Pending share supply is roughly 13x the tradeable float. Three separate mechanisms can each independently exceed the entire float: (1) the LC2-NNN/Loci Capital preferred redemption obligation of ~$7.96M, redeemable into GIP LP Units priced at a 15% DISCOUNT to the 30-day average market price and convertible 1:1 into common — at $0.37 that is ~25 million shares against a 2.58M float, with the mandatory redemption date already passed (2026-08-31); (2) the 2,382,500 June 2026 common warrants whose full-reset anti-dilution provision was triggered by the July 9 reverse split, ratcheting the strike toward the $0.562 post-split floor and proportionately increasing the count to roughly 8.9 million shares — only 51% above the current $0.37 print, i.e. near-the-money on any bounce; (3) the Silverback Capital variable-rate note converting at 80% of the three lowest trading prices in the trailing ten days, with 134,683 split-adjusted shares still reserved and a 19.9% exchange cap. Actual issuance activity is violent and ongoing: shares outstanding rose from 1,030,402 on 2026-07-09 to 3,038,140 on 2026-08-25 (+195% in six weeks) and are up ~458% split-adjusted year over year. Historical pattern adds two reverse splits (1:4 in 2020, 1:10 in 2026) and a known toxic convertible funder. The only mitigant is the block of legacy warrants struck at $100–$200 post-split, which are dead.