GEX Management, Inc. (GXXMD) is a Texas-based management consulting and staffing company with a period end of December 31, 2023. Under the liquidation lens, recovery to equity is unambiguously negative. MFFAIS reports a cash liquidation value of -$4.67M and a liquid liquidation value of -$4.19M, consistent with the XBRL balance sheet: total assets of $499K versus total liabilities of $4.69M, yielding book equity of -$4.19M. Under haircut assumptions, the asset side recovers minimally more than zero. Cash at $18K receives 100% recovery. Accounts receivable gross approximately $545K (net $481K after $65K allowance); at 90-95% recovery on the net figure, this yields roughly $430-$460K. No PP&E, no inventory, no intangibles are disclosed. Total haircutted asset recovery is approximately $448-$478K against $4.69M of liabilities held at face, producing a liquidation deficiency to equity of approximately -$4.2M to -$4.25M. The liability stack is dominated by $1.88M of current convertible debt (down from $2.03M at December 31, 2022), $1.42M of accrued liabilities current (up from $886K at December 31, 2022, driven largely by accrued interest on convertible notes totaling $1.29M), $557K of settlement liabilities (C6 Capital judgment of $535K plus $22K Workers Compensation Board judgment, both unsettled), and $293K of derivative liabilities current. The company carries a $484K related-party line of credit from a former CEO affiliate (P413) that was extended to September 2023 and appears to remain outstanding but is not separately XBRL-tagged in this filing; its balance is discussed in MD&A but does not appear in TAG_CONTEXT as a distinct line item. Post-period, in March 2024 the company entered four additional convertible notes totaling $74K face ($60K net proceeds) convertible at $0.0001 per share — a conversion price that, given ~2.3B shares already outstanding against a 100B authorized ceiling and 15.3B shares reserved for future issuance, implies further severe dilution but does not change the liquidation posture. Material weaknesses in internal controls are confirmed by management. The auditor for the year ended December 31, 2023 was BF Borgers CPA PC, a firm subsequently sanctioned by the SEC; the reliability of the audit opinion is compromised. Accumulated deficit stands at $17.5M. There is no path to positive equity recovery on liquidation.
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