Datacentrex, Inc. Liquidation Value

Datacentrex, Inc. (DTCX) is the post-merger entity resulting from a December 15, 2025 reverse recapitalization in which Dogehash Technologies Inc. (the accounting acquirer, a Scrypt-algorithm digital asset miner) merged with Thumzup Media Corporation (the legal acquirer, a SaaS social media marketing company). The consolidated financial statements reflect Dogehash's historical operations from January 13, 2025 inception through December 31, 2025, with Thumzup's assets, liabilities, and results included only from December 15, 2025 forward. No prior-period comparatives exist; this is effectively an inaugural filing for the combined entity.

Under the liquidation lens, the balance sheet presents an unusually favorable gross asset position for a company of this age and size, primarily because of $38.9M in cash — almost entirely from equity financing ($42.1M cash acquired in reverse recapitalization plus $17.9M Class A-1 and $10.4M Class A-2 unit proceeds, net of $8.6M in debt draws and repayments). At 100% recovery, cash is the dominant liquidatable asset. The remaining balance sheet is materially less recoverable: $18.5M net PP&E (mining equipment depreciated over two years; at a 50-60% haircut, recovery is $9.3M–$11.1M); $4.4M digital assets at ASU 2023-08 fair value (Level 1, actively traded — but Dogecoin carries $1.76M in unrealized losses and DOGE/LTC are highly volatile; recovery closer to face value is plausible in an orderly wind-down, but this is not cash); $3.6M equipment deposits (recovery uncertain — depends on vendor performance and contract terms, likely 50-70%); $0.47M prepaid expenses (insurance and power charges — limited recovery, effectively 0-30%); $0.62M other assets primarily hosting deposits (likely 50-70% recovery); and $0.26M capitalized software net (zero recovery under intangible haircut).

Liabilities are minimal: total current liabilities of $0.59M (accounts payable and accrued expenses only). All promissory notes were repaid at merger close. No operating leases exist — colocation arrangements are characterized as service contracts outside ASC 842 scope, so no ROU asset or lease liability is recorded. The filing does not separately disclose any pension or unfunded benefit obligations.

Approximate liquidation value arithmetic: cash $38.9M + PP&E at 55% haircut $10.2M + digital assets at 90% $4.0M + equipment deposits at 60% $2.2M + prepaid/other at 20% $0.2M + software $0 = ~$55.5M gross liquidatable assets less $0.6M liabilities at face = ~$54.9M net recovery. Reported GAAP book equity is $66.2M. The delta reflects the PP&E haircut ($8.3M), the digital asset haircut ($0.4M), and write-off of intangibles/prepaid ($0.8M). Preferred stock (Series A and D) carries conversion rights and quarterly in-kind dividends paid in Series A shares; if these have liquidation preferences senior to common, actual common equity recovery would be further reduced, but the filing does not disclose quantified liquidation preference amounts for Series D in the XBRL-tagged data. Filing discusses Series A conversion and dividend mechanics in MD&A but does not separately XBRL-tag the liquidation preference dollar amount. The $20.3M of potentially dilutive securities (options, warrants, preferred converts) are out-of-the-money at the $5.00 market price and do not affect liquidation recovery to existing equity.

Post-period, a March 31, 2026 public offering raised approximately $20.2M gross, materially increasing the cash position post balance sheet date. This is not reflected in the December 31, 2025 balance sheet.