How do you do your due diligence on small cap stocks?

New to trading and I am setting aside $10k of my portfolio for risky small caps.

I am trying to build a structured checklist, to learn, not looking for stock picks... yet.

For those who consistently trade risky names:

• What do you look at that most retail ignores? (be specific)
• What instantly makes you avoid a penny stock?
• What are the things you check before buying?
• How do you spot early catalysts before volume spikes?

Bullet points appreciated