Company burned $400K a month for a half year. Cecil paid himself a million dollars before the company consummated a contract they advertised as a done deal for $25M.
As reflected in the accompanying consolidated financial statements, during the six-months ended June 30, 2025, the Company incurred a net loss of $11,813,000, used cash in operations of $2,360,000 and had a stockholders’ deficit of $4,082,000 as of that date. In addition, as of June 30, 2025, 33 notes payable with an aggregate balance of $1,167,000 and certain obligations to a former officer are past due. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
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