Because a large part of the price is time premium. There are many option trading formulas,one being the Black-Scholes,but this rarely translates into reality particularly in a microcap with thin trades. Mostly they expire worthless as there are inevitable delays.This is the market message at the moment. Having said that, if the market starts to believe that the project delivery is imminent,then the option can start trading at a premium in addition to any notion of time value- then its probably smart to sell and convert into heads. Just 1 opinion- many swear by them-just hasn't worked in most cases for Asculpeous.
BTW what what options the management give themselves-gives a better indication when they really expect things to come to fruition, but as is often the case,they have little skin in the game and if there are delays just issue themselves with more options at lower exorcise prices and time frames.Some managements in the US are giving themselves 10 year time frames!
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