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
Latest: 1.9M shares as of Dec 31, 2025 (20-F).⊙
EVIDENCE — filed/published fact
SourceSEC XBRL, cover-page share count
Fielddei:EntityCommonStockSharesOutstanding
As of2025-12-31
HowThe newest cover-page count as filed. It is used as the current count only while it is no more than about 15 months older than the company’s newest periodic filing; the float checker applies a 200-day rule and sets it beside the balance-sheet count.
Share count fell from 37.2M to 1.9M between Dec 31, 2024 and Dec 31, 2025, a pattern consistent with a reverse split (roughly 1-for-20); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.
Balance-sheet fair value of warrants: $125,000 as of Dec 31, 2025.
Rough fully diluted estimate: 10.8M = 1.9M O/S + 8.9M 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
Note
Principal
Carrying
Conv. price
Rate
If converted
Promissory Note
not tagged
$170,000
not tagged
—
—
Notes exactly as the company dimensioned them in its 10-Q filed Jul 31, 2023 →. 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 outstanding
1.9M
Dec 31, 2025
+ Warrants (aggregate, as tagged) (if exercised)
8.9M
Mar 31, 2023
Fully diluted estimate
10.8M
+471.7% 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: $20.2Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted
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.