Bioforce Nanosciences Holdings, Inc. Liquidation Value

BFNH presents a maximally impaired recovery posture under a liquidation lens. Total assets at December 31, 2025 consist entirely of $786 in cash — the only recoverable asset, receiving a 100% haircut under liquidation assumptions yields exactly $786 in gross recovery. Against that, total liabilities stand at $619,329, all current, producing a liquidation shortfall to equity of approximately negative $618,543, which matches the MFFAIS CLV/LLV/OLV figure precisely. There are no PP&E, no receivables, no inventory, and no intangibles on the balance sheet to haircut; the asset side is a single de minimis cash line.

The liability stack is composed of three current items: accounts payable and accrued expenses ($11,836), accrued board of directors compensation ($506,203), and amounts due to related parties ($101,290). All are classified current with no long-term obligations. In a wind-up, all three would be payable at face value with no extinguishment discount, consuming the entire $786 asset base and leaving an unrecovered deficiency of ~$618,543.

Year-over-year, total liabilities declined sharply from $2,302,454 at December 31, 2024 to $619,329 at December 31, 2025. This reduction is not the result of cash repayment — cash used in operations was only $65,150 for the year — but rather reflects the January 2025 issuance of 4,250,000 restricted common shares valued at $2,975,000 (market price $0.70/share on issuance date) to settle $2,173,000 of accrued officer and director compensation owed to chairman Merle Ferguson. The excess of settlement value over carrying liability ($802,000) was recorded as a loss on liability settlement in the income statement. This stock-for-liability exchange reduced AccruedSalariesCurrentAndNoncurrent from $2,019,517 to $506,203 and DueToRelatedParties from $274,101 to $101,290, but simultaneously diluted common shares outstanding from 29,271,755 to 33,521,755 and increased the accumulated deficit by ~$1.29M for FY2025 (net loss including the $802K settlement charge).

The company reports zero revenue for both FY2025 and FY2024. Operations are entirely funded by related-party loans — $65,074 in financing cash inflows for FY2025 from ProceedsFromRelatedPartyDebt — with no independent revenue generation. Going concern is explicitly flagged by both management and the auditor (Michael Gillespie & Associates, PLLC). An oral commitment from chairman Ferguson to advance funds as needed is the only stated liquidity backstop. The accumulated deficit stands at $162,412,117, rendering the equity cushion against creditors non-existent. Filing notes that accrued but unpaid employment contract amounts through December 31, 2025 total $360,000 for Ferguson and $167,500 for Kaiser — these are disclosed in the MD&A narrative but are not separately tagged in XBRL beyond the aggregate AccruedSalariesCurrentAndNoncurrent line. A subsequent event — a $15,322 legal settlement received from the BF Borgers class action in March 2026 — is immaterial to the liquidation posture.