RMTG presents a deeply negative liquidation posture as of December 31, 2025. Total assets per the filing are $4.49M, the overwhelming majority of which are non-cash: PP&E net $0.87M (gross $1.49M, accumulated depreciation $0.62M; applying a 50-70% haircut yields $0.43-$0.61M), intangibles net $0.06M (tradenames, IP/licenses, customer base — zero recovery under liquidation lens), goodwill $1.68M (zero recovery), and operating lease ROU assets embedded in the balance sheet. Cash and liquid assets are not separately disclosed in the XBRL tags available, though the company's own MFFAIS CLV of -$16.99M confirms the position. Against these haircut assets, liabilities remain at face value and are massive: promissory notes payable principal of $21.11M (face, before $2.21M unamortized discount; liquidation uses face value $21.11M), convertible notes $47K, related party note $7.8K, derivative liability $2.41M (a Level 3 fair value instrument that spiked from $4,689 at December 31, 2024, driven by issuance of 50M warrant derivatives valued at $3.32M in connection with August 2025 debt extensions), accrued interest on promissory notes of approximately $16.56M (versus $10.50M at December 31, 2024 — a $6.06M increase in a single year with no cash payments made), and operating lease liability PV $0.63M. The working capital deficit is disclosed as $35.60M. Accumulated deficit stands at $75.37M. The August 14, 2025 extension agreements on four senior secured notes (aggregate principal $16.57M, matured and now extended to July 31, 2026) purchased only a one-year runway at the cost of issuing 50M additional warrants classified as derivative liabilities. A new $1.375M debenture was added April 9, 2025, and a subsequent $350K secured note was entered January 23, 2026. No principal payments were made on any promissory notes during 2025 or 2024. Multiple notes are explicitly disclosed as in default. The company carries $1.68M in goodwill with no impairment taken despite the insolvency context. Filing discusses the $35.60M working capital deficit and $75.37M accumulated deficit in going concern MD&A but does not separately XBRL-tag cash, accounts receivable, accounts payable, or accrued liabilities as distinct line items in the TAG_CONTEXT provided — those concepts are discussed in narrative and balance sheet tables within the filing body but were not emitted as XBRL tags in the TAG_CONTEXT list supplied. Recovery to equity in a wind-up scenario is materially negative; even at maximum PP&E recovery, haircut assets cannot approach the note principal alone, let alone accrued interest.
▼ Community Notes