No ... the 48.6% represents their ownership in WSCG Inc.
If you take 27.5%(the original Valuation percentage) of $17 Million plus $45 Million, you get $17,050,000 and such is reflected on the balance sheet ending on 3/31 based on the original valuation and before final payment.
After final payment, post 3/31 ...the $45 Million is excluded and the ownership in WSCG increases to 48.6%. So instead of owning 27.5% of a $62 Million valuation(17 Million), they now own 48.6% of a $17 Million valuation($8.2 Million). Of which...76% was transferred out.
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