DETROIT  Even after receiving $15.4 billion in federal loans, General Motors is once again on the brink of financial collapse.

The automaker’s first-quarter earnings released Thursday showed that G.M. was losing more money and sales than it was in late December, when the government began its bailout.

With its cash reserves down to the bare minimum and its revenue plunging, G.M. seems more certain each day to be heading toward a bankruptcy filing.

The company is entering the final stages of producing, by June 1, a restructuring plan that is acceptable to President Obama and his auto task force.