Noooo..You would then have a share issuance to raise capital for the company. When you have no cash AND no debt how do you obtain cash for your company? -If its publicly held you issue shares to raise capital. -After that is done if another year down the road you are out of money again THEN you borrow funds. -Then another year down the road if you have exhausted that money THEN you have no choice but to go the Bankruptcy avenue.