THE READ 36 red-flag mentions across this year's filings, led by dilution and going concern doubt; share count jumped 66% in a year (holders are being diluted fast).
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] 6-K FILED 2026-07-20 · [2] F-1 FILED 2026-09-02 · [3] F-1 FILED 2026-09-02
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.
EVIDENCE: [1] 6-K FILED 2025-12-16 · [2] F-1 FILED 2026-09-02 · [3] 20-F FILED 2026-07-31
The exchange has threatened to kick the stock off. Delisting pressure usually ends in a reverse split or a fire-sale raise.
EVIDENCE: [1] 6-K FILED 2026-07-20 · [2] F-1 FILED 2026-09-02 · [3] 20-F FILED 2026-07-31 · [4] F-1 FILED 2026-09-02
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 6 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 23.82M to 24.35M (+2.2%) between 6-K 2025-09-30 and F-1 2026-03-31.
NOW: 24,353,510 as of 2026-03-31 (F-1, filed 2026-09-02)
WAS: 23,822,746 as of 2025-09-30 (6-K, filed 2025-12-16)
Cash and equivalents fell $11.48M to $1.45M (-$10.03M, -87.4%) between 6-K 2025-09-30 and F-1 2026-03-31.
NOW: $1.45M as of 2026-03-31 (F-1, filed 2026-09-02)
WAS: $11.48M as of 2025-09-30 (6-K, filed 2025-12-16)
Total assets rose to $13.03M (from $12.11M, +7.6%) between 6-K 2025-09-30 and F-1 2026-03-31.
NOW: $13.03M as of 2026-03-31 (F-1, filed 2026-09-02)
WAS: $12.11M as of 2025-09-30 (6-K, filed 2025-12-16)
Total liabilities rose to $5.52M (from $2.54M, +117.0%) between 6-K 2025-09-30 and F-1 2026-03-31.
NOW: $5.52M as of 2026-03-31 (F-1, filed 2026-09-02)
WAS: $2.54M as of 2025-09-30 (6-K, filed 2025-12-16)
Revenue fell $4.34M to $1.81M (-58.3%) between the period ended 2025-03-31 and the period ended 2026-03-31 (F-1).
NOW: $1.81M as of 2026-03-31 (F-1, filed 2026-09-02)
WAS: $4.34M as of 2025-03-31 (F-1, filed 2026-09-02)
Monthly operating cash deficit ~$61K ($-734K over the period ended 2026-03-31 in F-1). Against $1.45M cash is roughly 2.0 years of runway (24 months).
NOW: $-734K as of 2026-03-31 (F-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.
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: TRAILING REVENUE OF $0.0742/SHARE AT 1.0-3.0X · BOOK EQUITY OF $0.3082/SHARE AS A SUPPORT LEVEL · CASH FLOOR: $0.0596/SHARE IN A WIND-DOWN.
Share count is stable-ish (+2.2% change between the last two reported quarters).
Fair-value range anchored to cited facts: $0.1541 to $0.2227 per share.
Cash of $1,451,526 funds only about 2.0 years of operating burn.
Revenue fell 58.3% period over period.
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.
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.
THIS COMPANY NEVER PUBLISHES A POINT-IN-TIME SHARE COUNT, SO THE WEIGHTED-AVERAGE DILUTED COUNT IS SHOWN AS THE CLOSEST HONEST PROXY.
SOURCE: THE COMPANY'S SEC FILING INDEX