We read the filings so you don't have to. Our AI extracts dilution-relevant data from SEC documents and synthesizes it into clear, actionable reports.
The Process
Enter any US-listed stock symbol. We cover everything in SEC EDGAR—from mega-caps to micro-caps, including foreign filers (20-F/40-F).
Our system retrieves the latest 10-Q/10-K, plus all 8-Ks since the last quarterly. We also pull S-1s, S-3 shelf registrations, and DEF 14A proxies for insider ownership.
Each filing runs through our extraction pipeline. We identify warrants, convertible notes, ATMs, equity lines, and shelf capacity—then reconcile data across filings to remove duplicates.
Float is calculated from shares outstanding minus insider holdings, plus post-filing issuances. Cash runway comes from balance sheet cash divided by monthly burn rate.
All extracted data feeds into our auditor model, which assigns risk scores and generates a unified report with warrants, convertibles, ATMs, shelf capacity, and key findings.
Risk Scores
Every report includes four risk scores rated LOW, MEDIUM, HIGH, or SEVERE. Here's what each one measures.
A composite score weighing all dilution factors. Combines offering ability, cash need, and float risk into one actionable rating.
How easily can the company issue new shares? Factors in shelf registrations, ATM programs, equity lines, and authorized share headroom.
How urgently does the company need capital? Based on cash runway, burn rate, and upcoming debt maturities. Severe means dilution is likely imminent.
How much could the float expand? Accounts for warrants, convertible notes, registered shares for resale, and other potential share issuances.
Data Sources
Annual reports with full financial statements, risk factors, and capital structure details
Quarterly updates on financials, cash position, and recent equity transactions
Material events including new financing deals, warrant exercises, and offerings
IPO and registration statements detailing share structure and dilution risks
Shelf registrations showing future offering capacity and registered shares
Equity incentive plans, authorized shares, and compensation-related dilution
Red Flags
Not all dilution is created equal. These predatory financing structures can destroy shareholder value overnight.
Converts at a discount to market price (e.g., 85% of VWAP). The lower the stock goes, the more shares get issued.
A convertible with no floor price. Conversion can result in unlimited dilution as shares keep getting issued at lower prices.
If new shares are issued at a lower price, existing convertible holders get repriced down to match.
Investor pays less than face value (e.g., $800K for $1M note). Company owes more than it received.
Standby facility to sell shares at a discount. Often used by cash-burning companies as a last resort.
Warrants converted without cash payment. Company gets no capital but still issues new shares.
Dilution Vectors
Outstanding warrants, exercise prices, expiration dates, and cashless exercise provisions.
Principal amounts, conversion prices (fixed and floating), maturity dates, and toxic terms.
At-the-market offering capacity, amounts used, and remaining availability.
Committed equity facilities, pricing discounts, and shares registered for resale.
Total shelf capacity, amounts used, and remaining offering ability.
Authorized shares, options outstanding, and unvested RSUs that could hit the float.
Under the Hood
Every ticker runs through a multi-pass analysis system. Each pass focuses on specific data extraction and feeds into the final report.
Downloads the latest 10-Q or 10-K as the baseline, then all 8-Ks filed since. Each document is processed to extract dilution instruments, then reconciled to deduplicate and apply newer data.
Extracts shares outstanding from quarterly filings, insider ownership from DEF 14A proxy statements, and post-filing issuances from 8-Ks. Formula: Float = Outstanding - Insiders + New Issuances.
Analyzes S-3 shelf registrations and S-1 offering documents to determine total registered capacity, amounts already used, and remaining offering ability.
Pulls balance sheet (cash position) and cash flow statement (free cash flow) data. For cash-burning companies: Runway = Cash / Monthly Burn. Cash-flow positive companies show ">10 years".
All pass results feed into the auditor, which synthesizes the data into a final report. Assigns risk levels based on offering ability, cash need, and float risk, then generates the structured dilution report.
See It In Action
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