CV Sciences Inc (CVSI)

[Det_Robert_Thorne]

Check those asset numbers again.

Based on the 2Q/16 100-Q, I calculate BV/share as $0.23/share ($16.8 in current assets plus $342K in property plant and equipment minus $5.1M in liabilities divided by 52M shares

Goodwill and other intangibles are not counted as an asset for BV calculation.

That's lower than the current price.

Nearly 13 million of the assets are the value of the raw materials which falls every quarter as they refine the hemp paste into CBD for sale. They won't buy more in 2016, and based on the run rate, won't need any more until late in 2017. They will also burn some of the current $1.4M in cash.

Meanwhile, due to note conversion that will begin again in 4Q/16, the number of shares will increase.

By the end of Q4, Assets (incl property) will probably fall to $15.5M, while liabilities will remain about the same, and the OS will increase to about 53M. That would put the forward looking BV/share at $0.19.