Dilution profile // every instrument, one screen, from SEC filings

Change Agents Corporation. (CHGA)

CIK 1630212 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGH$23.1M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
LOWwarrants = 5% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
MEDIUM+84% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
HIGH~0.1 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2020-08-072026-08-10

Latest: 19.9M shares as of Aug 10, 2026 (10-Q). Share count fell from 16.0M to 1.1M between Aug 19, 2024 and Nov 11, 2024, a pattern consistent with a reverse split (roughly 1-for-15); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

~0 months of cash left

critical · burning $1.1M / quarter

Full breakdown: cash runway tool

Warrants

TrancheWarrantsExercise priceTermNotes
Pre Funded Warrants3.5Mnot tagged——
Common Shares Issued For Prefunded Warrant Cash Exercise2.5Mnot tagged——
Warrant925,925$0.01——
Prefunded Warrants Issued354,300not tagged——
Prefunded Warrants145,000not tagged—FV $222
Fifth Warrant122,874not tagged——
Fifth Warrant One122,874not tagged——
First Warrant66,667$9.75——
Fourth Warrant5,333not tagged——
Third Warrant700not tagged——
Second Warrant560$7.5——
Series A2 Warrantsnot taggednot tagged5y—

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 14, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 1.1M underlying shares, as reported Jun 5, 2024 (10-Q).

Reported exercise price: $9.75 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $3.2M as of Jun 30, 2026.

Rough fully diluted estimate: 21.0M = 19.9M O/S + 1.1M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
Bridge Loan$375,000—not tagged——
June 2024 Convertible Notenot tagged—$1——
July Twenty Twenty Five Convertible Notenot tagged—$1——

Notes exactly as the company dimensioned them in its 10-Q filed Aug 14, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding19.9MAug 10, 2026
+ Pre Funded Warrants (if exercised)3.5MJun 30, 2026
+ Common Shares Issued For Prefunded Warrant Cash Exercise (if exercised)2.5MJun 30, 2026
+ Warrant (if exercised)925,925Jul 22, 2026
+ Prefunded Warrants Issued (if exercised)354,300Jan 31, 2026
+ Prefunded Warrants (if exercised)145,000Jul 31, 2026
+ Fifth Warrant (if exercised)122,874Jun 30, 2026
+ Fifth Warrant One (if exercised)122,874Jun 30, 2026
+ First Warrant (if exercised)66,667Jun 5, 2024
+ Fourth Warrant (if exercised)5,333Jun 30, 2026
+ Third Warrant (if exercised)700Jun 30, 2026
+ Second Warrant (if exercised)560Jun 30, 2026
Fully diluted estimate27.7M+39.0% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $23.1Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1Aug 7, 2026$7.5M registeredfiling →
S-1Jul 13, 2026$5.0M registeredfiling →
S-1Apr 8, 2026$10.7M registeredfiling →

Last 12 months: 11 executed · 6 registered.

UPDATESep 18, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
EFFECTIVESep 18, 2026SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDSep 16, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A →
REGISTEREDSep 15, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A →
EXECUTEDSep 14, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
REGISTEREDAug 25, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A →
EXECUTEDAug 24, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDAug 18, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
REGISTEREDAug 7, 2026S-1 registration — capacity to sell shares, not a sale yetS-1 →
EXECUTEDAug 5, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDJul 29, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDJul 23, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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