Shouldn't I be able to see the listed of drugs that Mikah is approved for from the orange book? Can't seem to find any listed under Mikah.

The question becomes - shipping to whom? What partner? What distribution mechanism?

Forget the socio-political-legal-regulatory nature of the issue and focus on how businesses compete. That a small player might compete in a mature pain med market replete with larger more well financed generic and novel drug businesses able to create costly barriers to entry is not something to be dismissed lightly or overcome easily; particularly when we consider that the principle purpose of businesses is to become profitable.

The business reality is there is always something given up in order to achieve success.

So, how is it that Nostrum is not yet able to commercialize the drugs they bought from Elite, yet Elite would have been able to do it so much sooner? Given Nostrum's larger commercialized portfolio compared to Elite, this remains a fair question.

OBTW: What about this part, which is an environmental factor that compounds the challenges for a small drug company to commercialize pain meds?

Quote:
Although the opioid crisis in the U.S. continues to make headlines, a new analysis finds that prescription opioid use has dropped by 60% since 2011 — when prescribing was highest— and by the end of this year, usage is expected to drop to levels not seen in nearly two decades.

Okay, so why, after spending $3 M, did Nostrum not commercialize the drugs that supposedly could garner “tens of millions of dollars” a quarter?

Elite applied for site transfers for dantrolene and loxapine in early 2017. They received approval and launched dantrolene more than *two years later* in 2019. They just recently received the approval for loxapine and have not yet launched it. It is unrealistic to expect Nostrum to commercialize multiple ANDA's within a year of acquiring them (Nov 2019), and it is just plain silly to make ill-conceived conclusions about the ultimate commercial viability of those ANDA's.

repetition is the mother's milk of learning

This is your decision-making; It's on you..sorry

What the above makes clear is that there was no competition between Elite and Mikah to purchase SunGen’s solid dose portfolio because there could be no competition, as it would be in violation of SEC rules and put Nasrat in the legal jeopardy. It is only by NOT competing with Elite that Nasrat can avoid SEC sanctions as owner of Mikah while CEO of Elite.

Sorry, it's not that simple...

Pursuant to his August 2013 employment agreement, and as amended on January 12, 2016 (the “Hakim Employment Agreement”), Mr. Hakim receives an annual salary of $500,000 per year. The Salary is paid in shares of the Company’s Common Stock pursuant to the Company’s current procedures for paying Company executives in Stock. He also is entitled to an annual bonus equal to up to 100% of his annual salary, payable in accordance with the Company’s payroll practices.

Mikah is not some monster hiding under the bed waiting for the right time to emerge and takeover Elite. If that was Nasrat’s intention, the plan is long past a due date.

Yes, he does take fat cash from payroll (and a car allowance!), in addition to the millions of shares he receives in annual salary.

So what! Nas also contributed $11 million of his own funds @ $.31 pps

Nasrat did not sell ANY stock since he joined Elite. He did not take $1 in salary neither.

So please explain how he goes to the supermarket all this time... lol

He is wealthy and it does matter.

Pursuant to his August 2013 employment agreement, and as amended on January 12, 2016 (the “Hakim Employment Agreement”), Mr. Hakim receives an annual salary of $500,000 per year. The Salary is paid in shares of the Company’s Common Stock pursuant to the Company’s current procedures for paying Company executives in Stock. He also is entitled to an annual bonus equal to up to 100% of his annual salary, payable in accordance with the Company’s payroll practices. The Board may also award discretionary bonuses in its sole discretion. Mr. Hakim is entitled to employee benefits (e.g., health, vacation, employee benefit plans and programs) consistent with other Company employees of his seniority and a car allowance.

Quote:
I figure Nasrat was teeing up the news on the last cc that the next CNS drug will not be moving forward.


This "figuring" is based on what specific understanding of Elite's business?

As I pointed out previously, Elite avoided taking on debt by using its shares through the LPC program to generate cash to fund the business. It is that strategy that has prevented them from taking on onerous debt and it is reflected by a couple of simple ratios that measure liquidity and solvency, that I had posted previously.

