Ah, sorry about that. Serves me right for not going back to look.
But didn't he also say he thought it was around 600k? He didn't have numbers right in front of him so he couldn't be definite.
In that case, is it safe there is a chance he hasn't used the 504 for a while.
I have a problem with this 504, it allows a company to issue shares for services which aren't deducted from the 504, but only when the company sells them for cash. Seems too closely related :-