Score is driven almost entirely by two supply mechanisms and explicitly NOT by fundamentals. (1) Convertible/preferred component (40% weight, sub-score 6): there are no floating-rate death-spiral notes and the Series A conversion price is fixed at $2.058 (3.2x above the $0.64 market) with a Nasdaq Minimum Price floor — but the 258,144 pre-funded warrants are prepaid at $0.001, so the holders receive 2,429,523 common shares regardless of price. That is 14.3% of float, resale-registered since November 2025, no expiration, exercisable any day, at essentially zero cost. Series A anti-dilution protection means sub-$2.058 ELOC issuances can ratchet that count higher. (2) Warrant overhang component (30% weight, sub-score 1): 2,496,198 common warrants at a $4.06 weighted-average strike against a $0.64 stock — every tranche is 2.7x to 11x out of the money with no reset provisions, so this is near-zero actionable risk; the 1,071,430 $7.00 warrants expire September 2026 and will simply lapse. (3) Recent activity component (20% weight, sub-score 7): the company is actively issuing — $5M PIPE (Sep 2025), $11.04M underwritten offering at $2.50 (Nov 2025), a $40M ELOC signed May 2026 and commenced June 2026 with first draws already executed, and 28.4% share-count growth over twelve months. (4) Historical pattern component (10% weight, sub-score 6): five historical reverse splits (1:200, 1:100, 1:10, 1:10, 1:14.5), a demonstrated every-few-months financing cadence, and an open Nasdaq minimum-bid deficiency that management says may be cured with another reverse split. Weighted result ~5.5, rounded up to 6 because the ELOC's registered share count (38.46M) is 178% of shares outstanding and the near-term Exchange Cap alone (4,272,062 shares) plus the pre-funded warrants equals ~40% of current float. Not an 8-10 because the ELOC is company-discretionary (not a lender-controlled floating convert), is hard-capped at 19.999% absent shareholder approval, has a $0.50 price threshold that the $0.64 stock is only 22% above, and draws to date have been trivial (19,609 shares).