When warrants are converted, shares are issued. It is not possible to know what S&L did with those shares until the next filing. All that is known as a fact is that from the filed holding of 32,248,173 shares, PTSC are purchasing 7,000,000 warrants and 16,845,100 warrants have since been converted. This gives a maximum holding for S&L of 25,248,173* shares.

S&L's holdings would reduce if some of the warrants were used in the cashless conversion of other warrants and/or they sold. We do not know what they have done yet.

In theory, S&L could hold anything from 25,248,173* shares down to nil.

(* unless they've been buying, but only before the warrant repurchase was announced as they are precluded from buying as long as PTSC are purchasing the warrants).

Be well