Under which of the following circumstances does substantial doubt exist about an entitys ability to continue as a going concern?

The entitys CFO has retired, and there is no definitive succession plan in place.

The entity is not in compliance with statutory capital requirements.

It is probable that the entity will be unable to meet its obligations coming due within 12 months of financial statement issuance.

The entity projects that it will have negative cash flows from operating activities over the next 12 months.