Correct and as of 8/20/2014 he has ~18,000,000 shares unlocked.
Remember May 20, 2014 is the Effective Date.
With that said the shares he is currently disposing of do not seem to be from this batch of 29,000,000. Must be from the options or other purchases.
If it where me I would be taking the cash now, he will profit $4,900,000 by selling what he can at ~$.24.
Remember the 29,000,000 shares where purchased at $.10 and the options I believe ended up being around $.18.
Scary thought if he is letting go of the options at $.06pps profit, he might do the same with the 29,000,000 watts might see his $.16-$.18 yet.