Director's sign of confidence, page-14

According to the notice posted by ARA on September 20 the company exercised 38,606,213 options between June 21 and September 18 (and bought 483,000 shares) . The shortfall included 46,606,138 options and in March it was reported " Supervised Investments purchased a convertible secure note giving it the right to buy 5 per cent of the company (HGO) for less than $1 million by investing $500,000 upfront".That would have included 18,810,000 options. The two directors bought 10,000,000 options between them (at the same price) so they must have bought them from someone other than ARA
It almost looks like ARA funded HGO through a tight September quarter.