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" As of November 14, 2023, the Company had 365,418,647, shares of common stock, $0.001 par value, issued and outstanding."
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000849636/000149315223041875/form10-q.htm
"Outstanding Shares
836,427,843
06/05/2024"
https://www.otcmarkets.com/stock/RSPI/security
It's not going to the grey market (yet) and unless the SEC suspends the stock it's not likely to go there.
"How is Expert Market different from the Grey Market?
The Grey Market is an opaque market where broker-dealers are not willing or able to publicly quote OTC securities given the lack of investor interest, company information or regulatory compliance.
Unlike the Grey Market – where this is no public quote at all – the Expert Market provides additional price transparency, as it allows for unsolicited quoting."
https://blog.otcmarkets.com/2021/03/25/understanding-the-expert-market/
"What Margolis neat, omo, is that in addition to all filings being cometed by deadlines, look for a pr and an 8k?"
But he didn't say anything that sounded remotely like that.
"The SEC filings cannot be done until our auditors are independent. We owe them enough that they are not currently independent."
But there was no mention of that in the Form 12b-25 late filing notification signed on 4/1. It simply said "additional time needed for the Board of Directors (acting as the Audit Committee) of the Registrant to complete its review of the Annual Report with the Registrant’s independent registered accounting firm."
Which explanation is the real explanation?
If the auditors were not independent based on lack of payment for prior services then the $100,000 note entered into on April 10 should have been used for that. In fact the timing of it suggests that the loan was DESIGNED for that purpose. So what happened?
There's no reason to think that the Company will see any cash from the DOD Award that can be used for that purpose.
An 8-K might explain some things but it can't do the job that the 10-K is supposed to do. Without the 10-K the trip to the Expert Market is inevitable.
It's pure speculation but one possible use of the 8-K might be to announce a change of Independent Accounting Firms. That wouldn't change anything regarding the EM situation but it might be a way forward towards an eventual 10-K issuance.
"They are screwing around helping a few short positions out."
There were less than 200,000 shares short in the latest report (6/14).
He really told you that "he lived in the dark (EM status) once before with his previous company back in 2013"?
The Expert Market didn't exist in 2013.
"My understanding is to trade as-is they can simply turn in the current financials unaudited."
I don't think so, based on (from https://www.otcmarkets.com/)......
Pink Limited disclosure requirement:
"Exchange Act Registered - A periodic report for a fiscal period end within the last 180 calendar days from the end of the issuer’s most recent fiscal year or any quarterly reporting period that is covered by a report required by Section 13 or 15(d) of the Exchange Act." RSPI is Exchange Act Registered. An unaudited report doesn't meet the Exchange Act standard.
The failure to publish the 12/31/23 periodic report resulted in the triggering of the Grace Period.
"Securities enter a Grace Period when OTC Markets Group is no longer able to confirm that the issuer’s disclosure is current and publicly available as required under Rule 15c2-11. When a security enters a Grace Period, it can continue to be publicly quoted for 15 days. At the end of the 15-day Grace Period, if the required disclosure is not available, the security will move to the Expert Market for unsolicited quoting only, unless OTC Markets Group determines another exception under Rule 15c2-11 applies, such as the Large Company/ADTV exception."
Then, from https://www.securitieslawyer101.com/2022/otc-markets-expert-market/ :
"Companies moved to the Expert Market from another OTC Markets tier can apply to relist on the OTC Pink or other OTC Markets tier by becoming an SEC reporting company, submitting a new Form 211, and meeting OTC Markets requirements for the particular tier."
You're right about this......
"Make no mistake, if they go EM it is by choice."
.....if they have the ability to pay their debts to their auditors (and if that's the real reason the 10-K hasn't been filed).
JMO.
That's why I offered this up for consideration:
"I've seen this before. No audit firm will acknowledge to the public that fees are overdue. Mr. Margolis would know that."
BTW, Margolis isn't the CEO.
