ENDRA Life Sciences

2 serious warning signs in ENDRA Life Sciences’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 7 later 8-Ks.

• Doubt it can keep going

  Serious

  The company or its auditor warned it may not have enough money to last the next year.

  “These matters raise substantial doubt about the Company’s ability to continue as going concern.”

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  The Company’s financial statements are prepared using accounting principles generally accepted in the United States (“U.S. GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has limited commercial experience and had a cumulative net loss from inception to June 30, 2026 of $ 111,616,998 . The Company had working capital of $ 4,800,432 , of which $ 3,800,003 is restricted cash, as of June 30, 2026. In connection with the proposed merger with LHE LNG Holdings, LLC (“LHE”), the Company entered into a side letter agreement that requires the Company to maintain approximately $ 3.8 million in a segregated deposit account subject to a deposit account control agreement. The Side Letter also provides for a payment obligation to LHE upon the occurrence of certain events specified in the agreement. The Company evaluated the Payment Obligation under ASC 450, Contingencies , and ASC 480, Distinguishing Liabilities from Equity . See Note 10, Commitments and Contingencies, for additional information regarding the Side Letter and related Payment Obligation. The Company has not established an ongoing source of revenue sufficient to cover its operating costs and to allow it to continue as a going concern and will require additional financing to fund its future planned operations, including research and development and commercialization of its products. These matters raise substantial doubt about the Company’s ability to continue as going concern. The accompanying financial statements for the six months ended June 30, 2026 have been prepared assuming the Company will continue as a going concern, but the ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. Management’s plans to continue as a going concern include raising additional capital through sales of equity securities and borrowing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. Therefore, substantial doubt about the entity’s ability to continue as a going concern exists. If the Company is not able to obtain the necessary additional financing on a timely basis, the Company will be required to delay, reduce the scope of, or eliminate one or more of the Company’s research and development activities or commercialization efforts or perhaps even cease the operation of its business. The ability of the Company to continue as a going concern is dependent upon its ability to successfully secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

  From the 10-Q filed 14 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

• Weak checks on its own accounts

  Serious

  The company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.

  “Because of this material weakness, management concluded that the Company’s internal control over financial reporting was not effective as of December 31, 2025.”

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  A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Management identified the following material weakness as of December 31, 2025: insufficient personnel resources within the accounting function to segregate the duties over financial transaction processing and reporting. Because of this material weakness, management concluded that the Company’s internal control over financial reporting was not effective as of December 31, 2025.

  From the 10-K filed 31 March 2026, Item 9A. Controls and Procedures. Read it in the filing