THE READ 28 red-flag mentions across this year's filings, led by dilution; share count jumped 28% in a year (holders are being diluted fast); roughly 10 months of cash at the current burn rate.
We read every document this company filed with the SEC this year and counted the classic danger phrases. Where wording can be misleading, we open the actual documents and separate real warnings from accounting boilerplate. Each hit links to the exact document.
An ATM lets the company print and sell new shares into the market any day it wants. Every print dilutes your slice.
EVIDENCE: [1] S-3/A FILED 2025-11-05 · [2] 10-Q FILED 2026-08-05 · [3] 424B5 FILED 2026-01-22 · [4] 424B5 FILED 2026-01-20 · [5] 10-Q FILED 2026-05-08
A reverse split shrinks the share count to lift the price above $1. Repeat reverse splits are the classic death-spiral signature.
EVIDENCE: [1] 10-K FILED 2026-03-24
Auditors flagged substantial doubt the company survives the next 12 months without new money.
The exchange has threatened to kick the stock off. Delisting pressure usually ends in a reverse split or a fire-sale raise.
SOURCE: FULL-TEXT SEARCH OF THE COMPANY'S OFFICIAL SEC FILINGS. "REAL WARNINGS" = WE OPENED THE LINKED DOCUMENTS AND FILTERED PHRASES WRAPPED IN NEGATIONS, RESOLUTION LANGUAGE OR STANDARD CONTRACT TERMS. "AT LEAST" = MORE DOCUMENTS CARRY THE PHRASE THIS YEAR THAN WE COULD OPEN AND READ.
How many shares exist, over time, exactly as the company reported in its own filings. In microcaps, a rising share count is how holders pay for everything: salaries, debts, and bad deals. Sudden collapses in the line are reverse splits, marked below.
SOURCE: THE COMPANY'S OWN REPORTED SHARE COUNTS ACROSS 8 FILINGS, STRAIGHT FROM SEC RECORDS
CHECKING OFFICIAL SPLIT RECORDS…
Type how many shares you hold. The math is plain division on the company's own reported counts.
Cash in the bank against how fast the company burns it. When this hits zero, the next stop is usually a desperate raise at bad terms, and existing holders pay through dilution.
RUNWAY = CASH ON HAND ÷ MONTHLY CASH BURN. SIMPLE ARITHMETIC ON THE COMPANY'S OWN REPORTED NUMBERS, NOT A PROJECTION.
The latest filings, translated into holder impact. Every number cites its form, date and SEC link.
Shares outstanding rose 44.45M to 45.90M (+3.2%) between 10-Q 2026-05-01 and 10-Q 2026-07-31 (dilution).
NOW: 45,896,909 as of 2026-07-31 (10-Q, filed 2026-08-05)
WAS: 44,452,734 as of 2026-05-01 (10-Q, filed 2026-05-08)
Cash and equivalents fell $241.78M to $73.96M (-$167.81M, -69.4%) between 10-Q 2026-03-31 and 10-Q 2026-06-30.
NOW: $73.96M as of 2026-06-30 (10-Q, filed 2026-08-05)
WAS: $241.78M as of 2026-03-31 (10-Q, filed 2026-05-08)
Total assets fell to $396.93M (from $397.65M, -0.2%) between 10-Q 2026-03-31 and 10-Q 2026-06-30.
NOW: $396.93M as of 2026-06-30 (10-Q, filed 2026-08-05)
WAS: $397.65M as of 2026-03-31 (10-Q, filed 2026-05-08)
Total liabilities rose to $22.02M (from $18.53M, +18.8%) between 10-Q 2026-03-31 and 10-Q 2026-06-30.
NOW: $22.02M as of 2026-06-30 (10-Q, filed 2026-08-05)
WAS: $18.53M as of 2026-03-31 (10-Q, filed 2026-05-08)
Revenue fell $2.77M to $2.45M (-11.6%) between the period ended 2026-03-31 and the period ended 2026-06-30 (10-Q).
NOW: $2.45M as of 2026-06-30 (10-Q, filed 2026-08-05)
WAS: $2.77M as of 2026-03-31 (10-Q, filed 2026-05-08)
Monthly operating cash deficit ~$7.32M ($-43.31M over the period ended 2026-06-30 in 10-Q). Against $73.96M cash is roughly 0.8 years of runway (10 months).
