Red Flags Detected

• ⚠ Going Concern (new) — Substantial doubt disclosed about ability to continue operations; operating cash and cash on hand insufficient for next 12 months without portfolio sales or external financing.
• ⚠ Debt Default (new) — $2M convertible note matured unpaid on February 7, 2026; no default notice received yet but represents missed payment obligation.
• ⚠ Material Weakness (worsened) — Second material weakness identified in 2025 for complex accounting transactions including warrants, in addition to continuing portfolio valuation weakness from 2024.