KULR
KULR Technology Group, Inc.
NYSE AmericanUSDEQUITY
Technology
DELAYED
Neutral
-6/100
Last price
2.59
▲ 0.04 (1.57%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
Lower pane
Overlay another symbol
Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
2.59
Prev close
2.55
Day high
2.62
Day low
2.53
Volume
568.75K
Market cap
$119.87M
P/E (TTM)
—
52W range
1.94 – 5.64
Day trading desk
Gap from prior close
+1.57%
Prior close 2.55
VWAP
—
—
Relative volume
0.00×
Quiet session
Session range
—
2.59 – 2.59
Position in range
—
—
ATR (14D)
0.11
4.16% of price
Prior day high
2.64
PDH
Prior day low
2.50
PDL
Bid / ask spread
—
Quote not published
Session volume
—
Avg 932.50K
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
+3.60%
+1.7%
1M
+1.57%
+0.4%
3M
-18.04%
-22.6%
6M
+20.47%
+2.3%
YTD
-12.50%
-26.7%
1Y
-52.56%
-69.0%
3Y
-10.07%
-92.3%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on KULR open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
3.81M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 10, 26 | KIMEL MICHAEL PHILIP Chief Financial Officer |
STOCK | 200.00K | $0 | Direct |
| Sep 10, 26 | PEREZ STEVEN JOHN Director |
STOCK | 20.00K | $0 | Direct |
| Sep 10, 26 | FRANK BENJAMIN ANDREW Director |
STOCK | 20.00K | $0 | Direct |
| Nov 24, 25 | YAMAMOTO JAY KOICHI General Counsel |
STOCK | 187.50K | $0 | Direct |
| Nov 24, 25 | GRIER DONNA HALEY Director |
STOCK | 13.13K | $0 | Direct |
| Nov 24, 25 | MASSEY JOANNA D Director |
STOCK | 13.13K | $0 | Direct |
| Nov 24, 25 | SCHWARTZ ARON I Director |
STOCK | 13.13K | $0 | Direct |
| Oct 3, 25 | MASSEY JOANNA D Director |
SELL | 10.00K | $54.70K | Direct |
| Jan 16, 25 | CANTER SHAWN Chief Financial Officer |
— | 1.50M | — | Direct |
| Jan 16, 25 | CARPENTER MICHAEL GERALD Officer |
— | 200.00K | — | Direct |
| Jan 16, 25 | MO MICHAEL Chief Executive Officer |
— | 2.00M | — | Direct |
| Jan 16, 25 | WALKER WILLIAM QUINN Chief Technology Officer |
— | 1.00M | — | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
CANTER SHAWN |
Chief Financial Officer | 3.00M | Stock Award(Grant) |
CARPENTER MICHAEL GERALD |
Officer | 700.00K | Stock Award(Grant) |
FRANK BENJAMIN ANDREW |
Director | 20.00K | Stock Award(Grant) |
GRIER DONNA HALEY |
Director | 30.63K | Stock Award(Grant) |
KIMEL MICHAEL PHILIP |
Chief Financial Officer | 200.06K | Stock Award(Grant) |
MASSEY JOANNA D |
Director | 30.94K | Stock Award(Grant) |
MO MICHAEL |
Chief Executive Officer | 24.94M | Stock Award(Grant) |
PEREZ STEVEN JOHN |
Director | 21.25K | Stock Award(Grant) |
WALKER WILLIAM QUINN |
Chief Technology Officer | 1.50M | Stock Award(Grant) |
YAMAMOTO JAY KOICHI |
General Counsel | 187.50K | Stock Award(Grant) |
Fundamentals
Market cap$119.87M
Enterprise value$129.79M
Revenue (TTM)$16.10M
Gross profit$-2.40M
EBITDA$-42.60M
Net income$-102.23M
EPS (TTM)$-2.36
Free cash flow$-85.66M
Total cash$12.78M
Total debt$22.77M
