Analyze the financial position of PQR Services, a consulting firm, 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: $30,000,000
• Total liabilities: $20,000,000
• Total equity: $10,000,000
• Net income for the year: $1,200,000
• Cash and cash equivalents: $3,000,000
• Accounts receivable: $5,000,000
• Inventory: $0
• Property, plant, and equipment: $10,000,000
• Long-term debt: $15,000,000
• Accounts payable: $8,000,000
• Accrued expenses: $2,000,000
• Revenue for the year: $20,000,000
• Cost of goods sold: $0
• Operating expenses: $12,000,000

Income tax expense: $800,000