1847 Holdings LLC (LBRA) presents a deeply negative liquidation posture as of March 31, 2026. MFFAIS reports a cash liquidation value of approximately negative $57.1 million, a liquid liquidation value of negative $49.0 million, and an operating liquidation value of negative $48.8 million. These figures are consistent with the filing's own disclosure of a working capital deficit of $34.2 million and an accumulated deficit of $113.1 million. Under a liquidation lens, the liability stack dominates: combined total debt at face value is $30.95 million, of which $30.3 million is classified as short-term. The secured convertible promissory notes alone represent $22.75 million of that short-term total. Additional liabilities include a Level 3 warrant liability of $9.67 million (marked to model, up from $8.42 million at December 31, 2025), total operating lease obligations of $0.40 million (discounted), and finance lease obligations of $0.38 million. Related-party accrued management fees of $0.79 million at March 31, 2026 are embedded in accounts payable. A sale of future revenues loan was amended in February 2026 at an 80.9% effective interest rate, adding $0.38 million in debt discount; face principal outstanding is $1.05 million. Asset-side recovery is minimal: cash is $0.53 million (100% recovery), receivables and contract assets are modest given Q1 2026 revenues of only $1.17 million (down 58% from $2.77 million in Q1 2025). ICD generated zero revenue and Wolo generated only $67 thousand. Intangible assets (customer relationships, trade names) receive zero liquidation value. PP&E, primarily leasehold improvements and equipment, would recover at a haircut. CMD, the finish carpentry subsidiary classified as held-for-sale and discontinued operations in Q1 2026, has a non-binding LOI for a $65 million all-cash sale to a PE-backed buyer as of April 14, 2026 (subsequent event); this is unconfirmed, subject to definitive documentation, and is not on the balance sheet at any recovery value at period-end. Filing does not separately tag the CMD held-for-sale asset or liability values in XBRL for this quarter's filing, though they are disclosed in MD&A as discontinued. The company carries a going concern qualification. Unresolved Alpha Capital litigation seeking at least $2 million is unaccrued. TAG_CONTEXT is empty for this filing, meaning no individual XBRL-tagged balance sheet line items were surfaced for direct comparison; all figures above are sourced from the filing narrative, footnotes, and MFFAIS metadata.
▼ Community Notes