Carry faces delisting risk due to audit disclaimer; going concern uncertainty and massive losses persist

Auditor Seonghyeon Accounting Corp. disclaimed opinion on FY2025 financial statements due to scope limitation and going concern uncertainty, leading to delisting reason on March 31, 2026.
The company filed an objection on April 21, 2026, but the exchange granted a grace period (10 days after the next annual report deadline), during which trading is suspended.
Consolidated Q1 2026 revenue plunged to KRW 521 million from KRW 2.39 billion in Q1 2025; net loss of KRW 1.09 billion vs. KRW 0.89 billion loss in prior year.
Accumulated deficit reached KRW 33.35 billion; not capital-impaired but debt-heavy (total liabilities KRW 34.5 billion vs. total assets KRW 57.4 billion).
Credit rating is CCC0 (eCredible, as of April 30, 2025); high liquidity risk with short-term borrowings of KRW 15.7 billion and convertible bonds of KRW 9.1 billion.
To address going concern, the company plans to sell real estate and raise KRW 100 billion via third-party rights offering, with payment expected on August 28, 2026.
12 ongoing lawsuits totaling approximately KRW 8.8 billion pose additional financial risk.

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