BioAdaptives, Inc. (BDPT) presents a deeply negative liquidation posture as of March 31, 2026. The company carries no XBRL-tagged balance sheet items in the TAG_CONTEXT input, so all quantitative figures below are sourced from the filing narrative and financial statement HTML. Under the liquidation lens, recoverable assets are minimal: cash of $73,606 (100% recovery), inventory of $42,968 (60% haircut yields ~$25,800), and a security deposit of $2,500. Total estimated gross liquidation recovery is approximately $102,000. Against this, liabilities at face value include: convertible notes payable at gross principal of $622,200 (net carrying value $424,211 after $197,989 unamortized debt discount, but face value governs in liquidation), accrued liabilities of $248,886 (including $234,067 accrued interest), derivative liabilities of $1,563,920 (classified as current, Level 3 fair value under Black-Scholes; in a liquidation scenario these would need to be settled or extinguished—treatment uncertain, but the underlying convertible notes are in default and the derivative reflects the embedded conversion feature), notes payable of $32,096, and due to related party of $2,978. The 2018-vintage convertible notes ($311,000 face) are explicitly disclosed as in default, with forbearance expired since December 31, 2021, creating acceleration risk on those instruments. Accumulated deficit stands at $10,832,290 as of March 31, 2026, up from $9,163,306 at December 31, 2024, reflecting continued cash burn. Net loss for Q1 2026 was $111,086, down from $197,136 in Q1 2025, with the improvement driven primarily by a larger fair-value gain on derivative liabilities ($174,884 vs. $61,659 prior year). Operating cash burn was $84,839 in Q1 2026. MFFAIS-computed liquidation value is negative $2.14M (CLV/LLV) and negative $2.10M (OLV), consistent with the balance sheet math. The filing discloses going concern doubt. No intangible assets or PP&E of material size are identified on the balance sheet (depreciation of $1,500 in Q1 2026 implies de minimis fixed assets). The filing discusses the derivative liability extensively in MD&A and footnotes but does not separately tag any balance sheet XBRL concepts in the TAG_CONTEXT provided—this is a structural gap in the XBRL submission. The convertible notes' variable-rate conversion feature (60-65% of lowest traded price over 20 days) and the warrant liability classified as derivative mean that equity dilution risk is extreme: antidilutive share count totals 266.8 million potential common shares against only 12.0 million currently outstanding.
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