Sunshine Biopharma Files Q1 2024 10-Q

TL;DR

Sunshine Biopharma filed its Q1 2024 10-Q. Check financials.

AI Summary

Sunshine Biopharma, Inc. filed its 10-Q for the period ending March 31, 2024. The company, previously known as Mountain West Business Solutions, Inc., is incorporated in Colorado and operates in the pharmaceutical preparations sector. Its business address is in New York, NY.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Sunshine Biopharma for the first quarter of 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal risks or opportunities, but without specific financial data presented here, a definitive risk level is hard to assign.

Key Numbers

• 20240331 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240520 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Sunshine Biopharma, Inc. (company) — Filer of the 10-Q
• Mountain West Business Solutions, Inc. (company) — Former name of Sunshine Biopharma, Inc.
• 20240331 (date) — End of the reporting period
• 20240520 (date) — Filing date

FAQ

Key Financial Figures

• $0 — he registrant's common stock, par value $0.001, issued and outstanding as of May 1
• $14.00 — Warrant. The public offering price was $14.00 per Common Unit and $13.9 per Pre-Funde
• $13.9 — ng price was $14.00 per Common Unit and $13.9 per Pre-Funded Unit. The Pre-Funded War
• $0.10 — nded Warrants have an exercise price of $0.10 per share. The Pre-Funded Warrants are
• $210.00 — rcise price of each Series A Warrant is $210.00 per share of common stock or pursuant t
• $238.00 — rcise price of each Series B Warrant is $238.00 per share of common stock. The Series B
• $122.00 — s common stock valued at $ 4,514,000 or $122.00 per share. Nora Pharma sells generic ph
• $250,000 — in the form of twenty (20) payments of $250,000 CAD for every $1,000,000 CAD increase i
• $1,000,000 — (20) payments of $250,000 CAD for every $1,000,000 CAD increase in gross sales (as defined
• $3,632,000 — with him. The total earn-out amount of $3,632,000 has been recorded as a salary payable.
• $222.00 — se price of the Tradeable Warrants from $222.00 to $11.00. The Company entered into the
• $11.00 — the Tradeable Warrants from $222.00 to $11.00. The Company entered into the amendment
• $221.9 — ogether at a combined offering price of $221.9. The Pre-Funded Warrants were immediate
• $401.00 — ogether at a combined offering price of $401.00 and each Pre-Funded Warrant and accompa
• $400.90 — ogether at a combined offering price of $400.90. The Pre-Funded Warrants were immediate

Filing Documents

• sunshine_i10q-33124.htm (10-Q) — 554KB
• sunshine_ex3101.htm (EX-31.1) — 13KB
• sunshine_ex3102.htm (EX-31.2) — 13KB
• sunshine_ex3201.htm (EX-32.1) — 6KB
• image_001.jpg (GRAPHIC) — 6KB
• 0001683168-24-003688.txt ( ) — 3631KB
• sbfm-20240331.xsd (EX-101.SCH) — 34KB
• sbfm-20240331_cal.xml (EX-101.CAL) — 45KB
• sbfm-20240331_def.xml (EX-101.DEF) — 145KB
• sbfm-20240331_lab.xml (EX-101.LAB) — 273KB
• sbfm-20240331_pre.xml (EX-101.PRE) — 239KB
• sunshine_i10q-33124_htm.xml (XML) — 365KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Consolidated Statement of Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6 Notes to Unaudited Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 23

Signatures

Signatures 24 2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Sunshine Biopharma, Inc. Consolidated Balance Sheets March 31, December 31, 2024 2023 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 17,434,208 $ 16,292,347 Accounts receivable 2,827,720 2,552,362 Inventory 7,697,906 5,734,755 Prepaid expenses 871,390 310,591 Total Current Assets 28,831,224 24,890,055 Property & equipment 401,642 365,868 Intangible assets 2,065,603 1,444,259 Right-of-use-asset 600,248 646,779 TOTAL ASSETS $ 31,898,717 $ 27,346,961 LIABILITIES Current Liabilities: Accounts payable & accrued expenses $ 3,615,205 $ 2,585,466 Earnout payable 2,547,831 2,547,831 Income tax payable 254,971 299,869 Right-of-use-liability 115,398 118,670 Total Current Liabilities 6,533,405 5,551,836 Long-Term Liabilities: Deferred tax liability 48,729 48,729 Right-of-use-liability 496,968 539,035 Total Long-Term Liabilities 545,697 587,764 TOTAL LIABILITIES 7,079,102 6,139,600 SHAREHOLDERS' EQUITY Preferred Stock Series B $ 0.10 par value per share; 1,000,000 shares authorized; 130,000 and 10,000 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 13,000 1,000 Common Stock $ 0.001 par value per share; 3,000,000,000 shares authorized; 994,529 and 280,243 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 995 28,024 Capital paid in excess of par value 89,842,680 84,387,890 Accumulated comprehensive income 152,400 696,105 Accumulated (Deficit) ( 65,189,459 ) ( 63,905,658 ) TOTAL SHAREHOLDERS' EQUITY 24,819,615 21,207,361 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 31,898,717 $ 27,346,961 See Accompanying Notes To These Unaudited Financial Statements 3 Sunshine Biopharma, Inc. Consolidated March 31, March 31, 2024 2023

View Full Filing

View this 10-Q filing on SEC EDGAR