PROJECT III — OOS-06 IS FROZEN. NOW WE WAIT. Another day. Another observation captured before the outcome. Today, October 21, Project III automatically captured SOUN's borrow structure at 9:41:36 AM ET. The evidence passed verification. Borrow Fee: 1.3747% Previous: 1.3907% Fee: −0.0160 percentage points Shares Available: 450,000 Rebate: +2.5053% The physical source file was independently hash-verified. That makes today's observation OOS-06. And now comes the important part: The frozen measurement window points to +60 minutes, but the SIP market data is still inside our provider's recent-data restriction. So Project III did exactly what it was designed to do: It refused to fill in the blank. No prediction added afterward. No substituted data. No changing the horizon. No tuning the model while we wait. WHERE WE STAND 5/20 OOS observations VERIFIED. OOS-06 borrow state VERIFIED + FROZEN. +60 outcome: PENDING. Once the independent market tape becomes available, the machine will retrieve it and record whatever actually happened. Good or bad. Because we're not trying to prove Project III right. We're trying to find out if it is. 14 more observations will remain after OOS-06 is completed. Then, at 20/20, Candidate 1 faces the test it was built for. $SOUN is the sandbox. $GME & $AMC are the mission. The market is the end game. PROJECT III READ BETWEEN THE LINES. The machine is on. Frozen before the outcome.