Red Flags Detected

• ⚠ Going Concern (worsened) — Language strengthened from 'existing cash insufficient' to explicit 'substantial doubt about ability to continue as going concern' despite IPO and PIPE financing.
• ⚠ Debt Default (new) — Company disclosed existing events of default on $11M convertible note within 5 months of issuance, requiring forbearance through June 30, 2026.
• ⚠ Material Weakness (worsened) — Controls assessment reversed from effective to ineffective; material weakness now explicitly attributed to inadequate segregation of duties with acknowledgment it will persist due to resource constraints.