May. 29 at 10:46 PM
$RMCF 10-K is a total dumpster 🔥
I will help everyone with a summary:
Going Concern Warning – Auditor cites substantial doubt about ability to survive due to heavy losses.
Covenant Breach – Violated leverage ratios (3.8:1 liabilities/net worth vs 2.0:1 limit). Waivers only last until Aug 31.
Financial Bleeding – Revenue dropped 7% to
$27.5M, posted
$4.56M net loss, and burned
$1.8M in cash.
Internal Control Failures – Management admits material weakness in inventory controls; accounting ineffective.
High Interest – Saddled with a 12% interest rate on its
$6M facility.
Sounding the bankruptcy🚨
