the way I see it Santelli at present has no warrants, exercised his 1.75 million last April at 0.15 as you said.
he has 700k options 450,000 at 0.2000 expiring 2014-08-19 250,000 at 0.5800 expiring 2016-08-19
and he holds 150,000 shares directly, after the sale of 50,000 at 0.407 on March 12 this year his avg cost on these appears somewhat below 0.20 2,651,000 shares indirectly, including the 1.75m from the warrants his opening report Aug 09 was for 1.75m shares, so it looks like his only indirect ownership was a single placement since he started reporting he has only consistently sold from the indirectly held shares 1.75m of these are at 0.15 cost of warrant exercise if the rest are from placement that brought the warrants cost on those would most likely be less