Home / Going-concern warnings / Zone Frontier Inc.
Filed 2025-08-22 路 Form 10-K 路 Accession 0001213900-25-079975 small
Price before filing: $4.46 (2025-08-21 close, split/dividend-adjusted)
Market cap at flag: $574.8M (2025-08-22) 路 Latest: $22.2M (2026-10-16)
| Window | ZONE | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -51.6% | +5.2% | -56.8% | 2025-09-22 |
| 90 days | -93.3% | +3.0% | -96.3% | 2025-11-20 |
| 180 days | -94.1% | +8.6% | -102.7% | 2026-02-18 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 2 insiders sold $291K (8 sales)
30 days after: 1 insider sold $281K (3 sales)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-06-04 | Hollst Gary Gilbert Chief Revenue Officer | Sale | 7,500 | $4.24 | $32K | no | Form 4 |
| 2025-06-06 | Hollst Gary Gilbert Chief Revenue Officer | Sale | 7,500 | $4.01 | $30K | no | Form 4 |
| 2025-06-11 | Hollst Gary Gilbert Chief Revenue Officer | Sale | 7,500 | $4.00 | $30K | no | Form 4 |
| 2025-06-13 | Hollst Gary Gilbert Chief Revenue Officer | Sale | 10,000 | $3.20 | $32K | no | Form 4 |
| 2025-07-16 | Bethor Ltd 10% owner | Sale | 9,400 | $3.50 | $33K | no | Form 4 |
| 2025-07-17 | Bethor Ltd 10% owner | Sale | 3,482 | $3.50 | $12K | no | Form 4 |
| 2025-07-22 | Bethor Ltd 10% owner | Sale | 24,618 | $3.47 | $85K | no | Form 4 |
| 2025-07-25 | Bethor Ltd 10% owner | Sale | 10,000 | $3.69 | $37K | no | Form 4 |
| 2025-08-22: red flag filed | |||||||
| 2025-09-02 | Bethor Ltd 10% owner | Sale | 45,000 | $3.04 | $137K | no | Form 4 |
| 2025-09-03 | Bethor Ltd 10% owner | Sale | 26,883 | $2.95 | $79K | no | Form 4 |
| 2025-09-04 | Bethor Ltd 10% owner | Sale | 18,117 | $3.61 | $65K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-05-24 to 2025-09-21. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"The report of our independent registered public accounting firm that accompanies our consolidated financial statements for the year ended June 30, 2025 contains a going concern qualification in which such firm expressed substantial doubt about our ability to continue as a going concern, based on the financial statements at that time."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-K (period 2025-06-30)
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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