I-140 not processed, H1-B expiring, EAD available

[whatsupsbk]

Hi Rajiv and All,

Thank you for the wonderful service you setup. I have a few questions below:

My first 3 years of H1-B is going to expire towards the end of May.

1. GC applied through my current employer in EB3 category
2. Received my EAD
3 I-140 not approved yet
4. Finished 6 months since the receipt notice of my I-485
5. I-140 is in the backlog center, no clue as to when that will get approved
6. I would like to work as an independent contractor on my EAD now considering that it's been more than 6 months since the receipt notice of I-485
7. As I-140 is not approved, I have to stay with current employer. And for that I need to file for my H1-B extension at the end of May, 2008 for another 3 years.

I am totally confused as to what I should be doing. If I have to apply for H1-B extension, how long can I wait to apply for one before my current H1-B expires on May 29, 2008, so that I will not be out of status while I am still waiting for my I-140 approval. Is it still safe to apply for H1-B extension even though my I-140 is approved? Or should I be talking to my employer to relieve me, now that I've been there with him for 3 years?

Recently, USCIS opened EB3 until August 1st, 2001, my priority date is May, 2003, might be a silly question, but any clue how much time it'll take to reach May, 2003?

Your valuable suggestions are highly appreciated.

Thank you,
Prashant