Embattled Toshiba Corp. said Tuesday its grave financial situation puts it at risk of not being able to survive as a company.

The reference was made in the earnings report for the April-December period of 2016 that Toshiba submitted the same day without approval from its auditing firm. The troubled company made the unusual move in a desperate bid to avoid postponing it for the third time amid the debacle tied to Westinghouse Electric Co. that has caused it hundreds of billions of yen in losses.

Toshiba admitted that the massive losses are creating "substantial doubt about the company's ability to continue as a going concern."