TDH Holdings, Inc. (PETZ) AI Dilution Summary

Cash was $19,138,205 at the 2025-12-31 last reported balance-sheet date against estimated monthly burn of $148,349, the anchor figures for how the company is funding its operations. Dilution here is driven primarily by the July 2022 private placement investor warrants, covering 4,000,000 shares at a fixed exercise price of $2.44 and expiring 2027-07-26. The exercise price is set by contract, so the number of shares issuable does not move with the market price.