Pending supply of ~15.2M shares equals ~156% of the ~9.7M tradeable float. The single dominant driver is 5,524,000 pre-funded warrants at $0.0001 — economically issued stock, registered and exercisable now, equal to 57% of float, held by offering buyers with an average cost basis of $0.28 versus a $0.2588 market price. Layered on top: 7,144,000 common warrants struck at $0.28 (essentially at-the-money at $0.2588, i.e., a ~8% move away from being in the money) that carry full-ratchet dilutive-issuance resets AND a Share Combination Event reset to the lowest VWAP around any reverse split down to a $0.08 floor with a proportionate INCREASE in warrant share count — meaning the board-approved 1-for-2 to 1-for-2,000 reverse split (must be effected before 12/2/2026 for Nasdaq bid-price compliance) will mechanically multiply the warrant share count rather than shrink it. Add a still-live variable-rate convertible note with a $0.47 floor (267K+ shares at floor), a Streeterville pre-paid purchase facility with ~$0.86M–$8.0M of remaining commitment priced at 80% of the lowest 10-day VWAP that resumes when the 75-day standstill lapses on ~10/27/2026, and a $25,000 Supplemental Pre-Delivery Purchase Amount Streeterville may unilaterally apply at $0.01/share for up to 2,500,000 shares (26% of float) that the company cannot pay off in cash. Realized dilution corroborates the structure: shares outstanding went 2,083,327 (3/2025) to 14,450,323 (8/2026), a 594% increase post-reverse-split, including +37.3% in the last quarter alone. Authorized capacity was raised 22x to 1,000,000,000 with par cut to $0.0001, removing the only structural brake. Not a 10 only because the $0.28 warrants are marginally out of the money today and Streeterville is temporarily standstill'd.