THE READ The red-flag scanner came back clean this year; share count rose 25% over the past year; only about 2 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.
A reverse split shrinks the share count to lift the price above $1. Repeat reverse splits are the classic death-spiral signature.
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 2 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 17.50M to 21.81M (+24.6%) between 20-F 2025-02-28 and 20-F 2026-02-28 (dilution).
NOW: 21,812,500 as of 2026-02-28 (20-F, filed 2026-06-30)
WAS: 17,500,000 as of 2025-02-28 (20-F, filed 2025-07-14)
Cash and equivalents fell $6.50M to $1.88M (-$4.62M, -71.1%) between 6-K 2025-08-31 and F-1/A 2026-02-28.
NOW: $1.88M as of 2026-02-28 (F-1/A, filed 2026-08-28)
WAS: $6.50M as of 2025-08-31 (6-K, filed 2026-01-13)
Total assets fell to $10.35M (from $14.25M, -27.3%) between 6-K 2025-08-31 and F-1/A 2026-02-28.
NOW: $10.35M as of 2026-02-28 (F-1/A, filed 2026-08-28)
WAS: $14.25M as of 2025-08-31 (6-K, filed 2026-01-13)
Total liabilities fell to $1.58M (from $2.08M, -24.0%) between 6-K 2025-08-31 and F-1/A 2026-02-28.
NOW: $1.58M as of 2026-02-28 (F-1/A, filed 2026-08-28)
WAS: $2.08M as of 2025-08-31 (6-K, filed 2026-01-13)
Revenue rose $751K to $1.70M (+126.2%) between the period ended 2025-02-28 and the period ended 2026-02-28 (F-1/A).
NOW: $1.70M as of 2026-02-28 (F-1/A, filed 2026-08-28)
WAS: $751K as of 2025-02-28 (20-F, filed 2025-07-14)
Monthly operating cash deficit ~$1.05M ($-12.52M over the period ended 2026-02-28 in F-1/A). Against $1.88M cash is roughly 0.1 years of runway (2 months).
NOW: $-12.52M as of 2026-02-28 (F-1/A, filed 2026-08-28)
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.
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 $0.4021/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: $0.0862/SHARE IN A WIND-DOWN.
Shares outstanding grew 24.6% between the last two reported quarters, meaningful dilution.
Revenue grew 126.2% period over period, a bullish signal in the filings.
Fair-value range anchored to cited facts: $0.2010 to $0.2010 per share.
Cash of $1,879,782 funds under half a year of operating burn, a hard going-concern pressure without fresh capital.
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.
Real visitors who opened this case file also checked these tickers. Derived only from on-site search and watchlist activity of the last 90 days: no tracking, no cookies.
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.
WATCH FTRKF ON TELEGRAM →