Substantial doubt about ability to continue as a going concern → Substantial doubt raised, alleviated by management's plans
The Company plans to complete construction of the New Facility and pursue long-term real estate and equipment lease financing for the remaining Construction Obligations. Although alleviated, the Company’s financial position at June 30, 2026 and historical results raise substantial doubt about its ability to continue as a going concern. As described, the Company has completed and anticipates steps to improve liquidity. If the anticipated financing is unavailable, the Company will be required to pursue other options, including reducing its operating expenses. The actions taken and anticipated…
No going-concern disclosure → Substantial doubt about ability to continue as a going concern
Finally, in March 2026, the Company raised $7,528,000 through the sale of convertible promissory notes. The proceeds were used to retire the Mortgage Note and are expected to be used to repay the Construction Obligations incurred, as well as complete construction of the New Facility. Although alleviated, the Company’s financial position at December 31, 2025 and historical results raise substantial doubt about its ability to continue as a going concern. As described, the Company has completed steps to improve liquidity. The actions taken have resulted in the alleviation of the substantial…
Does not expect a significant change in results. Filed 4 days before the statutory due date.
The Registrant will not be able to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Form 10-K”) within the prescribed time period without unreasonable effort or expense. The delay is due to the completion of its recent private placement and the additional time needed to complete its accounting and disclosures surrounding its fourth quarter acquisition of Arps Dairy Inc.
No entries in that period.