Score is driven almost entirely by warrant overhang and active issuance, not by convertibles — the convertible/preferred component is essentially zero because every convertible note was extinguished during 2025 and every preferred series was converted or redeemed (Series C redeemed for $922,400 cash on 2026-06-03; zero preferred outstanding as of 2026-08-17). What remains is a 1,371,135-share pre-funded warrant block struck at $0.00001–$0.001, equal to 83% of the tradeable float and exercisable at will subject only to 9.99% blockers; these warrants have been converting into float continuously (+192,408 shares, +12.8%, in the single quarter to 2026-08-11). Layered on top: 1,667,000 October 2025 PIPE warrants whose exercise price has ALREADY been ratcheted once from $12.00 to a $4.99–$6.84 floor by a down-round provision (a demonstrated, live reset mechanism sitting just above the $4.03 market), roughly 1,205,000 additional undisclosed warrants at a ~$6.90 weighted strike, and a brand-new $2,229,000 ATM signed 2026-08-18 that is fully undrawn and equal to ~738,079 shares, or 45% of the float, at recent prices. Score is capped at 7 rather than 9-10 because the single largest supply event — the Metaplanet subscription for 44,859,400 shares plus 391,000,000 warrant shares — is contingent on a Q4 2026 stockholder vote and carries a 5-year lock-up on the Metaplanet block itself; it is a scheduled structural event rather than a mechanism currently grinding shares into the tape. Historical pattern is maximally adverse (three reverse splits totaling ~1-for-9,600, 1800 Diagonal Lending variable-rate paper, Agile Capital confessed-judgment notes at 42% effective rates, two terminated ELOCs, and a 40%-coupon related-party note) but that is context, not the current driver.