great explaination louel using your specific case of 1k at 2 bucks.  how would your calcs change since each right gives you a chance to exercise at 1.25 per share into 1.388422 shares.  therefore, your 10k ans shares would exercise into 10k+ 13884, 23884 shares.

 

$20000

$17355

$37355

$1.56401775 ($37500/23884 shares)

$.3.34

$1.25

$4.59 divided by 2.3884

$1.921788645

$37355

$33400

$38435

 

After that I cant see how you arrived at your numbers.......(by using 1.388422 shares per right exercised.)

 

cheers,

dave.