@oldturkey03 The device has 7 wires just like the adapter. 2 for the left earphone, 2 for the right earphone, and 3 for the mic/volume control.
Apple Earphones with Remote and Mic (Lightning Edition) Teardown
For your viewing pleasure! Sorry for the picture quality...I did not take them apart for the purpose of making a teardown post. If more photos are required, feel free to message me.
I have completed a teardown of the Lightning headphones. I can confirm that the red and red/orange stripe wires are for the right speaker/driver, the green and green/orange strip wires are for the left speaker/driver, and the three others (red, green, orange) are what drive commands for the in-line volume control/mic. I will post pics if anyone is interested in seeing for themselves