The company has probably run out of cash and Mark can't find a way to raise any. The only reason the company exists is to pay the exorbitant salaries of the 3 amigos. The never ending predictions of "we see millions in revenue on the horizon" have always been a farce.
Declaring BK costs money for filing fees and lawyers. As of the last SEC filing, for the quarter ended September 30, 2023 total assets were only $ 91,000 ($ 34K of that in cash) vs liabilities of more than $ 17 million. There is no value here so nothing to pledge against a loan.
The end of this scam may be upon us.
Maybe they are going to do nothing and file a BK and hop out of this all together.
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