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 low · governance risk elevated · runway 0.2 mo · strongest signal: Late filing (NT) (Aug 14, 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.
No note yet. Notes are written each morning for the top-ranked setups; Pro subscribers get them in full the same day.
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 | ▼ Late filing (NT) | NT 10-Q filed 2026-08-14 filing | 47 |
| Aug 13, 2026 | ▼ Unregistered sale | 8-K Item 3.02 filed 2026-08-13 (accepted 17:29 ET) filing | 32 |
| Aug 4, 2026 | ▼ Unregistered sale | 8-K Item 3.02 filed 2026-08-04 (accepted 17:20 ET) filing | 32 |
| Jul 27, 2026 | ▼ Unregistered sale | 8-K Item 3.02 filed 2026-07-27 (accepted 17:26 ET) filing | 32 |
| Jul 21, 2026 | ▼ Equity line | “equity line” language in 8-K (8-K) filed 2026-07-21 filing | 45 |
| Jul 21, 2026 | ▼ Unregistered sale | 8-K Item 3.02 filed 2026-07-21 (accepted 17:28 ET) filing | 32 |
| Jul 21, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-10.1) filed 2026-07-21 filing | 32 |
| Jul 21, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-07-21; 3 prior 424B filings in 12m filing | 27 |
| Mar 31, 2026 | ▼ Runway < 6 months | ~0.2 months runway: liquidity $240,990 (cash $4,455 + investments $236,535) as of 2026-03-31, burn $15,780,294/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing | 45 |
| Mar 31, 2026 | ▼ Share count +25% | Shares outstanding 2,068,041 (2026-04-15) -> 4,295,647 (2026-05-20), +108% filing | 39 |
| Mar 31, 2026 | ▼ Cash < current liabilities | Liquidity $240,990 vs current liabilities $62,960,464 filing | 21 |
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