Wednesday, July 16, 2003 10:48:03 AM
This is PURE speculation !!!!
But read the following extract from 10-KSB 2002
Employee Stock Options and Awards (from 10-KSB 31.12.2002)
We have a stock option plan that provides for the granting of stock options and
awards to officers, directors and employees. The objectives of this plan include
attracting and retaining the best personnel, providing for additional
performance incentives, and promoting our success by providing employees the
opportunity to acquire common stock. We are authorized to grant options for up
to 49,300,000 common shares, of which 15,130,000 have been granted as of
December 31, 2002. Options were granted at exercise prices from $ .006 - $ .03
per share (or approximately 40 % of the market price of our stock on the
respective grant dates). With the exception of the options issued to one of our
directors, which vests in one year, the options issued all expire in ten years
and vest 25% per year for four years.
In addition to the above, we have an agreement to award 30,000,000 shares of our
common stock to our Chief Science Officer when certain performance measures are
met. At December 31, 2002 these performance measures have not yet been met, and
as such the shares have not yet been issued. Furthermore because it is not
probable at this time that the shares will be issued, no stock based
compensation has been recorded as a result of this agreement in the accompanying
consolidated financial statements. The agreement contains a change of control
clause whereby these shares will be immediately vested and non-forfeitable if
the agreement is not assumed or substituted at the time of such change.
Subsequent to year end, our board of directors has resolved to revise the
performance measures, however the terms of such revision have not yet been
finalized.
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