Yes, he issued 200k shares to the public, kept 200k shares for himself. He has since sold another 40k shares into the wild which generated him pure cash.
Yes, he and the other founders kept 200k shares as "sweat equity" and that was clearly stated in their contract. What difference does that make? And I don't believe he has sold another 40k shares, but then again, what difference does that make? There has been no dilution - the total number of shares has always been 400k.
163,962 are now owned by AM. So a further 36,038 were sold into the market to generate cash.