Variable-priced paper is outstanding while the listing is under stress — the structure where dilution can accelerate. Watch the share count each quarter. Support side: Insider buying cluster — insiders or holders bought while this setup is live; see the timeline.
Radar 78 (high attention) · dilution pressure low · listing risk low · governance risk high · runway 20.4 mo · strongest signal: Late filing (NT) (Aug 14, 2026)
What would confirm: Rising share count in 10-Q cover vs prior quarter; repeated 424B3 resales; another reverse split proposal.
What would prove it wrong: Notes repaid in cash / equity line terminated (8-K 1.02); share count flat quarter over quarter.
Direction is stated for existing shareholders (▼ more shares / survival or listing risk; ▲ insiders or holders buying). It is a characterization of the filings, not a forecast or a recommendation.
Independent filings stitched into a thesis, each with what would confirm and what would prove it wrong.
Variable-priced paper is outstanding while the listing is under stress — the structure where dilution can accelerate. Watch the share count each quarter. Discount-priced or variable-priced securities are outstanding while the company is managing its listing with reverse splits/notices. Each conversion lowers the price, which lowers the next conversion price.
No note yet. Notes are written each morning for the top-ranked setups; Pro subscribers get them in full the same day.
Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 138 days old. A financing after the balance-sheet date is the main reason a figure can be stale — check the timeline below for offerings since then.
Last 30 days of filing signals plus current balance-sheet flags, newest first. ▼ pressure · ▲ support · hover a score for its components; every row links to the filing.
| Date | Signal | Evidence | Score |
|---|---|---|---|
| Aug 14, 2026 | ▼ Late filing (NT) | NT 10-Q filed 2026-08-14 filing | 49 |
| Aug 14, 2026 | ▼ Going-concern language | “going concern periodic” language in 10-Q/A (10-Q/A) filed 2026-08-14 filing | 25 |
| Aug 14, 2026 | ▼ Going-concern language | “going concern periodic” language in 10-K/A (10-K/A) filed 2026-08-14 filing | 25 |
| Jul 23, 2026 | ▼ Convertible note | “convertible note” language in 8-K (EX-4.1) filed 2026-07-23 filing | 39 |
| Jul 23, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-4.1) filed 2026-07-23 filing | 32 |
| Jul 23, 2026 | ▼ Holder rights modified | 8-K Item 3.03 filed 2026-07-23 (accepted 09:00 ET) filing | 30 |
| Jul 22, 2026 | ▲ Insider buying cluster | 2 open-market buys by 2 insider(s) (~$80,766) in 30d: Sawyer Jason David 240,[email protected] 2026-07-22; McGarity Jon 140,[email protected] 2026-07-20 filing | 44 |
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