Issue 002 | U.S. Pilot | US

SHFS

SHF Holdings, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-15 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 73.4%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 12,381,092USD
Total Liabilities: 8,962,410USD
NCAV: 3,418,682USD
Cash: 5,897,470USD
NCAV per share: 0.53USD/share
Evidence: 5 annual | 29 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Not captured in this issue’s Mary run.

This archived issue is not backfilled with observations from a later screening run.

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2021-03-31 10-Q Open filing
Period-end Shares Outstanding	n/an/a	n/an/a	1,457,9782,915,956	n/an/a	1,393,2692,786,538	1,391,8342,783,667	1,391,83355,673,327	1,385,77555,431,001	1,385,77555,431,001	1,364,08454,563,372	1,164,83346,593,317	1,156,63346,265,317	1,007,22040,288,817	593,32223,732,889	467,89818,715,912	n/an/a	n/an/a	85,0793,403,175	85,0793,403,175	109,7414,389,656	n/an/a
Weighted-average Basic Shares	n/an/a	n/an/a	1,453,6102,907,219	1,413,2342,826,468	1,393,2692,786,538	1,386,4342,772,867	1,387,53455,501,354	1,385,77555,431,001	1,380,34055,213,609	1,064,36442,574,563	1,231,45049,257,988	1,096,48343,859,305	641,76825,670,730	474,71418,988,558	467,89818,715,912	89,2613,570,422	85,0793,403,175	n/an/a	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	4,353,0994,353,099	2,921,6482,921,648	1,555,4503,110,899	1,413,2342,826,468	1,393,2692,786,538	1,386,4342,772,867	1,413,75756,550,287	1,412,13756,485,467	1,406,70256,268,075	1,064,36442,574,563	1,231,45049,257,988	1,096,48343,859,305	641,76825,670,730	474,71418,988,558	519,02320,760,912	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Basic EPS	-0-0	-1-1	-1-1	-1-1	-0-0	-17-17	00	00	00	-0-0	-1-1	-1-1	-0-0	-2-2	00	-0-0	n/an/a	n/an/a	00	-1-1	n/an/a
Diluted EPS	-0-0	-1-1	-1-1	-1-1	-0-0	-17-17	00	00	00	-0-0	-1-1	-1-1	-0-0	-2-2	00	n/an/a	n/an/a	n/an/a	00	n/an/a	n/an/a
Basic-to-Diluted Share Difference	Insufficient evidence	Insufficient evidence	7.0%	0.0%	0.0%	0.0%	1.9%	1.9%	1.9%	0.0%	0.0%	0.0%	0.0%	0.0%	10.9%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	Insufficient evidence	Insufficient evidence	Insufficient evidence	1.4%	0.1%	0.0%	0.4%	0.0%	1.6%	17.1%	0.7%	14.8%	69.8%	26.8%	Insufficient evidence	4.9%	Insufficient evidence	0.0%	-22.5%	Insufficient evidence	Insufficient evidence
Ownership Claim Change	Insufficient evidence	Insufficient evidence	Insufficient evidence	-1.4%	-0.1%	-0.0%	-0.4%	0.0%	-1.6%	-14.6%	-0.7%	-12.9%	-41.1%	-21.1%	Insufficient evidence	-4.7%	Insufficient evidence	0.0%	29.0%	Insufficient evidence	Insufficient evidence

