your option 2 does not have a tax applied to it.....

"Sell 49,000 shares FWR @ .89.=$43,610 and purchase 18,100 shares of NOT @2.40."

Assuming you would have to pay tax on this transaction...if this is in a retirement account (like a US IRA) your numbers would be correct.......if they are in a standard account they would be more like....

Sell 49,000 shares FWR @ 0.89 = $43,610 (assume 0.25 purchase) 15% tax on the gain would be $4,700, so you would have about $38,910 to purchase about 16,200 shares of NOT @ 2.40.

(your list with new numbers in bold)

Price goes to $4.00 and sell

Option 1 amt = $64,000............Option2 amt = $64,800.

Price goes to $5.00

Option1 amt = $70,000 + $7,000= $77,000......Option2 amt =$81,000.

Price goes to $8.00

Option1 amt =$112,00 + $28,000=$140,000.....Option2 amt =$129,600.

Price goes to $10.00

Option 1 = $140,000 + $42,000= $182,000........Option2 amt =$162.000.

I believe this a more accurate way to think about what you have outlined.