No RevenueThe absence of reported revenue indicates the company lacks commercial sales or recurring operating income, leaving operations dependent on financing or asset transactions. Over 2–6 months this undermines business-model validation and raises the likelihood of further financing or dilution.
Negative EquityNegative stockholders' equity reflects a deteriorated capital structure and weak balance-sheet resilience. Persistent negative equity constrains access to non-dilutive financing, increases bankruptcy risk if losses continue, and limits flexibility for strategic investments over the medium term.
Cash Burn And Rising DebtOngoing negative operating cash flow and TTM free cash flow around -$167k, combined with sharply higher total debt, show the company is burning cash and levering up. This reduces runway, elevates refinancing needs, and increases the probability of dilutive or distressed financing within months.