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Re: Drugdoctor post# 31569

Tuesday, 05/10/2016 7:16:53 AM

Tuesday, May 10, 2016 7:16:53 AM

Post# of 113320
They have been changing the timeline for years Now “mid/late 2017” now to start phase 1. Anyone can review past quarterlies to see that it keeps on sliding to the right. Share structure will be raised to 3B as stated here http://www.sec.gov/Archives/edgar/data/1402328/000135448816006700/sbfm_10k.htm Yes, dilution is going nuts, and I sure wouldn’t mind the 35% discount. Pretty much the saga continues. Imo.

Just a few random excerpts. Mostly for my own notes.

1st Q 2016

Common Stock, $0.001 per share; Authorized 500,000,000 Shares; Issued and outstanding 232,876,353 and 198,265,118 at March 31, 2016 and December 31, 2015 respectively


Weighted Average Common Shares Outstanding
215,596,040 78,942,780

Note 1 – Descriptions of Business
In July 2014, the Company formed a wholly owned Canadian subsidiary, Sunshine Biopharma Canada Inc. (“Sunshine Canada”) for the purposes of conducting pharmaceutical business in Canada and elsewhere around the globe. Sunshine Canada is currently working on securing a Drug Establishment License from Health Canada and signing manufacturing, marketing, sales and distribution contracts for various generic pharmaceuticals for sale in Canada and overseas.

During the last three month period the Company has continued to raise money through stock sales and borrowings.





Note 4 – Notes Payable

A Note having a Face Value of $19,142 was entered into on December 31, 2015. This Note accrues interest at the rate of 12% per annum and a total of $574 in accrued interest was expensed during the quarter ended March 31, 2016. This is a Non-convertible Note due on December 31, 2016.

A Note having a principal balance of $83,000 as of December 31, 2015 was fully converted, together with $3,320 of accrued interest thereon, into $0.001 par value Common Stock during the three month period ended March 31, 2016. In connection therewith, 9,906,049 shares of $0.001 par value Common Stock valued at $146,658 were issued generating a loss of $63,658 on conversion.

A Note having a Face Value $203,036 with interest of 12% is due June 30, 2016. This Note is convertible after December 31, 2015 into $0.001 par value Common Stock at a price 35% below market value. During the period ended March 31, 2016, a total of $38,036 in principal was converted into $0.001 par value Common Stock leaving a principal balance of $165,000. In connection this conversion, 7,705,186 shares of $0.001 par value Common Stock valued at $231,156 were issued generating a loss of $193,120 on conversion.
On February 18, 2016, the Company received monies in exchange for a note due November 18, 2016 having a Face Value of $85,000 and accruing interest at 8%. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value.
Note 5 – Notes Payable Related Entity
On October 8, 2015, the Company acquired from Advanomics Corporation (a related party) U.S. Patent Number 8,236,935 (the “Patent”) for the anticancer compound, Adva-27a, which includes all rights to this intellectual property within the United States in exchange for an interest-free note payable for $4,320,000 with annual payments of $360,000 due and payable on or before December 31, commencing in 2016 and continuing until paid in full. The note is collateralized by the Patent. Pursuant to an amendment agreement effective December 28, 2015, this note was cancelled and replaced with a new note having a face value of $210,519, comprised of $155,940 in principal amount which is the seller’s (Advanomics Corporation, a related party) book value of the Patent plus $54,579 as an adjustment for the currency exchange difference, which was expensed immediately. This new, interest-free Note is automatically convertible into a fixed number of 80,968,965 shares of the Company’s $0.001 par value Common Stock upon the Company completing an increase in its authorized capital such that a sufficient number of Common shares is available for issuance. However, if the Company does not increase its capitalization within 90 days from the date of the Note, interest will begin to accrue at the rate of 10% per annum.

