Colorado
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20-5566275
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(State
of other jurisdiction of incorporation)
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(IRS
Employer ID No.)
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Large
accelerated filer ☐
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Accelerated
filer ☐
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Non-accelerated
filer ☒
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Smaller
reporting company ☒
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Emerging
growth company ☒
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TABLE OF CONTENTS
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PART I
FINANCIAL INFORMATION
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Page No.
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3
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3
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4
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5
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6
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7
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13
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20
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20
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PART II
OTHER INFORMATION
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21
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22
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22
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22
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22
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22
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22
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23
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3
Months
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3
Months
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Ended
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Ended
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March
31,
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March
31,
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2020
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2019
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Revenues:
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$11,102
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$206
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Cost of
revenues
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3,883
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112
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Gross
profit
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7,219
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94
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General &
Administrative Expenses:
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Accounting
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-
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17,000
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Consulting
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1,724
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11,076
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Legal
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23,724
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32,656
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Office
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11,622
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16,708
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Officer &
director remuneration
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3,830
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40,201
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Rent
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507
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1,248
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Depreciation
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3,511
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3,414
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Total General &
Administrative Expenses
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44,918
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122,303
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Income (Loss) from
operations
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(37,699)
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(122,209)
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Other Income
(Expenses):
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Foreign exchange
gain (loss)
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10,896
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(9,616)
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Interest
expense
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(16,356)
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(46,297)
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Loss on conversion
of notes payable
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(51,100)
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(22,308)
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Total Other Income
(Expenses)
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(56,560)
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(78,221)
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Income (Loss)
before income taxes
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(94,259)
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(200,430)
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Income tax
provision
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-
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-
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Net income (loss)
from continuing operations
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(94,259)
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(200,430)
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Net income (loss)
on discontinued operations
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-
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(2,112)
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Net Income
(Loss)
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$(94,259)
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$(202,542)
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Other comprehensive
income (loss) foreign exchange
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(1,341)
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(785)
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Comprehensive
Income (Loss)
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(95,600)
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(203,327)
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Basic Income (Loss)
from continuing operations per Common Share
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$(0.00)
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$(0.05)
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Basic Income (Loss)
from discontinued operations per Common Share
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$0.00
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$(0.00)
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Basic Income (Loss)
per Common Share
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$(0.00)
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$(0.05)
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Weighted Average
Common Shares Outstanding
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37,590,084
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4,304,735
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Number of Common
Shares Issued
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Common
Stock
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Capital Paid in
Excess of Par Value
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Number of
Preferred Shares Issued
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Preferred
Stock
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Comprehensive
Income
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Accumulated
Deficit
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Total
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Balance at December 31,
2018
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4,282,620
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$4,283
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$15,668,047
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500,000
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$50,000
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$(3,738)
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$(15,774,345)
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(55,753)
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Common Stock issued
for the reduction of notes payable and
payment of interest
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184,829
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185
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47,123
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47,308
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Net
(loss)
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(785)
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(202,542)
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(203,327)
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Balance at March 31, 2019
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4,467,449
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$4,468
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$15,715,170
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500,000
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$50,000
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$(4,523)
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$(15,976,887)
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(211,772)
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Balance at December
31, 2019
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35,319,990
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35,320
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16,616,426
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500,000
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50,000
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(2,495)
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(17,434,636)
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(735,385)
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Common Stock issued
for the reduction of notes payable and
payment of interest
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24,355,427
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24,355
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98,024
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122,379
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Net
(loss)
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(1,341)
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(94,259)
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(95,600)
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Balance at March 31, 2020
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59,675,417
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$59,675
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$16,714,450
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500,000
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$50,000
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$(3,836)
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$(17,528,895)
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(708,606)
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Unaudited
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Unaudited
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3
Month Ended
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3
Month Ended
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March 31,
2020
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March 31,
2019
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Revenues
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$-
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$119,522
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Cost of
revenues
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-
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81,920
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Gross
profit
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-
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37,602
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General &
Administrative Expenses
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-
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36,196
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Gain (Loss) from
operations
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-
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1,406
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Other income
(expense) – Interest
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-
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(3,518)
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Net Income (Loss)
from discontinued operations
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$-
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$(2,112)
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●
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Adva-27a
is effective at killing different types of Multidrug Resistant
cancer cells, including Pancreatic Cancer Cells (Panc-1), Breast
Cancer Cells (MCF-7/MDR), Small-Cell Lung Cancer Cells (H69AR), and
Uterine Sarcoma Cells (MES-SA/Dx5).
