AMZE

Amaze is a $4.8M-market-cap shell-turned-platform born from a March 2025 reverse merger of wine maker Fresh Vine into Amaze Software, a creator-commerce business. The auditors and management both flag it plainly: 'there is substantial doubt about our ability to continue as a going concern.' The numbers behind that language are stark. FY2025 revenue was just $1.97M, yet the company posted a $55.2M net loss and burned $17.5M in operating cash — against a cash balance of only $156K (the latest disclosed figure, itself down 34% YoY). A company losing $17.5M a year in cash with six figures in the bank survives only by continuously raising capital, which the filing concedes it must do to fund operations at all.

The balance sheet compounds the problem. Current liabilities of $24.4M dwarf current assets of $4.39M — negative working capital of roughly $20M — and the current portion of debt jumped over 1,500% to $7.12M. Retained earnings sit at -$84.5M. Reported stockholders' equity of $9.77M rests on acquisition assets recorded at 'net book values' pending a purchase-price allocation that management warns 'could be material,' so even that thin equity cushion is soft. Shares already grew 142% YoY, and the going-concern remedy — raising capital 'when needed' — points to heavy further dilution of a 40.5M-share base at a $0.12 stock.