He acts like the 3 cent floor in LPC III is a legal technicality which has no real significance, without ever referring to LPC II and the fact that the 8 cent floor prevented the company from accessing the capital for nearly half the agreement. All the commitment shares for LPC II were completely wasted on a useless agreement, not to mention the obvious fact that the dilution through LPC II is one of the factors that caused the share price to fall well under the 8 cent minimum needed in order to utilize it.

And he is being completely disingenuous when he acts like the LPC dilution has resulted in any "growing revenues" [sic]. The original 13 ANDA's were purchased with a promissory note and then shares, same with trimipramine. The Adderalls were financed mostly by SunGen, and that is why Mikah now owns half instead of Elite owning 100%. As far as I can think of, every single development project that was financed through LPC I and LPC II has been either abandoned or sold off for pennies on the dollar. Can anyone describe any current source of revenue that was the result of capital from LPC?

Finally, his comment about expansion through acquisition is more like a warning than a promise. It's like he's saying, "Lookout, shareholders, that's Mikah behind you."

This is the one that Elite will let us know if their tech even works to keep moving forward towards submission.

YEs - I remember that - but what if the projections still limit us?

On the Adderall penetration, I think we are limited by quota - and this could explain our flat quarter over quarter situation.

dr...lol

Look at the sec filing. I provided the page number in my post.

It says clearly that last quarter had 49% gross profit versus 29% two quarters ago.

I am not talking about any other page.

and it is RIGHT

You are WRONG !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Results of Operations



The following set forth our results of operations for the periods presented. The period-to-period comparison of financial results is not necessarily indicative of future results.



Three months ended September 30, 2020 compared to September 30, 2019

I think Elite is a Gem... by 2025 we will be rich...

avoiding conflicts of interest

This relates to the admonition that Elite needs to “do better" which is non-specific

confirm a business and its management are "doing better."

The results argue that Elite is “doing better"

So, in sum, the continued refrain that investors should expect Elite to “do better” is unsupported by a firm definition of what “do better” actually means.

Frankly, the trite refrain that Elite needs to “do better” is rather like a fan in the stands lamenting his team is “winning ugly.”

It is easy to identify with those who hate to see a CEO rewarded for failure. Eventually, it is necessary for the few people in a position of responsibility to step up and confront the beast. It is time to expect better from Elite management, including and especially the board of directors.

Neumann walked away with over a billion dollars, while thousands of employees were laid off.

The Japanese conglomerate’s “reward” for Neumann’s mismanagement felt especially like a slap in the face amid mass layoffs at WeWork this month. Claure admitted that since taking over as chairman, he’s been faced with staffers questioning him over SoftBank’s decision while 4,000 employees lost their jobs.

“In order for us to have the economic interest that we want, we have to buy shares,” Claure said of the buyout. “He’s a shareholder.”

Elsewhere in the interview, Claure also spoke of the conversation he had with the former controversial CEO on the day SoftBank sent him off. “I said: ‘Adam, we trusted you. We gave you everything. And it’s fair to say things didn’t work out the way we originally planned,’” Claure said. “Now it’s your turn to turn around and basically pay back that trust and provide us with a proxy of all of your shares.”

The transaction was handled through a private company

But investors saw through Neumann's reality distortion field. They rejected a grossly over-valued, cash burning commercial real estate leasing company and an overpaid CEO whose control of the company meant he could not be replaced by the board if the company's performance got worse.

Not sure I see any examples that correlate well with what Nasrat has pulled off

When WeWork filed to go public this summer, we learned an incredible detail about its cofounder Adam Neumann: He was paid a whopping $5.9 million by the company he runs for use of the word "we."

The logic was laid out as such: Ahead of its initial-public-offering filing, WeWork reorganized and rebranded as The We Company. To rebrand itself around the word "We," the company paid its own CEO nearly $6 million for trademark rights.

