CV Sciences Files Q2 2024 10-Q

TL;DR

CV Sciences Q2 10-Q filed. Notes payable to Streeterville Capital, common stock & warrants detailed.

AI Summary

CV Sciences, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial performance and business operations. Key events include a subsequent event related to Streeterville Capital LLC and convertible promissory notes, and details about its common stock and warrants.

Why It Matters

This filing provides investors with an update on CV Sciences' financial health and operational status for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing details financial instruments and subsequent events which can introduce financial risk and uncertainty.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-07-31 — Subsequent Event Date (Marks a significant event occurring after the reporting period.)
• 2023-01-01 — Convertible Notes Start Date (Beginning of the period for which convertible promissory notes are detailed.)

Key Players & Entities

• CV Sciences, Inc. (company) — Filer of the 10-Q
• Streeterville Capital LLC (company) — Related to subsequent event and convertible promissory notes
• 2024-06-30 (date) — End of reporting period
• 2024-07-31 (date) — Date related to Streeterville Capital LLC subsequent event
• 2023-01-01 (date) — Start of period for convertible promissory notes

FAQ

Key Financial Figures

• $0.0001 — and outstanding common stock, par value $0.0001 per share. CV SCIENCES, INC. FORM 1

Filing Documents

• cvsi-20240630.htm (10-Q) — 1686KB
• cvsi-ex2_5.htm (EX-2.5) — 357KB
• cvsi-ex31_1.htm (EX-31.1) — 14KB
• cvsi-ex31_2.htm (EX-31.2) — 13KB
• cvsi-ex32_1.htm (EX-32.1) — 6KB
• cvsi-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-096390.txt ( ) — 7579KB
• cvsi-20240630.xsd (EX-101.SCH) — 1087KB
• cvsi-20240630_htm.xml (XML) — 1139KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3. Quantitative and Qualitative Disclosure About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosure 29 Item 5. Other Information 29 Item 6. Exhibits 30

– FINA NCIAL INFORMATION

PART I – FINA NCIAL INFORMATION

Financia l Statements (unaudited)

Item 1. Financia l Statements (unaudited) CV SCIENCES, INC. CONDENS ED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share data) June 30, 2024 December 31, 2023 Assets Current assets: Cash $ 477 $ 1,317 Accounts receivable, net 639 431 Inventory 5,206 5,655 Prepaid expenses and other 410 535 Total current assets 6,732 7,938 Property and equipment, net 666 379 Right of use assets 451 167 Intangibles, net 106 78 Goodwill 729 342 Other assets 202 296 Total assets $ 8,886 $ 9,200 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 2,307 $ 2,309 Accrued expenses 3,461 3,422 Operating lease liability - current 234 130 Debt 29 254 Total current liabilities 6,031 6,115 Operating lease liability - net of current portion 233 58 Deferred tax liability 19 19 Other liabilities 95 105 Total liabilities 6,378 6,297 Commitments and contingencies (Note 10) Stockholders' equity Preferred stock, par value $ 0.0001 ; 10,000 shares authorized; 1 share issued as of June 30, 2024 and December 31, 2023; and no shares outstanding as of June 30, 2024 and December 31, 2023 — — Common stock, par value $ 0.0001 ; 790,000 shares authorized as of June 30, 2024 and December 31, 2023; 180,651 and 161,678 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 18 16 Additional paid-in capital 88,291 87,464 Accumulated deficit ( 85,799 ) ( 84,587 ) Accumulated other comprehensive income (loss) ( 2 ) 10 Total stockholders' equity 2,508 2,903 Total liabilities and stockholders' equity $ 8,886 $ 9,200 See accompanying notes to the unaudited condensed consolidated financial statements. 1 CV SCIENCES, INC. CONDENSED CONSOLIDATED STATEME NTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) Three Months E

View Full Filing

View this 10-Q filing on SEC EDGAR