Very ambiguous PR/terms thus far IMO...
The Pres (Adams) and Exec VP (Carroll) hold a total of 4.15 million options with a strike price of $.04-.06/share. If they are all exercised (and why wouldn't they be?) that's another quarter million $ in the kitty. So here's how I see it:
Mitsubishi is paying $7.25M for all of ASNB's assets. Add in the $250K from option exercise, and you get $7.5M. From that number we need to subtract all liabilities, which totaled about $3.1M @9/19. Also, Adams gets a $640K lump-sum change-in-control payout, so liabilities are now up to $3.74M. Netting out the liabilities against $7.5M leaves about $3.76M. Divide that number shares outstanding (21.5M @9/19 + 4.15M options = 25.65M), yields
a per-share amount of just $.1466/share.
Where do you think I went wrong in my calculations?
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