FYI: https://us.aicpa.org/content/dam/aicpa/interestareas/professionalethics/community/exposuredrafts/downloadabledocuments/2021/56175896-2022finalunpaidfees.pdf
I see you've managed to get Mr. Margolis to acknowledge this:
"The SEC filings cannot be done until our auditors are independent. We owe them enough that they are not currently independent."
The implication seems to be that they need to pay some long overdue audit fees within the next 2 weeks or be shuffled off to the Expert Market.
I've seen this before. No audit firm will acknowledge to the public that fees are overdue. Mr. Margolis would know that.
In case you're tempted to write him again you might ask him "Is it a matter of not having the cash or something else?".
The timing of the new Director's note (4/10) seemed to fit this issue and the size of the annual audit fee.
You couldn't find this yourself?
https://www.otcmarkets.com/stock/RSPI/security
Where's the 10-K?
"I expect a Ipix wake up and filing and re-trading before November."
You do?
I don't think so. I think you would do just as well by following tb to IPIX 2.0 (wherever that is).
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174682518
From the last press release on the IPIX website...issued on August 28, 2023.
I don't, but there's been no mention of his passing in places where you might expect to find it.
https://www.echovita.com/us/obituaries/fl/boca-raton?first_name=ehrlich
https://www.legacy.com/obituaries/search?firstName=leo%20&lastName=ehrlich
https://www.brsonline.org/ (https://www.sec.gov/Archives/edgar/data/1288099/000147793215000002/xslF345X03/form4.xml)
What an odd concept!
IPIX will not progress until the laser system is approved but brilacidin is being mentioned in many many patents.
Why doesn't brilacidin wake the sleeping beauty?
5,000,000 shares would get you $6,000 at the most if you could sell it. And that's a big IF.
"Shit is happening"
Aha! A point of agreement!!!
"it ain't about the money anymore"
That's wise, 'cause the money's gone.
"I noticed that you and your side kick had nothing to say about the paper written by a very intelligent individual regarding the prospects of Brilicidin being used to destroy Fungal infections."
Maybe you were referring to someone else but I definitely had something to say about it:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174599867
Seems like William F. DeGrado has some company in terms of needing to brush up on their reading skills.
"Acknowledgements: We thank William F. DeGrado, University of California San Francisco, for his contributions to the development of the field of nonpeptide defensin mimetics, his interest in the initiation of these studies and his critique of the manuscript."
If he read it thoroughly enough to "critique" it he surely wouldn't have left this in, would he?
"Brilacidin is in human Phase 2 trials."
Or would he?
I'm definitely here too long.
You remember the last poke they took at the flu, I'm sure.
There's way too much history to summarize but just for fun and without further research I did a text search for "influenza" in the 2019 10-K.
The term appears 47 (that's FORTY SEVEN) times, including in this explanation (one of many) for why the flu would just have to wait:
"The Influenza program has been relegated to lower priority levels due to (a) our belief that the topical drug candidates in the HerpeCide program would reach the clinic faster and would also have much more rapid clinical development pathway than FluCide, (b) the rapid expansion in breadth of the HerpeCide program pipeline that has occurred due to efficacy of closely related drug candidates against different viruses in the Herpes family and against different indications, and (c) extreme resource constraints in terms of both available skilled manpower and available financing for driving our programs."
It's probably not worth noting but I'll note it anyway, from the same document:
"In addition, the estimated market size for an effective anti-Influenza drug is expected to be in tens of billions of dollars. The current estimate of anti-influenza drug market size is approximately $4 billion. The current market size for anti-HIV treatments is in excess of $20 billion. Other drugs in our pipeline, taken together, are estimated to be several billion dollars in market sizes."
I'd offer this summary of that one paragraph:
"We passed up on the pursuit of a $4 billion market that will someday measure in tens of billions of dollars in order to fail to develop a treatment in a market in excess of $20 billion."
The HerpeCide™ program was mentioned TWICE, in total, in the latest 10-Q with the Company asserting that it planned to "further develop the HerpeCide™ program after clinical trials of NV-387".
It's the NNVC Whack-a-Mole drug development scheme. Pity those who haven't been able to see it.
