CBA Florida Inc. (fka CBAI)

[ttattletell]

Here's the skinny on that $14.5M with links:

Date : 01/11/2010 @ 8:47AM
Specifically, CBAI raised $4M in a short term equity line in July 2008, $2.3M in convertible debt in April 2009, $7.5M in long term equity in June 2009 and entered into agreements for $3M in January 2010 targeted specifically for acquisitions.

To be noted, in the last 18 months, CBAI has received approximately $2.3M of the $16.8M total, mostly used for the build-out of their new state-of-the art laboratory, leaving $14.5M available for future opportunities.
http://ih.advfn.com/p.php?pid=nmona&article=41051019

Let's start with the $4M:
Pursuant to the Securities Purchase Agreement, we may, at our discretion, periodically issue and sell to Tangiers shares of our common stock for a total purchase price of $4,000,000. We have obtained approximately $1,200,000 in cash advances under the Securities Purchase Agreement which means we have approximately $2,800,000 available to us under the Securities Purchase Agreement.
http://www.sec.gov/Archives/edgar/data/1289496/000135448810001345/cbai_s1a.htm

$4M - $1.2M = $2.8M remaining

Next, the $2.3M:
Page 11-
After extensive negotiations with Shelter Island, the parties entered into a transaction on July 21, 2010, whereby the 36 million shares Warrant Agreement was canceled, and the obligation represented by the Put Option Agreement was satisfied by the Company's delivery to Shelter Island of a new Senior Secured Note in the principal amount of $1,590,400 (the "Replacement Note").
http://www.sec.gov/Archives/edgar/data/1289496/000135448810003655/cbai_10q.htm

The $2.3M was reduced to $1.6M

Next, the $7.5M:
Page 11-
On July 2, 2009, the Company executed a Preferred Stock Purchase Agreement and Warrant Agreement with Optimus Capital Partners, LLC, which contemplates a $7.5 million capital commitment which may be drawn down in increments in the future by the Company under certain conditions, including the filing and effectiveness of a current registration statement registering common shares issuable upon Warrant exercise and certain common shares issued as a fee at the outset. On November 2, 2009, the Company filed its registration statement for these common shares as required by these agreements. However, the Company is reassessing whether to follow through with the implementation of this capital commitment. In the mean time, on January 27, 2010, the Company elected to withdraw for the time being its registration statement filed with the SEC for these shares.
http://www.sec.gov/Archives/edgar/data/1289496/000135448810003655/cbai_10q.htm

The $7.5M is completely gone

Next, the $3.0M:
Page 22
In January 2010, the Company signed two Promissory Notes for $1.5 million each, totaling $3.0 million, with JMJ Financial bearing one-time interest rates of 10%, and maturing in January, 2013. The Company has drawn down a total of $1.75 million on these notes, with $0.8 million being converted into common shares of the Company.
http://www.sec.gov/Archives/edgar/data/1289496/000135448810003655/cbai_10q.htm

$3.0M - $1.75M = $1.25M

GRAND TOTAL:

What started out as $14.5M on 1/11/10 is now $2.8M + $1.6M + $1.25M = $5.65M

Subtract a Net Loss (expenses) of $6M from $5.65M equals -$350K, right?

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