Sow Good Inc. reported a precarious liquidity stance and mounting doubts about its ability to continue as a going concern in its 2026 first-quarter filing. The company has entered a transformative phase with the acquisition of the Nachu Graphite Project in Tanzania, signaling a pivot toward asset-backed resource development despite zero revenue in 2025. Alongside this strategic move, Sow Good underwent significant leadership and board turnover, consolidating decision-making authority under one individual but raising governance risks. The company’s growth depends heavily on successful capital raises and regulatory approvals in Tanzania amid pressures to maintain Nasdaq listing compliance.