Clean Vision Corp Liquidation Value

Clean Vision Corp (CLNV) presents a deeply negative liquidation posture as of September 30, 2025. Total assets of $20.8M are offset by total liabilities of $36.3M, producing a GAAP stockholders' equity deficit of approximately $15.8M. Under liquidation haircuts, the equity deficit widens materially. The asset side is dominated by PP&E at $7.95M (recoverable at 50-70%, implying $4.0-5.6M), goodwill of $4.85M (zero recovery), and operating lease ROU assets of $1.73M (zero recovery in liquidation). Restricted cash of $1.40M and unrestricted cash of $0.58M are the highest-quality assets. The $4.07M prepaid/other asset balance and $0.15M other receivable carry uncertain recovery. Applying standard haircuts, total liquidation-basis asset recovery is approximately $7-9M against $36.3M of face-value liabilities, yielding an estimated equity recovery of negative $27-29M—significantly worse than the MFFAIS-reported CLV of negative $20.6M, likely because that figure may apply a different asset mix or does not fully capture the interest accrual stack.

The liability stack has deteriorated since June 30, 2025 (prior 10-Q). Gross convertible notes payable increased from approximately $6.5M to $7.0M, with $1.62M in new issuances (ClearThink September 2025 note $330K, GS Capital August 2025 note $330K, Labrys July 2025 $238K, CFI Capital $150K, Coventry $300K) partially offset by $886K in repayments/conversions/settlements. Accrued interest on convertible notes reached $1.51M vs. $802K at year-end 2024—an 88% increase in nine months, reflecting the high coupon structure (5-24%) and multiple notes in default with elevated default rates. The Huntington commercial loan drew an additional $6.82M in Q3 2025, bringing the drawn balance to $11.82M; total facility is $15M with maturity February 2027. The $4.27M note payable to Ecosynergie (Morocco acquisition) remains outstanding with minimal amortization ($35K paid YTD). Revenue share obligations total $770K face value. Operating lease liability jumped from $43K at year-end 2024 to $1.70M following the 10-year, 62,650 sq ft West Virginia facility lease commencing March 2025—this liability does not extinguish on liquidation. Derivative liability stands at $1.09M. Total current liabilities of $21.2M against current assets of $6.3M indicates severe near-term liquidity stress. Accumulated deficit of $54.3M. Going concern disclosure is maintained. All Morocco revenues are generated from a related-party counterparty. Filing discusses the $4.27M Ecosynergie note payable in MD&A narrative but does not separately tag it as a distinct XBRL liability line; it is embedded within LoansPayable or related party balances.