Yes I agree in theory if the price drops to 0.005, it makes no...

Yes I agree in theory if the price drops to 0.005, it makes no sense to exercise the options.

But considering that the top 20 shareholders of the options, hold 919m options, there would be no where near enough supply of shares at 0.005 to allow them not to exercise them if the share price dropped to 0.005 for the stock.  

Smaller option holders would buy the stock at 0.005 instead of converting, but those cornerstone investors would convert in my opinion to keep the dream alive.

The new director, Tan HWA Poh was holding 190m options at October 2018, I personally wouldn't let them expire if i was that heavily invested and had another 1m cash to exercise those options haha.

Whilst as a holder, I'd hope the DSO is on the short term horizon, but all these delays and issues over the past 2 years makes me think that it's not likely to happen before the option expiry date (my novice opinion only), hence they will need cash of some sort to get the project finished.