Book value / share$1.57
Shares outstanding46.28M
Float43.20M
Short % of float15.12%
Dividend yield0.00%
Beta (5Y)2.33
Valuation & profitability ratios
Trailing P/E—
Forward P/E—
PEG ratio—
Price / sales—
Price / book1.65
EV / revenue8.06
EV / EBITDA-3.05
Gross margin-14.90%
Operating margin-538.64%
Profit margin0.00%
Return on equity-97.81%
Return on assets-22.76%
Debt / equity31.37
Current ratio3.38
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $16.17M | $10.74M | $9.83M | $3.99M | +50.6% |
| Operating revenue | $16.17M | $10.74M | $9.83M | $3.99M | +50.6% |
| Cost of revenue | $15.40M | $5.25M | $6.16M | $1.63M | +193.1% |
| Gross profit | $770.97K | $5.48M | $3.67M | $2.36M | -85.9% |
| Research & development | $10.76M | $4.74M | $7.14M | $4.20M | +127.0% |
| Selling, general & admin | $27.70M | $15.98M | $18.94M | $16.45M | +73.3% |
| Total operating expense | $42.81M | $20.72M | $26.08M | $20.65M | +106.6% |
| Operating income | -$42.04M | -$15.23M | -$22.41M | -$18.29M | -175.9% |
| Net interest income | $320.45K | -$1.35M | -$1.45M | -$1.45M | +123.7% |
| Pre-tax income | -$61.90M | -$17.52M | -$23.69M | -$19.44M | -253.2% |
| Net income | -$61.90M | -$17.52M | -$23.69M | -$19.44M | -253.2% |
| Net income to common | -$61.90M | -$17.52M | -$23.69M | -$19.44M | -253.2% |
| Basic EPS | -1.56 | -0.75 | -1.60 | -1.44 | -108.0% |
| Diluted EPS | -1.56 | -0.75 | -1.60 | -1.44 | -108.0% |
| EBIT | -$61.66M | -$16.16M | -$22.24M | -$17.99M | -281.5% |
| EBITDA | -$60.26M | -$14.36M | -$20.03M | -$17.73M | -319.6% |
| Basic shares | 39.73M | 23.32M | 14.73M | 13.21M | +70.3% |
| Diluted shares | 39.73M | 23.32M | 14.73M | 13.21M | +70.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $13.30M | $29.83M | $1.19M | $10.33M | — | -55.4% |
| Cash & short-term investments | $13.30M | $29.83M | $1.19M | $10.33M | — | -55.4% |
| Accounts receivable | $2.08M | $2.65M | $901.67K | $1.54M | — | -21.5% |
| Inventory | $581.16K | $545.47K | $1.15M | $1.96M | — | +6.5% |
| Total current assets | $25.56M | $34.16M | $3.90M | $15.74M | — | -25.2% |
| Property, plant & equipment | $7.63M | $6.25M | $6.16M | $7.04M | — | +21.9% |
| Goodwill & intangibles | $370.93K | $577.10K | $719.39K | $720.77K | — | -35.7% |
| Total assets | $128.97M | $62.93M | $10.86M | $23.63M | — | +104.9% |
| Total current liabilities | $6.28M | $4.67M | $6.90M | $9.68M | — | +34.5% |
| Current debt | — | $494.80K | — | — | $155.23K | — |
| Long-term debt | — | $10.97K | $250.00K | — | — | — |
| Total debt | $1.45M | $1.82M | $352.19K | $321.60K | — | -20.8% |
| Total liabilities | $7.36M | $5.50M | $13.05M | $13.13M | — | +33.8% |
| Retained earnings | -$145.71M | -$83.81M | -$66.29M | -$42.59M | — | -73.9% |
| Shareholder equity | $121.61M | $57.43M | -$2.18M | $10.49M | — | +111.8% |
| Working capital | $19.28M | $29.50M | -$2.99M | $6.06M | — | -34.6% |
| Net tangible assets | $121.24M | $56.85M | -$2.90M | $9.77M | — | +113.3% |
