Issue 003 | U.S. Pilot | US

ACON

Aclarion, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-13 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 67.8%

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

Current Assets: 19,376,551USD
Total Liabilities: 986,208USD
NCAV: 18,390,343USD
Cash: 19,004,976USD
NCAV per share: 7.47USD/share
Evidence: 4 annual | 21 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.

Evaluated: 12
Triggered: 2
Unavailable: 7

Requires inspection Negative OCF -2,641,845

Latest: -2,641,8452026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001683168-26-003822

Supporting observation Current Ratio > 1.5 19.65

Latest: 19.652026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001683168-26-003822

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources

Source	Filing	Date	Type	Status	Provenance
S1	0001683168-26-003822	2026-05-13	10-Q	Verified	Data Vault \| sec/cleaned/cik=0001635077/accession=0001683168-26-003822/parser=html-cleaner-v1/full.txt

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
Period-end Shares Outstanding	2,444,8712,444,871	854,371854,371	582,371582,371	582,371582,371	582,338582,338	n/an/a	1,11110,044,728	1828,210,671	1587,153,500	18825,459	28,230,510	28,200,875	17,861,515	17,861,515	17,821,515	17,821,515	0905,685
Weighted-average Basic Shares	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	2,129,8712,129,871	532,036532,036	582,371582,371	582,371582,371	219,366219,366	943943	1,0439,437,871	1828,217,024	1205,442,625	12556,808	28,526,854	28,287,669	17,938,545	16,105,569	17,821,515	n/an/a	n/an/a
Basic EPS	-1-1	-14-14	-12-12	-9-9	-9-9	-7,480-7,480	-1-1	-1-1	-0-0	-9-9	-0-0	-0-0	-0-0	-1-1	-1-1	-1-1	-1-1
Diluted EPS	-1-1	-14-14	-12-12	-9-9	-9-9	-7,480-7,480	-1-1	-1-1	-0-0	-9-9	-0-0	-0-0	-0-0	-1-1	-1-1	-1-1	-1-1
Basic-to-Diluted Share Difference	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	186.2%	46.7%	0.0%	0.0%	Insufficient evidence	Insufficient evidence	511.7%	14.8%	766.6%	1098.7%	0.4%	4.3%	0.0%	0.5%	0.0%	763.6%	Insufficient evidence
Ownership Claim Change	-65.1%	-31.8%	0.0%	-0.0%	Insufficient evidence	Insufficient evidence	-83.7%	-12.9%	-88.5%	-91.7%	-0.4%	-4.1%	0.0%	-0.5%	0.0%	-88.4%	Insufficient evidence

Verified split events: reverse 7.47 on 2023-12-31; reverse 16.0 on 2024-01-04; reverse 5.0 on 2024-09-23; reverse 335.0 on 2025-01-30; reverse 27.0 on 2025-03-27

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
Revenue	75,730	45,724	75,404	60,444
Operating Income	-7,052,391	-5,513,047	-4,875,981	-6,098,516
Net Income	-7,233,629	-6,992,927	-4,911,374	-7,605,542
Cash From Operations	-7,164,204	-5,271,609	-3,646,947	-5,314,171
Capex	-21,528	-5,115	0	n/a
Free Cash Flow	-7,185,732	-5,276,724	-3,646,947	n/a
Cash And Equivalents	12,015,789	453,661	1,021,069	1,472,806
Accounts Receivable	29,680	18,326	13,270	18,569
Inventory	n/a	n/a	n/a	n/a
Total Current Assets	12,396,704	824,279	1,289,369	1,988,240
Total Assets	13,672,404	2,123,483	2,459,774	3,205,961
Total Current Liabilities	837,287	1,153,426	3,187,769	1,418,209
Total Liabilities	837,287	1,153,426	3,187,769	1,418,210
Shareholders Equity	12,835,117	970,057	-727,995	1,787,751
Shares Outstanding	2,282,371	582,371	158	1
Shares Outstanding Diluted	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	532,036	943,000	62	381,598
Weighted Avg Shares Basic	532,036	943,000	62	381,598
Net Share Count Change (Normalized)	46.7%	Insufficient evidence	1098.7%	0.5%
Ownership Claim Change (Normalized)	-31.8%	Insufficient evidence	-91.7%	-0.5%

