ONE STOP SYSTEMS, INC. (OSS) as of March 31, 2026 presents a balance sheet that, under liquidation methodology, shows modest positive equity recovery, driven primarily by a large cash and short-term investment position relative to a lean liability stack. Total assets of $51.2M are dominated by liquid items: cash of $24.3M (100% recovery), restricted cash of $2.2M (100%), short-term investments of $10.0M (100%), and net AR of $5.3M (90-95% recovery, with gross AR of $5.4M against an allowance of $79K). Inventory carries gross value of $13.7M but has a valuation reserve of $6.9M, leaving net inventory of $6.8M on the books; applying a 60% haircut to the net figure yields approximately $4.1M in recovery. PP&E net is only $0.5M, yielding perhaps $0.25-0.35M at 50-70%. Intangibles of $74K are zeroed under liquidation. Total tangible asset recoveries under liquidation approach roughly $46-47M. Total liabilities are only $5.8M at face value, of which current liabilities are $4.6M and include accounts payable of $1.8M, accrued liabilities of $2.5M, deferred revenue of $0.1M, operating lease current of $0.2M, and a discontinued operations liability of $0.16M. Non-current liabilities are $1.2M (operating lease non-current). The operating lease total commitment stands at $1.86M undiscounted, with a present-value liability of $1.42M — this does not extinguish on windup and stays at face. Long-term purchase commitments of $4.4M disclosed in MD&A represent a contingent cash obligation that would likely need to be settled or negotiated in liquidation; the filing does not separately tag this in XBRL. Total estimated liquidation recovery to equity is approximately $40-42M against GAAP book equity of $45.3M, consistent with MFFAIS's reported OLV/LLV/CLV range of $18.5M-$30.6M — the MFFAIS figures appear to apply more aggressive haircuts or include wind-down cost assumptions not embedded in this analysis. No debt on the balance sheet (DebtInstrumentCarryingAmount = $0). Stock-based compensation of $655K per quarter and a $830K tax withholding outflow related to share-based awards are notable cash drains. The $10.1M investing cash outflow in Q1 2026 reflects the short-term investment build, not capex (capex was only $15K). Discontinued operations liability of $157K represents a post-closing adjustment on a prior-period business sale. The company has no goodwill or significant acquired intangibles on the current balance sheet. Prior period comparison is to the 10-K for fiscal year ended December 31, 2025, which was a different filing type and does not provide a clean QoQ balance sheet comparison from the inputs provided.
▼ Community Notes