IRIDEX CORP (IRIX) AI Dilution Summary

Cash was $4,680,000 at the last reported balance-sheet date of 2026-07-04. Dilution here is driven primarily by the $4,000,000 Initial Novel Note, the one instrument with a price-linked term. Its 12% interest is paid quarterly in common stock: accrued interest is divided by the greater of the prior calendar quarter's average closing price and a $0.21 floor, so interest shares increase as the price falls, down to that floor.