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

IP STRATEGY HOLDINGS, INC. (IPST)

CIK 1788230 · 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$390M 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
MEDIUMwarrants = 36% 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
LOW-85% 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

2024-12-202026-05-19

Latest: 686,080 shares as of May 19, 2026 (10-Q). Share count fell from 10.3M to 686,080 between Mar 31, 2026 and May 19, 2026, 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 · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Prefunded Warrants562,721$0.04
Advisor Warrants43,750$4
Series B Exchange Warrants42,505$0.04
A600 Series B Exchange Warrants22,371$600
A800 Series B Exchange Warrants20,134$800
Other Equity Classified Warrants13,066not tagged
Debtor Exchange Warrants12,694$4
Prepaid Warrants9,679$0.4
Prepaid Warrants15,793$0.04
Common Warrants4,136$4
Tranche3 Contingent Legacy Shareholder Warrants3,120$8000
Tranche2 Contingent Legacy Shareholder Warrants2,495$4800

Tranches exactly as the company dimensioned them in its 10-Q filed May 20, 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: 250,000 underlying shares, as reported Nov 22, 2024 (10-Q).

Reported exercise price: $4 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $1.5M as of Dec 31, 2023.

Rough fully diluted estimate: 936,080 = 686,080 O/S + 250,000 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
2022 Convertible Promissory Notes Subscriptions$10.9Mnot tagged
2023 Convertible Promissory Notes Subscriptions$5.4Mnot tagged

Notes exactly as the company dimensioned them in its 10-Q filed May 20, 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 outstanding686,080May 19, 2026
+ Prefunded Warrants (if exercised)562,721Mar 31, 2026
+ Advisor Warrants (if exercised)43,750Aug 10, 2025
+ Series B Exchange Warrants (if exercised)42,505Aug 8, 2025
+ A600 Series B Exchange Warrants (if exercised)22,371Aug 8, 2025
+ A800 Series B Exchange Warrants (if exercised)20,134Aug 8, 2025
+ Other Equity Classified Warrants (if exercised)13,066Dec 31, 2025
+ Debtor Exchange Warrants (if exercised)12,694Aug 14, 2025
+ Prepaid Warrants (if exercised)9,679Dec 31, 2024
+ Prepaid Warrants1 (if exercised)5,793Dec 31, 2025
+ Common Warrants (if exercised)4,136May 15, 2026
+ Tranche3 Contingent Legacy Shareholder Warrants (if exercised)3,120Mar 31, 2026
+ Tranche2 Contingent Legacy Shareholder Warrants (if exercised)2,495Mar 31, 2026
Fully diluted estimate1.4M+108.2% 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: $390.4Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Jun 2, 2026$191.3M registeredfiling →
S-1Aug 26, 2025$194.1M registeredfiling →
S-1Jun 13, 2025$5.0M registeredfiling →

Last 12 months: 1 executed · 5 registered.

REGISTEREDJun 2, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
UPDATEDec 23, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEDec 23, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDDec 19, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDDec 12, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDOct 16, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDAug 26, 2025S-1 registration — capacity to sell shares, not a sale yetS-1
EXECUTEDAug 18, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATEAug 15, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEAug 15, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
EXECUTEDAug 11, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATEJun 23, 2025Prospectus 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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