CV Sciences Inc (OTCMKTS:CVSI) announced recently that it has repaid the April 2018 installment obligation on its Convertible Promissory Note in cash to avoid the lender from converting the amount under the terms of the Note. The company had issued the Note at the beginning of March 2017 with the original principal amount being $770,000 with various options of either pay the installment obligations in cash or converting the amount into shares of the Common Stock at a specified share price. Last month, the company made repaid the lender a Note of $100,000.
According to Joseph Dowling, CFO at CV Sciences, the company has already made three monthly repayments worth $100,000 on the Note during the first quarter of the year, which the holder of the Note accepted the payment. The firm intends to continue with the monthly repayments on the Note for the next few months.
Positive Financial Results
CV Sciences is focused to complete repaying the debt obligation in cash to retain its strong financial position. The remaining debt is currently at $224,600, and the firm is considering putting the interest of its shareholders first in terms of expanding its business entity and managing debt.
The company recently reported its strong financial results for the fourth quarter of the year ended December 31, 2017. The company highlighted an increase of 126% in sales and an improvement in its sales revenues, which gives the firm confidence to launch more products to increase its market share. The company is currently focused on evaluating its strategic business relationships by maintaining the development and distribution of high-quality cannabidiol (CBD) products.
CVSI Gets Silver-Level Sponsorship
CV Sciences also announced recently that it has acquired silver-level sponsorship at the 15th Annual Nutrition and Health Conference, which is held at the Westin Boston from April 29th to May 2nd, 2018. The conference, which is sponsored by Arizona Center for Integrative Medicine calls for globally recognized researchers, clinicians, educators, and other participants, to interact with each other for a healthful living. CV Sciences is the first Hemp-CBD company to sponsor and exhibit its products at the Conference.