Well I don't think you are(respectfully here) correct. I have always thought that the total a/s must be large enough to cover all shares common, preferred, warrants whatever(the aggregate). So if we had 1.5 billion common and 1 million preferred (which equals 1 billion if converted) the a/s would show 2.5 billion on the NVSOS web site, but it does not. It still says only 1.5. Perhaps the "and" is a typo? All I know is a company cannot give out shares, issue preferreds or otherwise if it doesnt have the a/s to cover them. And 1.5 billion a/s doesn't cover what you are saying is out there.
LJ