CV Sciences Inc (CVSI)

[Det_Robert_Thorne]

CV Sciences didn't take the $4.5M

At some time in the past, I wrote about the two tranches (#5 & #6) totaling $4.5M as coming, but a month ago when they issued the first PR, I went back to the 3Q/15 10-Q and noticed the following statement on page 15, which I had missed (my error):

Tranche 5 - $2,250,000, upon the SEC declaring the Company’s S-1 Registration Statement effective. [Emphasis added by me]

Tranche 6 - $2,250,000, three days after the funding of Tranche 5.

https://www.sec.gov/Archives/edgar/data/1510964/000101968715004130/cannavest_10q-093015.htm

In order to issue thse notes, CANV had to register enough shares for possible conversion. The company did file an S-1 in July, 2015 and amended it a couple of times, but a "Notice of Effectiveness", which would make the shares officially registered and available for issuance, similar to the one from 2011 (under CANV's original name) at the follownig link, was never sent by the SEC:

https://www.sec.gov/Archives/edgar/data/1510964/999999999511002329/xslEFFECTX01/primary_doc.xml

Without the Notice, the shares were never made effective, the Tranches 5 & 6 could not be issued, and so they weren't.

CANV didn't take the final $4.5M.