Is MF diluting shareholders?

Read three numbers together: shares outstanding over time (see chart), warrants that can convert into new shares (15.2M reported), and how much cash runway remains (~28.540599878090127 months). A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

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

MindForge Inc. (MF)

CIK 1888525 · all EDGAR filings →

Overall dilution risk

HIGHworst of 2 computed sub-ratings (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

not every sub-rating was computable; treat as a floor

Offering ability

HIGH$50.0M 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

NOT COMPUTEDno current share count to divide by

= warrant shares outstanding divided by current shares outstanding

not rated: the newest single-total cover-page count is as of 2025-06-30

Historical dilution

NOT COMPUTEDnewest single-total cover-page count is as of 2025-06-30

= share count now vs 3 years ago

not rated: the company has filed periodic reports since (newest: 20-F filed 2026-10-26) with no single-total cover-page count in SEC's companyfacts, which omits counts filed per share class

Cash need

LOW~28.5 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

Newest single-total count on a cover page: 20.8M as of Jun 30, 2025 (20-F). Not used as today’s count, because the company has filed periodic reports since (newest: 20-F filed 2026-10-26) with no single-total cover-page count in SEC's companyfacts, which omits counts filed per share class.

⊙

EVIDENCE — filed/published fact

SourceSEC XBRL, cover-page share count

Fielddei:EntityCommonStockSharesOutstanding

As of2025-06-30

HowKept on the chart with its date. No estimate, rating or current-share figure on this page is built on it.

Open the source document →

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool

Warrants

Warrants outstanding: 15.2M underlying shares, as reported Jun 30, 2026 (20-F).

Reported exercise price: $0.3 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $16.8M as of Jun 30, 2026.

Convertible notes

The latest 10-Q/10-K instance document could not be checked just now, so nothing is shown rather than guessed. Try again shortly.

Registrations and offerings

Registered offering capacity on live registrations: $50.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

F-3Nov 26, 2025$50.0M registeredfiling →

F-1Jan 10, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 2 executed · 2 registered.

EXECUTEDMay 8, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDApr 28, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EFFECTIVEDec 15, 2025SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDDec 9, 2025F-3/A registration — capacity to sell shares, not a sale yetF-3/A →

REGISTEREDNov 26, 2025F-3 registration — capacity to sell shares, not a sale yetF-3 →

EXECUTEDMar 26, 2025Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →

EFFECTIVEMar 12, 2025SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDFeb 27, 2025F-1/A registration — capacity to sell shares, not a sale yetF-1/A →

REGISTEREDJan 28, 2025F-1/A registration — capacity to sell shares, not a sale yetF-1/A →

REGISTEREDJan 10, 2025F-1 registration — capacity to sell shares, not a sale yetF-1 →

EXECUTEDMar 29, 2024Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4 →

EFFECTIVEMar 25, 2024SEC declared a registration effective — selling can beginEFFECT →

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.

Keep going: float checker · offering calendar · short-squeeze screener · full MF workspace

Free to use. No account, no card.