Big concern is inventory. How do you lose 50% of sales, lose your biggest customer and inventory stays the same. My guess is there is no outlet for a big piece of inventory and therefore has little to no value according to GAAP.
So, if I'm right, inventory will be revalued with no incoming cash. Bankruptcy will be forced within 12 months. If I'm wrong, there's at least $10M of cash available in inventory. There will be a big race to turn that into cash before there's a forced bankruptcy.