American Shared Hospital Services Liquidation Value

American Shared Hospital Services (AMS) presents a deeply distressed liquidation posture as of March 31, 2026, consistent with the MFFAIS-computed cash liquidation value of negative $28.6 million and liquid liquidation value of negative $18.1 million. The company has formally disclosed substantial doubt about its ability to continue as a going concern, driven by multiple concurrent Events of Default under two credit facilities.

On the liability side, total long-term debt stands at $16,843,000 at face value, comprising: the Fifth Third Credit Agreement facilities (Term Loan, DDTL, Revolving Line, Supplemental Term Loan, Second Supplemental Term Loan) at $15,895,000; the DFC Loan at $985,000; and immaterial GKCE local Ecuador loans at $47,000. The Fifth Third Credit Agreement matured April 9, 2026 — after the balance sheet date — and the Loan Parties did not satisfy all obligations at maturity. Fifth Third had suspended the Revolving Loan Commitment in December 2025 and has not yet accelerated, but retains the right to do so. The Company explicitly states it would not have sufficient cash to satisfy accelerated obligations under either credit facility if acceleration occurred.

On the asset side, total assets are reported at $54,725,000, down from $55,479,000 at December 31, 2025. The dominant asset class is net PP&E (medical equipment and facilities), with gross cost of $71,107,000 and accumulated depreciation of $41,238,000, yielding net book value of $29,869,000. Applying a 50-70% haircut to specialized medical imaging and radiosurgery equipment — which has limited secondary market depth, particularly for PBRT systems and Gamma Knife units — produces a liquidation value range of approximately $14.9 million to $20.9 million for this asset class. The $7,887,000 of net PP&E held outside the U.S. (Peru, Ecuador, Mexico) is subject to additional sovereign and currency risk, warranting haircuts toward the low end of the range. Accounts receivable under ASC 606 totaled $8,484,000 at March 31, 2026, up from $8,138,000 at December 31, 2025, and includes international receivables from Ecuador with 3-6 month collection terms — these warrant a haircut toward 85-90%. Cash on hand is $5,223,000, the only asset recovering at par.

Operating lease liabilities total $4,343,000 (face value), covering facilities in Rhode Island, Peru, Mexico, and San Francisco, with a weighted-average remaining term of 12.83 years. These obligations do not extinguish on liquidation. Total purchase and service commitments to Elekta and others total $13,589,000 ($7,884,000 equipment + $5,705,000 service), though management notes no penalties for non-execution on equipment commitments.

Significant changes from the prior filing (10-K for December 31, 2025): the Fifth Third Credit Agreement matured post-period, the Company entered into a 7-year PBRT lease extension with Orlando Health (through April 5, 2033, providing some revenue visibility), and the working capital deficit improved marginally from ($5,724,000) to ($5,446,000). The filing discusses goodwill, intangible assets, and deferred tax assets, but the XBRL TAG_CONTEXT provided is empty — no tags were emitted in the structured data extract. All quantitative analysis above is derived from the filing narrative and financial statement tables. Material weakness in internal controls over financial reporting (insufficient personnel) remains unremediated as of March 31, 2026.