Golden Star's Losses Mount, Going Concern Doubts Intensify

TL;DR

**GLNS is a zombie company with no revenue, mounting losses, and a 'going concern' warning; avoid at all costs.**

AI Summary

Golden Star Resource Corp. (GLNS) reported a net loss of $17,225 for the three months ended September 30, 2025, an increase from the $14,430 net loss in the same period of 2024. The company, an exploration-stage entity, generated no revenue and continues to operate with a significant working capital deficit of $905,393 as of September 30, 2025, up from $888,168 on June 30, 2025. Total liabilities increased to $912,687 from $891,112 over the quarter, primarily driven by an increase in 'due to related parties' to $469,449 from $452,659. Operating expenses rose to $17,225 from $14,430 year-over-year, with professional fees at $6,875 and office expenses at $6,000. The company's cash balance remained at a minimal $45. GLNS holds 100% interest in four unpatented lode mining claims in Churchill County, Nevada, but has not incurred further expenditures on the property due to lack of cash, and the mineral property value was written off in prior years. Management explicitly states 'substantial doubt' about the company's ability to continue as a going concern without additional equity financing.

Why It Matters

For investors, GLNS's continued losses and explicit 'going concern' warning signal extreme risk, as the company has no revenue and relies entirely on external financing, primarily from related parties, to sustain operations. The competitive landscape for mineral exploration is fierce, and GLNS's inability to fund exploration or even retain a consultant puts it at a severe disadvantage. Employees are non-existent beyond management, but potential future employees would face significant job insecurity. Customers are non-existent as the company is pre-revenue. The broader market impact is minimal due to GLNS's small size, but it serves as a cautionary tale for micro-cap exploration ventures that fail to secure adequate funding and demonstrate progress.

Risk Assessment

Risk Level: high — The company explicitly states 'substantial doubt about the Company's ability to continue as a going concern' due to a working capital deficit of $905,393 and accumulated losses of $1,012,453 since inception. Cash on hand is only $45, and the company has not generated any revenues, relying on related party loans for operating expenses, which totaled $17,225 for the quarter.

Analyst Insight

Investors should immediately divest any holdings in GLNS or avoid initiating a position. The company's severe liquidity issues, lack of revenue, and explicit going concern warning indicate a high probability of business failure or significant dilution if new financing is secured. This is a speculative venture with no clear path to profitability.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

N/A

total Debt

$912,687

net Income

-$17,225

eps

$0.00

gross Margin

N/A

cash Position

$45

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• $17,225 — Net Loss (Increased from $14,430 in Q3 2024, indicating worsening financial performance.)
• $905,393 — Working Capital Deficit (Increased from $888,168 in Q2 2025, highlighting severe liquidity issues.)
• $45 — Cash on Hand (Extremely low cash balance, unchanged from Q2 2025, insufficient for operations.)
• $469,449 — Due to Related Parties (Increased from $452,659 in Q2 2025, showing reliance on insider financing.)
• $1,012,453 — Accumulated Deficit (Total losses since inception, underscoring the company's exploration stage and lack of profitability.)
• 0 — Revenue (The company has generated no revenue since its formation in 2006.)
• 7,070,000 — Common Shares Outstanding (Consistent, but loss per share remains $0.00 due to low net loss relative to share count.)
• $17,225 — Operating Expenses (Increased from $14,430 in Q3 2024, contributing to the net loss.)

Key Players & Entities

• Golden Star Resource Corp. (company) — registrant
• Kee Nez Resources, LLC (company) — grantor of mineral claims
• SEC (regulator) — Securities and Exchange Commission
• Nevada (person) — state of incorporation and claim location
• Churchill County (person) — location of mineral claims
• $17,225 (dollar_amount) — net loss for Q3 2025
• $905,393 (dollar_amount) — working capital deficit as of Sept 30, 2025
• $469,449 (dollar_amount) — due to related parties as of Sept 30, 2025
• $45 (dollar_amount) — cash on hand as of Sept 30, 2025
• 7,070,000 (dollar_amount) — common shares outstanding as of Nov 8, 2025

