Check all of the Insider buying by the CEO of LXRP. $1.5M over the last 18 months. Patents pending and licensing deals just announced. Share structure is very favorable only 45M shares outstanding and half of that is owned by insiders.
Show me another MJ stock that has gross profit of 7.87 Mill. All MJ stock have 0 GAAP earnings right now. This is just the way it is!
Gross Profit (ttm): 7.87M
Thanks, That seems reasonable. I was wondering about that receivable write down. There was also something about a return of 2.5 mill CANV shares to CV Sciences. I thought they were releated but now I guess not.
BTW, it was a large loss, not a huge miss, because "miss" implies that Wall St analysts had forecasted a definite profit or loss, and I don't think that anyone had. Yahoo shows no analyst estimates to miss.
Anyone who has been following CANV for awhile (I was telling people two years ago that the $1 restricted shares would drive the price down) knew about most of the 2015 loss from share compensation. I wrote the following on iHub in mid-March:
"Yes, CANV lost $5.6M in the first nine months of 2015, but the loss was due to expenses related to stock-based compensation and legal costs in CANV's battles with #$%$, Inc over a distribution agreement that MJNA didn't properly service and the ownership of trademarks. Those legal matters ended in 2Q/15.
The stock-based compensation does cause dilution, but is a paper loss on the books."
The only thing that surprised me in the 10-K was that they decided to write down the $2.7M in notes receivable, which probably were due to Medijane Holdings. Here's an excerpt from a recent 8-K filed by MediJane (MJMD):
"On February 17, 2016, the Company returned 40kg, or 80%, of the remaining CBD oil received as part of the original promissory note with Cannavest Corp., as entered into on December 23, 2014. In return, the outstanding note balance of $1,287,650 will be reduced by 80%, leaving a remaining balance of $257,530 due by June 1, 2016. The remaining amount will be retired and the note will be retired completely upon the return of the remaining 4kg of CBD oil which is currently held in reserve by the Company. "
Perhaps CANV shouldn't have fronted them the CBD, and should have taken cash on delivery. Hopefully, they've learned from this.
No, MacKay Ventures didn't sell those shares in Dec, 2015. They were transferred to Agean Limited, LLC, which still owns the shares.
From the "Explanation of Responses" section of the Form 4 filing, which classifies the disposition of the shares as Code J, an "other" type of transaction than a sale:
"2. On December 30, 2015, Roen Ventures LLC ("Roen Ventures") transferred and assigned 824,164 shares of the Issuer's common stock to Aegean Limited LLC in satisfaction of certain defaulted debt obligations of Roen Ventures in the aggregate amount of $482,960.10. No consideration was paid for the transfer of the shares."
Agean Limited is owned by Rhonda Mona, and the Feb, 2016 13G filing by her shows that she/Agean still owns the shares.
If you want to successfully bash CANV, you'll have to do a better job.
Are you kidding me? Self serving paying themselves huge stock options and bonuses!