Corel has warned that its future is in "substantial doubt" unless it finds the money it needs to meet its running costs and commitments.

Corel reported a loss of $23.6 million for this year’s second quarter earlier this week. These results also showed a $19.3 million drop in its cash reserves, down to $9.9 million from $29.2 million in the previous quarter.

Analysts maintain that the fall in the value of tech sector shares on Nasdaq this year may have contributed to the company’s woes. Corel’s planned merger with Inprise/Borland also fell through in the last quarter.

Silicon.com reports that Corel spokeswoman, Rossana La Riviere, said Corel is "working on different sources of financing", to meet its requirements.