From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.
Score is driven almost entirely by the recent-activity and at-market-facility components, not by convertibles or warrants. CONVERTIBLES/PREFERREDS (40% weight, sub-score 5): there is NO outstanding convertible debt — the 10-Q filed 2026-05-15 explicitly states 'No convertible debt outstanding,' the Mashita note's conversion price of $6.90 is 2.5x market and its principal was already partially converted, and zero preferred shares are outstanding against 1,000,000 blank-check authorized. What earns a mid-range sub-score here is the LIVE $18.0M undrawn Lincoln Park ELOC — a market-referenced, variable-priced facility that is the functional equivalent of an at-market convertible. At $2.81 that is ~6.4M shares, or 82% of the working float and 54% of the current market cap, available through the agreement's June 2027 term. Management stated it 'does not intend to sell further shares pursuant to the ELOC at this time,' which is a statement of intent, not a covenant. WARRANTS (30% weight, sub-score 1): near-zero risk. The only warrant instrument is 33,333 shares to MicroCap Advisory at $6.00 — 2.1x above the $2.81 market — and it has NEVER BEEN LEGALLY ISSUED (no warrant agreement executed, no APIC recorded). Spirit Advisors and Bancroft warrants were fully exercised and retired in 2025. No pre-funded warrants, no reset or ratchet provisions on anything outstanding. RECENT ACTIVITY (20% weight, sub-score 9): extremely hot. In the last 8 months the company issued 991,000 shares (Dec 22, 2025 PIPE, $2.25M), 500,000 shares (May 22, 2026 PIPE, $500K), and 7,500,000 shares (June 30, 2026 registered direct, $6.6M net) — the last of which tripled the share count in a single event, taking outstanding from 4,477,443 to 11,977,443 (+168%). A resale S-3 was filed 13 days ago. HISTORICAL PATTERN (10% weight, sub-score 10): textbook serial-dilution profile — two reverse splits (2:1 in Oct 2024, 1-for-15 in Dec 2025), a Lincoln Park ELOC with 2,402,754 shares issued in 2025 including 882,145 free commitment shares, and a Sunpeak Holdings Section 3(a)(10) claims-settlement structure that issued 5,560,000 pre-split shares at floating prices tied to market close before being bought out for $250,000. Split-adjusted 12-month share growth is roughly 411%. Deliberately excluded from this score per methodology: going concern, cash burn, the DOJ/SEC IPO investigations, and 250M authorized vs. 12M outstanding headroom.
Share Structure
Float to Fully Diluted Breakdown
Reported float from Insight Sentry (NASDAQ:XHLD) — reported float 7,788,428 against reported shares outstanding 11,977,443, price $2.81, market cap $33.66M. Adjusted based on SEC filing analysis.
Float Discrepancy: our SEC analysis shows 7.79M vs 10.41M reported — overstated 34%
Insight Sentry reports 7,788,428 float / 11,977,443 outstanding — the outstanding count is current through the 2026-07-23 S-3 cover, meaning the feed HAS absorbed both the 1-for-15 reverse split (2025-12-01) and the 7,500,000-share registered direct that closed 2026-06-30. This is unusually current for a micro-cap. Our bottoms-up reconstruction is 9,911,501 (27% higher), so the feed is applying ~2...
Reported float + filing adjustments
MEDIUM confidence
Registered and convertible shares that could enter the float relative to current float size.
Share estimates are approximate. Convertible share counts based on current price. Review SEC filings for exact terms.
See the full breakdown
Red flags, financing counterparties, the deal timeline, and every SEC filing — free with an account.
Sign in to continue- 1-for-15·Dec 1, 2025~9 mo ago
- 2-for-1·Oct 9, 2024~2 yr ago
- ▸Lincoln Park Capital $20.0M Equity Line of Credit — $18.0M undrawn (~6,405,694 shares at $2.81), 24-month term from 2025-06-23 running to approximately 2027-06-23, variable market-referenced pricing, agreement confirmed still effective as of 2026-03-31
- ▸Resale S-3 filed 2026-07-24 covering 500,000 Wang Huaqiu PIPE shares — becomes free-trading on effectiveness
- ▸Repeat private placements with registration rights (Dec 2025 and May 2026), each converting to free-trading supply within months
- ▸Equity incentive plan — 317,609 options outstanding plus 69,057 shares reserved for future issuance
- ▸1,000,000 blank-check preferred shares issuable by the board WITHOUT stockholder approval; no series currently designated
- ▸250,000,000 authorized common against 11,977,443 outstanding — unlimited structural headroom for further primary offerings via WestPark Capital, which has a 6-month 7% tail financing right
Market Data
$7.66
$91.75M
11.98M
10.41M
9.02M