| Shares issued | 46.06M | 33.10M | 16.75M | 14.15M | — | +39.2% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | -$61.90M | -$17.52M | -$23.69M | -$19.44M | -253.2% |
| Depreciation & amortisation | $1.40M | $1.80M | $2.21M | $259.40K | -22.4% |
| Stock-based compensation | $6.52M | $2.69M | $3.50M | $4.18M | +142.2% |
| Change in working capital | -$8.28M | -$6.87M | $4.89M | -$3.35M | -20.5% |
| Operating cash flow | -$44.88M | -$17.34M | -$11.97M | -$17.35M | -158.8% |
| Capital expenditure | -$3.93M | -$596.18K | -$1.05M | -$4.65M | -559.3% |
| Investing cash flow | -$89.08M | -$21.60M | -$1.05M | -$4.65M | -312.5% |
| Share buybacks | -$97.52K | -$500.00K | -$229.25K | $0 | +80.5% |
| Financing cash flow | $117.44M | $67.57M | $3.87M | $17.47M | +73.8% |
| Free cash flow | -$48.81M | -$17.94M | -$13.01M | -$22.00M | -172.1% |
| End cash position | $13.30M | $29.83M | $1.19M | $10.33M | -55.4% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | $2.08M | $4.85M | $2.86M | $6.88M | $3.65M | — | -57.1% |
| Operating revenue | $2.08M | $4.85M | $2.86M | $6.88M | $3.65M | — | -57.1% |
| Cost of revenue | $2.72M | $3.43M | $3.64M | $6.26M | $2.94M | — | -20.7% |
| Gross profit | -$638.93K | $1.42M | -$777.96K | $628.88K | $713.71K | — | -145.1% |
| Research & development | $2.99M | $1.77M | $3.55M | $2.32M | $2.44M | — | +68.6% |
| Selling, general & admin | $6.31M | $6.53M | $7.86M | $6.26M | $6.94M | — | -3.4% |
| Total operating expense | $10.57M | $8.80M | $14.98M | $9.37M | $9.38M | — | +20.0% |
| Operating income | -$11.20M | -$7.39M | -$15.76M | -$8.74M | -$8.66M | — | -51.7% |
| Net interest income | -$181.57K | $33.05K | $83.43K | -$4.98K | $166.85K | — | -649.4% |
| Pre-tax income | -$21.97M | -$28.12M | -$44.26M | -$6.97M | $8.14M | — | +21.9% |
| Net income | -$21.97M | -$28.12M | -$44.26M | -$6.97M | $8.14M | — | +21.9% |
| Net income to common | -$21.97M | -$28.12M | -$44.26M | -$6.97M | $8.14M | — | +21.9% |
| Basic EPS | -0.47 | -0.61 | — | -0.17 | 0.22 | -0.54 | +23.0% |
| Diluted EPS | -0.47 | -0.61 | — | -0.17 | 0.22 | -0.54 | +23.0% |
| EBIT | -$21.74M | -$28.11M | -$44.25M | -$6.84M | $8.14M | — | +22.7% |
| EBITDA | -$21.47M | -$27.81M | -$43.77M | -$6.51M | $8.44M | — | +22.8% |
| Basic shares | 46.30M | 46.25M | — | 41.14M | 37.27M | 34.92M | +0.1% |
| Diluted shares | 46.30M | 46.25M | — | 41.14M | 37.59M | 34.92M | +0.1% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $12.78M | $7.68M | $13.30M | $20.59M | $20.57M | +66.5% |
| Cash & short-term investments | $12.78M | $7.68M | $13.30M | $20.59M | $20.57M | +66.5% |
| Accounts receivable | $1.86M | $2.05M | $2.08M | $2.96M | $3.87M | -9.2% |
| Inventory | $1.51M | $1.40M | $581.16K | $784.61K | $772.12K | +8.1% |
| Total current assets | $84.67M | $16.81M | $25.56M | $28.53M | $31.05M | +403.8% |
| Property, plant & equipment | $10.00M | $10.29M | $7.63M | $5.00M | $5.24M | -2.8% |
