Odyssey Health, Inc. (ODYY) is a pre-revenue medical device development company with zero product sales and an accumulated deficit of $66.8 million as of January 31, 2026. Under a liquidation lens, recovery to equity is deeply negative and has deteriorated materially since the prior quarter (October 31, 2025). Total assets of $721K are composed almost entirely of cash ($616K, 100% recovery) and prepaid expenses ($105K, nominal recovery). Gross liquidation asset value is approximately $616K to $720K. Current liabilities of $11.3 million stand at face value. The asymmetry is severe: stated book equity is negative $10.6 million, and the MFFAIS-reported liquidation values (CLV/LLV/OLV all at negative $10.1 million) confirm near-total impairment. The liability stack has been radically restructured during this period. Gross notes payable face value rose from approximately $2.0 million at July 31, 2025 to $5.4 million at January 31, 2026, driven by the November 13, 2025 Mast Hill Convertible Promissory Note ($2.26 million face) and two tranches ($500K each) under the November 13, 2025 Master SPA. These instruments carry variable conversion features priced at 85% of the 10-day VWAP, generating Level 3 derivative liabilities of $3.94 million at period end—a line item that did not exist at July 31, 2025. Accrued officer salaries remain elevated at $1.86 million (CEO $1.36M, CFO $0.49M), unpaid and carried at face. A $1.84 million 'future fees receivable' offset nets against the Maintenance Note on the balance sheet but extinguishes on liquidation since the Maintenance Agreement is a future service obligation that would not survive a wind-down. Total face liabilities available to creditors exceed total asset liquidation proceeds by approximately $10.6 million to $10.7 million. The NeuRX BreastCheck sub-licensing agreement described in Note 3 is disclosed in MD&A and footnotes but does not appear as a separate XBRL-tagged asset or liability; it is a contingent arrangement not yet closed, with cash consideration structured as 30% of future equity line draws, imposing an additional unquantified drag on any future capital raises.
▼ Community Notes