With the possibility of options being attached to any capital...

With the possibility of options being attached to any capital raising in the future as a way of enticing shareholders to participate, extending the current options would be a fruitless complication. It does not and IMHO most likely would never add a single cent to MHL's cash balance. This company should be in survival mode now, and keep it's cashburn down. In the last quarter Admin Costs were $186,000, the last time costs were down this low was March 2009. If this proposal adds any costs at this time, it can't be a good thing.
I must say though, I do admire your drive. Good luck to you.