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

NFT Ltd (MI)

CIK 1958713 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed sub-ratings (overhead supply)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
MEDIUM$10.0M 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
HIGHwarrants = 244% 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+923% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
HIGH~0.3 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

2023-12-312025-12-31

Latest: 14.3M 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, whatever its age. The float checker applies a 200-day freshness rule and sets this beside the balance-sheet count.
Open the source document →

Cash runway

~0 months of cash left

critical · burning $24.8M / quarter

Full breakdown: cash runway tool

Warrants

Warrants outstanding: 35.0M underlying shares, as reported Dec 31, 2023 (20-F).

Reported exercise price: $11.05 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $6.1M as of Jun 30, 2024.

Rough fully diluted estimate: 49.3M = 14.3M O/S + 35.0M 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

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

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 outstanding14.3MDec 31, 2025
+ Warrants (aggregate, as tagged) (if exercised)35.0MDec 31, 2023
Fully diluted estimate49.3M+244.4% 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: $10.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

F-1Aug 18, 2026$10.0M registeredfiling →
F-1Jun 23, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
F-3Feb 13, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 5 executed · 1 registered.

EXECUTEDOct 13, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDOct 9, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDOct 7, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDAug 24, 2026Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4 →
EFFECTIVEAug 21, 2026SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDAug 18, 2026F-1 registration — capacity to sell shares, not a sale yetF-1 →
EXECUTEDMar 11, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EFFECTIVENov 28, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDOct 8, 2025F-3/A registration — capacity to sell shares, not a sale yetF-3/A →
EFFECTIVESep 19, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDSep 4, 2025F-1/A registration — capacity to sell shares, not a sale yetF-1/A →
REGISTEREDAug 15, 2025F-1/A registration — capacity to sell shares, not a sale yetF-1/A →

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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