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- Going Concern (new) — Auditor and management both disclosed substantial doubt about the company's ability to continue as a going concern for the next 12 months, driven by zero revenue since March 2025 and inability to fund operations.
- Delisting (worsened) — NYSE American formally commenced delisting proceedings in April 2025 after the company's 18-month compliance plan expired without cure; stockholders' deficit of $15.3M violates minimum equity requirement.
- Material Weakness (worsened) — Company now identifies three specific material weaknesses (segregation of duties, no written policies, insufficient GAAP resources) versus prior year's single weakness, with no remediation progress disclosed.
- Covenant Violation (new) — Company disclosed it may be in default under various obligations due to covenant breaches, payment defaults, or cross-default triggers, and is negotiating with $4.7M in past-due creditor balances.
Splash Beverage halts operations, explores CBD pivot as revenue collapses 98% and delisting looms
Filed April 15, 2026 · Period ending December 31, 2025 · Compared to 10-K Jul 11, 2025 · ~2 min read
Key Changes
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Company ceased all revenue operations from March 2025 through year-end due to lack of capital to purchase inventory; revenue fell from $4.2M to $73K (98% decline). Workforce reduced from 21 employees to skeleton crew of 1 full-time, 2 part-time.
Business / MD&A verify on EDGAR → -
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NYSE American commenced delisting proceedings after company fell into $15.3M stockholders' deficit following cancellation of failed $20M Costa Rica water-rights acquisition. Management banking on proposed Medterra CBD deal to restore compliance.
Business / Legal view on EDGAR → -
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Non-binding letter of intent to acquire Medterra CBD for $37.6M enterprise value would issue ~54M shares and require $10M+ in new capital. Transaction represents pivot from beverages to cannabinoid wellness, but faces due diligence, financing, and regulatory hurdles.
Business / Risk Factors view on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · Jun 2, 2026 11:29 PM