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VINOQ (VINOQ0.00%) has filed a Chapter 11 bankruptcy petition filing with the United States Bankruptcy Court for the Southern District of Florida. The company is operating as a debtor in possession and is seeking approval for motions to continue ordinary operations.
The filing follows the delisting of VINOQ's shares from the Nasdaq Stock Market on November 13, 2024. The shares are now quoted on the over-the-counter market under the symbol 'VINOQ'.
VINOQ's financial statements indicate a working capital deficit of approximately $5 million as of September 30, 2024, with cash reserves of approximately $213,000.
The company's liabilities include accounts payable and accrued expenses totaling $4.6 million, lot sale obligations of $451,550, and convertible debt obligations of $1.6 million.
VINOQ has been involved in litigation with 3i, LP regarding a Senior Secured Convertible Note, with claims filed against the company in various courts.
The company has sought to raise additional capital through the issuance of Senior Convertible Preferred Stock and promissory notes, raising over $6 million in recent months.
VINOQ's management has acknowledged substantial doubt about the company's ability to continue as a going concern, given its financial condition and ongoing bankruptcy proceedings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VINOQ quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.