Sunshine Biopharma Inc (SBFM)

[TraderAI]

A/S is 3,000,000,000 BILLION shares now. 75% share dump so far this morning. Not enough cash on hand to continue operations and no lenders are willing to give them lifeline (loan). They need to raise a minimum of $30,000,000 dollars or risk DEFAULT. SBFM also must stay above $1.00 for 10 days before this coming September or they get the boot from NASDAQ as this is their 2nd delinquency notice within 1 year of being listed on NASDAQ. Further share structure increases can be seen in the most reason 10-Q filing.

Company is in the middle of a dilution dump after announcing a $2M dollar share buy back in January! Since then, and for some odd reason starting in July/August of this year (8 months AFTER announcing a share buy back), SBFM has finally purchased $34K of that proposed $2M buying up shares near the ATL during an O/S increase and share dilution to raise funds. This is absolute insanity.

On January 19, 2023, the Company announced a stock repurchase program of up to $2 million. In July and August 2023, the Company repurchased a total of 68,012 shares of common stock at an average price of approximately $0.5046 per share for a total cost of $34,321. As of the date of this report, the repurchased shares have not been returned to treasury.


NASDAQ DELISTING NOTICE 1: https://www.marketscreener.com/quote/stock/SUNSHINE-BIOPHARMA-INC-111313819/news/SUNSHINE-BIOPHARMA-INC-Notice-of-Delisting-or-Failure-to-Satisfy-a-Continued-Listing-Rule-or-Stan-42517288/

NASDAQ DELISTING NOTICE 2: https://www.marketscreener.com/quote/stock/SUNSHINE-BIOPHARMA-INC-111313819/news/SUNSHINE-BIOPHARMA-INC-Notice-of-Delisting-or-Failure-to-Satisfy-a-Continued-Listing-Rule-or-Stan-43333937/

Their own proprietary drugs (adva-27a, sbfm-pl-4, and others) which some have been touted since 2008 went from 6-12 months for human trials to "TBD." They do not have the cash to research or develop these and there is NO FDA approval. Studies can only be done on lab rats, for which they have never released any result of progress. They cannot start any trial without FDA approval and they have been continuously denied for over a decade. It also takes 10 years to get a new drug past all clinical human trials and to market. By then, their "flagship" adva-27a will have expired. The patent runs out in 2033 and will become a generic if it is ever approved by the FDA.

We are not generating adequate revenues from our operations to fully implement our business plan as set forth herein. On February 17, 2022, we received net proceeds of approximately $6.8 million from the sale of common stock and warrants in an underwritten public offering. On March 14, 2022, we received net proceeds of approximately $6.8 million from the sale of common stock and warrants in a private placement. On April 28, 2022, we received net proceeds of approximately $16.8 million from the sale of common stock and warrants in a private placement. On May 16, 2023, we received net proceeds of approximately $4.1 million from the sale of common stock and warrants in a private placement. We believe our existing cash will be sufficient to fund our operations, including general and administrative expenses, research and development activities, and the generic pharmaceuticals sales business, for the next 18 to 24 months. There is no assurance our estimates will be accurate. Management estimates that we will need additional capital in the amount of approximately $30 million for expansion of our drug development activities and generic pharmaceuticals operations, including possibly a Phase I clinical trial. Additional capital may not be available on terms acceptable to us, or at all. Currently, we do not have any firm committed arrangements for financing and can provide no assurance that we will be able to obtain financing when required. No assurance can be given that we will obtain access to capital markets in the future or that financing, adequate to satisfy the cash requirements of implementing our business will be available on acceptable terms. Our inability to obtain acceptable financing could have an adverse effect upon the results of our operations and financial condition.