The dilution already happened: share count is up 25%+ versus the prior period.
Radar 55 (elevated attention) · dilution pressure elevated · listing risk low · governance risk elevated · runway 7.8 mo · strongest signal: Share count +25% (Mar 31, 2026)
Direction is stated for existing shareholders (▼ more shares / survival or listing risk; ▲ insiders or holders buying). It is a characterization of the filings, not a forecast or a recommendation.
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Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 138 days old. A financing after the balance-sheet date is the main reason a figure can be stale — check the timeline below for offerings since then.
Last 30 days of filing signals plus current balance-sheet flags, newest first. ▼ pressure · ▲ support · hover a score for its components; every row links to the filing.
| Date | Signal | Evidence | Score |
|---|---|---|---|
| Aug 14, 2026 | ▼ Going-concern language | “going concern periodic” language in 10-Q (10-Q) filed 2026-08-14 filing | 29 |
| Aug 13, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-08-13 (accepted 16:30 ET) filing | 23 |
| Mar 31, 2026 | ▼ Share count +25% | Shares outstanding 9,611,111 (2025-03-31) -> 26,370,521 (2026-07-13), +174% filing | 43 |
| Mar 31, 2026 | ▼ Near $5M MVLS floor | Public float $6,838,750 (as of 2025-09-30) vs $5M Nasdaq MVLS floor; needs price x shares confirmation filing | 24 |
| Mar 31, 2026 | ▼ Runway 6–12 months | ~7.8 months runway: liquidity $2,713,466 as of 2026-03-31, burn $4,171,385/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing | 23 |
| Mar 31, 2026 | ▼ Cash < current liabilities | Liquidity $2,713,466 vs current liabilities $7,591,518 filing | 21 |