Green PolkaDot, Inc. (GPDB)

[Toxic Avenger]

Problem is, they're selling products at a loss. That's OK when you have membership fees to offset the loss (though even in their big membership fee periods, they still lost money due to overhead). But when you pay more for your product than you can sell them for, you have no or small membership revenues and you spend a lot on G&A, it's a disaster.

And when you have almost 10 times as many current liabilities as current assets, with over $10 million working capital deficit, the balance sheet makes it unlikely you're going to see the valuation go UP from $10 million.