Joe, now I get it. Plus, I have an error in my warrant profit formula (told you I was sick). It should read ((share price - 2.40) * 10,000 * .60) - $10,000

Your premise seems to rest on the share price being a grand success; however, anything between roughly $3 and $7 favors the warrants vs calls, plus you get the time value of an additional year with the warrants. Those of us that have followed this stock for close to 10 years have come to expect the unexpected (remember the infamous factory inspections snafu?). That being said, I agree w/ you and would not be a warrant buyer at these prices.