I noticed on the 2011 financial statements that the imputed value of the "stock based compensation" for the year was recorded as $1.78 million; and that is based on the 1,675,000 options exercisable at $1.69, issued Mar 2011.

This $1.78 million is a non-cash expense, and reported as "stock based compensation", giving the impression that the employees received these benefits. In fact, due to the decline in the stock price since then, the employees have received absolutely no benefit from these options, not yet anyway!

I'm not trying to defend whether or not they deserve any additional compensation beside their salaries; that's debateble given their repeated failure to meet deadlines over the same period; but feel that our views on their compensation should be based on facts.

Let's hope that the outcome, hopefully soon, will show that they deserve it all! JMO