Minerva Gold Inc.

What they do

Minerva Gold Inc. was incorporated in Nevada on February 24, 2021, and until April 2026 focused primarily on mineral property exploration. Its 10-Q states it has expanded into design services alongside exploration, though no revenue is attributed to a design segment in the filings. On April 10, 2026, Zhang Chengcheng acquired 5,000,000 shares representing approximately 76.10% of outstanding common stock, became Sole Officer and Director, and the company signed a Letter of Intent to acquire Taizhou Sentian Sanitary Ware Co., Ltd., a company Zhang owns. Taizhou Sentian, founded in 2008, manufactures shower panels, shower enclosures, garden/outdoor showers, faucets and shower columns in roughly 12,000 sq. meters of leased space in Taizhou, Zhejiang Province, China, with about 100 staff.

Revenue drivers

• Historical operating revenue (pre-change-of-control) — The company reported $33,500 of revenue in the year ended February 28, 2026, versus $26,000 the prior year. The filings do not identify which product or service line generated this revenue.
• Design services — The 10-Q states operations were expanded to include design services, described as tailored design solutions across various industries, but no revenue figure is broken out for this activity.
• Taizhou Sentian sanitary ware (proposed) — The proposed acquisition target manufactures sanitary ware and bathroom fixtures, including shower panels, enclosures, garden showers, faucets and shower columns, from leased facilities in Taizhou, China, with approximately 100 employees. No financial statements for Taizhou Sentian are included in the provided excerpts.

Recent performance

For the year ended February 28, 2026, Minerva reported revenue of $33,500 versus $26,000 in the prior year, with total expenses and professional fees of $42,889 versus $33,123. Net loss for the year was $9,389 compared to $7,123 the prior year. In the quarter ended May 31, 2026, revenue was $9,000 versus $12,000 a year earlier, expenses were $11,221 versus $14,275, and net loss was $2,221 versus $2,275. Operating cash flow was negative $10,103 for the year ended February 28, 2026, and the company reported no cash as of May 31, 2026, versus $7,077 at February 28, 2026. Total assets fell to $2,450 at May 31, 2026 from $10,116 at February 28, 2026, with total liabilities of $54,835 and stockholders' equity of negative $52,385.

Strategy

The stated intention of the Board is to change the company's plan of business upon successful completion of the Taizhou Sentian acquisition, of which the 10-K says there is no assurance. The Letter of Intent contemplates issuing a combination of common stock and a new series of preferred stock with rights and preferences to be determined. The 10-K expected a definitive agreement by approximately May 31, 2026, while the later 10-Q states the definitive agreement is expected by approximately August 31, 2026, following administrative actions required by Chinese law. The company states it expects to require additional capital and to raise it through the sale of equity or debt securities.

Risks

• Going concern — The financial statements are prepared assuming the company will continue as a going concern, and it expects to need additional capital for long-term operating requirements.
• Related-party acquisition — The proposed Taizhou Sentian acquisition is with a company owned by Zhang Chengcheng, the company's Sole Officer and Director, and no target financial statements are provided in the excerpts.
• No cash and negative working capital — The company reported $0 cash and equivalents at May 31, 2026, negative working capital and stockholders' equity of negative $52,385.
• Uncertainty of the transaction closing — The 10-K states there is no assurance the Taizhou Sentian acquisition will be completed, and the expected definitive agreement date slipped from approximately May 31, 2026 in the 10-K to approximately August 31, 2026 in the 10-Q.

Outlook

The company states that future operating results are expected to be significantly different from historical results given the April 2026 change in control. It intends to pursue the Taizhou Sentian acquisition and change its plan of business upon closing, subject to completion of administrative actions under Chinese law. Management states it will need additional capital and expects to raise it through equity or debt issuances. No revenue or earnings guidance is provided in the excerpts.