Pony Group Inc. (PNYG) is a Delaware-incorporated holding company operating a cross-border car service business through two wholly-owned subsidiaries: Pony HK (Hong Kong) and Universe Travel (Shenzhen, PRC). As of December 31, 2025, the company presents deeply negative recovery to equity under any liquidation scenario. Total assets stand at $22,140, consisting almost entirely of cash ($9,675), trade receivables ($2,471), other receivables ($1,589), and a new ASC 842 operating lease right-of-use asset ($8,405). Applying standard liquidation haircuts — cash at 100%, receivables at 90-95%, ROU asset at zero — gross liquidation asset recovery is approximately $12,000-$13,000. Total liabilities at face value are $974,539, yielding estimated equity recovery of approximately negative $961,000 to negative $962,000, consistent with the MFFAIS-computed CLV/LLV of approximately -$962,000 to -$965,000. The liability stack is dominated by $770,653 owed to sole officer and controlling shareholder Wenxian Fan (classified as a current payable bearing no interest), $178,834 in other current liabilities, $8,939 in deferred revenue (new this period), $7,709 in accounts payable (new this period), and $8,404 in ASC 842 operating lease liabilities (new this period, non-cancelable through June 30, 2027). No long-term third-party debt exists; however, the related-party payable to Ms. Fan is the effective primary creditor with $770,653 outstanding, up from $640,066 at December 31, 2024, a $130,587 increase driven entirely by shareholder advances funding operations. Year-over-year, total liabilities increased by $282,034 (from $692,505 to $974,539) while total assets increased by only $5,011 (from $17,129 to $22,140), widening the liquidation shortfall materially. The accumulated deficit reached $1,134,923 at period end, versus $888,494 at December 31, 2024, a $246,429 increase equal to the full year net loss. Auditor YCM CPA INC. issued a going concern qualification. Internal controls were assessed as not effective. The filing notes no XBRL-tagged breakout of the $178,834 other current liabilities balance; that figure grew from $52,439 at December 31, 2024 — a $126,395 increase attributed in the MD&A to accrued consulting service fees not yet paid — but is not separately tagged in XBRL beyond OtherLiabilitiesCurrent.
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