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)
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

2020-08-072026-08-10

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

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
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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