I agree that the share count doesn't inlclude warrants that haven't been exercised yet. If I misconveyed that, my apologies. As I decipher the S&L holdings, I'm posting what I find, and my early posts might not have as complete a picture.

However, the share counts do included warrants that have been exercised. Furthermore, by agreement, S&L can't exercise warrants if it would put them over 9.99% ownership. This means that they can't even exercise and then immediately sell those shares. The way to confirm that is to look at the warrants converted table, and you'll see that if you add up their warrants converted, it is essentally equal to the number of shares they report as holding.

Also, this should also mean that unless PTSC's total outstanding share count increases, S&L is essentially maxed out on their available warrants as depending on where you look they are between 8.56 and 9.99 percent ownership currently.

Logically, S&L would have to sell some of their current shares BEFORE they converted any new warrants, and I while I'm not sure, I believe those sales would have to be reported. Worse case, the total of Swartz & Lincolns warrants exercised can be gotten from the next filings warrant table and then compared to the holdings reported and we can see if they have sold any. But per agreement, technically, I think they have to sell shares first BEFORE they can convert additional warrants to shares.