PSQ Holdings, Inc. (PSQH) presents a deeply negative liquidation posture as of March 31, 2026. MFFAIS-reported CLV is approximately -$6.4M, consistent with a balance sheet where tangible asset recoveries are materially outweighed by face-value liabilities. Total assets are $54.4M, but the asset composition is largely non-recoverable under a liquidation lens: goodwill of $10.9M and net intangibles of $13.8M receive zero recovery haircut; together they represent ~45% of total assets and contribute nothing to equity recovery. The remaining tangible asset base is thin. Cash and equivalents (unrestricted) are $10.1M at full recovery. Accounts receivable net is $1.9M (90-95% recoverable). Loans held for investment (net of allowance) total $8.1M — these are consumer BNPL/installment receivables; recovery in a distressed wind-down would be significantly below book given the subprime-adjacent borrower profile, high charge-off velocity ($200K in Q1 2026 alone), and the requirement to sell or collect through a runoff. Lease merchandise net is $0.7M, subject to inventory-type haircut (60%). PP&E net is $0.16M, de minimis. On the liability side, total liabilities are $46.0M at face value, including $7.4M revolving credit facility secured by Credova receivables, $8.4M convertible notes (9.75%, 10-year maturity, held by related-party board members), $5.1M accounts payable, $1.5M accrued liabilities, and $1.9M discontinued operations liabilities. Operating lease liabilities total $0.6M. After applying standard recovery haircuts to assets and holding liabilities at face, equity recovery is sharply negative — consistent with the -$6.4M CLV reported. The company's accumulated deficit stands at -$163.0M. Since the prior filing (10-K for December 31, 2025), total assets declined from approximately $58M+ (estimated) as cash burned from $14.6M to $10.1M and lease merchandise net declined from $1.3M to $0.7M. The revolving line increased from $6.2M to $7.4M, expanding the secured creditor claim against the primary collateral pool. An NYSE non-compliance notice (minimum market cap, minimum share price) was received in February 2026, which is noted but does not alter the balance-sheet liquidation calculus directly. Management discloses a material weakness in internal controls. The Brands segment (EveryLife) remains held-for-sale with $3.9M in disposal group current assets and $1.9M in disposal group current liabilities; the net $2.0M contributed disposal group asset is subject to uncertainty regarding realization timing and price. Filing discusses goodwill and intangible asset balances in narrative and footnotes but the absence of any impairment charge in Q1 2026 despite deteriorating financial condition and NYSE notices is notable from a recovery standpoint — these assets carry zero liquidation value regardless of impairment status.
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