Yes. Its terrible for $BRS shareholders. I expect Chapter 11 sometime next week.
"... Upon the filing of the Amended 10-K with such going concern qualification or explanation, an event of default would exist under those secured equipment financings, giving those secured equipment lenders the right to accelerate repayment of the applicable debt and triggering cross-default provisions in substantially all of our other debt instruments. As a result of the facts and circumstances discussed above, the Company has concluded that substantially all debt balances should be reclassified from long-term to short-term in the Amended 10-K and the Amended 10-Qs. ..."
"... The Company is working towards filing the Amended Form 10-K, Amended Form 10-Qs and its Quarterly Report on Form 10-Q for the quarter ended December 31, 2018, as soon as possible. The material weakness matter described above and as disclosed in the Company’s Current Report on Form 8-K filed with the SEC on February 11, 2019, has required significant time and effort from management to demonstrate our compliance with non-financial covenants in certain of our debt and lease agreements at March 31, 2018 and subsequent interim periods. In addition to KPMG’s procedures performed arising out of management’s assessment of such compliance, in connection with the anticipated issuance of a revised Report of Independent Registered Public Accounting Firm Regarding Internal Control Over Financial Reporting, KPMG is undertaking certain other procedures it deems necessary in order to issue such a revised report, including a reconsideration of previously concluded upon audit and review matters. Management has devoted significant time and effort since February 2019 to provide additional supporting documentation to KPMG to facilitate the completion of those additional procedures by KPMG, which management does not believe will result in a material change in conclusions from those previously reached. For further discussion, see the Company’s Current Report on Form 8-K filed with the SEC on April 15, 2019...."
Market Data 
Markets 
AI
