Dogecoin Cash, Inc. (DOGP) presents a deeply negative liquidation posture as of March 31, 2026. Total assets of $2.19M are dominated by goodwill ($1.28M, zero liquidation value), fair-value equity securities ($885.6K, subject to market haircut), and cash ($19.5K, 100% recoverable). Applying standard liquidation haircuts: cash recovers $19.5K; equity securities (CBDG shares, fair value already marked down to $27.3K from $57K at December 31, 2025) recover perhaps $25-27K after an additional market liquidity discount; PP&E of $1.8K recovers perhaps $1K; intangibles net of $3K and goodwill of $1.28M recover $0. Total haircutted asset recovery approximates $46-50K. Against this, total liabilities at face value are $2.37M, consisting of current liabilities of $870K (AP/accrued $200K, accrued interest-related parties $46K, convertible notes fair value component $174K, convertible notes payable $183K, notes payable to related parties $266K) plus long-term stock payable of $1.50M. The stock payable line—classified as a long-term liability and representing accrued but unissued shares owed primarily to insiders for consulting fees and director services since 2022—is a durable face-value obligation under a liquidation analysis. Net recovery to equity is approximately negative $2.32M to $2.33M, which is worse than the MFFAIS computed CLV/LLV/OLV of negative $810K, primarily because the MFFAIS figure likely reflects book equity rather than a full liquidation haircut. Since the prior filing (10-K for December 31, 2025), the deterioration is modest in dollar terms but directionally consistent: total liabilities increased from $2.26M to $2.37M (+$115K), driven primarily by a $84K increase in stock payable (from $1.42M to $1.50M) reflecting ongoing quarterly accruals to insiders. Cash declined from $29.6K to $19.5K, and the CBDG investment declined $29.7K in fair value. The going concern disclosure is explicit. The filing does not separately XBRL-tag digital asset holdings (approximately 8.02 billion DOG tokens carried at heavily impaired historical cost through subsidiary Meme Coins Inc.); the carrying value and any residual fair value are discussed in MD&A/notes but are not in the TAG_CONTEXT. Filing also notes disclosed controls are not effective due to material weaknesses related to accounting staff size.
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