Big Digital Energy, Inc. Liquidation Value

BGDE Financial Services

Cash & Equivalents

$13.27M
As of 2025-12-31
Current Price: N/A

Key Metrics

Cash Liquidation Value

Cash minus Total Obligations
Cash: $13.27M
Total Obligations: -$60.56M
$-47.29M
Per share: $-50.33
Period: 2025-12-31

Liquid Liquidation Value

Cash + AR minus Total Obligations
Cash: $13.27M
AR: $9.64M
Total Obligations: -$60.56M
$-37.65M
Per share: $-40.07
Period: 2025-12-31

Operating Liquidation Value

Cash + AR + Inventory minus Total Obligations
Cash: $13.27M
AR: $9.64M
Inventory: N/A
Total Obligations: -$60.56M
$-37.65M
Per share: $-40.07
Period: 2025-12-31
incomplete 1 component missing — treated as $0 in formula. Why?
  • Inventory: not reported

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Liquidation Ladder

MetricTotalPer Share
Cash Liquidation Value$-47.29M$-50.33
Liquid Liquidation Value$-37.65M$-40.07
Operating Liquidation Value$-37.65M$-40.07

Key Components (as of 2025-12-31)

Data as of 2025-12-31 from 10-K filed 2026-03-31. View on SEC EDGAR →

Cash & Equivalents$13.27M
Accounts Receivable$9.64M
InventoryN/A
Current Liabilities$58.84M
Long-term Debt$0
Op. Lease Liability$1.72M
Finance Lease$0
Shares Outstanding939,618

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Historical

PeriodCashARInventoryAPCurr LiabLT DebtOp LeaseFin Lease
2025-12-31$13.27M$9.64MN/AN/A$58.84M$0$1.72M$0
2025-09-30$2.28MN/AN/AN/A$59.90MN/A$1.52M$1,904

Comments

SEC Filings

PeriodFormFiledLink
2025-12-31 10-K 2026-03-31 View
2025-09-30 10-Q 2025-11-14 View
2025-06-30 10-Q 2025-08-14 View
2025-03-31 10-Q 2025-05-15 View
2024-12-31 10-K/A 2025-04-30 View
2024-12-31 10-K 2025-03-28 View
2024-09-30 10-Q 2024-11-14 View
2024-06-30 10-Q 2024-08-19 View

AI Insights

AI Insight·Generated 2026-05-05

Mawson Infrastructure Group Inc. (MIGI) presents a deeply negative liquidation posture as of December 31, 2025. Total assets of $57.4 million are substantially offset by total liabilities of $60.6 million, producing reported book equity of negative $3.1 million before any liquidation haircuts. Applying standard haircuts accelerates the deficiency materially: cash of $13.3 million recovers at par; accounts receivable of $9.6 million at 90-95% yields approximately $8.7-9.1 million; PP&E net book value of $22.6 million (gross $121.3 million, accumulated depreciation $98.8 million) recovers at 50-70% on net book value, yielding approximately $11.3-15.8 million, though the miner-heavy composition (processing machines gross $77.4 million, fully or near-fully depreciated given 2-year useful life policy) severely constrains realizable value; the Level 3 derivative asset of $3.5 million tied to a power supply agreement expiring December 2026 is contractually dependent on an operating facility and carries negligible liquidation value. Intangibles and deferred tax assets are zero-valued. Total estimated liquidation recovery on assets approximates $37-41 million against liabilities at face value of $60.6 million, confirming negative equity recovery in the range of negative $20-24 million, consistent with MFFAIS's reported CLV of negative $47.3 million and LLV of negative $37.6 million. The liability stack is dominated by $25.2 million of loans (all classified current, all in default or matured: Marshall $12.6 million, Celsius $10.8 million, W Capital $1.7 million, convertible notes $0.2 million) and $32.1 million in trade and other payables (including $3.4 million deferred income down from $11.0 million at year-end 2024, and $3.9 million tax payables). The deferred income burn of $7.6 million year-over-year reflects settlement or recognition of colocation pre-payments and does not represent cash inflow. Guarantor exposure on the Marshall and W Capital loans creates contingent liability that is already on-balance-sheet but subject to ongoing litigation. The involuntary Chapter 11 petition filed by Australian creditors was dismissed November 4, 2025, but the Celsius arbitration resulted in a consent judgment and the company faces active enforcement. A $14.6 million ATM equity raise in 2025 provided liquidity relief but did not structurally alter the insolvency position. Compared to the prior 10-Q period (September 30, 2025), trade payables declined from approximately $39.4 million (December 31, 2024 comparator disclosed) as deferred income was consumed and employee payables declined. The retained deficit deepened to negative $252.5 million. No goodwill or separately disclosed intangible assets exist on the balance sheet. The filing does not separately XBRL-tag the Celsius consent judgment liability or the adversary proceeding damages claim, though both are material contingencies discussed in Note 10 and Note 14.

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