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	2023-12-31 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	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD
Revenue	21,140	18,479	18,478	18,942	19,319	18,991	10,232	10,232	14,407	10,971	10,114	13,797	13,797	19,065	17,072	25,470	22,520	22,520	18,222	10,676	9,026
Operating Income	-2,986,941	-1,992,994	-1,992,994	-1,830,964	-1,736,508	-1,491,925	-1,806,220	-1,806,221	-1,295,958	-1,135,561	-1,275,307	-1,126,341	-1,126,342	-1,162,175	-1,406,200	-1,181,264	-1,326,755	-1,326,755	-1,633,260	-2,365,401	-773,100
Net Income	-2,853,575	-1,889,142	-1,889,142	-1,706,294	-1,600,757	-2,037,436	-1,989,572	-1,989,572	-1,366,176	-1,238,077	-2,399,102	-1,265,347	-1,265,347	-998,010	-1,464,557	-1,183,460	-1,328,906	-1,328,906	-1,633,033	-3,707,515	-936,088
Cash From Operations	-2,641,845	-1,627,438	-1,627,438	-1,160,372	-1,865,612	-2,510,782	-922,861	-922,861	-1,055,652	-1,054,539	-2,238,557	-733,782	-733,782	-952,512	-947,540	-1,013,113	-1,135,053	-1,135,053	-1,098,107	-2,821,584	-259,427
Capex	n/a	n/a	n/a	-7,321	n/a	n/a	n/a	n/a	0	n/a	n/a	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	-1,167,693	n/a	n/a	n/a	n/a	-1,055,652	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Cash And Equivalents	19,004,976	12,015,789	12,015,789	11,341,336	12,825,657	14,750,272	453,661	453,661	1,312,098	1,172,687	2,132,635	1,021,069	1,021,069	171,450	614,518	457,975	1,472,806	1,472,806	2,666,108	3,802,880	60,449
Total Current Assets	19,376,551	12,396,704	12,396,704	11,904,746	13,440,755	15,157,353	824,279	824,279	1,897,321	1,851,757	2,538,309	1,289,369	1,289,369	364,948	798,087	675,533	1,988,240	1,988,240	2,879,921	4,389,363	565,480
Total Liabilities	986,208	837,287	837,287	699,747	564,422	699,032	1,153,426	1,153,426	678,267	1,446,644	1,221,812	3,187,769	3,187,769	2,371,199	1,994,243	736,407	n/a	1,418,210	1,168,426	1,381,419	8,737,590
Shares Outstanding	2,462,250	854,371	2,282,371	671,371	582,371	582,371	1,370	1,370	1,153	190	181	825,459	18	2	2	2	7,861,515	1	1	1	0
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
Weighted Avg Shares Diluted	2,129,871	532,036	737,786	582,371	582,371	219,366	943	943	1,043	908	602	556,808	556,808	532,928	517,979	496,159	6,105,569	1	1	1	0
Weighted Avg Shares Basic	2,129,871	532,036	737,786	582,371	582,371	219,366	943	943	1,043	908	602	556,808	556,808	532,928	517,979	496,159	6,105,569	1	1	1	0
Net Share Count Change (Normalized)	186.2%	46.7%	46.7%	0.0%	0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	511.7%	14.8%	766.6%	1098.7%	1098.7%	0.4%	4.3%	0.0%	0.5%	0.5%	0.0%	763.6%	Insufficient evidence
Ownership Claim Change (Normalized)	-65.1%	-31.8%	-31.8%	0.0%	-0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	-83.7%	-12.9%	-88.5%	-91.7%	-91.7%	-0.4%	-4.1%	0.0%	-0.5%	-0.5%	0.0%	-88.4%	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	19,376,551USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001635077/companyfacts.json Data Vault \| sec/companyfacts/cik=0001635077/companyfacts.json
Total Liabilities	986,208USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001635077/companyfacts.json Data Vault \| sec/companyfacts/cik=0001635077/companyfacts.json
Cash	19,004,976USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001635077/companyfacts.json Data Vault \| sec/companyfacts/cik=0001635077/companyfacts.json
Shares Outstanding	2,462,250	dei:EntityCommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001635077/companyfacts.json Data Vault \| sec/companyfacts/cik=0001635077/companyfacts.json
NCAV	18,390,343USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	7.47USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	67.8%	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: 0001635077
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001635077/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001635077/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 18
Imported At: 2026-08-15T12:51:31+00:00
Rendered At: 2026-08-16T03:29:48+00:00

Run Audit

Mary Run: 8f67c1da7de642feb640d04491409c50
Mary As Of: 2026-07-25
Accession: 0001683168-26-003822
CIK: 0001635077
Mary Filing Date: 2026-05-13
Filing Currency: USD
Internal Discount: 67.8%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=8f67c1da7de642feb640d04491409c50; mary_as_of=2026-07-25; mary_filing_date=2026-05-13; mary_accession=0001683168-26-003822; mary_cik=0001635077; gnni_supporting_filing_date=2026-05-13; internal_discount=0.678277; 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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