Cuentas Inc. (CUEN) as of December 31, 2025 presents a deeply insolvent balance sheet under a liquidation lens. Total assets of $962K face total liabilities of $4.91M, yielding a raw book equity deficit of $(3.95M). MFFAIS CLV/LLV/OLV are all reported at $(4.85M), consistent with the filed numbers after haircuts. Cash is $57K (100% recovery = $57K). Current assets of $841K include accounts receivable from related parties (Next Communications $271K, CEO Maimon $271K, former CEO De Prado $242K — all $0.42/share conversion-linked receivables of uncertain collectibility; under liquidation these would receive a steep haircut below the 90-95% standard AR rate). Investments in unconsolidated entities stand at $121K, representing the World Mobile LLC joint venture contribution; recovery value is speculative and would be zero under liquidation haircut for intangible/illiquid equity interests. Long-lived assets are $nil across all segments per segment disclosure. The liability stack at face value totals $4.91M, all current: Notes and loans payable current $1.82M (includes $969K to related parties — Maimon $294K, De Prado $675K — plus World Mobile Group convertible notes $392K, Schulman note $113K, AM LAW residual $154K); accounts payable trade $1.55M; other accrued liabilities $1.25M (accrued expenses $974K + accrued salaries $272K); liabilities of disposal group $175K; warrant liability $127K. The company generated zero revenue in FY2025 (all segments show nil vs. $676K in FY2024) and burned $(1.37M) in operating cash flow. Accumulated deficit is $(59.83M). The Brooksville real estate investment was liquidated post-period for $800K (May 2025), proceeds applied to creditor settlements — this asset is gone. The Spectrum Intelligence judgment of $650K is recorded as a liability at December 31, 2025 and is included in the $4.91M total. Two new convertible notes issued post-period to World Mobile Group ($260K converted to equity in February 2026) and the De Prado separation notes ($473K + $200K) secured against Fintech assets represent significant new encumbrances originated in H2 2025 and fully outstanding at year-end. The De Prado $200K note grants the holder an option at maturity to take all non-MVNO Fintech assets via certificate of sale, creating a lien that would strip remaining operating assets in liquidation. No goodwill or separately tagged intangibles appear on the balance sheet; the filing does not separately tag intangible assets in XBRL. IRC Section 382 analysis has not been performed; NOL carryforwards ($11.19M gross deferred tax asset) are fully reserved and carry zero liquidation value.
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