Charging Robotics Inc. (CHEV) presents deeply negative liquidation recovery at March 31, 2026. MFFAIS CLV is reported at negative $2.16 million, consistent with a direct read of the balance sheet under liquidation haircuts. Total book assets are $8.92 million, but the composition is disqualifying under a liquidation lens: cash of $25 thousand (100% recovery), other accounts receivable of $252 thousand (90-95% recovery, call it ~$237 thousand), fixed assets net of $1 thousand (negligible PP&E recovery), and other non-current assets of $43 thousand (uncertain recovery, likely near zero in wind-down). The dominant asset positions are intangible assets net of $6.82 million and goodwill of $1.77 million, both of which carry zero recovery under the liquidation lens. These two items constitute approximately 96% of non-current assets and 96% of total assets. Applied haircuts: intangibles $0, goodwill $0, cash $25 thousand, AR ~$237 thousand, other non-current ~$0. Total liquidation asset recovery: approximately $262 thousand. Liabilities remain at face value per the lens: total current liabilities $2.72 million (accounts payable $132 thousand, other current liabilities $902 thousand, short-term borrowings $1.53 million, payables to related parties $155 thousand), non-current liabilities $1.61 million (deferred tax liability $1.57 million, other non-current $36 thousand). Total face-value liabilities: $4.32 million. Estimated equity recovery to CHEV common: approximately $262 thousand minus $4.32 million equals negative $4.06 million, with NCI claim of $3.53 million further subordinating common. Recovery to CHEV common stockholders in liquidation is deeply negative. Since the prior filing (10-K for fiscal year ended December 31, 2025, filed March 23, 2026), the key deterioration is: short-term borrowings increased from $1.20 million to $1.53 million (+$331 thousand, driven by $300 thousand drawdown on the facility loan in Q1 2026), other current liabilities increased from $810 thousand to $902 thousand, and accumulated deficit deepened from $3.30 million to $3.84 million. Net operating cash burn was $333 thousand for the quarter versus $198 thousand in Q1 2025, a 68% acceleration. The company has no revenue, has disclosed substantial doubt about going concern, carries material control weaknesses, and has cash sufficient for less than one month of operating burn ($25 thousand versus $333 thousand quarterly cash used in operations). The intangible asset base ($7.28 million gross, 12-year amortization life) arose from the June 2025 Revoltz acquisition via stock exchange and is ascribed entirely to technology of a micro-mobility startup that has not generated sufficient revenue to trigger the convertible loan conversion thresholds described in the filing. Goodwill of $1.77 million from the same acquisition is also zero-recovery. The deferred tax liability of $1.57 million is a face-value obligation in liquidation, though it arose as a purchase price allocation artifact from the Revoltz deal and would require specific tax authority treatment in an Israeli wind-down context. Filing discusses the monthly $25 thousand Revoltz funding commitment and a $3 million facility loan (of which $938 thousand is drawn at period end) in MD&A but these do not appear as separately tagged XBRL line items in TAG_CONTEXT; they are referenced only in the narrative. The March 2026 private placement ($2 million expected proceeds from 500,000 shares) has not closed as of the filing date and is contingent on a Nasdaq uplisting that has not occurred.
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