CV Sciences, Inc. (CVSI) presents a deeply distressed liquidation posture as of December 31, 2025. Total assets of $6.96M are overwhelmingly offset by $5.49M in liabilities at face value, leaving reported book equity of $1.47M. Under liquidation haircuts, the recovery picture deteriorates materially. Cash of $0.28M recovers at par. Accounts receivable of $0.40M recovers at ~90-95%, yielding ~$0.37-0.38M. Inventory of $4.09M at a 60% haircut yields ~$2.45M in recovery. PP&E net of $0.34M (gross $1.88M, accumulated depreciation $1.54M) at 50-70% on net book value yields ~$0.17-0.24M. Intangibles of $0.076M and goodwill of $1.015M are assigned zero recovery under the lens, eliminating ~$1.09M of book assets. Right-of-use assets of $0.35M are offset by corresponding lease liabilities at face value and contribute zero net recovery. Total liquidation asset recovery approximates $3.37-3.45M against $5.49M in liabilities at face, producing a negative equity recovery of approximately -$2.0M to -$2.1M. This is consistent with the MFFAIS-reported cash liquidation value of -$4.93M and operating liquidation value of -$0.44M. The liability stack is concentrated in current liabilities ($5.00M of $5.49M total), including $1.26M current portion of long-term debt, $2.45M accrued liabilities, $1.04M accounts payable, $0.25M current operating lease liability, and $1.37M accrued salaries. The long-term debt of $1.65M face amount (carrying value) was amended post-period in March 2026 to add a conversion feature at $0.06/share, increase principal by 20%, and set aggregate outstanding at $2.256M. This post-balance-sheet event materially increases the effective liability stack above the December 31, 2025 balance sheet. The filing also discloses $43.8M in federal and $27.8M in California NOL carryforwards, subject to Section 382 limitations from prior ownership changes; deferred tax assets of $13.49M are fully reserved with a $13.42M valuation allowance, contributing zero to liquidation value. Revenue declined from $15.7M in 2024 to $13.8M in 2025, and net loss narrowed from -$2.39M to -$0.96M, but the company remains cash-constrained with only $0.28M cash and negative operating cash flow of -$0.41M. The note amendment's uncapped share issuance provision creates additional dilution risk not captured in the balance sheet. The filing does not separately XBRL-tag the post-period note amendment principal amount of $2.256M or the conversion feature terms; these are disclosed in the subsequent events narrative only.
▼ Community Notes