There are a few things you need to keep in mind when looking at the financials. Yes, VIV completed a financing late last year, but also has access to funding grants from IRAP, as well as a 0% interest 10-year loan from the Atlantic Canada Opportunities Agency that they draw down on quarterly. This explains their growing liability, but the company has also described that their burn rate in cash is dramatically lower than what the financial statements must show because IRAP is on a reimbursement basis, so the costs are expended first (ie in the financials) and then reimbursed, grossing up the cash later. Combine that with the fact that there should be a second TEVA order coming soon, along with the fact that they are reducing their staff in PEI and other areas where people are no longer needed, due to the transition from a R&D company to a manufacturing/marketing/sales company. Everyone is entitled to their opinion, but I must say I'm a bit "confused" by your handle "Valueinvestor8". Obviously I'm biased towards the VIV story, but that's in large part due to two things: 1) the amount of DD I have (and continue to do) on the company, and 2) my risk tolerance. With all due respect, I'm surprised anyone who is looking for "value plays" would be looking at a micro-cap health wellness company trading on the venture exchange. Make no mistake about it, VIV is a very risky play, but therein lies the enormous potential return as well. I'm not criticizing you (in fact, you're made some Very good points, and your perspective has been much appreciated.....it's the best way to really do ones DD), but risky stocks require a leap of faith, especially when they are at the cusp of transformative change. Not a BLIND leap of faith, but a leap nonetheless. I just thought I'd mention it, as you seem a bit conflicted at the moment about the story, and if you're anything like me, if you do that for too long, you'll drive yourself crazy!
Just thought I'm mention it :-)