Genvor Inc (GNVR) is a pre-revenue agricultural biologicals and human health/wellness R&D stage company with no product sales, no tangible fixed assets of note, and no inventory. Under a liquidation lens, the balance sheet is materially impaired: book equity at March 31, 2026 is negative at ($891,095) working capital deficit, with an accumulated deficit of $27.2M. Cash is $94,808 — the only asset that recovers at par. Prepaid expenses (financed insurance premiums primarily) are the only other current asset and would recover at modest cents on the dollar. The liability stack consists of accounts payable, accrued compensation owed to the CEO and two scientific advisors ($703,328 at March 31, 2026), accrued interest on those compensation balances ($83,400), a related-party advance from scientific advisors ($84,137), and a $31,602 insurance premium financing liability. A $48,750 PPP loan from 2020 remains on the books pending forgiveness confirmation — that obligation survives liquidation at face value if forgiveness is not consummated. Total current liabilities are not separately XBRL-tagged in the TAG_CONTEXT provided, but the MD&A discloses working capital deficit of $891,095 against cash of $94,808, implying current liabilities of roughly $986,000. Intangible assets (patents, AI platform) carry zero liquidation value under the lens. There is no PP&E of material size (depreciation was zero for the current six-month period; $916 for the prior comparative period). The post-period subsequent event is material to liability posture: effective April 16, 2026, the company entered a convertible note SPA with Evergreen Capital Management for up to $800,000 principal (first tranche $200,000 funded, net $156,667 to company after fees), plus warrants on 600,000 shares, at 10% interest, maturing in 9 months or upon exchange listing. Additionally, the company issued 1 share of Series C preferred stock to Brio Advisory Group under an advisory agreement obligating issuance of up to $1.2M of preferred stock contingent on future funding tranches. These post-period obligations are not on the March 31, 2026 balance sheet but are relevant context: the convertible note adds face-value debt to the liability stack upon liquidation, and the Series C preferred has liquidation priority over common. Filing discusses the convertible note, Series C preferred designation, and Evergreen/Brio arrangements in MD&A and Note 7 (Subsequent Events) but these are post-period and carry no XBRL tags in this filing. The company has disclosed multiple material weaknesses in internal controls, no functioning audit committee, and a single individual serving as both CEO and interim CFO. Equity recovery to common is negative under any liquidation scenario: cash of ~$95K against current liabilities of ~$986K produces a shortfall of approximately ($891K) before applying any haircut to prepaid assets and before accounting for the untagged PPP note. The Series B preferred (1,910,536 shares outstanding, convertible to 14.1M common) and Series A (6 shares, each 10M votes) sit senior to common in liquidation. MFFAIS CLV/LLV/OLV are all reported as ($997,899), consistent with the above analysis. QoQ improvement from September 30, 2025 ($1,312,382 working capital deficit) to March 31, 2026 ($891,095) is attributable to equity raises ($665K cash proceeds from stock sales) partially offset by $594K operating cash burn over the six-month period. The filing does not separately XBRL-tag balance sheet line items (total assets, total liabilities, cash, prepaid, accounts payable, accrued liabilities) in the TAG_CONTEXT provided — all values are sourced from narrative disclosures and the statement of cash flows/equity rollforward embedded in the filing.
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