http://www.sec.gov/Archives/edgar/data/836564/000110465907009211/a07-3710_1sc13ga.htm

From the same filing I think you're referencing (link above), I think it shows that Lincoln and Swartz TOGETHER owned/controlled 38M shares, (not each separately).   See the complete wording of the paragraph below:

Shared Voting Power
38,092,451 *

* Lincoln Ventures, LLC (“Lincoln”) and Swartz Private Equity, LLC (“SPE,” collectively the “Reporting Persons”), each hold Warrants to purchase common stock of the company. The documents governing the terms of the Warrants contain a provision prohibiting Lincoln and SPE, as applicable, from exercising warrants for shares of Common Stock if doing so would result in the Reporting Persons and their affiliates beneficially owning shares of Common Stock that represent more than 9.99% of the outstanding shares of Common Stock as determined under Section 13(d) of the Securities Exchange Act of 1934.   As a result, the Reporting Persons did not beneficially own more than 9.99% of the outstanding Common Stock.  This number assumes that Lincoln Ventures, LLC and Swartz Private Equity, LLC may be deemed to be affiliated and under common control.