Resonant Inc (NASDAQ: RESN), a late-stage development company that creates filter designs for radio frequency, saw its shares trade lower by more than 3 percent on Thursday.

Investors and traders were likely reacting to a scathing report by The Street Sweeper, which argued that "big troubles could send this bad boy to penny stock land."

The Street Sweeper's Sonya Colberg argued there are five main reasons why Resonant is in "probably the worst" shape ever.

1. Resonant's operating losses worsened by around $4 million in 2015 to hit nearly $10 million. As such, the company is now "hurting for money" and may have already run out of cash given its quarterly cash burn of around $2.3 million.

2. Resonant managers may have conveniently chosen Easter Friday to file a "stunning" disclosure which stated there is a "substantial doubt about the Company's ability to continue as a going concern."

3. The "stunning" disclosure also contained a notice that it may need to raise "additional capital from the sale of equity securities or the incurrence of indebtedness."

4. Resonant's top executives are earning almost $1.5 million in compensation, including offering new executives $100,000 signing bonuses and stock compensation. This may be alarming as the company is "cash-starved and revenue-free" yet it is "shaking down the piggy bank and tossing money around like crazy."

5. Resonant's own management warned investors that a recent business development with a potential customer is "not going to be large enough to extend our run-way."

Bottom line, Colberg continued that Resonant's stock price "has once again flown way ahead of the company's value" and "we wouldn't be surprised to see the stock soon drop to $1 per share."