Minerva Gold (MINR) 10-Q 22 Sep 23 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Aug. 31, 2023	Sep. 22, 2023
Cover [Abstract]
Entity Registrant Name	MINERVA GOLD INC.
Entity Central Index Key	0001854816
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--02-28
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Aug. 31, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		6,570,000
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-255172
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	98-1588963
Entity Address Address Line 1	12/1 Kunayev str
Entity Address Address Line 2	IA 17
Entity Address City Or Town	Nur-Sultan
Entity Address Postal Zip Code	010000
Entity Address Country	KZ
City Area Code	725
Local Phone Number	225-1800
Entity Interactive Data Current	Yes

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Aug. 31, 2023	Feb. 28, 2023
Current Assets
Cash & cash equivalents	$ 0	$ 14,800
Total current assets	0	14,800
Other non-current assets	172	287
Total non-current assets	172	287
TOTAL ASSETS	172	15,087
Current Liabilities
Accounts payable	0	200
Loans from related parties	13,312	12,879
Total current liabilities	13,312	13,079
Total Liabilities	13,312	13,079
Commitments and contingencies	0	0
Stockholders' Equity (Deficit)
Common stock, $0.001 par value, 75,000,000 shares authorized; 6,570,000 shares issued and outstanding	6,570	6,570
Additional Paid-In-Capital	29,830	29,830
Accumulated Deficit	(49,540)	(34,392)
Total Stockholders' equity (deficit)	(13,140)	2,008
Total Liabilities and Stockholders' Equity (Deficit)	$ 172	$ 15,087

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 31, 2023	Feb. 28, 2023
Stockholders' Deficit
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	6,570,000	6,570,000
Common stock, shares outstanding	6,570,000	6,570,000

STATEMENTS OF OPERATIONS (UNAUD

STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
STATEMENTS OF OPERATIONS (UNAUDITED)
Revenue	$ 0	$ 0	$ 0	$ 0
OPERATING EXPENSES
General and administrative expenses	3,555	2,837	15,148	11,181
Total Operation expenses	(3,555)	(2,837)	(15,148)	(11,181)
Income (Loss) before provision for income taxes	(3,555)	(2,837)	(15,148)	(11,181)
Provision for income taxes	0	0	0	0
Net income (loss)	$ (3,555)	$ (2,837)	$ (15,148)	$ (11,181)
Income (loss) per common share:
Basic and Diluted	$ 0	$ 0	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding:
Basic and Diluted	6,570,000	6,570,000	6,570,000	6,570,000

STATEMENT OF STOCKHOLDERS EQUIT

STATEMENT OF STOCKHOLDERS EQUITY (DEFICIT) (UNAUDITED) - USD ($)	Total	Number of Common Shares	Additional Paid-In-Capital	Retained Earnings (Accumulated Deficit)
Balance, shares at Feb. 28, 2022		6,570,000
Balance, amount at Feb. 28, 2022	$ 19,677	$ 6,570	$ 29,830	$ (16,723)
Net loss	(8,344)	$ 0	0	(8,344)
Balance, shares at May. 31, 2022		6,570,000
Balance, amount at May. 31, 2022	11,333	$ 6,570	29,830	(25,067)
Balance, shares at Feb. 28, 2022		6,570,000
Balance, amount at Feb. 28, 2022	19,677	$ 6,570	29,830	(16,723)
Net loss	(11,181)
Balance, shares at Aug. 31, 2022		6,570,000
Balance, amount at Aug. 31, 2022	8,496	$ 6,570	29,830	(27,904)
Balance, shares at May. 31, 2022		6,570,000
Balance, amount at May. 31, 2022	11,333	$ 6,570	29,830	(25,067)
Net loss	(2,837)	$ 0	0	(2,837)
Balance, shares at Aug. 31, 2022		6,570,000
Balance, amount at Aug. 31, 2022	8,496	$ 6,570	29,830	(27,904)
Balance, shares at Feb. 28, 2023		6,570,000
Balance, amount at Feb. 28, 2023	2,008	$ 6,570	29,830	(34,392)
Net loss	(11,593)	$ 0	0	(11,593)
Balance, shares at May. 31, 2023		6,570,000
Balance, amount at May. 31, 2023	(9,585)	$ 6,570	29,830	(45,985)
Balance, shares at Feb. 28, 2023		6,570,000
Balance, amount at Feb. 28, 2023	2,008	$ 6,570	29,830	(34,392)
Net loss	(15,148)
Balance, shares at Aug. 31, 2023		6,570,000
Balance, amount at Aug. 31, 2023	(13,140)	$ 6,570	29,830	(49,540)
Balance, shares at May. 31, 2023		6,570,000
Balance, amount at May. 31, 2023	(9,585)	$ 6,570	29,830	(45,985)
Net loss	(3,555)	$ 0	0	(3,555)
Balance, shares at Aug. 31, 2023		6,570,000
Balance, amount at Aug. 31, 2023	$ (13,140)	$ 6,570	$ 29,830	$ (49,540)

STATEMENTS OF CASH FLOWS (UNAUD

STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (15,148)	$ (11,181)
Changes in operating assets and liabilities:
Accounts payable	(200)	0
Depreciation expense	115	115
Net cash used by Operating activities	(15,233)	(11,066)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets	0	0
Net cash used in investing activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock	0	0
Proceeds of loan from shareholder	433	2,256
Net cash provided by Financing activities	433	2,256
Increase (decrease) in cash and equivalents	(14,800)	(8,810)
Cash and equivalents at beginning of the period	14,800	28,132
Cash and equivalents at end of the period	0	19,332
Cash paid for:
Interest	0	0
Taxes	$ 0	$ 0

