Against a tradeable float of ~3.5M shares, VTAK carries 21,438 shares of preferred stock across four floating-price series (C-1, C-2, C-3, D) whose conversion prices reset to 80% of the Applicable Price — a textbook death-spiral ratchet — with a $0.35 floor the Company MAY WAIVE IN ITS SOLE DISCRETION, meaning the floor is not a floor. At the $0.35 floor these four series alone convert into 61,251,429 shares, or 17.5x the entire current float; at the stock's actual $0.58 price the C-series converts near $0.464 (20% discount), and every tick lower creates proportionally more shares. The reset mechanics are cross-contaminating: C-2 and C-3 reset to the LOWEST conversion price of ANY outstanding preferred, so one series ratcheting drags the others down with it. The resale registration went effective 2026-07-10, so all 68,067,042 underlying shares are free-trading the instant they are issued — there is no registration gate left, only the 4.99%/9.99% blockers, which throttle per-holder timing but not aggregate supply. The Series C-3 tranche closed on the assessment date itself (8-K filed 2026-07-15), and the 2026-06-28 Amendment and Waiver deleted the $0.35 minimum-price closing condition entirely and bound purchasers IRREVOCABLY — the financing keeps funding regardless of how far the stock falls, which is the structural signature of a lender indifferent to price because their conversion price follows it down. Beyond that sits a Series C-4 additional investment right for up to $77,806,668 of stated value at the purchasers' SOLE DISCRETION — 222M+ shares at the floor, roughly 63x the float, on a company with a $2.1M market cap. Recent activity confirms the mechanism is live, not theoretical: shares outstanding grew 34.1% in the nine weeks from 2026-05-08 to 2026-07-10, and a Board-approved reverse split of up to 1-for-100 is authorized and unexercised, ready to reset the share count for the next cycle. Historical pattern is four reverse splits since 2020 (1:25, 1:50, 1:10, 1:19 — cumulative ~237,500:1) with the share count rebuilding after each. The only mitigating structure is the warrant book, which is almost entirely dead (Series K at $13.30, L at $9.50, J at $19.00 against a $0.58 stock — 16x to 33x out of the money, worthless absent a reverse split). That single clean component cannot move a score anchored by 61M+ shares of actively-resetting, already-registered, cross-ratcheting convertible supply against a 3.5M float.