Hawkeye Systems, Inc. (HWKE) is a Nevada shell/development-stage entity with no revenue, no employees, and no tangible operating assets. Under a liquidation lens, the recovery posture is deeply negative and has deteriorated quarter-over-quarter. As of December 31, 2025, total assets of $75,662 consist of $167 cash (100% recoverable), $10,680 in prepaid expenses (near-zero liquidation value), and $64,815 classified as Investment in Subsidiary (OtherLongTermInvestments, tagged as equity method investment in Rift Cyber LLC, a pre-revenue cybersecurity LLC in which HWKE holds a 25% minority interest with no independently determinable market value — liquidation haircut approaches 100%). Against these assets, total liabilities stand at $3,252,364 at face value, yielding an estimated liquidation deficit of approximately ($3.18M), consistent with the MFFAIS-reported CLV/LLV/OLV of ($2.81M) with the difference attributable to the $442K Eagle JV loan being long-term and the accrued interest balance. The dominant liability is the related-party promissory note to Steve Hall at $2,318,263 (12% per annum; nominal maturity was December 31, 2025 — the note is in technical default or extension, filing does not separately address extension status), plus $449,493 of accrued interest on that note. The Eagle JV loan of $442,251 has been static since 2021 with no disclosed repayment schedule or interest accrual in the current period. Compared to the prior filing (September 30, 2025), total liabilities increased by approximately $117K, driven almost entirely by continued accrual of related-party interest ($137,944 for the six-month period) partially offset by the non-cash settlement of $110K in related-party AP via stock-to-be-issued. Cash fell from $318 to $167. The subsidiary investment (Rift Cyber LLC) carried at $64,815 represents IP assigned by founders in exchange for HWKE common stock — the filing does not separately disclose a valuation methodology or fair value assessment for this asset, and under liquidation assumptions it carries zero recoverable value. The company self-describes as a non-operating entity dependent on continued related-party debt advances (100% of financing cash flows for the period, $98,368 drawn). Substantial doubt about going concern is explicitly stated. There is no path to equity recovery under a liquidation scenario at current figures.
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