BONK-Tied Nasdaq Firm Bonk Inc. Faces Going Concern with $214K Cash

The going concern warning matters less than the concentration it exposes: a Nasdaq listing whose revenue is overwhelmingly tied to one founder-linked platform and whose balance sheet depends on a token price. That structure tests whether a public-market wrapper adds real durability to a crypto-native business, or merely imports its volatility into a listing venue with disclosure obligations. The open question is whether the revenue concentration and founder control are addressed structurally, or whether the token remains the effective collateral for the entire equity story.