Pretty sure in example #2 after exercising the Warrants you now have Stock worth $10, not $5.57. Line 12 should be $190,608. Also, market arbitrage desks monitor stock/warrant exercise prices and are going to keep the Warrants price close to the stock price minus the exercise price. It may be a few percent off, but not much more than that or some arbitrage trader would by the warrants, exercise them and sell the stock for a guaranteed profit. Nothing better than free money.