Bring back Seymour....he was a more entertaining liar.
You can respond to the people who have contacted you privately on Friday afternoons during Happy Hour (or whatever they call it).
"Born in northern MN but raised in San Diego as the son of a Navy fighter pilot; one of 6 kids. We didn't have much but we had fun, family, and faith. Left CA for DC as a junior in high school due to father being transferred to Pentagon. Attended US Naval Academy '71 and Naval Postgraduate School '73 and finished military service in USMC at duty stations in Okinawa and Bremerton WA. Golfer since 2nd grade and grew up at San Diego CC where Dad was a military member. Notables in golf we met there were Billy Casper and Mickey Wright. After military service moved to the DFW metroplex and have lived here ever since. While in CA said the one place I couldn't live was TX due to all of them being full of themselves but once I moved here I found they were the salt of the earth; friendliest people one could hope to find and you couldn't move me out of the state now for anything. Married later in life and with my wife we were able to travel across all 50 states, most of Europe, Mexico, and the Caribbean area. Main hobbies were riding my motorcycles (BMW R1200C was my favorite) that included Honda, Suzuki, Yamaha, and Norton Commando 850. My dream was always to be a Broadway song and dance man and except for looks, talent, a sense of rhythm, and a good voice I almost made it Went into business with my brother, my best friend, and we were manufacturers' representatives covering TX, OK, AR, and LA. Married into a ready made family that now includes grandchildren and great grandchildren. Love them all except for Kelly (pain in the keister). Still haven't outgrown always taking a shot at those I am close to. Hope to write at least 10 books by the end of 2026 as I am on #4 already. All straight fiction. My style is not trying to write the great American novel but telling a good story that tries to accentuate the positive values that seem to be failing around the world at the current time. Have been a member of a small country club since late 70's and have quite a number of good friends such that my wife can play to her heart's desire bridge, canasta, and mahjong. One finds pretty quickly that friends mean much more than 'things' in the later stages of life. Currently my passion is karaoke (usually in my bedroom alone at the request of my audiences). I have been blessed through life and hope to be able to share some of my crazy ideas with all of you."
And so you have.
" By appealing the initial judgement Leo is attempting to eliminate Cummings as a driver behind a BK. "
The phrase "initial judgment" may fit your agenda but it's inappropriate. It's the judgement, period.
" By appealing the initial judgement Leo is attempting to eliminate Cummings as a driver behind a BK."
That's right. As stated, it's the Company's only hope.
"Who do you think arranged legal representation for the appeal? "
Good question.
Given that 2/3 of the Board submitted its resignation you might assume that LE engaged legal representation for the appeal, but that would be an assumption. An important component of any intelligent investment strategy....assumptions.
But that's what filings are for (providing what's known as "current information"). All we know for sure is that Daniel J Dwyer submitted the Notice of Appeal. We don't even know for sure if LE is alive and kicking.
I knew it would be hard for you to resist the urge to include non-topical shrapnel:
"Shitposters have been stating"
"your 100 shares of IPIX certainly seem to have empowered you"
There is zero current information on this Company. An intelligent investor should know better than to hold the shares of a company that fails to provide current information. That said, I don't mind being out the $8.54. It assures me that I won't miss a word that this Company has to say...if it ever says anything again.
It's safe to assume that you read the brief sentence that immediately preceded the one that you quoted, isn't it?
Just in case, it was:
"Brilacidin is in human Phase 2 trials."
A patently false statement in a dissertation is at the very least risky business on the part of the author. Its appearance in a paper prepared under the guidance and supervision of an IPIX Scientific Advisor is unconscionable. Stranger still is the fact that the statement is in a paper funded in part by Innovation Pharmaceuticals. Several connected parties theoretically knew that the statement was false and it was as false on the date of publication as it is today.
How did it get past the multiple reviews that I thought papers like this typically get?
"if Innovation Pharmaceuticals Inc is doomed to the bankruptcy predicted by the 'smooths' why would Leo bother spending the time and money appealing the Cummings case?"
