Red Flags Detected

• ⚠ Going Concern (new) — Company disclosed substantial doubt about ability to continue as going concern due to insufficient liquidity to repay $50M Term Loan maturing July 2026.
• ⚠ Material Weakness (worsened) — Prior year's material weaknesses were remediated and controls deemed effective; new weaknesses in general ledger review and segregation of duties emerged in 2025, reversing the effective conclusion.
• ⚠ Securities Litigation (worsened) — Third derivative lawsuit filed May 2025 seeking punitive damages, disgorgement, and constructive trust, expanding litigation exposure beyond the two prior derivative cases.