Variable-priced paper is outstanding while the listing is under stress — the structure where dilution can accelerate. Watch the share count each quarter.
Radar 84 (high attention) · dilution pressure high · listing risk elevated · governance risk elevated · runway 1.2 mo · strongest signal: Equity line (Jul 20, 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 47 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 | 21 |
| Jul 24, 2026 | ▼ Insider selling cluster | 3 open-market sales by 3 insider(s) (~$175,452) in 30d filing | 34 |
| Jul 24, 2026 | · Form 4 burst | 6 Form 4 filings in 30 days filing | 15 |
| Jul 23, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-07-23 (accepted 16:06 ET) filing | 22 |
| Jul 20, 2026 | ▼ Equity line | “equity line” language in 8-K (EX-10.5) filed 2026-07-20 filing | 51 |
| Jul 20, 2026 | ▼ Convertible note | “convertible note” language in 8-K (EX-4.1) filed 2026-07-20 filing | 39 |
| Jul 20, 2026 | ▼ ATM program | “atm” language in 8-K (8-K) filed 2026-07-20 filing | 38 |
| Jul 20, 2026 | ▼ Unregistered sale | 8-K Item 3.02 filed 2026-07-20 (accepted 17:18 ET) filing | 37 |
| Jul 20, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-4.2) filed 2026-07-20 filing | 37 |
| Jul 20, 2026 | ▼ New debt obligation | 8-K Item 2.03 filed 2026-07-20 (accepted 17:18 ET) filing | 34 |
| Jul 20, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (8-K) filed 2026-07-20 filing | 32 |
| Jul 20, 2026 | · 13D amendment | Schedule 13D/A filed 2026-07-20 filing | 24 |
| Jul 20, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-07-20 (accepted 17:18 ET) filing | 22 |
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