v3.25.4
Liquidity and Going Concern
12 Months Ended
Dec. 31, 2024
Liquidity and Going Concern [Abstract]  
LIQUIDITY AND GOING CONCERN

NOTE 3 — LIQUIDITY AND GOING CONCERN

 

The accompanying consolidated financial statements were prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. They do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

 

For the year ended December 31, 2024, the Company reported net loss of approximately $1,138.0 million and net cash outflows from operating activities of approximately $29.0 million. As of December 31, 2024, the Company had a working capital deficit of approximately $271.6 million and a stockholders’ deficit of approximately $246.0 million.

 

The Company has determined that the prevailing conditions and ongoing liquidity risks encountered by the Company raise substantial doubt about the ability to continue as a going concern for at least one year following the date these consolidated financial statements are issued. The ability to continue as a going concern is dependent on the Company’s ability to successfully implement its current operating plan and fund-raising plan. The Company believes that it will be able to grow its revenue base and control expenditures. In parallel, the Company will monitor its capital structure and operating plans and search for potential funding alternatives in order to finance the development activities and operating expenses. The Company is continuing its plan to further grow and expand operations and seek sources of capital to pay the contractual obligations as they come due.

 

However, the Company cannot predict the exact amount or timing of the alternatives or guarantee those alternatives will be favorable to its stockholders. Any failure to obtain financing when required will have a material adverse impact on the Company’s business, operation and financial result. These conditions and the uncertainty regarding the Company’s ability to successfully implement its plans raise substantial doubt about the Company’s ability to continue as a going concern.