The Big Picture, page-24

About half of those options listed in that report had an exercise price of $4. The other half ranged from $6 to $10. For them to have any cost worth considering from a shareholders point of view, the share price needs to exceed $4 for half the options and then $6-$10 for the other half. I'll be quite happy to see those options exercised and cash raised at those prices for any future expansions into other European countries. They are not a cash cost to the company and I won't be too worried about any accounting cost of those options if the sp is above $10.