The transaction was handled through a private company that Neumann is a managing member of, We Holdings LLC, which owned the trademark rights to the word "we." Moreover, WeWork characterized the nearly $6 million payment as "fair market value."

- Chesapeake Energy: Aubrey McClendon

Read the Sec filings all is there - the whole history...

@Weezuhl.

You full of S**t. I was on the call.

Post it here. If I'm wrong, I'll admit it.

I was on the call. While Nasrat started talking of the valuation the price started to go up . and reached a $0.99 peak.

@Weezuhl.

You full of S**t. I was on the call. While Nasrat started talking of the valuation the price started to go up . and reached a $0.99 peak.

You forgot to mention he ran it from 0.07 to 0.97 first by saying the company is valued at $2.40 by an independent company...

So, let’s make this simple, though not shorter...

No he doesn't!! Just keep executing Naz!!

Fiduciary Relationship Between Board Members & Shareholders

Specific duties include the following:

The Duty of Care
Duty of care applies to the way the board makes decisions that affect the future of the business. The board has the duty to fully investigate all possible decisions and how they may impact the business; If the board is voting to elect a new CEO, for example, the decision should not be made based solely on the board's knowledge or opinion of one possible candidate; it is the board's responsibility to investigate all viable applicants to ensure the best person for the job is chosen.

The Duty to Act in Good Faith
Even after it reasonably investigates all the options before it, the board has the responsibility to choose the option it believes best serves the interests of the business and its shareholders.

The Duty of Loyalty
Duty of loyalty means the board is required to put no other causes, interests or affiliations above its allegiance to the company and the company's investors. Board members must refrain from personal or professional dealings that might put their own self-interest or that of another person or business above the interest of the company.

If a member of a board of directors is found to be in breach of their fiduciary duty, they can be held liable in a court of law by the company itself or its shareholders.

I prefer Nasrat to own the Sungen drugs over a competitor - if this is what you refer to.


At the end of the day - did the relationship with Mikah made us profitable yes or no?

He does not owe you s%$t!!!

Fiduciary Relationship Between Board Members & Shareholders

Specific duties include the following:

The Duty of Care
Duty of care applies to the way the board makes decisions that affect the future of the business. The board has the duty to fully investigate all possible decisions and how they may impact the business; If the board is voting to elect a new CEO, for example, the decision should not be made based solely on the board's knowledge or opinion of one possible candidate; it is the board's responsibility to investigate all viable applicants to ensure the best person for the job is chosen.

The Duty to Act in Good Faith
Even after it reasonably investigates all the options before it, the board has the responsibility to choose the option it believes best serves the interests of the business and its shareholders.

The Duty of Loyalty
Duty of loyalty means the board is required to put no other causes, interests or affiliations above its allegiance to the company and the company's investors. Board members must refrain from personal or professional dealings that might put their own self-interest or that of another person or business above the interest of the company.

If a member of a board of directors is found to be in breach of their fiduciary duty, they can be held liable in a court of law by the company itself or its shareholders.

Did the poison pill expire?

November 15, 2013, our board of directors declared a dividend distribution of one right for each outstanding share of our common stock and one right for each share of Common Stock into which any of our outstanding Preferred Stock is convertible, to stockholders of record at the close of business on that date.

Possible Anti-Takeover Effects of the Proposal

Our Board of Directors does not intend or view the increase in the number of authorized shares of our Common Stock as an anti-takeover measure, but rather, as a means of providing greater flexibility to the Board of Directors as indicated above. Nevertheless, the increase in our authorized shares could enable the Board of Directors to issue additional shares to render more difficult or discourage an attempt by another person or entity to obtain control of our Company, even if the holders of our Common Stock deem such acquisition of control of our Company to be in their best interests. The issuance of additional shares of Common Stock in a public or private sale, merger or similar transaction would increase the number of outstanding shares and thereby could dilute the proportionate interest of a party attempting to gain control of our Company. As of the date of this Proxy Statement, our Board of Directors and our management are not aware of any attempt or plan to takeover or acquire our Company or our Common Stock, and the increase in authorized shares of our Common Stock was not prompted by any takeover or acquisition effort or threat.

