One efficiently run company we can use for an example is Impact Silver, http://www.impactmin.com/i/pdf/2008AR.pdf there general and admin. expenses for 2008 were approx. 1.4M. I am not an accountant so shall assume the stock-based compensation of $310,000 is in addition to general and admin. expenses. I hope this helps. Disclosure I hold shares in IPT.

bc