The relations between going-concern reports and the control variables are consistent with prior studies. The likelihood of a going-concern report increases with debt default (p < 0.01), a going-concern report in the prior year (p < 0.01), and financial distress level (p < 0.05). The likelihood of a going-concern report declines with company size (p < 0.01), and development stage status (p < 0.01)