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What Happens Next

In terms of organising the company, the next step is to hire the out-of-state participants and grant them the stock options which they will use to effect their purchases of stock. Two options will be granted to all out-of-state participants: a 60 day option for initial purchase of stock, and a 4 year option equivalent to the 4 year warrant sold to California residents. Out-of-state participants will be given a note to sign to exercise the 60 day option identical to that signed by the California people. The 60 days in the option are simply to give people time to get the money in our hands, as this can take a while for international transfers.

Once the 60 day options have been exercised, everybody (California and out-of-state) will be on an equal basis, the company will be running, and then we'll hopefully be able to stop worrying about the form and get to work on the substance--developing products and selling them.

Editor: John Walker