QS Energy Inc (QSEP)

[As I See It]

I asked for proof that:

A substantial portion of the increase of the outstanding shares in the last decade has come through the issuance of warrants and stock options to MANAGEMENT, but a substantial portion of that increase has over time been sold off or expired out-of-the-money.

You still have given me no proof that MANAGEMENT has been the recipient of a "substantial portion" of these shares. Everybody knows that STWA has constantly raised money through the issuance of convertible debt with warrants attached. This has been accomplished through a number of private placements to INVESTORS. This is not in dispute.

Your statement further implies that MANAGEMENT has sold off a "substantial portion" of their warrants and stock options. You have no proof of this. In fact, the lack of FORM 4s and the 10K that still shows Kyte and Bigger's stock options unexercised directly refutes your argument.