Stevia First Corp: Recent Executive Stock Sales And Underlying Business Fundamentals Suggest Shares In This Heavily Promoted Company Are Nearly Worthless
Today's article will focus on Stevia First Corp. (OTC:STVF), another company with a market capitalization approaching $85 million which is also the subject of a major, paid stock promotion campaign. However, unlike Legend Oil which actually does generate nominal amounts of cash flow and whose shares are probably worth about $0.20 apiece based on the underlying assets of the company, Stevia First is little more than a shell company. Analysis of the company's assets, operating activities and recent insider sales suggest that STVF is probably not worth more than about $0.03/share, representing 98% downside from the current price of $1.60/share.
Company Introduction
In its press releases STVF describes itself as "an early-stage agribusiness based in California's Central Valley growing region and focused on the industrial scale production of Stevia." Stevia is plant whose leaves can be refined into a natural low-calorie sweetener. In 2011, the company went public via reverse merger into a defunct shell company, Legend Mining Inc.
STVF's most recent 10-Q filing reveals that despite the name change and a current market capitalization of almost $85 million, Stevia First basically remains a shell company. It does not generate any revenue from operations, owns no land and has no intellectual property it considers worthy to mention in its filings with the SEC or capitalize on its balance sheet. As of December 31, 2011, the company lists $16.6K in cash, $19.8K in total assets and $242.1K in total liabilities.
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