Red Flags Detected

• ⚠ Going Concern (new) — Substantial doubt disclosed due to $57.8M working capital deficit, $11.1M debt default, and inability to generate revenue.
• ⚠ Debt Default (new) — Substantially all debt ($11.1M) matured December 31, 2025 and remains unpaid, triggering cross-defaults and acceleration risk.
• ⚠ Material Weakness (new) — Insufficient staffing and limited financial resources caused inadequate segregation of duties and oversight failures.
• ⚠ Delisting (new) — Nasdaq deficiency notice issued May 5, 2026 for negative shareholders' equity of $(54.7)M as of December 31, 2025.