"S & L are one entity for reporting purposes"

But if they are one entity for reporting purposes then they need to "report" any changes in their ownership. Anyhow this is how i see it.

Also yes they cant convert any of their warrants without going over the 9.99% mark unless they sell shares which is the whole root of this conversation. There have not been any SEC filings to support this theory that they are selling shares shares,  then converting warrants to replace those shares they just sold. No SEC filings for sales, No SEC filing for warrant conversion, yet their position grows from 30M to 36M? Go figure.