That is how I read it. 22,732,380 warrants were exercised--and it says that 22,459,880 common shares "to be purchased on a cashless basis"--I wonder if that means that S&L now have 22,458,880 common shares that they did not have to pay for? I guess if that is true we can at leasst be thankful that they are out of the cofffer. I was also wondering if those are shares that could be used to purchase another co.? GL, ads

During the six months ended November 30, 2006, we issued no warrants to purchase shares of common stock, investors exercised warrants to purchase 272,500 shares of common stock for proceeds of $72,250 and the Company had investors exercise warrants of 22,732,380 to purchase 22,459,880 shares of common stock on a cashless basis.