Ryan should be scared. The only thing factual he has said is the deadline to the agreement he has with his friends and the amount he can't pay. Everything else continues to be misleading, you should be scared too.
No Bankruptcy forsure, however they may do as done before.
Replace or convince new management to come in and run it
Find a new challenge or issue to fight with some unproven technology
Sell more shares to sucker investors
Send out lots of #$%$ PR's