capital deteriorated from positive $190,055 to negative $(361,319), cash declined from $17,127 to $13,414, and inventory of $174,788 vanished — financial position materially worsened.
Working capital swings negative as $175K inventory expires; $100K related-party advance booked
Filed July 1, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 27, 2025 · ~1 min read
Key Changes
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Working capital deteriorated from positive $190,055 to negative $(361,319) as entire inventory ($174,745) expired in January 2026 and was fully written down; cash declined 22% to $13,414.
MD&A: Liquidity & Notes: Inventory Impairment verify on EDGAR → -
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Company received $100,000 from Trefoil (Hong Kong) under a technical development arrangement; CEO Shuang Liu serves as CEO of both entities, creating a related-party transaction.
Notes: Related-Party Transactions view on EDGAR → -
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Current liabilities surged 53-fold from $1,860 to $100,000 (unearned revenue), while total liabilities rose 39% to $380,073; stockholders' equity deficit widened to $(361,319).
MD&A: Balance Sheet verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jul 7, 2026 · How we verify