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Adva-27a
is unaffected by P-Glycoprotein, the enzyme responsible for making
cancer cells resistant to anti-tumor drugs.
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Adva-27a
has excellent clearance time (half-life = 54 minutes) as indicated
by human microsomes stability studies and pharmacokinetics data in
rats.
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Adva-27a
clearance is independent of Cytochrome P450, a mechanism that is
less likely to produce toxic intermediates.
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Adva-27a
is an excellent inhibitor of Topoisomerase II with an IC50 of only
13.7 micromolar (this number has recently been reduce to 1.44
micromolar as a result of resolving the two isomeric forms of
Adva-27a).
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Adva-27a
has shown excellent pharmacokinetics profile as indicated by
studies done in rats.
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Adva-27a
does not inhibit tubulin assembly.
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GMP
Manufacturing of 2 kilogram for use in IND-Enabling Studies and
Phase I Clinical Trials
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IND-Enabling
Studies
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Regulatory
Filing (Fast-Track Status Anticipated)
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Phase I
Clinical Trials (Pancreatic Cancer Indication)
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Anastrozole
(brand name Arimidex® by AstraZeneca) for treatment of Breast
Cancer;
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Letrozole
(brand name Femara® by Novartis) for treatment of Breast
Cancer;
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Bicalutamide
(brand name Casodex® by AstraZeneca) for treatment of Prostate
Cancer;
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Finasteride
(brand name Propecia® by Merck) for treatment of BPH (Benign
Prostatic Hyperplasia)
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Ineffective control
environment and lack of qualified full-time CFO who has SEC
experience to focus on our financial affairs;
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Lack of
qualified and sufficient personnel, and processes to adequately and
timely identify making any and all required public
disclosures;
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Deficiencies
in the period-end reporting process and accounting
policies;
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Inadequate internal
controls over the application of new accounting principles or the
application of existing accounting principles to new
transactions;
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Inadequate
internal controls relating to the authorization, recognition,
capture, and review of transactions, facts, circumstances, and
events that could have a material impact on the Company’s
financial reporting process;
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Deficient
revenue recognition policies;
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Inadequate
internal controls with respect to inventory transactions;
and
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Improper and lack
of timely accounting for accruals such as prepaid expenses,
accounts payable and accrued liabilities.
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Exhibit
No.
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Description
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Certification
of Chief Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
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Certification
of Chief Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
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Certification
of Chief Executive Officer and Chief Financial Officer Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
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101.INS
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XBRL
Instance Document*
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101.SCH
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XBRL
Schema Document*
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101.CAL
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XBRL
Calculation Linkbase Document*
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101.DEF
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XBRL
Definition Linkbase Document*
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101.LAB
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XBRL
Label Linkbase Document*
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101.PRE
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XBRL
Presentation Linkbase Document*
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SUNSHINE BIOPHARMA, INC.
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By:
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s/ Dr.
Steve N. Slilaty
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Dr.
Steve N. Slilaty,
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Principal
Executive Officer
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By:
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s/
Camille Sebaaly
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Camille
Sebaaly,
Principal
Financial Officer and
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Principal
Accounting Officer
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Dated:
May 18, 2020
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s/ Dr. Steve N.
Slilaty
Dr.
Steve N. Slilaty, Chief Executive Officer
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Dated:
May 18, 2020
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s/ Camille
Sebaaly
Camille
Sebaaly, Chief Financial Officer
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Dated:
May 18, 2020
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s/ Dr. Steve N.
Slilaty
Dr.
Steve N. Slilaty, Chief Executive Officer
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Dated:
May 18, 2020
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s/ Camille
Sebaaly
Camille
Sebaaly, Chief Financial Officer
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