being in the money, and being worth something are 2 different...

being in the money, and being worth something are 2 different things. in the money simply means that the share price is above the exercise price... it means nothing more or less.

That said, the options will have a value because of the time factor.

The out of the money options will be priced based on expectations of where the shares will be at the time the options expire. For example, if investors believe that MAK will be 80c at expiration, they may be willing to pay as much as 5c for the options today.

Interestingly, options act as a more leveraged play on the underlying equity. As an example if MAK were to go from 50cents to $1 you would have doubled your money... at the same time though you would expect MAKO to go from (we will be VERY generous) 10 cents to 25cents ($1-75cents) for a return of 150%. The higher the share price goes, the wider the difference in gains will be (50c to $2 is 400%, but MAKO would be 10cents up to $1.25 - better than a 12 bagger)

hope that helps (and isnt too confusing).