THE READ 78 red-flag mentions across this year's filings, led by going concern doubt and delisting / exchange risk.
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.
A reverse split shrinks the share count to lift the price above $1. Repeat reverse splits are the classic death-spiral signature.
EVIDENCE: [1] S-1/A FILED 2026-05-27 · [2] S-1 FILED 2026-04-30 · [3] S-1 FILED 2026-04-30 · [4] S-1/A FILED 2026-05-27 · [5] S-1/A FILED 2026-05-27
Auditors flagged substantial doubt the company survives the next 12 months without new money.
EVIDENCE: [1] S-1 FILED 2026-09-02 · [2] 10-Q FILED 2026-08-28 · [3] S-1 FILED 2026-04-30 · [4] S-1/A FILED 2026-08-03 · [5] S-1/A FILED 2026-05-27
The exchange has threatened to kick the stock off. Delisting pressure usually ends in a reverse split or a fire-sale raise.
EVIDENCE: [1] S-1/A FILED 2026-05-27 · [2] S-1 FILED 2026-04-30 · [3] 10-Q FILED 2026-08-28 · [4] S-1/A FILED 2026-08-03 · [5] S-1/A FILED 2026-05-27
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.
THIS COMPANY HAS NOT REPORTED ENOUGH PERIODS TO DRAW A TREND LINE YET. ONE NUMBER, CITED.
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.
This company's filings do not report usable cash or burn figures. That is rare, and rarely good.
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: nothing to compare. This company's filings do not publish a share count for two consecutive periods, so no honest change can be computed.
Cash and equivalents: nothing to compare. This company's filings do not publish us-gaap:CashAndCashEquivalentsAtCarryingValue, so no honest change can be computed.
Total assets rose to $17.62M (from $13.02M, +35.3%) between S-1 2025-12-31 and S-1 2026-06-30.
NOW: $17.62M as of 2026-06-30 (S-1, filed 2026-09-02)
WAS: $13.02M as of 2025-12-31 (S-1, filed 2026-09-02)
Total liabilities rose to $16.25M (from $6.62M, +145.6%) between S-1 2025-12-31 and S-1 2026-06-30.
NOW: $16.25M as of 2026-06-30 (S-1, filed 2026-09-02)
WAS: $6.62M as of 2025-12-31 (S-1, filed 2026-09-02)
Revenue rose $95K to $95K (+0.1%) between the period ended 2025-06-30 and the period ended 2026-06-30 (S-1).
NOW: $95K as of 2026-06-30 (S-1, filed 2026-09-02)
WAS: $95K as of 2025-06-30 (S-1, filed 2026-09-02)
Operating cash flow was $-5.76M over the period ended 2026-06-30 (~$974K/month burn). Cash for runway is not published in the facts, so runway is n/a.
NOW: $-5.76M as of 2026-06-30 (S-1, filed 2026-09-02)
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.
An 8-K is the "something happened right now" filing. Here is what this one says, in the company's own words.
A rules-based reading of the cited filing facts: a range with reasons, never a prediction.
HOW THE BRACKET IS BUILT: TRAILING REVENUE OF $0.0069/SHARE AT 1.0-3.0X · BOOK EQUITY OF $0.0246/SHARE AS A SUPPORT LEVEL.
Revenue was roughly flat (+0.1% period over period).
Fair-value range anchored to cited facts: $0.0123 to $0.0207 per share.
The filings do not publish a comparable share count for the last two quarters, so dilution could not be measured for this verdict.
The filings do not report usable cash and operating-burn figures, so runway could not be computed for this verdict.
Verified going-concern warnings in a recent filing: auditors or management flagged substantial doubt about continuing (document text checked, boilerplate excluded).
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.
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
One Telegram message per material filing: dilution, going concern, delisting, insider dumps. No account, no email. Every line cites its SEC source. Leave anytime with /unwatch.
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