Our Bond, Inc. (OBAI) presents a deeply negative liquidation posture at December 31, 2025. Total reported assets are $2.5M against total liabilities of $13.8M, producing a book equity deficit of -$22.7M (inclusive of $11.4M mezzanine-classified temporary equity for preferred stock). Under liquidation haircuts, the asset side deteriorates further: cash of $599K recovers at 100%; net AR of $1.6M recovers at approximately $1.4-1.5M (90-95%); PP&E net of $86K recovers at perhaps $43-60K (50-70%); the remaining current assets (prepaid, other) recover nominally or zero. Gross liquidation asset value approximates $2.2-2.3M. Against this, liabilities of $13.8M stand at face value: current liabilities of $8.1M include $1.6M current portion of long-term debt (Eastward facility), $2.6M accounts payable and accrued liabilities, $1.7M accrued liabilities, $822K accrued employee benefits, $562K deferred revenue, and $765K related-party revolving note. Non-current liabilities of $5.7M represent the long-term tranche of the Eastward loan. The resulting liquidation recovery to equity is approximately negative $11.5M to negative $13.2M, consistent with MFFAIS LLV of -$11.6M and CLV of -$13.2M. No prior filing is available for period-over-period comparison. Key aggravating factors: (1) The company carries $93M in federal NOL carryforwards fully offset by a $27.6M valuation allowance — zero liquidation value. (2) A $1.6M contingent liability from an Israeli landlord lawsuit filed February 2025 is already accrued in current liabilities but outcome remains uncertain. (3) Post-period, the company issued a $2.5M promissory note on March 1, 2026 at 10% per annum maturing September 1, 2026, with a 24% default rate — this liability is not reflected in the December 31, 2025 balance sheet but materially worsens the forward liability stack. (4) The Series D Preferred Stock SPA produced $2.95M in additional equity raises post-period (January-February 2026 closings), partially offset by $506K in total issuance costs. Filing discloses going-concern conditions implicitly through self-described primary risks as liquidity and lack of material revenue; no explicit going-concern opinion language is quoted in the extracted text. The company's $116.6M APIC reflects cumulative cash invested across multiple preferred rounds, none of which is recoverable in liquidation. The Eastward Loan and Security Agreement (27+ amendments) and the CEO-controlled revolving note represent the senior obligation tier in any wind-down scenario.
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