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Legend Spices Inc. (LGSP), a Nevada corporation, filed an amended annual report mainly to include a re-dated auditor’s report and consent; the underlying 2025 results are unchanged. The company has ceased its seasoning production and marketing operations in Armenia and now describes itself as a shell company that is exploring new business opportunities and potential acquisitions, with no new operating business identified.
For the year ended December 31, 2025, Legend Spices generated $644 of revenue and recorded a net loss of $18,787, bringing its accumulated deficit since inception to $128,012. At year-end it reported no assets, no cash, and current liabilities of $17,525, resulting in a working-capital and shareholders’ deficit of the same amount. A related party forgave $69,717 of debt, recorded as additional paid-in capital. The independent auditor issued an unqualified opinion with an emphasis on substantial doubt about the company’s ability to continue as a going concern.
The report highlights that operations have been suspended since February 2025, there are no employees, and management estimates it needs approximately $100,000 over the next 12 months to fund planned activities. The company is an emerging growth and smaller reporting company, has identified a material weakness in internal control over financial reporting due to inadequate staffing and segregation of duties, and notes that there is currently no active trading market for its common stock, which would likely qualify as a penny stock if quoted.
Legend Spices Inc. (LGSP), a Nevada corporation, filed its annual report for the year ended December 31, 2025. The company has ceased its seasoning production business in Armenia, has generated only $644 in revenue for 2025 and is currently operating as a shell company while it explores new business opportunities and potential acquisitions, with no new operating business identified to date.
The company reported a net loss of $18,787 for 2025 and an accumulated deficit of $128,012 since inception. As of year-end it had $0 cash, no current assets, current liabilities of $17,525, and a corresponding working capital deficit of $17,525. A related party forgave $69,717 of debt, recorded as additional paid-in capital, but auditors and management both state there is substantial doubt about the company’s ability to continue as a going concern.
On March 29, 2025, control shifted from founder Khachatur Mkrtchyan to Qihui Wang and investors; Ms. Wang now serves as sole director and all principal officers. The report highlights material weaknesses in internal control over financial reporting, absence of staff, reliance on related-party funding, lack of an active trading market, penny-stock risks, and potential dilution given authorization for up to 500,000,000 common shares versus 6,850,000 currently outstanding.