RollingStone Q1 net loss, faces delisting risk

Q1 2026 consolidated revenue 27.9B won, operating loss 2.6B won, net loss 2.7B won.
Accumulated deficit 189.2B won, effectively capital impairment.
Delisting risk due to audit opinion denial on 2025 annual report; given grace period until April 2027.
Credit rating B (Korea Rating Data), unstable factors.
98% of sales from oil wholesale business, but that segment also recorded operating loss.
Allowance for doubtful accounts at 84% of receivables, worsening financial health.
Eight ongoing lawsuits with total claim amount of approximately 3.95B won.
Early redemption of 11th series convertible bonds (5.0B won) and adjustment of conversion price for 10th series (5,331→3,732 won).
Frequent changes in major shareholder and CEO causing management instability.