Goliath Film & Media Holdings (GFMH) presents one of the most extreme negative liquidation postures observable in SEC filings. As of January 31, 2026, total assets consist entirely of $1,477 in cash — the company's sole balance sheet asset. Against this, total liabilities stand at $165,954, comprised entirely of current obligations: $25,911 in accounts payable and accrued expenses (including a $10,943 SAG-AFTRA residual settlement) and $140,043 in accounts payable to related parties. Under liquidation lens, asset recovery is $1,477 (cash at 100%); liability face value is $165,954. Equity recovery is negative $164,477, consistent with MFFAIS's reported CLV/LLV/OLV of approximately negative $163,000. There are no PP&E, intangibles, AR, or inventory on the balance sheet to subject to haircuts — the asset side is already stripped to cash only. The accumulated deficit stands at $1,136,475, reflecting years of operating losses on a largely dormant operating model. The company has no employees, generates revenue episodically through Mar Vista distribution fees (nine-month YTD revenue of $20,335 vs. $32,726 in the prior-year comparable period, a 38% decline), and funds operations through related-party advances ($15,600 YTD from director Mike Criscione) and affiliated-party expense absorption (Kevin Frawley paid $31,319 of G&A on behalf of the company in the nine-month period, accruing to accounts payable — related party). Compared to the prior quarter (October 31, 2025), total liabilities increased by $11,019 — the exact amount of the Q3 net loss — entirely through additional related-party payable accrual. The liability stack grew from $154,935 to $165,954 in one quarter, while assets held flat at $1,477. The accounts payable — related party line is the primary accumulation vehicle: up $26,719 since April 30, 2025 fiscal year-end. The company has 38,153,269 shares subscribed but unissued (reflected in weighted-average share count of 177,118,186 but excluded from the stated outstanding count of 138,964,917), representing a latent equity dilution obligation not separately quantified on the balance sheet. Filing discusses motion picture residual payment obligations (SAG-AFTRA, $10,943 balance) in MD&A and commitments footnote, which are included in accounts payable and accrued expenses. No production assets, film library values, or IP intangibles appear on the balance sheet or in XBRL tagging — the company does not capitalize any film assets at this time.
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