It's not his time and it's not his money but more to your point it's the only shot at survival left for IPIX. It doesn't have the funds to cover the judgment and if the appeal fails all of the Company's meager cash will be absorbed trying to satisfy it.
"It's my opinion that Leo's continued engagement in the business indicates an increased probability of an ongoing effort to work out some sort of blending BeaMed & Innovation Pharmaceuticals."
Leo's continued engagement? There's no proof that he continues to be engaged. He hasn't made any public statements in more than 4 months, including statements that he has been legally obligated to make.
Please try to address the facts in this post.
You have the first and last letters right. d _ _ p
Not much to see here yet but enter the docket# (2024-p-0638) and you'll see where the docket items will appear when any activity begins:
https://www.ma-appellatecourts.org/
I don't know what level of detail will be provided in terms of any of the docket items themselves but at least we know there will be a chronology that we can follow.
Meanwhile:
Who is paying Daniel Dwyer (the Company attorney arguing the case) and with what funds?
Does LE really think he can win this appeal and does he think that he can avoid his public information obligations pending the outcome? Because that's obviously what he's doing.
Innovation Pharmaceuticals Inc.
Plaintiff/Appellant
Awaiting blue brief
Due 07/15/2024
Cummings Properties, LLC
Defendant/Appellee
Awaiting red brief
Due 08/14/2024
Did your unlinked Internet Glossary have a definition for Shitinvesting?
"So who filed the appeal on behalf of Ipix?"
IPIX's attorney filed it....Daniel Dwyer.
At whose direction? The Company only has one Officer and one Director according to the only public information that I know about....you know who that is. That said, I haven't seen his signature on anything since February.
It's June, right?
O_g provided the trail to the case in the Superior Court and the docket number for the appeal. Soon we'll need to know how to access the case in the Appeals Court.....I've wandered around the Mass Court website and its not obvious to me yet.
If it reveals itself I'll post it. Or we can read about it in Leo's next shareholder letter/PR.
Ou est le CEO?
There were 3 new docket entries entered on 5/28 suggesting that the appeal is going forward. All of the prior action in the case has been forwarded to the Appeals Court. The next date in the "Ticklers" is 6/12/24. I have no idea what is supposed to happen on that date.
Living proof that Ron White was right. Instead of learning from their mistakes some people see a benefit in assailing people who point them out.
You can't fix it.
Which is better? Bad management or none at all?
Ixnay! What's the matter with you?
When I come to the board the first thing I look at is the Latest News section on the right. The ultimate exercise in futility.
This looks to be the "update":
Patients (1) ICD-10 Condition: B972||Coronavirus as the cause of diseases classified elsewhere,
Greek to me.
I have the feeling that this Registry will be the only "official" source of info and it isn't very promising.
Thanks.
"They did seem to do OK in India Phase I trial. "
Is there some regulatory reporting that confirms that? I probably couldn't follow it but I'd like to know if it exists.
(I see the "seem" in there.)
Good point. Yes, I purchased 100 of IPIX @ $.0158 to test Schwab's treatment of Expert Market trading. I continue to hold them and I ain't dead yet so I guess I'm not a true investor.
As is true for many other IPIX investors I have lost most of my investment. In my case that was $8.54, including the $6.95 commission charged for an OTC trade.
Did you fare as well when you escaped NNVC as Ehrlich did when he escaped it?
Do you sense a pattern? From your last post to that board in 2019: "Shoulda sold most at $7 like many did."
ps. I've given you my buy info here. Care to share yours?
Of course you don't. How about giving a couple good reasons to hold IPIX instead? Or a target sell price!
Only Aruda knows.
He ceased to be a 5% holder in 2018 and as a result was no longer obligated to file.
"trashing a trash stock?"
I've been revealing the truth about this Company's flaws for quite some time and there are still a few who refuse to listen.
There is no such thing as a trash stock but there are plenty of trash companies. There's nothing wrong with trashing a trash company, is there? Isn't the truth in everybody's interest?