Roadzen Inc. (RDZN) presents a deeply negative liquidation recovery posture as of December 31, 2025. MFFAIS-computed CLV stands at approximately negative $63.2 million, consistent with the balance sheet structure disclosed in this filing. Total assets of $44.9 million face total liabilities of $69.0 million, producing GAAP book equity of negative $26.6 million (negative $24.1 million including noncontrolling interest). Under liquidation haircuts, the recovery gap widens materially: the largest asset categories are PrepaidExpenseAndOtherAssetsCurrent ($24.9 million, largely non-recoverable at distressed liquidation), UnbilledReceivablesCurrent ($9.3 million at uncertain recovery), and intangibles/goodwill ($4.1 million goodwill + $4.0 million net intangibles, both zeroed in liquidation). Cash and cash equivalents total $5.1 million (100% recovery), net trade AR $3.7 million (90-95% recovery), and PP&E net $0.8 million (50-70% recovery). Against these haircutted assets, liabilities stand at face value: AccountsPayableAndAccruedLiabilitiesCurrent of $29.2 million, ShortTermBorrowings of $18.6 million (dominated by $18.1 million 'Loans from Others' with no term disclosure), LongTermDebtCurrent of $5.8 million, AccruedLiabilitiesCurrent of $10.8 million, and OtherLiabilitiesCurrent of $5.4 million. The near-term liability wall is severe: $40.2 million due within one year per the contractual obligations table, against unrestricted cash of $5.1 million. The Mizuho senior secured notes ($11.5 million principal, 15% p.a.) carried a December 31, 2025 maturity that has since been waived and is pending Amendment No. 4 extension to June 30, 2027 — as of the filing date, amendment documentation had not been finalized, leaving the notes technically in default cure period. A new $5.6 million junior convertible note (November 2025) was added to the stack this quarter at 14% interest with quarterly amortization, and a further $5.6 million January 2026 note closed post-period. Accumulated deficit reached $240.1 million. Operating cash outflow for the nine months was $16.5 million; financing inflows of $16.0 million (equity issuances plus subsidiary minority capital) provided a narrow offset. The Daokang (China VIE) consolidation is based on board control rather than majority equity, carries a preliminary $0.9 million carrying value with no completed PPA, and is explicitly flagged as impairment-susceptible. Filing discusses Daokang fair valuation uncertainty in MD&A but the VIE asset carrying value is not separately tagged in XBRL. The going concern trajectory — negative operating cash flow, $240 million accumulated deficit, serial debt maturity extensions, and reliance on a liability-heavy capital structure — leaves no realistic path to positive equity recovery in a liquidation scenario.
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