Actually only $4.6 million in debt. The $44 million is paid in capital (money shareholders have given them for stock).
But your point is well taken, losing $6-$8 million per year- more than your entire revenue and owing pretty much your entire market cap in short term liabilities, is pretty dire straits.
"The world is a dangerous place, not because of those who do evil, but because of those who look on and do nothing."
-- Albert Einstein
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