Following are the number of ECU shares outstanding for the last 2 reporting periods:

September 30, 2010

Shares outstanding = 307,286,733

Warrants & options = 66,800,426

December 31, 2010

Shares outstanding = 308,236,733

Warrants & options = 65,675,426

So the number of shares outstanding increased 950,000 and the number of warrants and options decreased 1,125,000. The difference in the changes is 175,000 which must be warrants or options that expired unexercised.

I do not follow the warrants so maybe someone can post what the prices are for them. I think there are some at about 90 cents so for the 950,000 exercised, ECU should have received $855,000.