Tauriga Sciences Inc (fka TAUG)

[plutoniumimplosion]

Or does it require an assumption that the option is to be held until its expiration date?

Black-Scholes is a calculation that determines the value to the holder of a derivative security. It is one of those calculations that contains a formula that only a CPA or bureaucrat could have designed. It is yet another cashless hit to a public company's balance sheet. Black-Scholes calculations assume that the security will be held until term, whether it is or not. The longer the term, the bigger the balance sheet hit. So a 5-year Warrant and a 10-year Warrant, even with the same strike price will have different Black-Scholes hits, with the 10-year Warrant having a much bigger hit than the 5-Year Warrant.