On December 28, 2015, the Company acquired from Advanomics Corporation (a related party) the worldwide issued and pending patents under PCT/FR2007/000697 and PCT/CA2014/000029 (the “Patents”) for the anticancer compound, Adva-27a, which include all worldwide rights to this intellectual property in exchange for a note payable for $12,822,499, with interest accruing at 2% per year beginning January 1, 2016 and quarterly payments of $70,000 plus interest commencing the end of March 2016 and continuing until December 2020 when the entire principal balance and all accrued interest will be due. The note is collateralized by the Patents. Pursuant to an amendment agreement, effective December 28, 2015, this note was cancelled and replaced with a new convertible note having a face value of $624,875, comprised of $462,870 in principal amount which is the seller’s (Advanomics Corporation, a related party) book value of the Patents, plus a $162,005 amount as an adjustment for the currency exchange difference, which was expensed immediately. This new, interest-free Note is automatically convertible into a fixed number of 240,336,451 shares of $0.001 par value Common Stock upon the Company completing an increase in its authorized capital such that a sufficient number of Common shares is available for issuance. However, if the Company does not increase its capitalization within 90 days from the date of the Note, interest will begin to accrue at the rate of 10% per annum.

Note 6 – Issuance of Common Stock

At March 31, 2016 the Company had issued and outstanding 232,876,353 shares of $0.001 par value Common Stock. During the three months ended March 31, 2016, the Company issued a total of 34,611,235 shares of $0.001 par value Common Stock. Of these, 17,611,235 shares having a market value of $377,814 have been issued reducing debt by $121,036 and interest payable by $3,120 and generating a loss on conversion of $253,658 for the period ended March 31, 2016. The Company issued 7,000,000 shares of $0.001 par value Common Stock for $105,000 Canadian (approximately $79,128 US). For services to be rendered, the Company issued 10,000,000 shares of $0.001 par value Common Stock having a market value of $100,000 or $0.01 per share, to an unaffiliated company that is assisting the Company in the development of manufacturing, marketing, sales and distribution contracts for various generic pharmaceuticals and biomedical products in Canada. These services are for a two year period and will be expensed ratably over a 24 month period commencing April 1, 2016.

Note 7 – Issuance of Series “B” Preferred Stock

During the year ended December 31, 2015, the Company authorized 500,000 shares of $0.10 par value Series “B” Preferred Stock. The Series “B” Preferred Stock is non-convertible, non-redeemable and non-retractable. It has superior liquidation rights to the Common Stock at $0.10 per share and gives the holder the right to 1,000 votes per share. All 500,000 shares of Series “B” Preferred Shares were issued to the CEO of the Company in exchange for services valued at $50,000.
Note 8 – Earnings (Loss) Per Share

Earnings (loss) per share is computed using the weighted average number of Common Shares outstanding during the period. The Company has adopted ASC 260 (formerly SFAS128), “Earnings per Share”. Other than the shares to be issued for the purchased patents as specified under Note 5 above, the Company has no potentially dilutive instruments outstanding.

Note 9 – Financial Statements

For a complete set of footnotes, reference is made to the Company’s Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission and the audited financial statements included therein.


Note 10 – Income Taxes


Certain members of the Company’s management, including Dr. Steve N. Slilaty, our President, CEO and a Director and Camille Sebaaly, our CFO, Secretary and a Director, hold similar positions with Advanomics Corporation, the seller of the Adva-27a patents recently acquired by the Company (See Note 5 above).


The Company’s principal place of business is located at 469 Jean-Talon West, 3rd Floor, Montreal, Quebec, Canada, H3N 1R4. This is also the location of Advanomics, who continues to provide this space to the Company on a rent free basis as of the date of this Report. Dr. Steve N. Slilaty, the Company’s Chief Executive Officer and a Director, is an Officer, Director and principal shareholder of Advanomics.


Note 12 – Subsequent Events
In April 2016, the Directors of the Company were issued an aggregate of 36,000,000 shares of the Company’s $0.001 par value Common Stock (12,000,000 shares per Director) in consideration for services rendered through December 31, 2015 valued at $36,000.
Our principal place of business is located at 469 Jean-Talon West, 3rd Floor, Montreal, Quebec, Canada H3N 1R4. Our phone number is (514) 764-9698 and our website address is www.sunshinebiopharma.com.


We have not been subject to any bankruptcy, receivership or similar proceeding.

