Total liabilities $82M
Total current assets $5M
>>The Company used approximately $12.4 million of cash in its operating activities during the three months ended March 31, 2024.
>>The Company does not expect to generate material revenue in the near future from the sale of products
>>Related Party Accounts Payable
As of March 31, 2024, there were outstanding unpaid accounts payable and accrued expenses owed to Advent as summarized in the following table (in thousands). These unpaid amounts are part of the Related Party expenses reported in the above section.
>>Our management determined that there was substantial doubt about our ability to continue as a going concern for at least one year after the annual consolidated financial statements were issued, and management’s concerns about our ability to continue as a going concern within the year following this report persist.
"Long story short, the company is burning through cash but is fortunate enough to pay creditors with stock in lieu of cash. "
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