Red Flags Detected

• ⚠ Delisting (worsened) — Nasdaq escalated from deficiency notices (August 2025) to formal delisting determination (February 2026) after company failed to cure market-value and governance violations; trading suspension scheduled March 2, 2026.
• ⚠ Going Concern (worsened) — Working capital deficit nearly tripled from $1.2M to $3.4M, with cash outside trust at $44K, increasing reliance on sponsor loans or trust liquidation.
• ✓ Material Weakness (improved) — Previously disclosed material weakness in SEC reporting controls remediated through hiring qualified staff and process improvements; controls now effective.