Floor pan rust!

it looks ok.

brobably just clean and paint.

Only spot were metal could be kind of thin is darker areas.
i had one in trunk, when i cleaned it, i discovered small hole, smaller tham my pinky :)

if you start restoring your car, do door test to see if frame is still stiff, jack up one corner and see if doors still open easily.

BTW these things are way better than wirewheel.