No Revenue BaseAbsence of revenue across all reported periods means the company lacks business-derived cash inflows and remains entirely dependent on financing. Without revenue traction, operational scalability and core profitability drivers are absent, making sustainable profitability unlikely without structural change.
Negative Equity & Rising LeverageFlip to negative shareholders’ equity and the recent emergence of debt materially worsen solvency. Negative equity constrains borrowing options, raises creditor risk and limits strategic flexibility, increasing the likelihood of dilutive financing or restructuring over the medium term.
Persistent Cash BurnPersistent negative operating and free cash flows in every period indicate ongoing cash burn and reliance on external capital. This pattern elevates funding risk, raises probability of dilution, and limits the firm's ability to invest in growth or respond to shocks without securing sustained financing.