Splash Beverage Group is no longer a working beverage company in any meaningful sense. It is a listed Nevada vehicle whose first-quarter print shows a near-zero tequila trickle, a going-concern balance sheet, and a non-binding cannabinoid rescue that already expired. Common equity is a call on an unsigned wellness deal, not a claim on a living drinks franchise. The debate is whether that call still has time value, or whether debt, preferred, and the exchange clock consume it first.
The March quarter produced a thin Chispo tequila sale into Senor Frog accounts after more than a year of near silence. Cash at quarter-end sat at $381,195. Current liabilities stood at $16.97 million. Operating cash use of $930,492 in ninety days was covered only by an equity line that issued more than three million new shares. Interest expense of $889,455 was the real income statement. The brand story was not.
Rose, Snyder and Jacobs already flagged substantial doubt on the annual statements, and NYSE American has the equity deficit on a clock that runs into late January. The Medterra letter expired in early May. Management sent a draft merger agreement and began shopping alternatives under interim chief Brady Cobb. The open question is whether a funded, signed combination arrives before the listing plan and the note holders do.