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Wednesday, August 17, 2016 10:20:33 AM
2Q/16 revenue of $2.49M grew only 3.1% from 2Q/15 and as usual, there was a net loss. This time, it was $2.2M, partially due to $671K of stock-based compensation paid to executives.
CVSI's business isn't growing. They saw $2.7M revenue in 1Q/15, and haven't equaled that since. Yes, they posted $4.15M in 3Q/15, but $2M of that was all the old RSHO and Cannabis Beauty Defined inventory that was sold to MJNA once the lawsuit ended. CVSI disclosed in the 1Q/16 (and current filing) that MJNA never paid for the stock, and CV Sciences kept the collateral stock instead, which was worth much less than $2M due to CVSI's declining stock price:
So revenue is not growing, and management keeps awarding shares or options to itself, while not being profitable.
Yet the company paid the CEO $315K, the VP of Operations (his son) $195K and the CFO $230K in 2015 (see page 17 of the 2015 10-K)
With all the losses, where are they getting this kind of cash to pay the salaries and development costs of the new medical products?
A May 25, 2016, $2M note with Iliad that will become convertible in late November to the tune of $275K/month at a steep discount to the trading price (unless CVSI is over $0.50 at the time of conversion). From page 16 of the 2Q/15 10-Q
Expect a large number of shares to be added to the OS in 2017.
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