Dominated by the Streeterville Series C variable-rate convertible preferred: only $6.99M of a $30M commitment is drawn, and the conversion mechanism flips to floating (90% of lowest 10-day VWAP) on the earlier of ~2026-11-20 (six months post-listing), a Trigger Event, or default — a classic death-spiral toggle. Even at the current $4.00 floor the outstanding 7,000 preferred shares convert to ~1.9M shares (36% of the 5.34M float), and 8,750,000 Streeterville resale shares are already registered and effective (333-297139), representing ~164% of float once issued. Warrant overhang (3.5M Streeterville at $3.00 temp strike, 555K legacy at $3.35, note warrants at $10+) is currently out-of-the-money vs $1.87, tempering the warrant component. Recent activity is intense (direct listing, Series C draws, repeated downward warrant repricings, multiple resale registrations) and the counterparty (Streeterville/John Fife) plus a Jan 2026 reverse split establish a serial-dilution pattern.