new broker report, page-2

Interesting to see if the 80% of option holders exercise in the next 4 weeks as the RM report assumes. I think it will take more than 1.5 cents in the money to achieve this. I assume most of the options holders are close to the company and got them for next to zip, interesting to see if they put their own hard earned up.

The next few weeks will be interesting:

1. 0.5 million cash burn/month, they need this options money or another capital raising. The last raising was at 19 cents, I doubt if they can go there again.

2. You don't want to be first to start dipping toe in and converting just to see no one following. 1.5 cents is not enough of a buffer.

So do they have something to pull out of the bag?? I really doubt it....