Airship AI Holdings, Inc. (AISP) presents a deeply negative liquidation recovery posture as of March 31, 2026. Total reported assets are $19.1 million against total liabilities of $26.3 million, yielding book equity of negative $7.2 million before applying any liquidation haircuts. Under the liquidation lens, the asset side deteriorates further: cash of $12.6 million recovers at par; accounts receivable of $5.4 million (no allowance disclosed, per XBRL) haircuts to approximately $4.9-5.1 million at 90-95%; other current assets ($0.31 million prepaid, $0.16 million other) and the ROU asset ($0.71 million) receive 0-50% recovery respectively. No inventory, PP&E, or intangibles are separately tagged in XBRL beyond the ROU asset. Estimated liquidation asset recovery is roughly $18.0-18.5 million. Against this, liabilities at face value total $26.3 million, comprising: current liabilities of $7.2 million (accounts payable $1.2 million, accrued liabilities $54k, deferred revenue current $5.5 million, operating lease current $450k); non-current liabilities of $19.1 million consisting of deferred revenue non-current $3.6 million, operating lease non-current $308k, and the fair-value liability stack of warrant liabilities ($11.8 million public, $366k private) plus earnout liability ($3.3 million). The fair-value liabilities (warrants plus earnout) are classified as non-current but would be claims against the estate in a winding. Total warrant plus earnout liability at March 31, 2026 is $15.2 million versus $15.9 million at December 31, 2025 — a modest reduction driven by warrant mark-to-market gain ($1.5 million) partially offset by earnout liability increase ($726k loss from fair value change, driven by volatility assumption rising to 78.4% from 55.8%). Deferred revenue of $9.1 million combined (current $5.5 million plus non-current $3.6 million) represents obligations to deliver services; in liquidation these are customer liabilities requiring cash refund or service completion, leaving no recovery value. The accumulated deficit stands at $46.3 million. Management has concluded no going concern doubt through May 2027 based on available cash and operations. The filing discusses a $46 million accumulated deficit and DOGE-related government budget disruption risk in MD&A but does not separately XBRL-tag deferred tax assets or goodwill/intangibles. No debt instruments are outstanding. The prior filing (10-K for year ended December 31, 2025) showed the same warrant/earnout liability stack at $15.9 million total, confirming this is a persistent, not transient, liability structure.
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