Close but not quite.
Right now you're at 1 income, 3 shares, 1 loco, and $0. If you deliver another good for $1, you'll get to $2 income, which will give you $2 cash. You'll have $4 in expenses, $2 of which will come from cash and $2 will come from income reduction. That will put you back to $0 income...but not bankrupt.
Mike will be able to deliver a good for 2. He has $2 cash already, will get $2 more, and then be able to pay his $4 in expenses from cash.