Verified split events: reverse 20.0 on 2025-03-14; reverse 2.0 on 2025-12-31

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD
Revenue	7,673,532	15,242,560	17,562,903	9,478,819	7,005,579
Operating Income	-5,399,210	-7,091,486	-20,712,319	-2,197,840	-719,110
Net Income	-2,160,998	-48,319,475	-17,279,847	-35,128,083	1,245,158
Cash From Operations	-3,417,700	430,477	-832,144	1,697,380	-548,550
Capex	n/a	-208,434	-208,434	-17,318	-5,920
Free Cash Flow	n/a	222,043	-1,040,578	1,680,062	-554,470
Cash And Equivalents	6,779,040	2,324,647	4,888,769	8,390,195	254,523
Accounts Receivable	1,000,000	1,000,000	n/a	1,401,839	522,896
Inventory	n/a	n/a	n/a	n/a	n/a
Total Current Assets	12,198,582	11,700,687	7,761,229	10,231,172	437,022
Total Assets	17,207,024	13,218,287	67,860,909	99,342,856	117,846,030
Total Current Liabilities	6,499,724	12,684,520	7,896,584	49,571,192	475,559
Total Liabilities	8,971,116	25,506,301	33,505,598	94,229,731	7,327,435
Shareholders Equity	8,235,908	-12,288,014	34,355,311	5,113,125	-6,781,405
Shares Outstanding	4,505,486	1,392,229	1,385,774	1,028,039	0
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	2,921,648	1,386,434	1,064,364	474,714	79,849
Weighted Avg Shares Basic	2,921,648	1,386,434	1,064,364	474,714	79,849
Net Share Count Change (Normalized)	Insufficient evidence	0.0%	17.1%	26.8%	0.0%
Ownership Claim Change (Normalized)	Insufficient evidence	-0.0%	-14.6%	-21.1%	0.0%

