As Jazzmox has stated, it appears likely that the Dec 31 options...

As Jazzmox has stated, it appears likely that the Dec 31 options will expire worthless. The repercussions of this are that NXR now needs to come up with $1,000,000 at the completion of phase 2 if they are to increase their stake in WBT to 40%. If they don't come up with the money then the agreement is terminated. NXR will keep their existing 30% stake and have first right of refusal on any capital raising by WBT for a period of 3 months after agreement termination. What does this mean in practical terms? NXR need to come up with a minimum of 1 million bucks in approx 8 weeks time. How? Capital raising. Possible terms of cap raising? Minimum 20,000,000 @ 5c 0r 10,000,000 @ 10c. Certainly less dilution than the conversion of 58.6 million options in the short term but another $1.75 mill will have to be raised at the completion of phase 3. Mechanism? Hopefully a renounceable rights issue to existing shareholders but quite possibly another private raising to sophisticated investors.

What may happen from here? Cap raising announcement in the near future associated with positive results from ph2. If ph2 is a dud then there will be no need for the cap raising as I can't see why NXR would want to increase their stake.
SP? Wise owl has a pre commercialisation valuation of 9c. I note that ph2 is the stimulus for commercialisation discussions and quite possibly pending positive results a commercialisation deal. I note that from wise owl's research, comparable biometric company sales ranged from $92mill to over $1 billion. Hypothetically, if the technology was sold for say $400 mill how would that reflect in NXRs SP? Assuming this next cap raising issues another 20million shares that would take total shares on issue to 203.5 million at the end of phase 2. NXRs 40% cut (assuming nxr takes up their 40% ph2 stake) would equate to $160 million. Value per share would then be 78c.
Completely hypothetical of course but it gives a good indication of potential value.

Roll on 2015!