Look at this

Every one of these offerings is paid for out of the company the shareholders already own. This is what the raising has cost them so far — counting only what the filings actually state.

$

Reading the filings…

Stated in the filings

Placement agent fees, agent expenses, and legal and offering expenses, exactly as each filing gives them. Every figure is a floor: costs a document does not disclose are not in it.

Calculated on top

Filings that do state their offering expenses give a ratio to the money raised. The middle of those ratios is applied to the filings that state nothing. Method and sample size below.