Undercapitalized

You will recall that it [OUT magazine] appeared at irregular intervals. The reason for this was that the magazine was undercapitalised. In fact, it really had no capital at all and had a "hand to mouth" existence. An issue could not come out until all the proceeds of the previous issue, from sales, advertising, etc., were collected.

"The problem with all these insurance schemes ... they're all massively undercapitalized, especially given the situation," Velk said.