Rafael Holdings files audited FY2023 financials of acquired Cornerstone; net income $4.2M but going concern noted

Rafael Holdings, Inc.

Cornerstone FY2023 net income $4.2M (vs loss $10.2M FY2022) driven by $21.7M derivative gain; no product revenue.
Auditor expresses substantial doubt about going concern due to recurring losses and negative operating cash flows.
Total liabilities $88.9M vs assets $17.9M; accumulated deficit $261M; debt defaults on $12.2M convertible notes.
Acquisition of controlling interest closed March 13, 2024 after stockholder restructuring approvals.
Pro forma condensed combined financial statements filed as Exhibit 99.3; cash used in operations $7.2M in FY2023.

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