Pending supply is roughly 5x the current float and the conversion mechanism is fully variable. Series C-1/C-2/C-3/C-4 and Series D preferred all convert at 80% of a resetting market price with a $0.35 floor the Company may WAIVE in its sole discretion — and the Series D floor has already been cut to $0.23 while the stock trades at $0.2007, proving the floor is not a real limit. The registered resale pool alone is 68,067,042 shares against a ~15.9M float, and the prospectus itself states maximum conversion would represent 96.2% of the company, i.e. 25.3x the outstanding share count. Realized dilution confirms the mechanism is live: shares outstanding rose 434.5% in three months (2,692,473 → 14,391,944) and again to ~18.97M in the following weeks. On top of that sit two floating 25%-discount convertible notes from known toxic funders maturing 2026-09-30 and an untapped $77.8M Series C-4 Additional Investment Right. Warrant overhang is the only benign component (all strikes $1.56–$2,660 vs $0.20, deeply out of the money, no reset), which slightly moderates the weighted math but cannot offset an actively converting variable-rate stack of this size.