Spotlight Innovation Inc. (fka STLT)

[Ecomike]

The 8-K filled today by STLT explains this rally. Check out the last 6 months of SEC fillings, the earlier ones explain the sell off earlier this summer, today's 8-K explains the huge bounce rally today.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11570546

" Item 4.02 - Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.



On March 29, 2016, Spotlight Innovation Inc. (the "Company"), reported that the previously issued financial statements contained in the Company's Quarterly Reports on Form 10-Q for the quarters ended June 30, 2014, September 30, 2014, March 31, 2015, June 30, 2015 and September 15, 2015 and in the Annual Report on Form 10-K for the year ended December 31, 2014 (the "Prior Reports") should no longer be relied upon because of an error in recording the value of intellectual property assets acquired in a transaction between the Company and Celtic Biotech Ltd. ("Celtic"), an Irish Limited Company, that closed on June 4, 2014 (the "Transaction"). This conclusion was reached based on a valuation report dated March 29, 2016 (the "Initial Valuation Report") which indicated a much lower valuation of Celtic than was initially determined. Subsequently, in further reviewing and evaluating the Initial Valuation Report with the Company's independent registered public accounting firm, the Company determined that the Initial Valuation Report was not comprehensive enough as it did not provide for full consideration of Celtic in determining the value therefor (focused on only one compound, excluded potential sales outside the United States). Upon making this determination, in June 2016, the Company retained a well-known independent valuation firm to provide a detailed, fully comprehensive, in depth valuation, of Celtic (the "Subsequent Report"). The Company fully analyzed and compared the Initial Valuation Report and the Subsequent Report and determined that the Initial Valuation Report could not be relied upon. Based on the Subsequent Report, the Company determined that the value of the IPR&D acquired in the Celtic acquisition to be in excess of $18.0 million when all relevant compounds, revenues and the appropriate costs are included.

No adjustment was required to reduce the value of the relevant assets on the balance sheet included in the Prior Reports, and the financial statements contained in the Prior Reports may be relied on.

Management has discussed the matters disclosed in this Current Report on Form 8-K with GBH CPAs, PC, the Company's independent registered public accounting firm. "

That one single valuation places the stock value way over $1 share based on just that one Biotech purchase, and does not include the others. I should have bought more shares earlier at the lows. At least I held and did sell at the lows for a huge loss. Pays to know the people running a company in this kind of stock to know if they scam artists or real businessmen. Chris, the CEO is the real McCoy!!!! Shame the company got hung up in this BS. So they should be able catch up on the late SEC fillings now, pretty quickly.