No Reported RevenueAbsence of any reported revenue means there is no validated commercial business or recurring cash inflow, leaving the company entirely reliant on external funding. Over months this increases execution and financing risk and prevents operating leverage or margin sustainability from being demonstrated.
Negative Equity And Shrinking AssetsNegative shareholder equity and a falling asset base indicate capital erosion and weaken claimholders' buffer. Structurally this constrains ability to access debt or equity on favorable terms, raises insolvency risk if losses continue, and limits strategic flexibility over the medium term.
Persistent Negative Operating And Free Cash FlowOngoing negative operating and free cash flow requires continuous external funding, increasing dilution or creditor exposure. Structurally, persistent cash burn elevates refinancing risk, constrains investment in growth or exploration, and puts profitability and survival at risk absent a clear path to revenue.