Panamera Holdings Corp (PHCI) presents a deeply negative liquidation posture as of January 31, 2026. Total assets are $124,893, entirely composed of current assets ($81,255) and a right-of-use asset ($43,638). Under liquidation haircuts: cash of $17,061 recovers at 100% ($17,061); accounts receivable of $57,043 recovers at ~90-95% (~$51,000-$54,000); prepaid of $7,151 recovers at 0%; ROU asset recovers at 0% (lease obligation persists at face value). Gross liquidating asset value approximates $68,000-$71,000. Against this, total liabilities stand at $4,255,467, all current, comprised of: accounts payable and accrued liabilities of $292,225; short-term advance payable of $11,653; operating lease liability of $46,734; and the dominant item, a related-party promissory note payable of $3,904,855 (balance of a $4,900,000 note issued to Rain Cage Carbon, Inc. for a technology license). All liabilities held at face value in liquidation. Net recovery to equity on liquidation is approximately negative $4.18-$4.19 million, consistent with MFFAIS reported CLV/LLV of approximately negative $9.1 million (the MFFAIS figures likely incorporate accumulated deficit capitalization; the balance-sheet liquidation math above uses reported asset and liability values directly). Stockholders' equity per the filing is negative $4,130,574. Accumulated deficit is $177,094,294, of which $153,400,000 was recognized in the current six-month period alone—the entire consideration for the Rain Cage Carbon license was immediately expensed as IPR&D with no alternative future use under ASC 805 asset acquisition guidance. This single non-cash charge (27,000,000 shares valued at $148,500,000 plus a $4,900,000 note) drove the reported net loss of $153,790,175 for the six months ended January 31, 2026, versus $191,076 for the comparable prior period. The $148,500,000 stock component is entirely absent from the balance sheet as an asset (expensed); only the $3,904,855 remaining note payable balance survives as a liability. Cash declined from $85,980 at July 31, 2025, to $17,061 at period end, representing roughly three weeks of operating burn at the current cash consumption rate ($241,308 cash used in operations over six months). Working capital deficiency widened from $59,931 to $4,174,212 quarter-over-quarter, driven entirely by addition of the promissory note current liability. Going concern doubt is explicitly flagged. Disclosure controls are assessed as not effective. The filing discusses the $153,400,000 IPR&D charge and the Rain Cage Carbon license structure in MD&A but the license asset itself has zero XBRL-tagged balance-sheet value, consistent with immediate expensing treatment.
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