Mag Magna Corp.

MGNC: 10-K · periodic report

Mag Magna Corp's fiscal 2026 10-K shows a company transformed twice over: a shell that pivoted from poultry-farming consulting to rare earth minerals following a December 2025 change of control by Harpreet Sangha, who also holds a single Series X Preferred share carrying 66.67% voting power. The company acquired the Hicks Dome (Illinois) and Kingman (Arizona) exploration properties for $300,000 cash plus 2,000,000 shares, recognizing $1.9 million in mining assets — but has declared no mineral resources, conducted no exploration, and holds no permits. The financial picture is dire: a $14.7 million net loss (driven by $13.3 million of stock issued to consultants instead of cash), just $158,325 in cash against a $1.63 million working capital deficit, and auditors' substantial doubt about going concern. Management concedes it lacks the capital to meet work-program commitments or even the $275,000 of remaining acquisition installments. Funding so far has come from toxic convertible notes bearing 40%-discount conversion features and a $30 million equity purchase agreement with Monroe Street Capital that has not yet been drawn. Combined with a former auditor's abrupt resignation, 11.35 million shares issued for services, and failure of all Section 16 filers to file timely, this filing reads as a high-dilution, going-concern micro-cap story.

SEC 10-K•19d ago

MGNC: NT 10-K · late filing

Mag Magna Corp filed a Form 12b-25 notification of late filing on September 15, 2026, disclosing that it could not complete and file its Form 10-Q quarterly report by the prescribed deadline. Chief Financial Officer Michael D. Noonan signed the notification. The company attributed the delay to difficulties finalizing the materials required to complete the preparation of the financial statements, which it said could not be eliminated without unreasonable effort or expense. Management anticipates filing the report no later than the fifth calendar day following the prescribed filing date and stated that no significant change in results of operations from the corresponding prior-year period is expected. The notification contains internal inconsistencies — it is indexed as NT 10-K but checks the Form 10-Q box, and the header cites a period ended July 31, 2026 while the narrative references the nine months ended January 31, 2026. Late filings of this kind often signal accounting or internal control strain, so the key follow-up is whether the 10-Q actually lands within the grace period.

SEC NT 10-K•1mo ago

MGNC: NT 10-K · late filing

Mag Magna Corp notified the SEC that it will be late in filing its annual report on Form 10-K for the fiscal year ended April 30, 2026. The company cited difficulties in finalizing the materials needed to complete the preparation of the financial statements as the reason for the delay. Mag Magna anticipates filing the 10-K no later than the fifth calendar day after the original due date and does not anticipate significant changes in operating results.

SEC NT 10-K•2mo ago

MGNC: 8-K · debt financing

Mag Magna Corp. entered into three separate Securities Purchase Agreements in April and May 2026 to raise capital through convertible notes. The company issued a $170,000 note to CFI Capital, a $170,000 note to Silvercrest Hybrid Capital, and a $123,333 note to GW Capital Investments, resulting in total net cash proceeds of approximately $417,000 for general working capital. The financing terms are aggressive, featuring interest rates of 6% for CFI Capital and 12% for Silvercrest and GW Capital, along with original issue discounts of 10% on all notes. The notes are convertible into common stock at a 60% discount to the lowest trading price, with a 4.99% beneficial ownership cap, creating significant potential dilution for existing shareholders. In addition to the financing, the Board established an Executive Committee composed of Harpreet Sangha and Jamal Khurshid, and an Audit Committee chaired by Gonca Demir. These governance changes coincide with the capital raise, potentially signaling efforts to improve corporate structure amidst financial pressure.

SEC 8-K•4mo ago

Mag Magna Corp. Outlines Strategic Plan to Build Global Rare Earth and Critical Minerals Platform

accessnewswire.com•6mo ago