Medicox Faces Delisting Risk Due to Audit Disclaimer and Going Concern Uncertainty, Operating Losses Continue
Consolidated Q1 2026 operating loss of KRW 1.03 billion, net loss of KRW 1.57 billion (vs. operating loss of KRW 2.02 billion and net loss of KRW 2.88 billion in prior year) → continued losses.
As of March 2026, current liabilities (KRW 18.74 billion) exceeded current assets (KRW 8.88 billion) by KRW 9.86 billion → severe liquidity crisis.
Cash and cash equivalents only KRW 35.6 million, short-term borrowings KRW 8.5 billion → severe funding shortage.
Recent fiscal year audit opinion was 'disclaimer' (due to audit scope limitation and going concern uncertainty), triggering delisting grounds. After filing objection, improvement period granted until April 10, 2027.
Credit rating downgraded to B- (by Korea Rating Data).
After reporting period, former executives indicted for embezzlement/breach of trust, adding another substantive review reason for listing eligibility.
Major assets (land, buildings, etc.) of approx. KRW 40.36 billion pledged as collateral; borrowings KRW 8.77 billion.
Two lawsuits as defendant (building delivery KRW 393 million, goods payment KRW 57 million).
No share buyback, cancellation, or dividends – zero shareholder returns.