A $31.5M prepaid-forward convertible signed 2026-07-03 with Smart Mart Limited converts at the LOWER of 50% of the SPA-date close or 50% of the lowest close over the trailing 180 trading days, floored at $0.20 — a textbook floorless/death-spiral mechanic. The company has registered 157,500,000 shares for that instrument's resale, equal to roughly 49x the estimated 3.2 million tradeable float and 4.1x current shares outstanding. Layered on top: a $100,000,000 ATM signed 2026-06-01 with zero drawn (≈60.6 million shares at $1.65, and far more at lower prices), $589 million of remaining shelf capacity against a ~$79 million market cap, and 444,444 near-zero-strike pre-funded warrants. Recent activity is relentless — a $22.50 pre-funded warrant deal in January, a 1-for-150 reverse split in February, a $0.38 registered direct in April at an ~82% discount to the $2.07 market price, a $1.00 PIPE in May whose warrants immediately cashless-exercised into 31.5 million shares, an ATM in June, and the toxic convert in July. Five reverse splits since 2021 (1:4, 1:20, 1:25, 1:8, 1:150 — cumulative ~600,000:1) confirm a repeating dilute-and-consolidate cycle. Every scoring component is at or near maximum.