QS Energy, Inc. (QSEP) AI Dilution Summary

Cash was $120,000 at 2026-06-30 against estimated monthly burn of $204,667; $75,000 net was raised after the balance-sheet date across 1 event (2026-07-31). Dilution is driven primarily by the outstanding warrant series with an exercise price band $0.02–$0.24 per the 10-Q warrant table at June 30, 2026, covering 18,685,081 shares underlying; that band is fixed by contract at issuance, so the share count does not move with the market.