THE READ 42 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] 8-K FILED 2026-09-28 · [2] 8-K FILED 2026-09-28 · [3] 8-K FILED 2026-09-28
Auditors flagged substantial doubt the company survives the next 12 months without new money.
EVIDENCE: [1] 10-Q FILED 2026-08-11 · [2] 10-Q FILED 2026-05-15 · [3] S-1/A FILED 2026-01-15 · [4] S-1/A FILED 2026-01-29 · [5] S-1 FILED 2025-12-18
The exchange has threatened to kick the stock off. Delisting pressure usually ends in a reverse split or a fire-sale raise.
EVIDENCE: [1] 10-K FILED 2026-03-26 · [2] 8-K FILED 2026-09-28 · [3] S-1/A FILED 2026-01-15 · [4] S-1 FILED 2025-12-18 · [5] S-1/A FILED 2026-01-29
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 3 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.
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 held flat at 17.72M to 17.72M (+0.0%) between 10-Q 2026-05-14 and 10-Q 2026-08-11.
NOW: 17,723,333 as of 2026-08-11 (10-Q, filed 2026-08-11)
WAS: 17,723,333 as of 2026-05-14 (10-Q, filed 2026-05-15)
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 $132.80M (from $131.84M, +0.7%) between 10-Q 2026-03-31 and 10-Q 2026-06-30.
NOW: $132.80M as of 2026-06-30 (10-Q, filed 2026-08-11)
WAS: $131.84M as of 2026-03-31 (10-Q, filed 2026-05-15)
Total liabilities fell to $4.64M (from $4.66M, -0.5%) between 10-Q 2026-03-31 and 10-Q 2026-06-30.
NOW: $4.64M as of 2026-06-30 (10-Q, filed 2026-08-11)
WAS: $4.66M as of 2026-03-31 (10-Q, filed 2026-05-15)
Revenue: nothing to compare. This company's filings do not publish us-gaap:Revenues, so no honest change can be computed.
Operating cash flow was $-852K over the period ended 2026-06-30 (~$144K/month burn). Cash for runway is not published in the facts, so runway is n/a.
NOW: $-852K as of 2026-06-30 (10-Q, filed 2026-08-11)
When something material happens, the company itself must announce it in an 8-K under the SEC's numbered item system. These are those announcements, newest first: bankruptcy papers, exchange delisting warnings, auditor changes, financials pulled back. Read straight from the SEC filing index, no interpretation layer.
SOURCE: THE ITEM NUMBERS THE COMPANY ITSELF PUT ON EACH 8-K IN THE SEC'S FILING INDEX. HOVER A STAMP FOR WHAT THAT ITEM MEANS FOR YOUR SHARES. OFFICIAL NOTICES INSIDE THE LAST 12 MONTHS ALSO FEED THE RISK INDEX ABOVE (CAPPED AT 15 POINTS).
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.
Share count is stable-ish (+0.0% change between the last two reported quarters).
The filings do not report usable cash and operating-burn figures, so runway could not be computed for this verdict.
The filings do not publish comparable revenue figures for two consecutive periods, so the revenue trend could not be measured.
No fair-value bracket: the filings (or the optional price feed) do not provide enough cited numbers to compute one honestly.
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