CISO Global, Inc. (CISO) presents a deeply negative liquidation posture as of March 31, 2026. The company's own going-concern disclosure confirms the picture: cash of $640,075, a working capital deficit of $5,523,902 (deteriorated from $4,474,265 at December 31, 2025), and ongoing operating cash burn of $879,816 for Q1 2026. Under liquidation-lens haircuts, the asset side recovers little: cash at 100% yields $640K; accounts receivable at 90-95% on a balance that is not separately tagged in XBRL but is embedded in current assets of $2,325,832 (which also includes prepaid and other items with minimal recovery value); PP&E is negligible ($8,911 capex in the quarter suggests near-zero tangible fixed asset base); and intangibles including goodwill receive a 0% haircut, eliminating whatever book value remains on that line. The filing warns explicitly that continued stock price decline increases goodwill impairment risk, reinforcing the zero-recovery treatment for that asset class. Against haircutted assets, the liability stack stands at face value: current liabilities of $7,849,734 include a line of credit balance of $2,009,988 (Aion facility at 18% per annum, matured April 14, 2026, renewal pending as of the filing date), accrued expenses and payables of approximately $2.9M, and deferred revenue. Non-current liabilities include operating lease obligations of $399,707. Critically, a post-balance-sheet liability has crystallized: B. Riley delivered a conversion notice on April 1, 2026 triggering a cash redemption obligation of approximately $1,866,900 payable in monthly installments of $155,575 beginning May 1, 2026, which does not appear in the March 31, 2026 balance sheet as a liability but represents a hard near-term cash claim. The $9.3M aggregate convertible note complex was exchanged into Series A Preferred Stock in August 2025 and fully converted to common stock by November 2025, eliminating that liability from the current period stack — a materially favorable change versus the prior year balance sheet where those obligations remained. The filing does not separately tag any balance sheet line items in XBRL; the TAG_CONTEXT list is empty. All quantitative balance sheet data referenced here is drawn from narrative disclosures and MD&A tables in the filing body. MFFAIS CLV is reported at negative $6.75M, consistent with the liquidation analysis. Recovery to equity is effectively zero under any reasonable scenario.
▼ Community Notes