LOL...you can't Black-Scholes this company; but I'll play your silly game by asking two questions:
1. What numbers are you plugging in for your IV?
2. What broker is selling options for BLTA?
This comes down to BLTA getting certified or not; and the only "real" hurtle they have left is the mini-evac. Once certified and revs begin, they will have hardly any debt to worry about.