Yes they are - DEC 2015.
If the share price is anywhere near 20 cents by then, the options will expire un-exercised and the increased market cap should not be factored in (and we wont get the cash as you pointed out) but the share price is likely be around $2+ by then... (all things going as planned) so we realistically have to assume the increased market cap now to be conservative in our valuation calculations...
Yes they are - DEC 2015. If the share price is anywhere near 20...
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