(1) Registration of an issuer may not be permitted if the financial statements demonstrate the issuer to have an unsound financial condition.
    (2) Such unsound financial condition is determined by:
    (a) An accumulated deficit;
    (b) Negative shareholders equity;
    (c) An inability to satisfy current obligations as they become due;
    (d) Negative cash flow; or
    (e) Financial statements that include a footnote or explanatory paragraph in the independent auditor’s report regarding the issuer’s ability to continue as a going concern.
Rulemaking Authority Florida Statutes § 517.03(1). Law Implemented 517.081(3), (7) FS. History-New 10-26-97, Formerly 3E-700.026, Amended 9-22-14.