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

Safe Pro Group Inc. (SPAI)

CIK 2011208 · 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$138M 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 = 0% 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+51% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
LOW~28.6 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

2024-09-262026-05-15

Latest: 20.6M shares as of May 15, 2026 (10-Q).

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool

Warrants

TrancheWarrantsExercise priceTermNotes
December Two Thousand Twenty Three Convertible Notenot tagged$13y—
December Two Thousand Twenty Three Warrantsnot taggednot tagged3yFV $184,063
March Two Thousand Twenty Four Convertible Notesnot tagged$13yFV $106,563

Tranches exactly as the company dimensioned them in its 10-K filed Mar 31, 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: 51,249 underlying shares, as reported Dec 31, 2024 (10-K).

Reported exercise price: $6 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 20.7M = 20.6M O/S + 51,249 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

No convertible-note facts tagged in the 10-Q filed May 15, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are 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 outstanding20.6MMay 15, 2026
+ Warrants (aggregate, as tagged) (if exercised)51,249Dec 31, 2024
Fully diluted estimate20.7M+0.2% 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: $137.8Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Nov 7, 2025$11.4M registeredfiling →
S-3Oct 10, 2025$100.0M registeredfiling →
S-3Sep 8, 2025$26.3M registeredfiling →

Last 12 months: 2 executed · 3 registered.

EFFECTIVEDec 5, 2025SEC declared a registration effective — selling can beginEFFECT →
UPDATENov 28, 2025Prospectus update — often a resale registration, not necessarily new capital424B3 →
REGISTEREDNov 7, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDOct 21, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
REGISTEREDOct 10, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →
UPDATESep 12, 2025Prospectus update — often a resale registration, not necessarily new capital424B3 →
EFFECTIVESep 12, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDSep 8, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDAug 22, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
UPDATEJun 20, 2025Prospectus update — often a resale registration, not necessarily new capital424B3 →
EFFECTIVEJun 20, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDJun 6, 2025S-1 registration — capacity to sell shares, not a sale yetS-1 →

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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