Limitless X Holdings Inc. (LIMX) is a direct-to-consumer nutritional supplement company that presents a deeply negative liquidation posture as of December 31, 2025. Total assets are $183,516 against total liabilities of $4,462,287, producing GAAP stockholders' equity of negative $6.0 million before accounting for the liquidation preference stack of the preferred share classes. Under the liquidation lens, the asset side recovers even less: cash of $7,169 (100%), accounts receivable implied within current assets at approximately 90-95% recovery, inventory of $140,554 haircut to approximately $84,000 at 60%, and PP&E of $660 at 50-70% — gross liquidation proceeds would approximate $160,000-$170,000 against face-value liabilities of $4.46 million. Net recovery to equity is materially negative, on the order of negative $4.3 million to negative $4.4 million, consistent with MFFAIS-reported CLV/LLV of negative $4.45 million. The liability stack is dominated by accounts payable and accrued liabilities ($3.31 million), convertible notes payable net of discount ($550,566, face $675,000 issued entirely in November 2025 from zero), and merchant/lender loans ($339,249). No long-term debt exists; all debt is current. The convertible notes carry variable-price conversion features (60-85% of lowest trading price over 15-20 days), creating dilution overhang that does not affect liquidation arithmetic but signals distress. During 2025, the company converted approximately $3.91 million of shareholder and related-party notes payable (which were $5.14 million at year-end 2024) into Preferred C and D shares via related-party conversion agreements, recognizing aggregate losses on settlement of debt of $35.46 million on an income-statement basis — these are non-cash but reflect the significant premium paid over book value of the extinguished debt. The mezzanine reclassification of $32.31 million from temporary equity to permanent equity in September 2025 (when Class C preferred liquidation rights were removed by amendment) restated the equity section substantially but did not affect creditor recovery posture. The company has $31.8 million of net operating loss carryforwards and a full valuation allowance; the deferred tax asset has zero recovery value in liquidation. Revenue continues to decline sharply (full-year 2025 product sales approximately $947,000 vs. $3.0+ million nine-month 2024 pace), and operating cash burn was negative $1.61 million. Filing discusses multiple active litigation settlements (Harpo Inc. $275,000, Argyle Payments $200,000, Litefund Solutions $161,705) accrued but unpaid as of year-end, adding contingent liability pressure not fully captured in the base liability figure. The company does not have any operating leases of substance; all leases are month-to-month, so no ASC 842 ROU asset or lease liability exists.
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