Variable-priced paper is outstanding while the listing is under stress — the structure where dilution can accelerate. Watch the share count each quarter.
Radar 82 (high attention) · dilution pressure high · listing risk elevated · governance risk low · runway 0.9 mo · strongest signal: Equity line (Aug 25, 2026)
What would confirm: Rising share count in 10-Q cover vs prior quarter; repeated 424B3 resales; another reverse split proposal.
What would prove it wrong: Notes repaid in cash / equity line terminated (8-K 1.02); share count flat quarter over quarter.
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.
Independent filings stitched into a thesis, each with what would confirm and what would prove it wrong.
Variable-priced paper is outstanding while the listing is under stress — the structure where dilution can accelerate. Watch the share count each quarter. Discount-priced or variable-priced securities are outstanding while the company is managing its listing with reverse splits/notices. Each conversion lowers the price, which lowers the next conversion price.
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Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 175 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 27, 2026 | ▼ Reverse split | “reverse split” language in DEF 14A (DEF 14A) filed 2026-08-27 filing | 30 |
| Aug 25, 2026 | ▼ Equity line | “equity line” language in 8-K (EX-10.3) filed 2026-08-25 filing | 52 |
| Aug 25, 2026 | ▼ ATM program | “atm” language in 8-K (EX-10.3) filed 2026-08-25 filing | 46 |
| Aug 25, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-4.1) filed 2026-08-25 filing | 35 |
| Aug 25, 2026 | ▼ Registered direct | “rdo” language in 8-K (8-K) filed 2026-08-25 filing | 34 |
| Aug 25, 2026 | ▼ PIPE | “pipe” language in 8-K (EX-5.2) filed 2026-08-25 filing | 33 |
| Aug 25, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (EX-10.2) filed 2026-08-25 filing | 32 |
| Mar 31, 2026 | ▼ Runway < 6 months | ~0.9 months runway: liquidity $2,233,664 as of 2026-03-31, burn $28,284,793/yr (annualized 273-day YTD operating cash flow [companyfacts]) filing | 37 |
| Mar 31, 2026 | ▼ Near $5M MVLS floor | Public float $4,287,562 (as of 2025-06-30) vs $5M Nasdaq MVLS floor; needs price x shares confirmation filing | 27 |
| Mar 31, 2026 | ▼ Cash < current liabilities | Liquidity $2,233,664 vs current liabilities $13,402,269 filing | 22 |
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