Red Flags Detected

• ⚠ Going Concern (worsened) — Operating losses increased from $4.8M to $8.9M and cash burn rose from $3.5M to $6.5M year-over-year; accumulated deficit grew to $30.7M.
• ⚠ Debt Restructuring And Forbearance (new) — Company entered forbearance agreements with Arena Investors in March and April 2026, establishing repayment plan through September 2026 to avoid default.
• ⚠ Asset Impairment (worsened) — Asset impairment loss surged from $25,602 in 2024 to $1.6 million in 2025, a 6,334% increase.
• ⚠ Material Weakness (worsened) — Material weaknesses in internal controls continue for another year with identical root causes and no remediation progress disclosed.