Adv

Positives: very low debt after repaying the subsidiary’s convertible bonds and only 585 thousand dollars of long term debt; liabilities at 2.965 million dollars.

Negatives: cash declined to 1.506 million dollars by June 30, 2026, operating cash flow was negative 3.976 million dollars in the quarter, and management flagged that disclosure controls and procedures were not effective. On a TTM basis free cash flow is negative. Liquidity likely depends on collections and future access to capital.