Unfortunately it is incorrect. I'm guessing they are confused about the "Fully Diluted Outstanding" which is when you add in all the Common conversions that are possible so you know that there is enough Authorized to cover it all even if they all converted at once.
Preferred can't be counted both as Preferred and as "reserved" Common at the same time. That makes no sense whatsoever.
Unless one was making things up trying to trivialize or explain away the mystery shares that are in the Outstanding.
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