After posting strong gains at the start of 2015, Cannabis Science Inc (OTCMKTS:CBIS) has been constantly declining on the charts. It eroded over 50% of its value registering a new 52-week low of $0.0336 on April 15. There after the stock price has been trading around the levels of $0.035.
The problems
Cannabis Science was expected to release its annual report on the April 15. However, it delayed the submission of annual report and then filed it on April 21, 2015. As per the latest report, the company had cash of $10,000. The current assets came at $166,000 and the current liabilities stood at massive $3.95 million. The revenue came at $1,031 and net loss was $16.88 million. The financial numbers were dismal, but supported the declining prices. The stock price made a recovery and ended the week with gains of more than 6% at $0.038. The strong momentum continued on Monday.
The momentum
Cannabis Science Inc (OTCMKTS:CBIS) announced that the company will participate in the upcoming International Conference on Antiviral Research in Italy. In last trading session, the stock price of CBIs jumped more than 3% to close the trading session at $0.0395. The gains came at a share volume of 6.47 million compared to average share volume of 4.03 million.
The highlights
In the annual report, Cannabis Science reported that it made significant changes in the scientific advisory board to support the ongoing FDA studies. There are three main drugs under the trial process. The report also stated that it is expanding its operations in Europe. It will be looked after by its wholly owned subsidiary firm. The company wants to create a strong base to get necessary approval from the U.S. FDA as well as other groups for its product line. The prime goal is to achieve success in developing governmentally approved pharmaceuticals, including CS-S/BCC-1 and CS-TATI1.