NOW: $-43.31M as of 2026-06-30 (10-Q, filed 2026-08-05)
NO CRITICAL-ITEM 8-Ks ON FILE IN 24 MONTHS: NO BANKRUPTCY PAPERS, DELISTING NOTICES, AUDITOR CHANGES OR WITHDRAWN NUMBERS. SILENCE HERE IS THE GOOD KIND.
EACH BAR IS ONE REPORTED QUARTER. GREEN = MOST RECENT QUARTER GREW VS THE ONE BEFORE.
NO 8-K IN THE LAST 7 DAYS. SILENCE IS NOTED TOO.
A rules-based reading of the cited filing facts: a range with reasons, never a prediction.
HOW THE BRACKET IS BUILT: BOOK EQUITY OF $8.17/SHARE AT 0.5-1.0X · MULTIPLES STRIPPED: UNDER A YEAR OF CASH AT THE CURRENT BURN, SO THE BRACKET CAPS AT WIND-DOWN CASH · CASH FLOOR: $1.61/SHARE IN A WIND-DOWN.
Share count is stable-ish (+3.2% change between the last two reported quarters).
Fair-value range anchored to cited facts: $4.08 to $4.08 per share.
Cash of $73,964,000 funds only ~0.8 years of operating burn (that is a going-concern pressure without a raise).
Revenue fell 11.6% period over period.
METHOD: DETERMINISTIC RULES OVER CITED SEC FILING FACTS: SHARE-COUNT CHANGE BETWEEN THE LAST TWO REPORTED QUARTERS (DILUTION), CASH-TO-BURN RUNWAY FROM THE MOST RECENT OPERATING CASH FLOW, PERIOD-OVER-PERIOD REVENUE GROWTH, AND A FAIR-VALUE RANGE ANCHORED TO CASH PER SHARE VS PRICE. THRESHOLDS ARE TUNABLE IN APP/VERDICT_ENGINE.PY. NOT A PREDICTION.
Every time an officer, director or big owner trades shares, the law makes them file a Form 4 within two business days. We read the actual filings: who traded, what kind of trade, how big, at what price.
EACH MONTH SHOWS OPEN-MARKET DOLLAR FLOW PARSED FROM FORM 4 FILINGS. GRANTS AND OPTION PAPER ARE EXCLUDED: THIS IS REAL MONEY IN AND OUT.
PEOPLE WITH THE BEST INFORMATION ABOUT THIS COMPANY ARE SELLING MORE THAN THEY BUY. NOT PROOF OF ANYTHING: EXECUTIVES SELL FOR MANY REASONS. BUT AT MICROCAP SCALE, IT RARELY SMELLS GOOD. "10B5-1 PLAN" MEANS THE TRADE WAS SCHEDULED UNDER A PRE-SET TRADING PLAN, DISCLOSED IN THE FILING'S OWN FOOTNOTES: PRE-PLANNED SALES CARRY LESS SIGNAL THAN SPUR-OF-THE-MOMENT ONES. SOURCE: FORM 4 FILINGS, PARSED FROM THE SEC'S OWN XML, LAST 1 FILINGS.
The company's most recent SEC paperwork, newest first.
SOURCE: THE COMPANY'S SEC FILING INDEX
Public records that most investors never check, cross-checked against what the company claims. This is where shells slip up.
SOURCES: PUBLIC DOMAIN REGISTRATION RECORDS (FOUND IN THE COMPANY'S OWN FILING SIGNATURES) · THE COMPANY'S SEC FILING INDEX · OFFICIAL US SANCTIONS LIST · QUARTERLY 13F FILINGS VIA EDGAR FULL-TEXT SEARCH · LEGAL-IDENTITY, SITE-HISTORY, CERTIFICATE, REGISTRANT-HISTORY AND DNS SLOTS STREAM IN FROM FREE PUBLIC REGISTRIES WITHOUT BLOCKING THIS PAGE.
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SOURCE: THE COMPANY'S SEC FILING INDEX