Remember Walmart has a rather lengthy A/P policy (90-120 days) so when all the conversions and dilution began in earnest, you are probably correct, funds were limited. But now, I would think revenues have started to flow into ECIG's coffers more steadily. JMO of course.
I know they do not have that kind of cash but I believe they have the leverage with revenues to obtain that kind of cash. Just announcing it would be a game changer. "Up to $10 million" could also mean only $1 million or $100,000. I have seen several companies announces a share buy back program, only to buy back a very small ratio of what they originally announced. I am not sure of the legal ramifications of this. I just hope management is thinking outside of the box on ways to get us out of this rut... which is why I posted that.