As of the date hereof, we do have certain other measures that can be deemed to be anti-takeover measures. our current Articles of Incorporation allow us to issue shares of preferred stock without any vote or further action by our Shareholders. Our Board of Directors has the authority to fix and determine the relative rights and preferences of preferred stock. Our Board of Directors also has the authority to issue preferred stock without further shareholder approval. As a result, our Board of Directors could authorize the issuance of a series of preferred stock that would grant to holders the preferred right to our assets upon liquidation, the right to receive dividend payments before dividends are distributed to the holders of Common Stock and the right to the redemption of the shares, together with a premium, prior to the redemption of our Common Stock. The foregoing provisions remain unchanged in the Articles of Incorporation as anticipated to be amended pursuant to this Proposal No. 1. In addition, on November 15, 2013, we enacted a Shareholder Rights Plan. This Plan, if triggered could deter any potential acquirer from making a hostile bid to take over our company Also, our By-Laws provide for the classification of our Board of Directors into three classes.

Our Board of Directors does not currently contemplate recommending the adoption of any other proposals or amendments to our Articles of Incorporation that could be construed to affect the ability of third parties to take over or change the control of our Company.

In case you did not know who was sued as part of the Opioids lawsuit:

It is true that you need pain medicine - but when they sue even CVS and Costco as well as Purdue and J&J, you better stay clear. If Elite had been caught in the lawsuit, we would have no shares to talk about today.

Defendants in lawsuits include:
Allergan
AmerisourceBergen Drug Corporation
Cardinal Health Inc.
Costco
CVS
Endo Health Solutions and its affiliates
Endo International and its affiliates
Janssen Pharmaceuticals and its affiliates (including its parent company Johnson & Johnson)
Mallinckrodt LLC and its affiliates
McKesson Corporation
Purdue Pharma and its affiliates
Rite-Aid Corporation
Rochester Drug Cooperative Inc.
Teva Pharmaceuticals USA Inc. and its affiliates; and Allergan Finance LLC and its affiliates.
Walgreens
Wal-Mart

Founder and Four Executives of Insys Therapeutics Convicted of Racketeering Conspiracy

First successful prosecution of top pharmaceutical executives for crimes related to the prescribing of opioids

...

The defendants used pharmacy data to identify practitioners who either prescribed unusually high volumes of rapid-onset opioids, or had demonstrated a capacity to do so, and bribed and provided kickbacks to the practitioners to increase the number of new Subsys prescriptions, and to increase the dosage and number of units of Subsys. The defendants also measured the success of their criminal enterprise by comparing the net revenue earned from targeted practitioners with the total value of bribes and kickbacks paid. The defendants used this information to reduce or eliminate bribes paid to practitioners who failed to meet satisfactory prescribing requirements, which they determined to be the net revenue equal to at least twice the amount of bribes paid to the practitioner.

Elite sold TOXIC ANDA's...

We should be thankful someone bought them.

I don't think it makes sense for Elite to buy the Sungen drugs from Mikah at this point. The main reason is that the profit split is small and it would take some time to recoup the investment. Instead the money should be invested in a brand new drug or buying ANDA's that can inrease our manufacturing income.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



Intellipharmaceutics International Inc.
(Registrant)
/s/ Amina Odidi
Date: November 23, 2020

Dr. Amina Odidi
Acting Chief Financial Officer

For all those who ask to remove Nasrat as CEO I say you do not know what you are talking about.

This company would have been bankrupt without Nasrat.

We are responsible to buy more shares when we see great results. Not him.

He delivered. Being profitable. Having growth. But We did not. We sold instead of buying.

This is ELTP. You can look at the price or you can look at the numbers and trajectory.

He has no choice. It is a material event. Cost is only a few $K to file an 8-K. Not expensive and they have plenty of cash to afford this.