For our trading purposes, warrants act a lot like options, but they are a security issued by MNKD, as opposed to the other options, which are a creation of the stock market and market makers and not of MNKD at all.

On these particular warrants, let's say you'd buy 1000 warrants, you pay whatever it may be, right now, the price is showing .60, my guess is you would not get them that cheap. It's a hit and miss thing.

The 1000 warrants would entitle you to buy 600 shares of MNKD stock from the time you own the warrants until they expire, which is in Feb 2016, forget the exact day. You would have to pay $2.40 per share for that MNKD stock, which means if you exercised them all, you'd have to fork over $1,440. Let's say you bought the warrants for .70, then you spent $700 for them, so to break even, you will need to the stock to be at least $3.57 ($2,140 divided by 600).