Yes, if the warrant was received as part of an inv

Yes, if the warrant was received as part of an investment, then there is no tax due on exercise of the warrant. I do not know how many of the warrants CYDY has issued were as part of an investment and not for services rendered. I would suspect most were issued as part of an investment; but, would have to research further. However, it is still true, in any case, that the holding period doesn’t start until the warrant is exercised and if one wants long-term capital gains treatment, the sooner one exercises a warrant, the better.