As of November 30, 2006, we had warrants outstanding to purchase 29,921,015 ....

Wasn't this warrant number around 52,000,000 at the end of the previous reporting period?

...the Company had investors exercise warrants of 22,732,380 to purchase 22,459,880 shares of common stock on a cashless basis.

This looks like good progress on the warrant issue to me!