Sunshine Biopharma Files Q2 2024 10-Q

TL;DR

Sunshine Biopharma dropped its Q2 10-Q. Check financials.

AI Summary

Sunshine Biopharma, Inc. filed its 10-Q for the period ending June 30, 2024. The company, previously known as Mountain West Business Solutions, Inc., is in the pharmaceutical preparations industry. Key financial data and reporting dates are included in the filing.

Why It Matters

This filing provides investors with an update on Sunshine Biopharma's financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Sunshine Biopharma faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240816 — 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.
• 20240630 (date) — End of the reporting period
• 20240816 (date) — Filing date

FAQ

Key Financial Figures

• $0 — he registrant's common stock, par value $0.001, issued and outstanding as of Augus
• $280.00 — Warrant. The public offering price was $280.00 per Common Unit and $278.00 per Pre-Fun
• $278.00 — g price was $280.00 per Common Unit and $278.00 per Pre-Funded Unit. The Pre-Funded War
• $2.00 — nded Warrants have an exercise price of $2.00 per share. The Pre-Funded Warrants are
• $4,200.00 — cise price of each Series A Warrant was $4,200.00 per share of common stock or pursuant t
• $4,760.00 — cise price of each Series B Warrant was $4,760.00 per share of common stock. The Series B
• $2,440 — s common stock valued at $ 4,514,000 or $2,440 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.
• $4,440 — se price of the Tradeable Warrants from $4,440 to $220.00. The Company entered into th
• $220.00 — f the Tradeable Warrants from $4,440 to $220.00. The Company entered into the amendment
• $4,440.00 — ogether at a combined offering price of $4,440.00 and each Pre-Funded Warrant and accompa
• $4,438.00 — ogether at a combined offering price of $4,438.00. The Pre-Funded Warrants were immediate
• $2 — ly exercisable, at an exercise price of $2.00, and may be exercised at any time un

Filing Documents

• sunshine_i10q-063024.htm (10-Q) — 755KB
• sunshine_logo.jpg (GRAPHIC) — 6KB
• sunshine_ex3101.htm (EX-31.1) — 13KB
• sunshine_ex3102.htm (EX-31.2) — 13KB
• sunshine_ex3201.htm (EX-32.1) — 6KB
• 0001683168-24-005846.txt ( ) — 3918KB
• sbfm-20240630.xsd (EX-101.SCH) — 32KB
• sbfm-20240630_cal.xml (EX-101.CAL) — 44KB
• sbfm-20240630_def.xml (EX-101.DEF) — 154KB
• sbfm-20240630_lab.xml (EX-101.LAB) — 278KB
• sbfm-20240630_pre.xml (EX-101.PRE) — 250KB
• sunshine_i10q-063024_htm.xml (XML) — 406KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Consolidated Statement of Shareholders' Equity for the Six Months Ended June 30, 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

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Sunshine Biopharma, Inc. Consolidated Balance Sheets June 30, December 31, 2024 2023 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 11,507,745 $ 16,292,347 Accounts receivable 3,973,550 2,552,362 Inventory 8,490,745 5,734,755 Prepaid expenses 1,776,480 310,591 Total Current Assets 25,748,520 24,890,055 Long-Term Assets: Property & equipment 541,410 365,868 Intangible assets 2,447,128 1,444,259 Right-of-use-asset 563,920 646,779 Total Long-Term Assets 3,552,458 2,456,906 TOTAL ASSETS $ 29,300,978 $ 27,346,961 LIABILITIES Current Liabilities: Accounts payable & accrued expenses $ 4,930,055 $ 2,585,466 Earnout payable – 2,547,831 Income tax payable 254,971 299,869 Current portion - right-of-use-liability 114,452 118,670 Total Current Liabilities 5,299,478 5,551,836 Long-Term Liabilities: Deferred tax liability 48,729 48,729 Right-of-use-liability 462,906 539,035 Total Long-Term Liabilities 511,635 587,764 TOTAL LIABILITIES 5,811,114 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 June 30, 2024 and December 31, 2023, respectively 13,000 1,000 Common Stock, $ 0.001 par value per share; 3,000,000,000 shares authorized; 1,170,510 and 14,012 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 1,171 14 Capital paid in excess of par value 89,842,503 84,415,900 Accumulated comprehensive income (loss) ( 683,050 ) 696,105 Accumulated (Deficit) ( 65,683,759 ) ( 63,905,658 ) TOTAL SHAREHOLDERS' EQUITY 23,489,865 21,207,361 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 29,300,978 $ 27,346,961 See Accompanying Notes To These Financial Statements 3 Sunshine Biopharma, Inc. Consolidated 3 Mo

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View this 10-Q filing on SEC EDGAR