Exousia Bio, Inc. Liquidation Value

Exousia Bio, Inc. (formerly L A M Y, ticker LMMY) presents a balance sheet as of November 30, 2025 that is essentially uninvestable from a liquidation standpoint. The company underwent a reverse-merger-style reorganization effective November 17, 2025, acquiring Exousia Ai, Inc. (a clinical-stage exosome/oncology biotech) as a wholly-owned subsidiary via issuance of 62,223,000 shares of common stock. The acquisition was recorded at $22,050,000, classified entirely as OtherAssetsNoncurrent under the label 'Exousia AI' — a non-cash, non-standard asset classification that carries zero liquidation value under the intangibles haircut (0%). This single line item constitutes 99.97% of reported total assets of $22,050,670.

Applying liquidation haircuts: cash is $0 (100% recoverable, but $0); PP&E net is $670 (50-70% recovery = ~$335-$469); intangibles net are $0 as already fully amortized; the $22,050,000 'Exousia AI' other noncurrent asset is a freshly-acquired, unaudited, unverified intangible-equivalent stake in a pre-revenue clinical-stage biotech — liquidation value is $0. Total liquidatable asset value: approximately $335-$469.

Total liabilities stand at $261,023, all current: accounts payable $212,302, advances from related parties $38,850, due to related party $8,831, and other current liabilities $1,040. All liabilities settle at face value in liquidation. Recovery to equity: approximately negative $260,600. The MFFAIS CLV/LLV/OLV of -$261,023 is consistent with this analysis.

The prior period (August 31, 2025, per Q1 filing) showed total assets of $0 and total liabilities of $35,314, yielding stockholders' deficit of -$35,314. The balance sheet transformation from Q1 to Q2 is entirely attributable to the acquisition: the $22,050,000 non-cash asset entry inflated APIC to $22,071,270 and stated equity to $21,789,647, but under liquidation the asset reverts to zero. The liability stack grew from $35,314 to $261,023 (+$225,709), driven primarily by $212,302 in accounts payable — the filing does not separately disclose the nature of these payables in XBRL, though they appear to be accrued professional, R&D, and operating costs incurred post-acquisition.

Material post-balance-sheet events include: (1) a $250,000 convertible note issued January 20, 2026, to GBII Partners Inc. at 15% per annum maturing March 26, 2026, with conversion at 50% of market price (escalating to 10% post-60 days past maturity) — this instrument is deeply dilutive and structurally predatory, not yet on the November 30 balance sheet; (2) a rescission agreement with Progenicyte Japan CO., LTD. effective March 14, 2026, cancelling 21,000,000 of the 62,223,000 acquisition shares 'based on a mistake of fact' — this reduces shares outstanding from 70,000,000 to 49,000,000 post-period but does not alter the balance sheet date values; (3) issuance of 3,500,000 shares to a consultant in December 2025. The Progenicyte rescission raises material questions about the integrity and finality of the acquisition accounting. Filing does not separately XBRL-tag the GBII convertible note liability or the Progenicyte rescission impact on the acquisition asset.