AI Financial warns of going-concern doubt as WLFI tokens dominate a shrinking balance sheet!

AI Financial, the Nasdaq-listed company formerly known as Alt5 Sigma, is pushing back against being labeled a World Liberty Financial treasury proxy — but its latest SEC filing tells a harder story. The company held 7.28 billion WLFI tokens valued at $706.4 million at the end of March, down from an acquisition cost of roughly $1.46 billion, while its operating fintech business generated just $4.7 million in quarterly revenue over the same period.

The filing also disclosed a $5.5 million working capital deficit, recurring losses, and only $10.5 million in cash on hand — prompting AI Financial to flag "substantial doubt" about its ability to continue as a going concern within one year. Critically, the WLFI tokens remain contractually locked, meaning the company cannot convert its dominant asset into liquidity even as cash runs thin.

The governance entanglement runs deep: World Liberty…