Analyze the financial position of DEF Logistics, a transportation company, based on the provided financial data for the fiscal year ending December 31, 2023, to determine whether the company is likely to continue as a going concern.

Financial Data:

• Total assets: $70,000,000
• Total liabilities: $45,000,000
• Total equity: $25,000,000
• Net income for the year: $3,800,000
• Cash and cash equivalents: $12,000,000
• Accounts receivable: $15,000,000
• Inventory: $0
• Property, plant, and equipment: $40,000,000
• Long-term debt: $35,000,000
• Accounts payable: $20,000,000
• Accrued expenses: $5,000,000
• Revenue for the year: $100,000,000
• Cost of goods sold: $0
• Operating expenses: $55,000,000

Income tax expense: $6,200,000