| Goodwill & intangibles | $304.93K | $342.25K | $370.93K | $470.38K | $505.95K | -10.9% |
| Total assets | $100.08M | $105.51M | $128.97M | $156.06M | $141.46M | -5.1% |
| Total current liabilities | $25.08M | $9.96M | $6.28M | $6.93M | $3.74M | +151.9% |
| Current debt | $20.00M | $5.00M | — | $3.80M | — | +300.0% |
| Total debt | $22.77M | $6.36M | $1.45M | $5.39M | $1.76M | +258.1% |
| Total liabilities | $27.50M | $10.93M | $7.36M | $8.11M | $5.01M | +151.5% |
| Retained earnings | -$196.70M | -$173.83M | -$145.71M | -$101.45M | -$94.48M | -13.2% |
| Shareholder equity | $72.57M | $94.58M | $121.61M | $147.96M | $136.45M | -23.3% |
| Working capital | $59.60M | $6.85M | $19.28M | $21.60M | $27.30M | +769.9% |
| Net tangible assets | $72.27M | $94.23M | $121.24M | $147.49M | $135.94M | -23.3% |
| Shares issued | 46.27M | 46.28M | 46.06M | 42.64M | 39.48M | -0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$22.87M | -$28.12M | -$44.26M | -$6.97M | $8.14M | +18.7% |
| Depreciation & amortisation | $269.22K | $307.49K | $477.49K | $330.97K | $295.36K | -12.4% |
| Stock-based compensation | $908.04K | $1.46M | $2.01M | $1.29M | $1.58M | -37.8% |
| Change in working capital | $1.34M | -$3.03M | -$2.64M | $1.00M | -$3.93M | +144.1% |
| Operating cash flow | -$8.99M | -$8.70M | -$13.84M | -$9.58M | -$11.83M | -3.2% |
| Capital expenditure | -$235.17K | -$1.30M | -$3.29M | -$229.48K | -$194.82K | +81.9% |
| Investing cash flow | -$583.77K | -$1.54M | -$3.58M | -$11.86M | -$28.92M | +62.2% |
| Financing cash flow | $14.96M | $4.62M | $10.14M | $21.46M | $36.88M | +223.6% |
| Free cash flow | -$9.22M | -$10.00M | -$17.13M | -$9.81M | -$12.03M | +7.8% |
| End cash position | $13.07M | $7.68M | $13.30M | $20.59M | $20.57M | +70.2% |
Options analytics
Put / call volume
0.27
Call-heavy session
Put / call open interest
0.43
Positioning, not flow
Max pain
5.00
+93.1% from spot
ATM implied vol
0.0%
Nearest strike to spot
Skew (10% OTM)
-12.5%
Calls bid over puts
Call volume
157
Contracts, this expiry
Put volume
42
Contracts, this expiry
Heaviest call OI
10.00
54 contracts
Heaviest put OI
5.00
27 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Sep 2025 | -0.08 | -0.18 | -123.8% |
| Jun 2025 | -0.08 | 0.26 | +423.5% |
| Mar 2025 | -0.08 | -0.49 | -516.0% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | — | — | $0 | — |
| Next quarter | — | — | $0 | — |
| Current year | -1.42 | 1 | $10.93M | -32.4% |
| Next year | -0.53 | 1 | $22.00M | +101.3% |
Analyst targets & ownership
Mean target$7.00
High target$7.00
Low target$7.00
Implied upside170.27%
Analyst count1
ConsensusNONE
Strong buy / Buy0 / 1
Hold0
Sell / Strong sell0 / 0
Held by insiders8.24%
Held by institutions22.53%
Institutions holding112
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
2.52
+2.78% from price
SMA 20
2.44
+5.97% from price
SMA 50
2.57
+0.79% from price
SMA 100
3.13
