<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 owned 32+ Million shares.  They had warrants to buy approximately an additional 20+ million shares, but they had to stay under the 9.99% ownership level.  Thus they could own as many as 38 to 40 million shares and still have PTSC purchase the 7 million which were left to convert. 

You are mistakenly subtracting warrants from existing share levels.

If JT is correctly reporting their ownership as 8% then they may have sold all warrants converted since the Feb information was available.