Cal-Bay International Inc (CBYI)

[Alyssa]

Here is my post from the RB board (for what it's worth).

MT, looking at the new 10K for the 3/06 quarter, shareholder equity is now $9,502,752 (up from $96,111 last year), so the way I figure it, that equity divided by 10,034,808 shares now outstanding (per new 10K), would equal a BV of about $.9469 per share. Also, I found this rather interesting from the 10K re: warrants exercisable at $.80 and $1.20!!

“1,016,537 shares of common stock underlying warrants exercisable at $.80 issued to certain of the selling stockholders pursuant to SENIOR SECURED CONVERTIBLE PROMISSORY NOTES on March 14, 2006;
677,691 shares of common stock underlying warrants exercisable at $1.20 issued to certain of the selling stockholders pursuant to SENIOR SECURED CONVERTIBLE PROMISSORY NOTES on March 14, 2006;”

That $4.21 book value figure was was according to Yahoo’s figures (link below), based on the 12/05 quarter (I think). Not sure how up-to-date some of these sites are.

http://finance.yahoo.com/q/ks?s=CBAY.OB