Every driver is maxed. (1) Convertibles/preferreds: Hexstone's Series C converts at 85% of the LOWEST trading price over a rolling measuring period — a classic floating-rate death spiral — and the nominal $12.50 post-split floor is Board-adjustable and has demonstrably been overridden (100 shares converted into 8,000,000 pre-split common at ~$0.125 versus a stated $0.50 floor). The ~100 Series C shares still outstanding alone convert into ~891,000 shares, 28% of the reported float. A defaulted GS Capital note converts at 60% of the lowest bid with no floor. (2) Warrant overhang: the 9,700 remaining Series C warrants are not price-sensitive in the normal sense — each $10,000 exercise buys $10,000 of stated value convertible at a 15% discount, so they are structurally in-the-money at ANY stock price and Hexstone has exercised on a near-monthly cadence ($2,000,000 across Feb/Mar/Apr 2026). Full exercise would fund ~86.5M shares against a 3.1M float. The only genuinely benign warrants are the 1,200 D. Boral placement-agent warrants at a $100 post-split strike. (3) Recent activity: continuous — Series C conversions in Jan, Mar and Apr 2026, warrant exercises Feb/Mar/Apr 2026, a Crown Bridge debt-for-equity exchange in Jan 2026, and a 33,000,000 pre-split insider/consultant share grant issued 2026-04-28. Shares outstanding rose 259% between Feb and May 2026 pre-split, then another 54% in the seven weeks AFTER the 1-for-25 reverse split. (4) History: six reverse splits since 2017 (cumulative ~1.875 x 10^17 : 1), and a counterparty roster of GS Capital, ONE44, 104 LLC, Geebis, 1800 Diagonal and Crown Bridge (SEC-sued as an unregistered dealer). This is the textbook post-reverse-split reset pattern with the toxic instrument still live.