-17.24% from price
SMA 200
3.05
-14.99% from price
EMA 12
2.52
+2.69% from price
EMA 26
2.52
+2.73% from price
EMA 50
2.63
-1.56% from price
RSI (14)
54.3
Neutral
MACD (12,26,9)
0.00
Hist 0.03
ATR (14)
0.11
4.16% of price
Realised vol 30D
42.6%
Annualised
Bollinger upper
2.64
20, 2σ
Bollinger lower
2.25
20, 2σ
50 / 200 cross
Death
2.57 vs 3.05
Trend bias
Below 200
-14.99%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
3.77
More volatile than market
Correlation to SPY
0.50
Loosely linked
Realised vol 30D
42.6%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-62.9%
Peak to trough
Max drawdown 5Y
-96.8%
Peak to trough
ATR 14
0.11
4.16% of price
Beta (reported)
2.33
5Y monthly, from filing
Short interest
Shares short
6.55M
Prior 6.42M
Change vs prior
+2.0%
Shorts adding
% of float
15.12%
Elevated
% of shares out
14.15%
Against total outstanding
Days to cover
9.1
Crowded exit
Float
43.20M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 8, 26 | Litchfield Hills | MAINTAINED | Buy | Buy |
| Mar 18, 25 | Benchmark | MAINTAINED | Buy | Buy |
| Dec 19, 24 | Benchmark | UPGRADE | Speculative Buy | Buy |
| Aug 13, 24 | Benchmark | MAINTAINED | Speculative Buy | Speculative Buy |
| May 17, 24 | Benchmark | MAINTAINED | Speculative Buy | Speculative Buy |
| Apr 16, 24 | Benchmark | MAINTAINED | Speculative Buy | Speculative Buy |
| Nov 30, 23 | Benchmark | INITIATED | — | Speculative Buy |
| Nov 22, 21 | Alliance Global Partners | MAINTAINED | — | Buy |
| Oct 18, 21 | Alliance Global Partners | INITIATED | — | Buy |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio—
Ex-dividend date—
Next pay date—
Last split1:8
Split dateJun 23, 2025
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-09-30
Corporate Changes & Voting Matters
8-K · 2026-09-11
Corporate Changes & Voting Matters
8-K · 2026-08-13
Corporate Changes & Voting Matters
8-K · 2026-07-24
Corporate Changes & Voting Matters
8-K · 2026-06-26
Corporate Changes & Voting Matters
8-K · 2026-06-24
Corporate Changes & Voting Matters
8-K · 2026-06-09
Corporate Changes & Voting Matters
8-K · 2026-05-21
Headlines
KULR Secures Over $1 Million in Battery Purchase Orders Supporting Drone Dominance Program
GlobeNewswire · 6d ago
KULR Tech (KULR) Bets Big On Drones While Bitcoin Losses Bite
Insider Monkey · 41d ago
KULR (KULR) Q2 2026 Earnings Call Transcript
Motley Fool · 47d ago
KULR Technology Group, Inc. Q2 2026 Earnings Call Summary
Moby · 54d ago
KULR Technology Group Q2 Earnings Call Highlights
MarketBeat · 54d ago
KULR Technology Group Inc (KULR) (Q2 2026) Earnings Call Highlights: Strategic Pivot to Core ...
GuruFocus.com · 54d ago
KULR Technology Q2 Swings to Loss, Revenue Declines; Shares Fall After Hours
MT Newswires · 54d ago
KULR Technology Group Sets Second Quarter 2026 Earnings Call for Thursday, August 13, 2026 at 4:30 p.m. ET
GlobeNewswire · 62d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.