Eva Live Inc. (GOAI) is an AI-driven digital advertising intermediary operating a principal-based media buying model. Under the liquidation lens as of December 31, 2025, the company presents a superficially positive book equity of $9.7M, but the recovery posture for equity holders under a stop-and-liquidate scenario is materially weaker than book suggests. Total assets of $16.3M are dominated by gross accounts receivable of $16.0M (net $14.6M after $1.4M allowance). Applying a 90-95% recovery haircut to net AR yields approximately $13.1-13.9M in liquidation proceeds from that line alone. Cash of $0.20M recovers at 100%. PP&E of $14.9K and capitalized software of $0 contribute negligibly. Total haircutted asset recovery approximates $13.3-14.1M against total liabilities of $6.6M carried at face value. That leaves estimated equity recovery in the range of $6.7-7.5M, which is broadly consistent with MFFAIS's reported liquid liquidation value of $9.8M (the gap likely reflects their treatment of the AR haircut and deferred costs). The MFFAIS cash liquidation value of negative $6.2M reflects a more severe scenario, likely stripping AR to near-zero, which is not unreasonable given customer concentration risk: the top three customers represented 88% of receivables as of Q3 2025, and the filing discloses a DSO of approximately 90 days. The liability stack is entirely current ($6.6M), comprising $2.9M accounts payable, $0.99M notes payable (Diagonal and Boot promissory notes with 12-22% effective cost and default-triggered variable-rate conversion at 35% discount to market), $69K accrued interest, and $10.5K other accrued liabilities. All promissory notes outstanding as of December 31, 2025 totaling approximately $775K (Diagonal #4, #5, Boot balance) were settled by conversion or cash in late January 2026, reducing post-period liability exposure. A new Diagonal Note #7 ($421K principal, $357K net proceeds) and Boot Notes #3 and #4 ($57.5K and $177K) were issued in January 2026 as subsequent events, adding $0.66M of new principal to the post-period liability stack. The company reported GAAP net income of $8.1M for FY2025 versus a net loss of $3.8M in FY2024, driven by $17.0M revenue and the absence of the $5.6M stock-based compensation charge that inflated 2024 losses. However, operating cash flow was negative $449K in FY2025, meaning the net income is not translating to cash. The $16.0M gross AR balance is the single largest recovery driver and the single largest risk; any material deterioration in collectibility (concentration, payment default, counterparty dispute) would compress recovery sharply. The filing does not separately XBRL-tag the deferred financing cost or OID balances on the notes, though these are discussed in MD&A. The company withdrew its Form S-1 registration statement on February 9, 2026, and uplifted to Nasdaq on January 28, 2026, triggering a $1.9M stock issuance obligation to Maxim Group (250,000 shares at $7.62). That issuance is a subsequent-event liability not reflected in the December 31, 2025 balance sheet.
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