BioCorRx Inc. Liquidation Value

BioCorRx Inc. (BICX) presents a deeply negative liquidation posture as of March 31, 2026. The company disclosed a working capital deficit of $7,506,752 and an accumulated deficit of $87,480,515, with cash of only $211,911. Under liquidation lens, recoverable assets are minimal: cash receives 100% haircut recovery ($212K), accounts receivable of $330,348 at 90-95% yields approximately $297K-$314K, and any intangible assets, goodwill, or IP (including the Lucemyra product rights acquired March 2025 and the BICX104 pipeline) receive zero recovery. The MFFAIS-reported cash liquidation value of negative $8.3M and liquid liquidation value of negative $8.0M are consistent with this analysis.

The liability stack at face value is substantial and multi-layered. Third-party notes payable total $1,239,434 as of March 31, 2026, all classified as current. Related-party notes payable (advances from Lucido, Felix, Emry, plus the defaulted Emry promissory note) total $658,263. The EIDL loan carries a remaining balance of $69,155 with a 30-year tail — it does not extinguish on windup. The royalty obligations (two Subscription and Royalty Agreements with board-affiliated parties from 2019) are accounted for as debt under ASC 470-10-25 and continue to amortize $115,334 per quarter as non-cash interest; the underlying gross projected payment obligation of $7,171,200 represents a long-tail liability that does not disappear in liquidation. A contingent royalty payment liability tied to the Lucemyra APA (March 2025) carried a fair value of $351,492 as of March 31, 2026 after $7,886 in Q1 payments, extending 5 years from acquisition date. The related-party payable (compensation and interest to directors) was $1,361,519 at March 31, 2026, up from $1,271,685 at December 31, 2025. Accumulated interest on third-party notes was $1,437,917 and on related-party notes was $230,301, both embedded in accounts payable and accrued expenses. The Pellecome litigation settlement has $76,500 remaining outstanding. The Alpine Creek royalty commitment has a remaining total consideration of $1,531,926. The BICX Holding Company interest obligation of $1,138,157 remains contingent on a public offering closing.

Since the prior filing (10-K for the year ended December 31, 2025), the most significant balance-sheet events are: (1) BioCorRx Inc. acquired an additional 12.15% ownership of BioCorRx Pharmaceuticals, Inc. from related-party insiders in exchange for 2,263,371 shares of common stock (March 26, 2026), reducing NCI from ($303,429) to ($173,259) — a non-cash reclassification with no liquidation value impact; (2) a $500,000 subscription agreement with Louis Lucido (1,470,588 shares at $0.34) provided the primary cash inflow; (3) notes payable were extended via additional amendments, with two notes now extended to September 30, 2026 and a third still outstanding at $285,000 post-maturity on March 31, 2026; and (4) operating cash burn remained significant at $432,971 for Q1 2026. The upfront purchase price contingent liability from the Lucemyra APA was fully paid off in Q1 2026 ($42,503). The filing discusses goodwill arising from the Lucemyra APA in MD&A critical accounting policies but the XBRL tag context provided is empty, so no specific goodwill balance can be separately flagged in tag_insights. Similarly, the royalty obligation net carrying value, operating lease ROU asset/liability, intangible assets from the Lucemyra acquisition, and derivative liabilities associated with convertible notes are discussed in the filing body but are absent from the TAG_CONTEXT. Equity recovery to common shareholders is effectively zero in any liquidation scenario given the magnitude of face-value liabilities relative to realizable asset values.