Mag Magna Corp discloses substantial doubt about its ability to continue as a going concern due to a $1.88M working capital deficit and only $5,204 in cash.
SEC EDGAR, 2026-11-13: 10-Q — "substantial doubt"
Mag Magna Corp discloses substantial doubt about its ability to continue as a going concern due to a $1.88M working capital deficit and only $5,204 in cash.
Company: Mag Magna Corp (MGNC) Filed: 2026-11-13, 10-Q Phrase: "substantial doubt" — "These factors raise substantial doubt about our ability to continue as a going concern." What the filing says: The company, which transitioned in January 2026 from poultry farming consulting to rare earth mineral mining, reports an accumulated deficit of $16,416,558 and a net loss of $1,577,937 for the three months ended July 31, 2026. As of July 31, 2026, the company had only $5,204 in cash, a working capital deficit of $1,875,697, and outstanding mining acquisition payables of $275,000. It also faces minimum work-program commitments of $100,000 for calendar year 2026 and $200,000 for calendar year 2027, with no exploration expenditures incurred as of July 31, 2026. Management plans to raise capital through debt and equity and pay consultants in shares to preserve cash. Two ways it goes: A. The company secures sufficient debt or equity financing to fund its operations and meet its mineral property commitments. B. The company fails to raise capital, resulting in a default on its property agreements and the potential loss of its mineral rights. Next date: December 31, 2026, the deadline for the $100,000 minimum work-program commitment for calendar year 2026. Watch: SEC filings disclosing new capital raises, debt issuances, or updates on the mineral property commitments. Tags: going concern, event changed fundamentals