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On Monday Cannabis Science Inc (OTCMKTS:CBIS<\/a>) finally managed to submit their annual report for 2015. The report was due at the end of March but through a notification of late filing the company received a 15-day extension. Even that deadline, however, was missed by a couple of weeks. It is now almost time for the financial report for the first quarter of 2016 to come out but still let’s see what CBIS<\/a> <\/strong>had at the end of 2015.<\/p>\n Opening the annual report reveals the following numbers:<\/p>\n • $62 thousand cash To say that the balance sheet is a total nightmare would still be an understatement. Even though for CBIS<\/a> <\/strong>generating $44 thousand in a whole year is actually a massive accomplishment the company remains in a terrible state with the annual net loss growing by more than $2 million on a year-over-year basis. Not to mention that the financials reported by CBIS<\/a> <\/strong>are grossly disconnected from the inflated market cap of the company of $22.5 million.<\/p>\n This is just the start of the red flags, though. We have been warning you that the company has been continually diluting its common stock – CBIS<\/a> <\/strong>began 2015 with a little over a billion outstanding shares while at the end of the year they had more than 1.58 BILLION outstanding shares. Since the start of 2016 the printing of shares hasn’t really slowed down and by March 21 another 242 million shares<\/strong> saw the light of day. Approximately 103 million of them were free trading shares issued under the company’s 2015 and 2016 equity plans at a price of just $0.01 per share. <\/p>\n
• $315 thousand total current assets
• $4.4 million total liabilities
• $44 thousand revenue
• $19.1 million net loss<\/p>\n