True, but the agreement/condition could easily have been established at the time the contract was entered, and logically would have been. And at that time, again, the options would be priced in at 60% of market value.

I see the big flaw in the logic being the small amount of shares involved. There could be more coming, but options for 25,000 shares isn't much of a carrot. Per my calculations based on the 10Q, Eclat is being paid around $25,000/month for their services.

On the other hand, if agreed on 11/1/09, it would have at least represented some form of carrot. And if issued for some other purpose, with no forethought (i.e., an instant transaction), it represents no carrot at all at this time.

All just goofy speculation on a very small thing in terms of real dollars.

FWIW,

SGE