Ann: Appendix 2A and Notice Under Section 708A, page-32

I read it, not saying wasn’t exercised saying the process you describe is not correct. Option exercised results in no money from holder of the option, they simply get the difference of their option price and the 5 day average when they submit to exercise. In this case 5 day average was .138. The value of the difference times the number of options is then granted to holder of the option not in cash but shares priced at the market value let’s say .12c. They can then sell those shares or hold them. Shares issued by company are those given in consideration for the value of the difference. If you read the notice you will see they canceled several million ( probably not vested) and listed execution of about 1.5 million ( perhaps those vested) This is likely all employees that were terminated in spring who may have had until now to execute. None of them would know anything about current studies. Current insiders gifted themselves millions of new options in spring at .05c so certainly not messing around with small potatoes between .106 and .138 if as you say they didn’t have to execute.They would have sold the lower priced options under your scenario. We can both read the tea leaves and see something different, but I have executed these type of cashless options several times.