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

SRX Global Inc. (SRXH)

CIK 1471727 · 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$56.5M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
one or more live registrations had no structured fee data, so the true total is AT LEAST this
Overhead supply
MEDIUMwarrants = 22% 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
HIGH+1830% 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
LOW~34.7 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)
the company itself flagged going-concern doubt

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

2020-08-122026-05-13

Latest: 590.3M shares as of May 13, 2026 (10-Q). Share count fell from 60.2M to 60,200 between Jul 6, 2012 and Dec 13, 2012, a pattern consistent with a reverse split (roughly 1-for-1000); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool

Warrants

TrancheWarrantsExercise priceTermNotes
Warrant21.3Mnot tagged
Pre Funded Warrants2.8Mnot tagged
Pre Merger Representative Warrants83,350$3.75
Pre Merger Pre Funded Warrants49,000$3
Series B Warrantsnot tagged$0.3182

Tranches exactly as the company dimensioned them in its 10-Q filed May 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: 132.2M underlying shares, as reported Sep 30, 2024 (8-K/A).

Reported exercise price: $0.6274 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $0 as of Dec 31, 2021.

Rough fully diluted estimate: 722.5M = 590.3M O/S + 132.2M 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
July Twenty Twenty Five Convertible Notes$7.7M$0$0.62748%~12.2M sh
Convertible Note Receivable$1.5Mnot tagged10%

If every note above converted at its tagged price: ~12.2M new shares on 590.3M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.

Notes exactly as the company dimensioned them in its 10-Q filed May 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 outstanding590.3MMay 13, 2026
+ Warrant (if exercised)21.3MMar 31, 2026
+ Pre Funded Warrants (if exercised)2.8MApr 24, 2025
+ Pre Merger Representative Warrants (if exercised)83,350Mar 31, 2026
+ Pre Merger Pre Funded Warrants (if exercised)49,000Mar 31, 2026
+ July Twenty Twenty Five Convertible Notes (if fully converted)12.2MJul 7, 2025
Fully diluted estimate626.7M+6.2% 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: $56.5Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1Nov 7, 2025$29.9M registeredfiling →
S-1Nov 4, 2025$26.6M registeredfiling →
S-1Jul 8, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 3 executed · 4 registered.

EXECUTEDJul 28, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATEJul 16, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEJul 16, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEJun 8, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEJun 8, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEMay 7, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEMay 7, 2026SEC declared a registration effective — selling can beginEFFECT
EXECUTEDMar 18, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATEMar 6, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEMar 6, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEFeb 27, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEFeb 27, 2026Prospectus update — often a resale registration, not necessarily new capital424B3

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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