The company is very close to being insolvent, if not already.
I suggest holders look at the Balance Sheet, where current liabilities exceed current assets by nearly 5 times. This is not sustainable without a quick capital infusion or assets sale (preferably CBDG) - just exactly how is questionable!!! Note, the value of CBDG has been written off by $21M, and the carrying value is now $20M - they would be lucky to get $5M in any quick sale.
Either the board or one of the Trade creditors or Lenders will pull the pin on this company.
Note. Trade creditors are owed $10M and Lenders are owned $4M.
This company is a total disaster.
Just about everything they touched has turned into sheeet.
Ann: Preliminary Final Report, page-4
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