The weighted sub-score arithmetic alone would produce ~4, but the calibration rule for a live, large-scale issuance mechanism relative to float overrides it. Five days before this assessment the company signed a NEW at-the-market program with Pacific Century Securities for $35,280,213.01 — registering up to 22,615,521 Class A shares at an assumed $1.56, equal to 8.1x the 2,787,958-share tradeable float and roughly 7.5x the $4.7M market capitalization.

This is not theoretical capacity: the company just demonstrated it will use an ATM at maximum velocity, selling 2,775,000 split-adjusted shares for ~$30.9M net in under three months (April–June 2026) — a share count equal to 94% of everything currently outstanding. An ATM issues at prevailing market with no floor, so it behaves like an at-market convertible for supply purposes. Offsetting factors keep this off 9-10: there are NO convertible notes outstanding (confirmed at 2026-06-30), NO preferred issued, and the only warrant is 20 shares at a $16,000 strike against a $1.49 stock — effectively worthless. The only fixed-conversion overhang is 203,456 insider-held Class B shares convertible 1:1 (7.3% of float), which would still face Rule 144 affiliate volume limits on resale.