MGT Capital Investments, Inc. (MGTI) presents a deeply negative liquidation posture as of March 31, 2026. Total assets of $224K consist entirely of $218K cash and $6K other current assets; PP&E gross cost of $70K is fully depreciated to zero net book value. Under liquidation assumptions, recoverable asset value is approximately $218K (cash at 100%) plus a nominal amount for other current assets, yielding a gross liquidation asset pool of roughly $220-224K. Total liabilities stand at $2,312K, producing an estimated equity recovery deficit of approximately $(2,088K) to $(2,092K), consistent with the reported book stockholders' deficit of $(2,088K). The MFFAIS CLV/LLV/OLV metrics of $(913K) appear to reflect a partial or adjusted view; the face-value liability treatment used here produces a worse outcome. The liability stack is dominated by the September 2025 convertible note ($1,220K face, carrying value $1,181K net of $39K unamortized discount — at liquidation, the full $1,220K face would be owed), accounts payable of $409K to third parties plus $45K related party, accrued expenses and other payables of $302K, a $360K 'common stock to be issued' obligation representing 88 million shares pending under an expired hosting contract, and a $15K related-party note payable. The convertible note matures December 31, 2027 but carries a conversion feature at $0.001/share; in liquidation, the face amount at $1,220K would be the binding claim. There are no operating leases, no PP&E with residual value, and no intangible assets. The company ceased all revenue-generating operations in March 2025, sold its LaFayette, Georgia facility in May 2025 for $1.35M (proceeds primarily used to retire prior debt), and holds 35 Antminer S19 Pro miners in storage — not separately tagged in XBRL, disclosed in narrative only as mining equipment held pending redeployment evaluation; scrap/market value is filing-undisclosed. Cash burn was $260K in Q1 2026 on zero revenue; liquidity is entirely dependent on serial equity issuances at $0.001/share. Going-concern qualification is explicit. Since the prior filing (10-K, December 31, 2025), cash improved from $103K to $218K due to $375K in Q1 equity proceeds, partially offset by $260K operating cash burn. Total liabilities declined modestly from $2,387K to $2,312K, primarily from AP and accrued expense runoff. The filing discusses 35 Antminer S19 Pro miners in storage and a $676K gain on the May 2025 facility sale in MD&A but does not separately XBRL-tag the miners' carrying value or the gain on sale in the current period's tag set.
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