CMON: Any financial analysts out there? (Patreon)

Hi all. I am possibly doing an episode on how the Chinese Real Estate market may effect C'MON--Cool Mini or Not. CMON is a publicly traded company on the Hong Con exchange, currently trading at .14 cents a share.  It's a penny stock. 

CMON raises funds through Kickstarter. CMON takes backers' money and uses it to produce games--at one point they had 30 in the pipeline. Then they produce the game. This is known as "leverage" or "OPM"--other's people's money. 

This allows them to do some creative accounting with their balance sheets. Kickstarter funds count as an asset AND a liability on a balance sheet. It's an asset because they take the backers money up front. It's a liability because they need to produce games and get the to the backers.  

I noticed the company is burning through cash pretty fast--down 90% from 5 years ago.  I'm wondering if this company is solvent. The global pandemic had helped Hasbro, but CMON seems to be struggling--yet it's stock price is at an all time high!

I cannot figure this out.  If anyone has business/financial experience, analyze it and let me know if I'm wrong. Maybe C'MON is a bargain at .14!  Let me know in the comments below. Here's a link to the Wall Street Journal:  

https://www.wsj.com/market-data/quotes/HK/XHKG/1792/financials/annual/balance-sheet