Insiders have exercised 3.45 million options at $0.77 and holding some 5 million warrants at $0.50. In addition, they hold over 10 million common shares.
Declared shorts are only 1 million. As I posit before, since they "own" those securities, they can " short against the box" without declaring any sale and spooking the mkt. They want cash, they don't want Dogshit. A short sale is defined in UMIR as the following:
a sale of a security, other than a derivative instrument, which the seller does not own either directly or through an agent or trustee and, for this purpose, a seller shall be considered to own a security if the seller, directly or through an agent or trustee:
(a) has purchased or has entered into an unconditional contract to purchase the security, but has not yet received delivery of the security;
(b) owns another security that is convertible or exchangeable into that security and has tendered such other security for conversion or exchange or has issued irrevocable instructions to convert or exchange such other security;
(c) has an option to purchase the security and has exercised the option;
(d) has a right or warrant to subscribe for the security and has exercised the right or warrant; or
(e) has entered into a contract to purchase a security that trades on a when issued basis and such contract is binding on both parties and subject only to the condition of issuance or distribution of the security,