Blum Holdings Inc (BLMH)

[La Puma]

I understand your concern, but not your math, britto. I've modeled many scenarios for TRTC in a FFCF (future free cash flow) and EV (enterprise valuation) modeling/simulation program I've built and refined over many many years. The Bob scenarios keep generating the highest probability. Key assumptions triggered in 2016 are schedule 2 and CA/NV. If sched. 2 doesn't occur, the Bob scenarios are very unlikely.

The RS would not necessarily be dilutive if the ratios were held constant to the pre-Bob valuation basis, and transferred on a post-Bob equity-calculated basis. I wish I could somehow link to a spreadsheet to demonstrate the math. I'll try and create a simple graphic and figure out a way to post it. Let me know if that would help.

Read carefully, run the numbers this way, and ask questions if you need help in the meantime. I'll work on a graphic. Puma