Scored purely on pending share supply, not on the company's condition. CONVERTIBLES/PREFERREDS (40% weight) = near zero: no convertible notes on the balance sheet (10-Q anti-dilutive potential shares = 1,294 total), zero preferred outstanding, no variable-rate or floating-discount mechanism anywhere in the filings. The DEF 14A's generic 'outstanding convertible notes' reference is unsupported boilerplate. WARRANT OVERHANG (30% weight) = near zero: the only live warrants are 1,294 Representative's Warrants at a $400 strike against a $1.73 tape — 231x out of the money, no reset or anti-dilution repricing disclosed, and they represent 0.08% of float even if exercised. The 571,912 dilutive 2025 Warrants are already gone (fully cashless-exercised into 410,982 shares before 2025-12-31) and are baked into the current count. RECENT ACTIVITY (20% weight) = elevated historically but currently dormant: the company raised $6.9M (June 2025 registered direct) and $11.0M (September 2025 PIPE, 687,500 shares = 42% of today's outstanding) within a four-month window, but XBRL share_count_delta shows ZERO new shares issued from 2025-12-18 through 2026-07-23 — three consecutive cover dates at 1,632,386. Issuance has been frozen for eight months. HISTORICAL PATTERN (10% weight) = maximum: two reverse splits in four months (1-for-5 July 2025, 1-for-20 November 2025 = 100:1 cumulative), a third authorized June 17, 2026 at up to 1-for-100, plus a 72.8% APR Agile Capital merchant-cash-advance loan — a classic distressed-issuer profile. The structure TODAY is clean of toxic conversion machinery, which caps the score in the middle of the range; the score is not lower because the shelf-less, cash-less issuer has an authorized-share runway of 300M against 1.6M outstanding and a demonstrated ~4-month financing cadence, making a new dilutive raise the most likely next corporate action even though no instrument exists to price it today.