ZHEN DING RESOURCES INC.

Idled China gold-ore processor with explicit going-concern doubt, an $11M working-capital deficit, and a bankrupt JV partner.

Strengths

• FY2025 net income turned positive, but only via an $880k one-off bankruptcy-related recovery

Risks

• Substantial going-concern doubt; $23.3M accumulated deficit and $11.1M working-capital deficit
• Current ratio 0.002 (3rd pct) with only $20k cash; processing plant idled since 2015
• China governance red flags and dependence on a now-bankrupt ore supplier

Notable findings

• No interest coverageInterest coverage -0.19 (cannot cover interest)
• Going concernThese factors raise substantial doubt regarding the Company’s ability to continue as a going concern
• Weak liquidityCurrent ratio 0.00 (<1)