The $7,000,000 January 2026 Notes convert at the LOWER of $5.715 (post-split initial), 85% of the 5-day VWAP, or 85% of the prior-day close, with a post-split floor of only $1.143 against a $3.70 market — a textbook floorless-in-practice death spiral, since the floor sits 69% below market and the discount leg is what actually prices. The resale shares are already registered (6,736,658 post-split, ~12.5x the entire 540,841 float), so conversion-to-tape requires only a notice and a broker. The mechanism is demonstrably live: the identically-structured $12M September 2025 Notes went from issuance to FULL conversion in about four months and forced two reverse splits (1:5 on 2026-01-12, 1:4.5 on 2026-04-13) in the process. Add $4.91M of PGC/Dunstan notes convertible at a 10% VWAP discount (1,213,333 post-split shares, currently gated by a $6.12 floor that activates on any price recovery) and 251,257 post-split Class A/B Special Shares converting 1:1. Total identified pending supply is ~8.2M shares against a 540K float — 1,516%. The only reason this is a 9 and not a 10 is that no warrant overhang was identified (that 30% component scores 0), and the PGC/Dunstan floor is currently above market.