@Riot Question about Essence Reaver/Essence Flare interactions & Math

With the new Essence Reaver changes, is this how Essence Flare works?

In seconds, not accounting for time between auto-attacks, which would slightly skew the outcomes.

|CD----------|Time Remaining | |- |60| 48| |48| 38.4| |38.4| 30.72 |30.72| 24.576 |24.576| 19.6608

5 Auto-attacks reduce the remaining cooldowns of a 60 second ability by roughly 40 seconds while Essence Flare is active.

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Is this correct? Also does the Guinsoo's Rageblade passive stack with this as an on-hit effect? Effectively meaning that the first auto attack reduces the cooldowns by 20% and the 2nd auto attack reduces the reaminig cooldowns by an additional 40% in a repeating pattern?

Or am I totally off and over the course of auto attacking for 10 seconds 20% of the remaining ability cooldowns are refunded?