Some questions to ask ourselves are:

1) Why would ALL insiders exercise warrants if there's a chance we are still years away from a catalyst event?  If that's the case, they should probably let them expire and purchase more at the next low private placement.

2) Why would most insiders exercise $0.09 warrants that will not expire before at least 3 years, instead of exercising their $0.15 warrants that will expire in 3 months?

3) Following the answer of question 2, why would Ernesto exercise his $0.15 warrants before the $0.09 warrants?

With everything that happened (or did not happen) in the last 12 months, one can't argue that something smells fishy.

MoneyK