Every component of the framework is maxed. (1) Convertibles/preferred: Series B Preferred ($10M stated value, 200 shares) converts at a price that RESETS to market — Stockholder Approval was obtained 2026-06-24 and the resale registration is effective, so the reset is live and the deliverable share count rises as the price falls; it auto-converts on registration effectiveness. (2) Warrants: 701,746 February 2026 Common Warrants carry a Black-Scholes cashless EXCHANGE priced off the LOWER of the two prior closing bid prices with a $0.01 floor. Their nominal $266.25 strike is irrelevant — the Monte Carlo carrying value went from $25.4M at inception to $124.4M at 6/30/26 while the stock was ~12.5x out of the money on price, which is the market telling you the exchange feature, not the strike, governs. That $124.4M of value must be delivered in shares against a company whose entire market cap is a fraction of it. (3) Recent activity: 1,344,969 shares (+80.8%) issued in the 17 days ended 8/31/26 from S-8, Series B conversion and Common/Pre-Funded Warrant exercises; $8.07M of ELOC draws in H1 2026; 191,745 ELOC shares issued in six months. (4) History: two reverse splits (1-for-8 in 2024, 1-for-125 in 2026), an Esousa equity line, PIPE-on-PIPE cadence, and a board that repriced the CEO's warrant from $1.50 to $0.5124. Split-adjusted shares outstanding are up ~5,200% in twelve months. This is a live, self-reinforcing death-spiral structure, not a legacy one.