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: Management has explicitly stated 'substantial doubt' about the company's ability to continue as a going concern without additional equity financing. The company has a significant working capital deficit of $905,393 as of September 30, 2025, and a minimal cash balance of $45.
• Persistent Net Losses [high — financial]: The company reported a net loss of $17,225 for Q3 2025, an increase from $14,430 in Q3 2024. The accumulated deficit stands at $1,012,453, indicating a history of unprofitability.
• Lack of Property Development [medium — operational]: GLNS holds 100% interest in four unpatented lode mining claims but has not incurred further expenditures due to lack of cash. The mineral property value was written off in prior years.
• Reliance on Related Party Financing [medium — financial]: Total liabilities increased to $912,687, with 'due to related parties' rising to $469,449 from $452,659 in the prior quarter. This highlights a dependence on financing from insiders.
• Exploration Stage Risks [medium — market]: As an exploration-stage entity, GLNS faces inherent risks associated with discovering economically viable mineral deposits. Success is highly speculative and dependent on factors beyond management's control.

Industry Context

The mining exploration industry is characterized by high risk and capital intensity, with success heavily dependent on geological factors and commodity prices. Companies at the exploration stage, like GLNS, face significant challenges in securing funding and proving the economic viability of their projects.

Regulatory Implications

As a publicly traded entity, GLNS is subject to SEC regulations, including timely and accurate financial reporting. Failure to address its going concern issues could lead to delisting or increased scrutiny from regulators and investors.

What Investors Should Do

1. Monitor future equity financing rounds closely, as these are critical for GLNS's survival and operational continuation.
2. Evaluate the potential for future capital raises and the dilution impact on existing shareholders.
3. Assess the long-term viability of the Nevada mining claims, considering the lack of recent expenditure and prior write-offs.
4. Understand the terms and conditions of the 'due to related parties' debt, as this represents a significant liability.

Glossary

Exploration-stage entity

A company that has not yet established a source of revenue and whose primary activities are the exploration for mineral properties or other assets. (Indicates GLNS has not generated revenue and is focused on early-stage discovery, carrying significant inherent risks.)

Working capital deficit

Occurs when a company's current liabilities exceed its current assets, indicating a potential short-term liquidity problem. (GLNS has a substantial working capital deficit of $905,393, highlighting its severe liquidity challenges.)

Going concern

The assumption that a company will continue to operate for the foreseeable future, typically at least 12 months. If there is substantial doubt, it must be disclosed. (Management's explicit statement of 'substantial doubt' about GLNS's ability to continue as a going concern is a critical warning to investors.)

Due to related parties

Amounts owed by the company to its directors, officers, significant shareholders, or other affiliated entities. (The increase in this liability to $469,449 suggests GLNS is relying on financing from insiders, which can carry specific risks.)

Accumulated deficit

The total cumulative net losses of a company since its inception, minus any cumulative net income. (GLNS's accumulated deficit of $1,012,453 reflects its long-term unprofitability.)

Year-Over-Year Comparison

Compared to the prior year's comparable period, Golden Star Resource Corp. (GLNS) has seen its net loss widen from $14,430 to $17,225, indicating deteriorating financial performance. The working capital deficit has also increased from $888,168 to $905,393, exacerbating liquidity concerns. While the cash position remains critically low at $45, the 'due to related parties' liability has grown, underscoring continued reliance on insider financing.

Key Financial Figures

• $107,060 — March 28, 2007 and to date have raised $107,060, we will attempt to raise additional mo
• $30 — ficer and director, in consideration of $30 and we issued 3,000,000 shares of commo
• $469,449 — 2025, due to related parties balance of $469,449 (June 30, 2025: $452,659) represents th
• $452,659 — ies balance of $469,449 (June 30, 2025: $452,659) represents the combination of the foll
• $441,449 — nts the combination of the following: $441,449 (June 30, 2025: $424,659) was payable t
• $424,659 — e following: $441,449 (June 30, 2025: $424,659) was payable to a principal shareholder
• $28,000 — n-interest bearing and due on demand. $28,000 (June 30, 2025: $28,000) owed to a dire
• $155 — tification in lieu of paying the fee of $155 per claim. Payment of the Maintenance F

Filing Documents

• form10-q.htm (10-Q) — 252KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• form10-q_001.jpg (GRAPHIC) — 69KB
• form10-q_002.jpg (GRAPHIC) — 76KB
• 0001493152-25-021371.txt ( ) — 1695KB
• glns-20250930.xsd (EX-101.SCH) — 12KB
• glns-20250930_cal.xml (EX-101.CAL) — 17KB
• glns-20250930_def.xml (EX-101.DEF) — 33KB
• glns-20250930_lab.xml (EX-101.LAB) — 101KB
• glns-20250930_pre.xml (EX-101.PRE) — 75KB
• form10-q_htm.xml (XML) — 76KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 3 Item 1.

