APCOB, page-10

Generally in my very very short experience, early days before Options are “in the money” ie the heads are trading below the strike price- that is the absolute best time to DYOR and make a call on the stock.
I imagine at the time APC was trading around 5c then APCOB would have been worthless at 0.1c but it lets you accumulate a far higher volume of options/ potential heads at that price $1000/.001 = 1,000,000 options Vs $5000/.05 = 100,000 heads
Your’e essentially making the bet that the company will succeed enough to get “in the money” and you either sell a much larger multiple (long) before the exercise date- or convert at 13c+ (whatever your target) and hold long/ sell to free carry- you would need a spare $120k to convert 1,000,000 @ 12c strike
that $1000 at 0.1c would be $70,000 @ 7c today

Correct me if my math is wrong