actually that's not even close to being true.....this is far from a " default ' statement.
It's from an SEC filing, the numbers don't lie.
For the three months ended March 31, 2022 and 2021, the Company incurred losses from continuing operations of $28,370 and $56,475, respectively. The Company had a working capital deficit of $2,985,198 as of March 31, 2022.