Hi-Great Group Holding Co (HIGR) presents a deeply negative liquidation posture as of September 30, 2025. Total assets of $72,286 consist entirely of cash ($7,986) and inventory ($64,300); the ASC 842 right-of-use asset carried at $6,892 at December 31, 2024 has been fully amortized out by period-end. There are no receivables, no PP&E, and no intangibles on the balance sheet. Under liquidation haircuts, recoverable asset value is approximately $46,500 ($7,986 cash at 100% plus $64,300 inventory at 60% = $38,580), yielding total recoverable value of roughly $46,600 against total liabilities of $277,282 at face value. Liquidation recovery to equity is approximately negative $230,700, consistent with the MFFAIS CLV figure of negative $261,310 (minor variance attributable to haircut assumption differences). The prior filing period (June 30, 2025) showed total stockholders deficit of negative $196,710; the deficit has widened by approximately $8,300 in Q3 2025, tracking the $8,286 net loss for the quarter. The liability stack is dominated by two related-party items: accounts payable of $88,005 (flat quarter-over-quarter, stable since year-end) and accrued royalties to SellaCare, Inc. of $171,037 (up from $162,222 at December 31, 2024 and $166,977 at June 30, 2025). The royalty accrual represents a contractual minimum of $1,000 per month plus 25% of gross revenues owed to the majority-shareholder-controlled licensor; it continues to accrete and has no apparent settlement mechanism. A new $17,500 accrued expenses line appeared in Q3 2025 (zero at December 31, 2024 and $10,750 at June 30, 2025), and a small $740 related-party loan payable also appeared. Nine-month operating cash outflow is negative $3,107, partially offset by $6,892 from the ROU asset runoff classified as investing inflow and $2,062 from financing (net of $2,500 common stock issuance and $438 ROU liability payoff). The filing discloses a KRAS gene licensing agreement as a new business direction but does not separately tag any asset or obligation related to that arrangement in XBRL. Going concern disclosure is present. Disclosure controls were assessed as not effective due to lack of audit committee and segregation of duties. The company reports it has not submitted Interactive Data Files electronically as required (EntityInteractiveDataCurrent = No), creating an additional compliance deficiency.
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