Comparison of Results of Operations for the three months ended March 31, 2016 and 2015 (excerpt)
General and administrative expenses during the three month period ended March 31, 2016 were $69,682, compared to general and administrative expense of $124,825 incurred during the three month period ended March 31, 2015, a decrease of $55,143. This decrease is primarily attributable to the elimination of the $50,000 license fee we incurred during 2015 that we did not incur in the three months ended March 31, 2016 because we acquired the patent rights which were the subject of the license fee.

As a result, we incurred a net loss of $305,294 ($0.00 per share) for the three month period ended March 31, 2016, compared to a net loss of $294,367 ($0.00 per share) during the three month period ended March 31, 2015.

Acquisition of Patents (excerpt)

...we executed the aforesaid amendments to the original Patent Purchase Agreements which provided for (i) reduction of the purchase price of the Patents from $17,142,499 to $618,810, the Advanomics book value of the Patents, (ii) elimination of all cash payments obligations, and (iii) automatic convertibility of the new promissory notes for the new purchase price into an aggregate of 321,305,415 shares of Common Stock upon our increasing our authorized capital such that this number of Common Shares can be issued.

GMP Manufacturing (excerpt)
In June 2015 we received a sample of the scale-up manufacturing process for evaluation and confirmation of adherence to specifications. Based upon our laboratory analyses, the sample meets all of the required chemical, physical and biological specifications. The amount of material (the “Yield”) generated by this pilot run was found to be significantly lower than anticipated and we are currently working towards finding possible solutions to increase the Yield. If the timetable for generating the 2-kilogram quantity is met, of which there can be no assurance, and subject to receipt of the necessary financing, also for which no assurances can be provided, we expect to move into Phase I of our clinical trials in mid to late 2017.

Pursuant to the terms of the Lonza Agreement, Lonza will manufacture our drug in accordance with current Good Manufacturing Practices (“cGMP”) in compliance with the regulations applicable in the U.S., Canada, Europe and other countries around the world relating to the manufacturing of medicinal products for human use. Lonza will build a master drug file for our Adva-27a drug and will have it ready for filing with regulatory authorities as may be required to secure ultimate drug approval. The Lonza Agreement provides for us to maintain one representative of our Company at their facility during the manufacturing process. Quality assurance and control is the responsibility of both Lonza and us during the process.
http://www.sec.gov/Archives/edgar/data/1402328/000135448816007274/sbfm_10q.htm

http://www.sec.gov/Archives/edgar/data/1402328/000135448816006700/sbfm_10k.htm


=================================
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And this is still in the wind as well...

Offer to exchange 56,839,061 Common Shares
for 56,839,061 Common Shares of
Sunshine Biopharma Inc., a Canadian corporation,
that have been registered under the Securities Act of 1933


We have filed a registration statement on Form S-4, of which this Prospectus is a part, to register the issuance of Common Stock that is to be delivered to our shareholders by a to-be-formed Canadian corporation upon the completion of a redomestication of our Company, Sunshine Biopharma, Inc., a Colorado corporation. We are proposing to change our jurisdiction of incorporation from Colorado to Delaware, then to the Canadian federal jurisdiction under the Canada Business Corporations Act (the “CBCA”) through a process known as a continuation under Delaware and Canada corporate law (the “Continuation” or the “Continuance”). In order to give effect to the Continuation, our Board of Directors has adopted a plan of merger under the Colorado Revised Statutes (the “Plan of Merger”) to reincorporate our Company into a Delaware corporation in order to take advantage of the laws of the State of Delaware authorizing a continuation, and simultaneous therewith, to file a Certificate of Transfer with the Delaware Secretary of State to continue our existence as a Canadian corporation.

2013-09-16 S-4
http://www.sec.gov/Archives/edgar/data/1402328/000135448813005834/sbfm_s4.htm

form 14 2013-08-06
http://www.sec.gov/Archives/edgar/data/1402328/000135448813005255/sbfm_pre14c.htm

RCMP Canada.
http://www.rcmp.gc.ca/en

SEC Complaint process
https://denebleo.sec.gov/TCRExternal/index.xhtml
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