Is there any arguments for share buybacks that should be considered?

For buybacks - at these prices the most efficent use of excess $$ would be to repurchase shares on the open market. Effectively lowering the pool of shares available. The BOD should announce a more aggressive share repurchase program after a few more signings.

Remember also, that after a dividend is paid, the dividend is reflected in the price of the stock the next day. So if they paid a 2 cent dividend with the stock closing at .13, the stock would open unchanged at .11 the next day.

Share repurchases also create a minor support level for the stock.

Now if the stock was trading .40, the most effective use of excess cash would be dividends.