WEED, Inc. (BUDZ) presents a deeply negative liquidation posture as of December 31, 2025. Applying standard recovery haircuts to the asset side against face-value liabilities yields a recovery to equity that is materially negative. Total reported assets of $560K consist primarily of PP&E net of $476K (land $258K, property $219K, lab equipment $134K gross, offset by $148K accumulated depreciation), intangibles of $31K (trademarks and grower license net of amortization), cash of $33K, and current assets of $48K (prepaid $11K, other current $4K). Under liquidation haircuts: cash recovers at 100% ($33K); current assets perhaps 70-80% ($34-38K); PP&E at 50-70% yields roughly $238-333K (land likely at upper bound, lab equipment and older building at lower bound); intangibles receive 0% recovery ($0); the $36K asset retirement obligation asset receives 0% (it is offset by the corresponding liability). Total liquidation-adjusted assets are estimated in the range of $305-$370K. Against this, total liabilities stand at $1.25M at face value, all classified as current. The liability stack includes: related-party notes payable (net of discount) $503K, accrued officer compensation $370K, accounts payable $180K, accrued liabilities $111K, interest payable $33K, ARO $36K, and operating lease liability $5K. Net recovery to equity under liquidation is deeply negative, consistent with the MFFAIS CLV/LLV/OLV of negative $1.22M. The company has generated zero revenue since inception, has an accumulated deficit of $86.3M, and reports negative working capital of $1.2M per the going concern disclosure. The stockholders' equity deficit widened from ($221K) at December 31, 2024 to ($688K) at December 31, 2025, driven by a $1.37M net loss partially offset by $890K in stock-based compensation (non-cash, 22M shares issued for services). Cash burned from $159K to $33K during 2025 despite net financing inflows of $70K (primarily $199K in related-party note proceeds offset by $130K repayments). The related-party note balance (Glenn Martin and Nicole Breen, primarily) grew from $423K to $503K net. Accrued officer compensation grew from $203K to $370K, indicating deferred cash obligations accumulating on the balance sheet. The filing notes a subsidiary dissolution (loss of $637) during 2025. The ARO of $35.8K (gas well acquired February 2023 for $41.4K) is disclosed in MD&A but the corresponding asset carrying value is embedded in PP&E rather than separately tagged in XBRL. G&A expense of $1.13M in 2025 versus $351K in 2024 reflects $800K of stock-based compensation recognized in 2025 (non-cash) versus $20K in 2024 — a 40x increase in share-based G&A that, while non-cash, reflects ongoing dilution of the share count (147M shares outstanding at year-end versus 125M at prior year-end).
▼ Community Notes