On 3/31/2017, SBFM Market Cap: 1,722,864
Not sure about the share structure, but based on this, they were worth between $977M and $1,133M ($1.13B) dollars based on this "estimated evaluation" of the audited paperwork as of 3/31/2017.
"The Company today received the results of an independent valuation it had commissioned on its issued and outstanding shares. MNP LLP ("MNP") was retained to provide a Valuation Report (the "Report") on the estimated en bloc Fair Market Value at March 31, 2017 of its issued and outstanding shares. The value arrived at in the Report was in the range of $977.0 million to $1,133.0 million. The Company had commissioned the Report as part of an obligation it had previously made to investors."
They cite a research article, unrelated to Sunshine BioPharma, dated 2012 that is only by these people:
ABDERRAZZAK MERZOUKI, MICHAEL D. BUSCHMANN, MYRIAM JEAN, REBECCA S. YOUNG, SI LIAO, SUSANNAH GAL, ZUOMEI LI and STEVE N. SLILATY
Anticancer Research October 2012, 32 (10) 4423-4432;
I'd like to know what the issued share count was, but as stated, the evaluation was only "estimated" and not "actual." Somehow, they were able to inflate the stock price, perhaps either by a very high share structure, or by stating this is what we'd be worth if we raise our share structure, and here is the paperwork to prove it thanks to "adva-27a" and other things.
SBFM completed the acquisition of "Atlas", the pharmaceutical company in January of 2018, but I'd like to know when that Letter of Intent was signed, because it may have played a role in their evaluation as well. And then they sell it right back?
