GWTI is a pre-revenue GTL technology developer with $850 in cash at December 31, 2025. Under a liquidation lens, equity recovery is deeply negative. Total assets of $46,753 consist almost entirely of prepaid expenses ($45,903) — a line that receives a zero recovery haircut in liquidation — leaving tangible liquidatable assets of $850 (cash, 100% recovery). Against this, current liabilities stand at $14,131,536, producing a liquidation deficit of approximately negative $14.1 million, consistent with the MFFAIS CLV/LLV/OLV reading of negative $14.1M. There is no recovery to equity under any plausible liquidation scenario. The liability stack is dominated by accrued related-party obligations: notes payable to insiders (Mabert/Jones/Wright loan group) of $2,805,774 at face, plus $2,677,058 in accrued interest on those notes embedded in accounts payable — related parties; two officer salary accruals totaling approximately $2.5M for Wright and Jones; and a $525,000 note payable in default since at least 2022 with $324,105 of accrued interest. All three external notes payable ($647,500 aggregate principal) are in default. The convertible note to Tunstall Canyon ($166,667) was extinguished via October 2025 settlement, which also obligated the company to pay $950,000 in cash (comprising a $50,000 payment due February 2026 and $900,000 in monthly installments beginning August 2026), creating forward cash obligations not fully separated as a discrete XBRL balance-sheet liability. The settlement generated a $648,783 non-cash gain and a forfeiture of $1,700,000 in customer deposits recognized as income — both are non-recurring. Net loss for 2025 was $1,957,734 with operating cash burn of $710,289. The accumulated deficit reached $41,330,906. The company has not filed corporate tax returns since the year ended December 31, 2016. Equity financing since period-end is limited to ~$200K-$300K from 9.97M shares issued at $0.02-$0.03. Filing discusses R&D expense of $1,205,335 and the Mabert loan facility (up to $5M, UCC-1 secured against all assets) in narrative but the detailed breakdown of the related-party notes payable balance is not separately XBRL-tagged at the aggregate level — only note-level XBRL appears in sub-axis contexts. The going concern opinion is unambiguous.
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