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Red Flags Detected

  • Going Concern (worsened) — Substantial doubt persists with only $732K cash, zero revenue since March 2025, and working capital deficit of $15.3 million.
  • Material Weakness (worsened) — Control deficiencies expanded from one weakness to three, now including lack of written policies and insufficient resources for timely GAAP reporting.
  • Delisting (new) — NYSE American commenced formal delisting proceedings in April 2025 after the company failed to restore minimum stockholders' equity by the deadline.
NYSE: SBEV SPLASH BEVERAGE GROUP, INC. 10-K

Splash Beverage explores CBD pivot as operations ceased, NYSE delisting looms

Filed April 15, 2026 · Period ending December 31, 2025 · Compared to 10-K Jul 11, 2025 · ~2 min read

Key Changes

  • high

    Revenue collapsed 98% to $73K as the company halted all sales from March 2025 through February 2026 due to lack of capital to procure inventory. The company now operates with one full-time employee (the President) and two part-time staff, down from 21 full-time employees.

    MD&A: Revenue & Operations verify on EDGAR →
  • high

    NYSE American commenced formal delisting proceedings in April 2025 after the company failed to restore the required $6 million minimum stockholders' equity. The company has appealed but faces automatic delisting if ELOC equity draws depress the share price below listing thresholds.

    Risk Factors: NYSE Delisting verify on EDGAR →
  • high

    Company announced non-binding letter of intent to acquire Medterra CBD for $37.6 million enterprise value, requiring $10.4 million cash at closing plus $25 million post-closing. The transaction would issue up to 54.4 million shares and pivot the company into cannabinoid wellness products.

    Business: Medterra LOI verify 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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View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify