Biostar Pharmaceuticals, Inc. (BSPM)

[finesand]

NAV (Equity) Value is

- $36.88M or $13.69/sh equity, including
- $26.58M or $10.07/sh deposit value, having $16.03M or $6.07/sh refundable

Stock is traded far below these liquid assets with a discount > 45% now and
stock is traded far below equity with a discount > 75% now.

No company likes to raise money via an offering below this NAV value, especially not the hard liquid asset value.
It is our assumption that - if needed for production - will either take off some money from the refundable deposits or will receive a proper loan with less than 10% interest rate.

As mentioned earlier, the closing of the acquisition of the Health Product Manufacturer, which is about to finalize, may also boost the company's balance sheet bringing these now non-refundable deposits back to work.

Further more, company has received the GMP certification and will start production in 2Q18.