Dippin' Dots, which has always dubbed itself the Ice Cream of the Future, has filed for bankruptcy.
In a statement, Dippin' Dots Inc. said it had a failure to reach an agreement with its secured lender Regions Financial, following several attempts to do so, CNN reported.
The company owes Regions Financial approximately $10 million, according to Dippin' Dots spokesman Steve Heisner, CNN reported.
The ice cream maker has asked a judge for permission to use cash collateral to continue operations, The Associated Press reported.
Dippin' Dots Inc. began in 1988, when founder Curt Jones was working as a microbiologist. He used flash-freezing to create the little round bits of ice cream, the company says on its Web site.
Dippin' Dots ice cream lovers reacted to the news on Twitter, often poking fun at the company's famous slogan.
No! Someone tell them it's not the future yet, one person tweeted.
Tweeted another: slightly dismayed at dippin dots filing for bankruptcy, alas.