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That 260000 free shares hurts.

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The math doesn't support your speculation

993,071 - 763,230 = 229,841 not 260,000

Actually if you read the 10-Q, you find the issues shares were used for something completely different. Something mo' better.

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Series C Preferred Shares Redeemed in Exchange for Common Shares

On December 29, 2023, the Company issued 3,000 Series C Preferred Shares to an institutional investor pursuant to a securities purchase agreement and certificate of designation previously filed. The Series C Preferred Shares carried a 10% annual dividend.

Subsequent to September 30, 2024, the Company redeemed 895 Series C Preferred Shares in exchange for 196,856 common shares to fully redeem the Series C Preferred Shares that were outstanding. On October 14, 2024, the Company redeemed 187 Series C Preferred Shares in exchange for 32,913 common shares to fully repay the amount accrued for preferred dividends. The transaction was done at the Nasdaq at-the-market price. No broker was involved in the transaction and no fees or commissions were paid or incurred by the Company.

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I like my facts better than speculation as 196,856 + 32,913 = 229,769 which is really close to the 229,841 increase.

Bah-Bye preferred shares. They were a known overhang anyway so nothing has changed.