Red Flags Detected

• ⚠ Material Weakness (worsened) — Company added third material weakness for inadequate controls at third-party providers managing digital asset treasury, compounding prior segregation-of-duties and review-control deficiencies.
• ⚠ Delisting (worsened) — Escalated from April 2025 non-compliance notice to March 2026 formal delisting determination with no cure period; appeal hearing April 30, second reverse split approved.
• ⚠ Asset Impairment (new) — Recorded $3.4M (23.5%) impairment on Flavored Bourbon LLC investment due to craft spirits market contraction and brand inactivity in H2 2025.
• ✓ Going Concern (improved) — Prior-period auditor going-concern qualification removed for 2025, likely due to improved liquidity from $IP Token gains, though extreme crypto volatility persists.