Mobiquity Technologies, Inc. (MOBQ) presents a deeply negative liquidation posture as of December 31, 2025. MFFAIS-derived cash liquidation value is approximately negative $4.0 million, consistent with balance sheet arithmetic. Total assets of $5.76 million are substantially offset by total liabilities of $4.56 million at face value, leaving reported book equity of $1.20 million — but under liquidation haircuts, recoverable asset value collapses well below face-value liabilities. Cash of $643K recovers at 100%. Accounts receivable net of allowance is $13K (gross $170K with $157K allowance already embedded), recovering at 90-95% yields near face. Prepaid and other current assets of $784K recover at zero to minimal value. The most significant asset by book value is capitalized computer software of $2.46 million — under liquidation lens this carries a 0% recovery haircut as internally developed software for an advertising technology platform has no standalone liquidable value. Goodwill of $1.35 million similarly receives a 0% recovery. An equity investment carried at $500K (Context Networks minority stake) has no readily realizable market and should be treated as worthless or near-zero in liquidation. Property, plant, and equipment net of $2.6K is de minimis. On the liability side, all $4.56 million of current liabilities — including $2.06 million of current debt net of $711K unamortized discount (gross face value higher), $2.45 million of accounts payable, $754K in accrued employee/consultant obligations, $30.6K accrued interest, and $25.5K deferred revenue — sit at face value. The unamortized debt discount of $711K reduces book carrying value of debt but does not reduce the cash obligation at liquidation; gross debt principal outstanding is therefore materially higher than the $2.06M net figure. The company is burning cash at approximately $5.4 million per operating activities for the year with revenues of only $112K for FY2025 versus $2.09M in FY2024 — a 95% revenue collapse year-over-year. The operating loss was $9.5 million and net loss $10.4 million. Post-period the company has issued additional convertible notes (January 2026, March 2026) and a new merchant agreement, adding incremental liabilities at face. A material weakness in internal controls related to revenue recognition was disclosed. Filing discusses the $68.9 million NOL carryforward and $19.7 million deferred tax asset valuation allowance in MD&A but does not separately tag net deferred tax asset/liability at a non-zero value — the DTA is fully reserved, contributing zero to liquidation recovery. The Trepeta litigation was resolved in September 2025 with appeal denied, eliminating that contingent liability.
▼ Community Notes