Rangers chief executive Graham Wallace has been accused of misleading the Light Blues support over his claims that the club had enough cash to stay afloat.
The Ibrox outfit have announced a loss of £3.7million in the seven months up to the end of 2013 – an improvement of 50 per cent on the same period 12 months earlier.
But the interim results also showed that, by December 31, the club had just £3.5million left of the £22million raised when it was floated on the stock market 13 months earlier.
And the accounts stated that, within that cash balance, nearly £1.7million relating to Rangers Retail Limited "is not immediately available as working capital to the group as a whole".
Since the period, the League One champions have been forced to take out loans totalling £1.5m.
And the Union of Fans, representing the main Rangers supporter groups, insists that runs counter to Wallace's AGM claim that there was "sufficient cash in the business to fund the ongoing needs of the club in the near term".
In a statement, the coalition group said: "It appears from both these interim results and the recent loan of £1.5million that this statement at the AGM may have been somewhat misleading.
"It is unclear exactly how it could have been stated by the board at that time, with any confidence, that there was sufficient cash even for the short term and we would like Mr Wallace and (chairman David) Somers to explain this as a matter of urgency."
Rangers declined to comment on suggestions Wallace had misled supporters. The fans, angered by the board's management, have collected pledges from more than 6,500 fans who vow to pay ticket fees into a collective account which would only be handed over once they have given assurances about the club's future.