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-12-31 10-K USD	2021-12-31 10-K USD	2021-12-31 10-K USD	2021-12-31 10-K USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD	2021-06-30 10-Q USD
Revenue	1,975,439	2,062,076	2,062,076	1,833,770	1,845,334	1,932,352	3,671,596	3,671,596	3,482,630	4,037,535	4,050,799	4,477,042	4,332,974	4,572,508	4,180,379	3,575,606	2,379,314	1,852,789	1,671,110	n/a	n/a	n/a	n/a	n/a	n/a	n/a	1,716,861	n/a	n/a
Operating Income	-1,763,356	-1,219,427	-1,732,999	-1,217,246	-971,042	-1,477,923	-7,893,499	-7,893,499	176,909	300,163	324,941	-1,709,332	531,449	-17,912,767	-1,621,669	-429,465	825,456	-1,874,043	-719,788	-463,881	-463,881	-463,881	-463,881	-463,881	-463,881	-244,329	-244,329	-10,105	-10,105
Net Income	-1,779,217	-582,592	-1,096,164	179,508	-930,715	-313,627	-51,664,495	-51,664,495	353,817	941,527	2,049,676	2,486,234	-748,067	-17,604,567	-1,413,447	-35,141,621	1,056,235	-1,827,245	784,548	-571,117	-571,117	-571,117	-571,117	-571,117	-571,117	3,560,797	3,560,797	-1,743,727	-1,743,727
Cash From Operations	-1,078,657	-1,064,325	-1,064,325	-538,037	-674,608	-1,140,730	-2,776,592	-2,776,592	502,432	1,229,514	1,475,123	-607,112	720,331	-718,927	-226,436	-275,423	2,223,502	-69,061	-181,638	n/a	n/a	n/a	n/a	n/a	n/a	-472,728	-472,728	n/a	n/a
Capex	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	340,237	-548,671	0	0	340,237	-548,671	-3,583	-4,943	-4,376	-4,416	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free Cash Flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	502,432	1,569,751	926,452	-607,112	720,331	-378,690	-775,107	-279,006	2,218,559	-73,437	-186,054	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Cash And Equivalents	5,897,470	6,779,040	6,779,040	861,722	247,318	931,397	2,324,647	2,324,647	5,861,475	6,111,982	5,626,362	4,888,769	8,948,644	8,239,095	8,628,752	8,390,195	7,273,012	172,441	47,885	254,523	254,523	254,523	254,523	254,523	254,523	330,240	330,240	938,805	938,805
Total Current Assets	12,381,092	12,198,582	12,198,582	11,096,887	4,958,603	5,218,781	11,700,687	11,700,687	12,171,163	7,832,187	7,427,105	7,761,229	10,588,595	9,888,379	10,246,420	10,231,172	13,222,013	377,441	271,635	437,022	437,022	437,022	437,022	437,022	437,022	662,245	662,245	1,288,805	1,288,805
Total Liabilities	8,962,410	8,971,116	8,971,116	6,667,803	23,814,748	23,604,509	25,506,301	25,506,301	27,520,611	28,887,533	30,735,154	33,505,598	45,354,318	44,730,603	45,124,532	94,229,731	68,179,832	9,552,948	6,441,770	7,327,435	7,327,435	7,327,435	7,327,435	7,327,435	7,327,435	6,884,123	6,884,123	11,050,412	11,050,412
Shares Outstanding	6,455,796	n/a	4,505,486	1,540,538	1,457,978	1,392,229	2,783,667	1,391,834	1,391,833	1,385,775	1,385,775	1,385,774	1,164,833	1,156,633	1,155,633	1,028,039	467,898	n/a	n/a	0	0	0	0	0	0	n/a	85,079	n/a	109,741
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	4,353,099	2,921,648	3,162,395	1,555,450	1,413,234	1,393,269	2,772,867	2,772,867	1,413,758	1,412,136	1,406,702	1,278,918	1,231,450	1,096,483	641,768	1,243,958	519,023	89,261	n/a	n/a	n/a	n/a	n/a	n/a	87,511	18,715,912	935,796	n/a	73,297
Weighted Avg Shares Basic	4,353,099	2,921,648	3,162,395	1,453,610	1,413,234	1,393,269	2,772,867	2,772,867	1,387,534	1,385,775	1,380,340	1,278,918	1,231,450	1,096,483	641,768	1,243,958	467,898	89,261	85,079	n/a	n/a	n/a	n/a	n/a	87,511	18,715,912	935,796	2,931,887	73,297
Net Share Count Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	1.4%	0.1%	0.0%	0.0%	0.4%	0.0%	1.6%	17.1%	0.7%	14.8%	69.8%	26.8%	Insufficient evidence	4.9%	Insufficient evidence	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-22.5%	-22.5%	Insufficient evidence	Insufficient evidence
Ownership Claim Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	-1.4%	-0.1%	-0.0%	-0.0%	-0.4%	0.0%	-1.6%	-14.6%	-0.7%	-12.9%	-41.1%	-21.1%	Insufficient evidence	-4.7%	Insufficient evidence	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	29.0%	29.0%	Insufficient evidence	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	12,381,092USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001854963/companyfacts.json Data Vault \| sec/companyfacts/cik=0001854963/companyfacts.json
Total Liabilities	8,962,410USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001854963/companyfacts.json Data Vault \| sec/companyfacts/cik=0001854963/companyfacts.json
Cash	5,897,470USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001854963/companyfacts.json Data Vault \| sec/companyfacts/cik=0001854963/companyfacts.json
Shares Outstanding	6,455,796	dei:EntityCommonStockSharesOutstanding	2026-03-31	1.00	n/a
NCAV	3,418,682USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	0.53USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	73.4%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001854963
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001854963/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001854963/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 20
Imported At: 2026-08-15T12:52:47+00:00
Rendered At: 2026-08-16T03:29:43+00:00

Run Audit

Mary Run: f75c5d221f074da8a489fba328e8ef51
Mary As Of: 2026-07-18
Accession: 0001493152-26-023748
CIK: 0001854963
Mary Filing Date: 2026-05-15
Filing Currency: USD
Internal Discount: 73.4%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=f75c5d221f074da8a489fba328e8ef51; mary_as_of=2026-07-18; mary_filing_date=2026-05-15; mary_accession=0001493152-26-023748; mary_cik=0001854963; gnni_supporting_filing_date=2026-05-15; internal_discount=0.733875; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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