The bottom line is the CEO is being smart about how they are handling Payonline. They are using shares to buy a profitable company with no debt. Even on their last Call one of the analyst had asked what their monthly payments would be cash wise for payonline and the CEO stated it would be 0. It sucks now but after the merger is completed they will have a profitable company with no debt that will add to the bottom line right out the gate. It makes sense not to add to their monthly expense.