REGO Payment Architectures, Inc. (RPMT) presents a deeply negative liquidation posture as of December 31, 2025. Total assets of $492,291 sit against current liabilities of $48.4M, producing a book stockholders' deficit of ($47.9M) and a MFFAIS-computed liquidation value of approximately ($48.2M). Under liquidation-lens haircuts, the recovery picture is functionally zero: cash of $158,687 recovers at par; prepaid expenses of $74,000 recover at minimal value; and patents/trademarks of $259,263 (net book) receive a 0% intangible haircut per the lens framework. Total liquidatable asset recovery is approximately $159K against $48.4M in face-value current liabilities, yielding deeply negative recovery to equity. The liability stack is dominated by: (1) 4.0% Secured Convertible Notes at $14.98M principal plus $3.95M accrued interest; (2) 10% Secured Convertible Notes at $6.14M principal plus $3.31M accrued interest; (3) accounts payable and accrued expenses of $9.82M (which includes $16.8M in cumulative accrued preferred dividends recorded as a current liability per ASC 260-10-45-11 — the $9.82M tagged figure appears to exclude the preferred dividend accrual, which is separately disclosed in Note 10 but not broken out as a distinct XBRL tag in TAG_CONTEXT); (4) notes payable to stockholders of $595,000; and (5) loans payable of $42,600. The secured convertible notes carry liens against substantially all business assets, meaning any asset recovery would flow to secured creditors first. Since inception, the accumulated deficit has grown to $160.2M from $147.7M at December 31, 2024, a $12.4M increase driven by a $9.6M net loss and $2.8M in accrued preferred dividends. Full-year 2025 revenue was $2,250 against $8.5M in operating expenses — essentially zero commercial traction. Management disclosed in Note 2 that existing cash resources will not sustain operations through April 2026, and as of March 31, 2026, the cash position was approximately $0.2M. The $3.3M raised via 10% convertible notes in 2025 (the sole financing inflow) has been substantially consumed by operations. The $20M investor private line of credit expired March 13, 2026 with zero drawn. No operating lease obligations exist. The filing discusses the $16.8M cumulative preferred dividend accrual in MD&A and Note 10 but does not separately tag it as a liability line in XBRL; the accrued dividends are embedded within the broader accounts payable and accrued liabilities balance or the deficit. Compared to the prior 10-Q (September 30, 2025), total assets have declined sharply (from an implied higher balance) as cash burned through Q4 2025 without additional equity financing.
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