Financial Statements

Financial Statements: 3 Balance Sheets as of September 30, 2025 and June 30, 2025 4 5 6 7

Notes to Financial Statements

Notes to Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 11 Item 4.

Controls and Procedures

Controls and Procedures 11

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1A.

Risk Factors

Risk Factors 12 Item 2.

Properties

Properties 12 Item 6. Exhibits 15

Signatures

Signatures 16 2 GOLDEN STAR RESOURCE CORP. CONDENSED INTERIM FINANCIAL STATEMENTS THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (Stated in U.S. Dollars) (Unaudited) 3 GOLDEN STAR RESOURCE CORP. BALANCE SHEETS (Stated in U.S. Dollars) (Unaudited) Unaudited Audited September 30, 2025 June 30, 2025 ASSETS Current Cash $ 45 $ 45 Prepaid fees 7,250 2,900 TOTAL ASSETS 7,295 2,945 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) Current Accounts payables and accrued liabilities $ 159,180 $ 154,395 Loan payable 284,058 284,058 Due to related parties 469,449 452,659 TOTAL LIABILITIES 912,687 891,112 STOCKHOLDERS' (DEFICIENCY) EQUITY Capital stock Authorized: 100,000,000 voting common shares with a par value of $ 0.00001 per share 100,000,000 preferred shares with a par value of $ 0.00001 per share; none issued Issued: 7,070,000 common shares $ 70 $ 70 Common stock value $ 70 $ 70 Additional paid in capital 106,990 106,990 Deficit accumulated during the exploration stage ( 1,012,453 ) ( 995,228 ) TOTAL STOCKHOLDERS' (DEFICIENCY) EQUITY ( 905,393 ) ( 888,168 ) TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIENCY) EQUITY $ 7,295 $ 2,945 The accompanying notes are an integral part of these condensed interim financial statements 4 GOLDEN STAR RESOURCE CORP. OF OPERATIONS AND COMPREHENSIVE LOSS (Stated in U.S. Dollars) (Unaudited) 2025 2024 THREE MONTHS ENDED September 30, 2025 2024 Expenses Professional fees $ 6,875 $ 6,500 Office expenses 6,000 2,500 Transfer and filing fees 4,350 5,417 Bank fees - 13 Operating Expenses 17,225 14,430 Net Loss and Comprehensive Loss $ ( 17,225 ) $ ( 14,430 ) Basic and fully diluted loss per share $ ( 0.00 ) $ ( 0.00 ) Weighted average number of common shares outstanding 7,070,000 7,070,000 The accompanying notes are an integral part of these condensed interim financial statements

QUANTITATIVE

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item. ITEM 4. CONTROLS AND PROCEDURES. Under the supervision and with the participation of our management, including the Principal Executive Officer and Principal Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that these disclosure controls and procedures are effective. There were no changes in our internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 11 PART II. OTHER INFORMATION ITEM 1A. RISK FACTORS We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item. ITEM 2. PROPERTIES Summary The following is a description of the Company's mineral properties. The Company holds a 100% interest on four contiguous Federal BLM unpatented lode mining claims in Nevada that were acquired for mineral exploration purposes, primarily in exploration for precious metals. The Property The four GSR lode mining claims, named GSR 1, 2, 3 and 4, were staked on Federal BLM lands on July 9, 2012 by Kee Nez Resources, LLC, a Utah limited liability company. The BLM claim numbers for claims GSR 1, 2, 3 and 4 are 1076314, 1076315, 1076316 and 1076317 respectively. Each of the four claims are 20.66 acres in size for a total of 82.64 acres. The Company acquired these unpatented claims on August 15, 2013, from Kee Nez Resources, LLC, who quitclaimed the four

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacities on this 10th day of November, 2025. GOLDEN STAR RESOURCE CORP. (Registrant) By: /s/ Steven Bergstrom Steven Bergstrom A member of the Board of Directors. By: /s/ Marilyn Miller Marilyn Miller President, Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer, Secretary/Treasurer and a member of the Board of Directors. 16

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