Convertibles/preferred: none outstanding — zero weight from the heaviest component. Warrant overhang: 6,000,000 pre-split warrants (1,200,000 post-split) carry FULL-RATCHET anti-dilution plus semi-annual periodic exercise-price resets in which the share count increases proportionately so the US$33.0M aggregate exercise proceeds stay constant — at the US$0.87 Initial Exercise Price Floor (US$4.35 post-split) they become 7,586,207 post-split shares, or roughly 1,275% of the 594,834 estimated float. That is the entire risk story. It is materially discounted right now because even the floor strike of US$4.35 sits ~2.2x above the US$1.96 market, so exercise is currently uneconomic and no shares can be forced onto the tape. The structure is, however, engineered so that any price rally into the US$4.35+ zone releases up to 8.5x the outstanding share count of registered, free-trading stock — a hard ceiling on momentum. Recent activity is high: US$6.0M unit deal closed 2026-05-13, resale registration effective 2026-06-18 (unlocking the US$2.0M escrow tranche), reverse split 2026-08-06. Historical pattern is poor: two reverse splits in 12 months and a Nasdaq minimum-bid/public-holder compliance cycle in 2025. Score held at 6 rather than 8+ because there is no live, in-the-money mechanism that can print shares today.