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Aug. 31, 2023
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS	NOTE 1 - ORGANIZATION AND BUSINESS MINERVA GOLD INC. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on February 24, 2021 with an authorized capital of 75,000,000 common shares with a par value of $0.001. The Company's fiscal year-end is February 28. Minerva Gold Inc. is a junior mineral exploration company engaged in the identification, acquisition and exploration of precious metals in Kazakhstan.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Aug. 31, 2023
GOING CONCERN
GOING CONCERN	NOTE 2 - GOING CONCERN The Company’s financial statements as of August 31, 2023 have been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated loss from inception (February 24, 2021) to August 31, 2023 of $49,540. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Aug. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of six months or less to be cash equivalents. As of August 31, 2023, the company has $0 in the escrow account. Stock-Based Compensation As of August 31, 2023, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. Fair Value of Financial Instruments ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2023. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accounts payable and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. Income Taxes Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Earnings per Share ASC No. 260, “Earnings Per Share”, specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company. Depreciation Policy The assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Subsequent expenditure related to an item of the assets is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repairs and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred. Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the assets derecognized. Company purchased computer equipment on May 24, 2021 for $690. The Company depreciates its property using straight-line depreciation over the estimated useful life of 3 years. Company charged $115 as depreciation expense for the six-month period ended August 31, 2023.

CAPITAL STOCK

CAPITAL STOCK	6 Months Ended
	Aug. 31, 2023
CAPITAL STOCK
CAPITAL STOCK	NOTE 4 - CAPITAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. As of August 31, 2023, the Company had 6,570,000 shares issued and outstanding for total proceeds of $36,400.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Aug. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 5 - RELATED PARTY TRANSACTIONS In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Since February 24, 2021 (Inception) through August 31, 2023, the Company’s sole officer and director loaned the Company $13,312 to pay for incorporation costs and general and administrative expenses. As of August 31, 2023, the amount outstanding was $13,312. The loan is non-interest bearing, due upon demand and unsecured.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Aug. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 6 - COMMITMENTS AND CONTINGENCIES On March 29, 2023, Minerva Gold Inc. signed a Mineral Property Option Agreement with Tuzashuu Ken Limited Liability Company that holds the License No.5862 MP for the exploration of the Arsy deposit. According to this Agreement, in order to keep the Option, the Company is obligated to make aggregate cash payments of $500,000 within 6 months of execution of the SPA, fund exploration and development work on the Property in 2024 totalling at least $300,000 and transfer to the Optioner not less than 30% (Thirty percent) of the Company’s shares by the end of the Option Period. As of today the SPA has not been signed yet. As of the date of this Quarterly Report, the Company does not have any material commitments other that discussed in the Mineral Property Option Agreement. As of August 31, 2023, the Company is not aware of any contingent liabilities, legal disputes, and other obligations that could impact the company's financial position and that should be reflected in the financial statements.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Aug. 31, 2023
SUBSEQUENT EVENT
SUBSEQUENT EVENT	NOTE 7 - SUBSEQUENT EVENT The Company has evaluated subsequent events from August 31, 2023 to September 22, 2023 (date the financial statements were issued) and has determined that there are no items to disclose.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Aug. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America.
Cash and Cash Equivalents	For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of six months or less to be cash equivalents. As of August 31, 2023, the company has $0 in the escrow account.
Stock-Based Compensation	As of August 31, 2023, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.
New Accounting Pronouncements	There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.
Use of Estimates and Assumptions	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.
Fair Value of Financial Instruments	ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2023. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accounts payable and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.
Income Taxes	Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Earnings per Share	ASC No. 260, “Earnings Per Share”, specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company.
Depreciation Policy	The assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Subsequent expenditure related to an item of the assets is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repairs and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred. Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the assets derecognized. Company purchased computer equipment on May 24, 2021 for $690. The Company depreciates its property using straight-line depreciation over the estimated useful life of 3 years. Company charged $115 as depreciation expense for the six-month period ended August 31, 2023.

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details Narrative) - $ / shares	Aug. 31, 2023	Feb. 28, 2023
ORGANIZATION AND BUSINESS
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares par value	$ 0.001	$ 0.001

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Aug. 31, 2023	Feb. 28, 2023
GOING CONCERN
Accumulated deficit	$ (49,540)	$ (34,392)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	1 Months Ended	6 Months Ended
	May 24, 2021	Aug. 31, 2023	Aug. 31, 2022	Feb. 28, 2023	Feb. 28, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Depreciation expense		$ 115	$ 115
Cash and cash equivalents		$ 0	$ 19,332	$ 14,800	$ 28,132
Estimated useful life		3 years
Computer equipment	$ 690

CAPITAL STOCK (Details Narrativ

CAPITAL STOCK (Details Narrative) - USD ($)	6 Months Ended
	Aug. 31, 2023	Feb. 28, 2023
CAPITAL STOCK
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	6,570,000	6,570,000
Total proceeds from common stock	$ 36,400
Common stock, shares outstanding	6,570,000	6,570,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Aug. 31, 2023	Feb. 28, 2023
RELATED PARTY TRANSACTIONS
Loans from related parties	$ 13,312	$ 12,879
Outstanding amount	$ 13,312

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	1 Months Ended
	Mar. 29, 2023
COMMITMENTS AND CONTINGENCIES
Description of option agreement	the Company is obligated to make aggregate cash payments of $500,000 within 6 months of execution of the SPA, fund exploration and development work on the Property in 2024 totalling at least $300,000 and transfer to the Optioner not less than 30%