Bottom-up check only.
Data-service feed, fetched today. The number TradingView and most screeners show.
Your screener is showing a float that no longer exists. Trade off 720.0K shares.
The float your screener shows is understated 12%: 642.7K reported, 720.0K actual. 1 floorless convertible note and 5 reverse splits can add another 1,968% of the float.
Variable-rate convertible with auto-resetting floor (death spiral). The September 10, 2026 senior secured notes carry $11,596,173 of principal convertible at the LOWER of $3.12 or 80% of the lowest daily VWAP across the preceding 15 trading days, subject to a $0.624…
Preferred stock conversion overhang — 90% of fully-diluted equity. 694,679 Series A Convertible Preferred shares issued as Lokahi merger consideration convert into whatever number of common shares leaves former Lokahi holders at 90.0% of fully-diluted equity, with l…
ELOC capacity and at-market commitment warrant vastly exceeding market cap. Two active equity lines total $70,000,000 of capacity ($20M Sixth Borough with ~$17.6M undrawn, $50M White Lion fully undrawn) against a $2,035,000 market cap — 34x.
From today's float to the ceiling
sharesCeiling computed from the itemised overhang.
Where the shares come from
each subtotal is a rung on the ladder above
Not counted anywhere: ATM and shelf capacity. Convertible share counts use stated conversion prices.
Engine fully-diluted count (14.97M) is below the itemised overhang; ceiling computed from the rows.
See the full breakdown
Red flags, financing counterparties, the deal timeline, and every SEC filing — free with an account.
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Market data as of Sep 24, 2026
Key dates
- Sep 20, 2026 · Required filing date for the September 2026 notes/warrants resale registration — miss triggers $250,000 of Penalty Shares priced at the LOWEST traded price sin…
- Oct 25, 2026 · Required effectiveness date for that registration — ~8.5M shares become resale-registered; further $250,000/30-day share penalties accrue thereafter, capped at…
- Nov 30, 2026 · First $500,000 Alto note amortization installment due against ~$1.1M of cash — stock settlement via the $2.98 conversion is the realistic path; three more foll…
- Dec 9, 2026 · Approximate date on which 10 consecutive sub-floor trading days could first trigger the automatic downward Floor Price reset on the September notes if the stoc…