This filing confirms a severely distressed micro-cap with no commercial revenue, widening losses, a going-concern qualification, and massive shareholder dilution. Traders should expect continued price volatility and potential further dilution as the company attempts to raise capital. Monitor for any subsequent financing announcements, debt restructuring, or regulatory actions that could further impair equity value.
Price Chart
Executive Summary
Ehave, Inc. filed its annual 20-F for FY2025, reporting de minimis revenue of $2,183, a net loss of $3,756,479 (wider than the $2,748,874 loss in FY2024), and an accumulated deficit of $40,767,900. The auditor's report includes a going-concern qualification, and management disclosed material weaknesses in internal controls. The company issued 1.12 billion shares during the year, massively diluting existing holders, and remains in default on its convertible notes. Cash stood at $791,432 with a working capital deficit of $12,342,855, and management states it may not have sufficient resources to fund operations through Q4 2026.
Key Facts
- Revenue from continuing operations was $2,183 for FY2025 vs. $0 in FY2024.
- Net loss widened to $3,756,479 in FY2025 from $2,748,874 in FY2024.
- Accumulated deficit reached $40,767,900 as of December 31, 2025.
- Working capital deficit of $12,342,855; cash balance of $791,432.
- Auditor's report includes a going-concern explanatory paragraph.
- Material weaknesses in internal control over financial reporting identified.
- 1,122,443,508 shares of common stock issued during FY2025, massively diluting existing holders.
- Outstanding convertible notes in default as of December 31, 2025.
- CEO Ben Kaplan beneficially owns 68.7% of outstanding shares.
- Company may not have sufficient resources to fund operations through Q4 2026.
Financial Impact
Net loss of $3,756,479 on $2,183 revenue; accumulated deficit of $40,767,900; working capital deficit of $12,342,855.
Risk Factors
- Going-concern risk — company may not have sufficient cash to fund operations through Q4 2026.
- Massive dilution risk — 1.12 billion shares issued in FY2025, with unlimited authorized shares.
- Convertible note default risk — outstanding notes in default could trigger acceleration or adverse terms.
- Internal control weaknesses increase risk of financial misstatement or fraud.
- Penny stock and Pink Open Market listing severely limit liquidity and investor access.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001493152-26-023957 |
| Exhibit: ex12-2.htm | 0001493152-26-023957 |
| Exhibit: ex12-1.htm | 0001493152-26-023957 |
| Exhibit: ex13-1.htm | 0001493152-26-023957 |
| Exhibit: ex13-2.htm | 0001493152-26-023957 |
| Document: 0001493152-26-023957-index-headers.html | 0001493152-26-023957 |
| Document: 0001493152-26-023957-index.html | 0001493152-26-023957 |
| Document: 0001493152-26-023957.txt | 0001493152-26-023957 |
US Market Status
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