Every component of the framework is maxed out. (1) Convertibles/preferreds: 2,678 shares of Series A Convertible Preferred at $1,000 stated value with a conversion price that has ratcheted from $50.00 → $21.60 → $2.76 → $1.00 in sixteen months, plus a Make-Whole Amount converting at 90% of the lowest 5-day VWAP that the company itself says it cannot quantify. At the new $1.00 conversion price, stated value alone converts into ~2,678,000 Class A shares against a ~1.83M float — 146% of float from one instrument, before make-whole and dividend shares. The $35.00 floor price that nominally protected shareholders was overridden by the reset mechanics. (2) Warrant overhang: the dilutive-securities table already shows 1,457,315 common-equivalent shares from Series A preferred warrants — 79% of float — and those warrants are being exchanged into new Series B preferred warrants with $1.5M/$1.5M/$2.0M forced-exercise tranches, each of which converts at $1.00 with full-ratchet and 30-day VWAP resets. (3) Recent activity: 1,058,144 Class A shares issued on conversion of 2,680 preferred in H1 2026, 97,212 shares issued in lieu of $5,354,718 of cash dividends, and 254,619 more shares in the six weeks to 2026-08-14 — issuance is continuous and accelerating, and shares outstanding rose 110% in four months. (4) Historical pattern: two reverse splits in nine months (1-for-50 on 2025-06-23, 1-for-10 on 2026-03-27, a cumulative 1-for-500), a $20M ELOC awaiting shareholder approval, an undrawn baby shelf, and a pending Polymath amalgamation that would issue Series C preferred convertible into as much as ~144 million Class A shares at $0.9695 — roughly 75x the entire current share count — plus 19.9% of Class A in straight stock at closing. There is no scenario in the current structure where the float does not multiply.