He owned over 10% of that class of shares since he owned
He owned over 10% of that class of shares since he owned all of them. It's based on beneficial ownership of any class of shares.
Mr. Bordynuik just decided not to file the form for any changes in the common shares he owned despite owning 100% of the preferreds giving him controlling interest well above the threshold requiring him to file.
As far as the million dollars worth of shares he sold a couple of years ago, my guess is that it's the tip of the iceberg for the money he actually received from shareholders either through sales or by paying himself for various services out of invested funds.
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