Something else interesting from the last 10Q:
4. STOCK OPTIONS
On December 31, 2008 a total of 40,000 options were granted to Bruce Bergman, Aaron Cohen, William Comer and Alf Akerman (10,000 each) for participation on board committees exercisable at $1 per share expiring 10 years from issuance. Expenses totaling $1,600 were charged to “Board Expense” in 2008.
All options are vested immediately. The options are not actively trading and the fair market value is not readily ascertainable, the options are taxable at the time of exercise as opposed to the time of their grant.
The following table presents information regarding weighted-average exercise price and weighted average remaining contractual life as of September 30, 2009.
Options Outstanding and Exercisable
Range of
Exercise Price
$1.00
Number of
Options
11,838,253
Weighted Average
Exercise Price
$1.00
Weighted Average
Remaining Life
9.1
________________________________________________________
If the company was going nowhere, then why would they issue options to their board members for $1/sh exercise price?
jmo.
GLTA.
Visit my biotech investing board!: investorshub.advfn.com/boards/board.aspx?board_id=16653
GLTA.
