Biotricity Inc. (BTCY) presents a deeply negative liquidation posture at December 31, 2025. MFFAIS-reported CLV is -$23.5M, LLV is -$22.0M, and OLV is -$20.0M, confirming that under any liquidation haircut scenario, equity recovers nothing and creditors absorb material losses. Total GAAP assets stand at $5.69M against total liabilities of $38.21M, producing book stockholders' equity of -$34.24M. The accumulated deficit is $142.1M. Under liquidation haircuts, the asset side deteriorates further: cash of $0.26M recovers 100% ($0.26M); AR current/noncurrent of $1.70M recovers roughly $1.53M-$1.60M at 90-95%; inventory of $1.97M recovers approximately $1.18M at 60%; PP&E net book value of $5K recovers negligibly; the ROU asset of $0.47M receives zero recovery value as it extinguishes with the lease; deposits of $1.28M in total may partially recover depending on counterparty (filed as $85K deposit plus other deposits). Total liquidation-adjusted assets are roughly $3.0M-$3.2M. Against this, liabilities at face value include: current convertible notes of $11.15M (dominant position), current loans payable $2.40M, accrued liabilities $3.73M, AP and other current $8.53M total current liabilities of $23.80M, plus noncurrent: long-term bank loans $12.13M, other long-term loans $0.87M, noncurrent derivative liabilities $1.41M, noncurrent ROU lease obligation $0 (fully current as of Dec 31, 2025), totaling $38.21M in liabilities. Liquidation deficit to equity holders is severe, approximately -$35M to -$38M. Mezzanine preferred (Series B, carrying value $1.71M) sits senior to common equity and would also be impaired in liquidation. Relative to the prior filing (September 30, 2025), the operating lease liability declined materially from $929K to $539K as the lease nears expiration (all remaining $565K undiscounted payments due in 2026, now fully classified as current). The derivative liability stack ($0.43M current + $1.41M noncurrent = $1.84M) remains a face-value liability in liquidation and is unchanged in gross terms QoQ. Convertible notes current at $11.15M represent the single largest liability; a subsequent event (February 2026) extended one note of $114K by 24 months, marginally reducing near-term pressure but immaterial to recovery. The going-concern qualification from the auditor remains active. Positive operating income of $997K for the nine-month period and positive EBITDA of $987K are income-statement items and do not directly affect liquidation recovery; the negative book equity and substantial debt stack dominate the liquidation analysis. Filing discusses preferred stock dividend accrual of $594K in the income statement but does not separately tag the accumulated preferred dividend balance in XBRL.
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