AIxCrypto Holdings, Inc. (AIXC) presents a highly distressed liquidation posture as of December 31, 2025. Total assets of $31.3M are dominated by cash of $19.3M (100% recovery), crypto assets at fair value of $10.3M (recovery uncertain given mark-to-market basis and illiquidity of specific holdings), a short-term notes receivable net of allowance of only $0.34M (gross $4.9M against a $4.56M allowance, implying near-total write-off), intangibles of $0.31M (zero recovery under liquidation lens), and prepaid/other current assets of ~$1.0M (partial recovery). The tangible, recoverable asset base is approximately $19.3M cash plus $10.3M crypto fair value plus minimal receivables—call it $29.6–30M before haircuts. Crypto assets received $16.5M in purchases during the year and have declined to a $10.3M fair value against $12.9M cost, embedding a $2.7M unrealized loss already recognized. The $4.2M credit loss expense on the Marizyme notes receivable is a major balance-sheet deterioration event: gross notes of $4.9M are now carried at $0.34M net after the $4.56M allowance, signaling the Co-Development investment in Marizyme is effectively impaired. Current liabilities total $3.3M, including $1.9M in notes payable face value, $1.3M accounts payable, and $0.14M accrued liabilities, plus a $0.14M convertible note at fair value. Under liquidation lens, liabilities stay at face value. Stockholders' equity of $28.0M per book is supported primarily by the large capital raise—$37.7M in equity proceeds from the September 2025 Faraday-led subscription agreement and a July 2025 private placement—offset by a net loss of $17.0M for the year and an accumulated deficit of $140.0M. The MFFAIS CLV of $14.1M and LLV of $14.4M, compared to book equity of $28.0M, reflect the liquidation haircuts applied to crypto assets (uncertain realizable value) and the near-zero recovery on the Marizyme notes and intangibles. Recovery to equity under a wind-down scenario is positive but materially below book, primarily due to the crypto asset haircut risk and the Marizyme receivable impairment. The filing discusses the $10.0M entrusted investment in Faraday Future (FFAI) shares post-balance-sheet and discloses that FFAI received a Nasdaq minimum bid price deficiency notice on March 20, 2026, creating concentration and valuation risk to that subsequent investment—this is not on the December 31, 2025 balance sheet. The filing discloses material weaknesses in ICFR (segregation of duties, ITGC, process documentation) that remain unremediated, adding reliability risk to reported figures. Auditor was changed from MGO to HTL International LLC in December 2025.
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