Red Flags Detected

• ⚠ Going Concern (new) — Substantial doubt disclosed for first time, citing $174.5M net loss, $346.0M working capital deficit, and defaults on debt instruments.
• ⚠ Delisting (new) — Shares delisted from Nasdaq in December 2025 for failure to file periodic reports; conditional reinstatement pending compliance.
• ⚠ Auditor Change (new) — Auditor changed from WWC (regularly inspected by PCAOB) to Enrome LLP (not yet inspected by PCAOB as of filing date).
• ⚠ Debt Default (new) — Company in default on multiple debt instruments (short-term loans, exchangeable notes, convertible promissory notes) that are past due and unpaid.
• ⚠ Material Weakness (worsened) — Material weakness in BKFC consolidation accounting persists into 2025, indicating remediation efforts have not yet resolved the deficiency.