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"But the value potential truth has not changed."
Is that a technical or a fundamental measurement? How is it calculated?
From your link.
"4. The role of due diligence: Conducting thorough research and due diligence is essential for investors to make informed decisions and protect themselves from falling victim to stock bashers' manipulations. By analyzing reliable sources of information such as financial statements, industry trends, and expert opinions, investors can gain a more accurate understanding of a company's fundamentals and potential risks."
Protect yourself:
https://www.sec.gov/cgi-bin/browse-edgar?company=innovation+pharmaceuticals&match=starts-with&filenum=&State=&Country=&SIC=&myowner=exclude&action=getcompany
Sadly you were deprived of a reliable source of information when this was scrubbed of valuable information not once but twice (at least), leaving one to wonder about the reliability of what remains:
http://www.ipharminc.com/
Unfortunately the facts can't protect you when they're lousy, but they're still the facts.
"6. The importance of constructive discussions: Online forums should strive to foster constructive discussions that promote the exchange of diverse perspectives and insights. Encouraging users to provide well-reasoned arguments supported by facts and encouraging healthy skepticism can help counteract the influence of stock bashers"
https://storage.courtlistener.com/recap/gov.uscourts.dcd.225086/gov.uscourts.dcd.225086.158.2.pdf
What do you get for $149., pluto?
"Each and every charge in the amount of $149.99 charged to the following credit
cards between September 1, 2018 and December 31, 2020, was for the personal use
and benefit of defendant Keith Berman and did not constitute business-related
expenses incurred by or on behalf of Decision Diagnostics Corp… The parties
further agree and stipulate that this stipulation be entered into evidence at defendant
Keith Berman’s trial in the above-captioned matter."
Stunning.
IPIX
Innovation Pharmaceuticals Inc (PK)
0.007 0.002 (40.00%)
Volume: 860,185
Day Range: 0.005 - 0.0082
Last Trade Time: 3:29:26 PM EST
Dollar Volume: $ 5,590
Big day! News on Monday?
I don't believe that IPIX's problems are due to the actions of some bogeymen and I KNOW that you can't show that they are.
"Simple logic when applied without negative bias toward IPIX should have every investor here feeling optimistic about the alliance between IPIX and BeaMed."
Maybe.
Maybe not:
"Nerby is to Prurisol what Deep Throat was to Watergate. Stay strong my friends. The long awaited rewards from our investment in IPIX will soon begin to flow, and more importantly, relief to those who suffer from this dreadful disease will be one step closer to reality."
February 12, 2018 $.67
Today $0.0067
It's called financial analysis but you can refer to it as Debbie Downer shtick if you like. Such shtick comes about as a result of Downer financials....I know it's difficult for you to avoid but there's nothing to be gained by shooting a messenger of facts.
"This discussion about finances came out in the 10Q. You were doing your Debbie Downer shtick before then."
That's because it actually came out in the 10K, not the 10Q. Of course one would have to have read the 10K to know that.
And I won't be deterred from repeating it because it's important:
"The principal executive officer and principal financial officer of the Company (that's just one guy in this company) has concluded that the Company’s disclosure controls and procedures are not effective due to the material weakness in the Company’s internal control over financial reporting as of June 30, 2023 as described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023."
"If we fail to properly remediate this or any future material weakness or deficiencies, our ability to produce accurate and timely financial statements may be impaired."
"This material weakness could result in a misstatement of the recorded equity investment as well as the equity in loss from equity investment that would not be prevented or detected on a timely basis."
No serious investor would downplay the importance of a CEO's conclusion, especially considering that the CEO is a CPA, that his Company’s disclosure controls and procedures are not effective. And no serious investor would buy the shares of such a Company, certainly no institutional investor would.
One would have to be a real knucklehead to think that mm's or anyone else was involved in manipulating the price of shares that traded less than $3,000 during the entire day. You don't really think that, do you?
"I don't recall any consideration by the IPIX opposition team around the possibility that this may have been an elegant strategic move on Leo's part."
I can't speak for the WHOLE team but in my view sending half of the Company's cash overseas in return for a non-controlling interest in a startup business whose finances they admittedly can't be sure of was something other than an elegant strategic move. It was an inexplicable crapshoot.
What are you talking about?
"BeaMed loading before the merger is announced? "
Loading? $2,449 worth....staggering.
And the price is still below yesterday's close.
I hope people are paying attention.
From April:
"Squalus is seeking leading candidates for positions of VP R&D, System Engineer, and Project Manager, with relevant industry and technical experience."
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171753458
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171753589
Per Linkedin today:
4 employees.
Director of System Engineering
System Integration Engineer @BeaMed
Founder & CEO at neoLaser, Co-Founder at BeaMed
Biomedical Engineer
"LinkedIn members who’ve listed BT BeaMedical Technologies / BeaMed as their current workplace on their profile."
Need an account for more info.
"It's all slime balls have is ancient history n today's price per share."
And all you have is the fantasy that they have no connection to each other. And that the sun'll come out tomorrow. Tomorrow, Tomorrow.....
Good luck, Annie.
Here's what he said:
"Mr. Ehrlich effected the Surrender solely for his individual tax planning purposes."
He could have swapped those 11.3M Class B shares for the same number of Class A shares and TRIED to sell them....I say TRIED because the volume at the time (11/29/22) wasn't adequate to absorb that amount of shares unless they were trickled in and even then the downward pressure from the sales and the mere fact that it was the CEO who was making the sales would have been significant.
Class A shares traded for $.02+or- at the time so they were worth $226K or thereabouts.....but they obviously could only be liquidated for significantly less.
Obviously we'll never know how he valued those shares for the purpose of the tax loss for which he gave them up but it's reasonable to think that it was greater than the amount he thought that he could have sold them for. Either that or he wasn't convinced that brilacidin's oral mucositis, the anti-fungal work, the AlfaSigma deal and the BTMedical investment weren't as valuable as he made them sound in the 10Q he signed 50 days before the abandonment (and that some shareholders STILL think they are worth).
It's safe to assume that those things answer "what angle was Leo playing by giving away his shares?". Either he faced a pretty difficult tax situation, resigned himself to IPIX's inability to achieve success in its efforts, or both.
Redefining "UGLY":
IPIX
Innovation Pharmaceuticals Inc (PK)
0.004
-0.00155 (-27.93%)
Volume: 921,430
Day Range: 0.004 - 0.0066
Bid: 0.0025
Ask: 0.0099
Last Trade Time: 3:59:36 PM EST
Total Trades: 33
Dollar Volume $5,448
My reading comprehension is decent. For instance it was obvious to me that this was a baldfaced lie and I said so:
"You intentionally left out the first line that identifies the topic of my response".
I have no interest in gathering emojis. Besides most of mine have been negatives coming from a non-poster. I don't know why you would bring it up.
"You intentionally left out the first line that identifies the topic of my response".
Left it out? It's in my post TWICE.
I can only TRY to explain it. It's gibberish disguised as fancy talk. Did you read it?
"What's weird is that people who say things like this often don't seem to grasp that these same people are not responsible for justifying their decisions..."
Now read it again.
Which "same people"? S_O is asserting that the person who said "everyone is responsible for their own decisions" isn't "responsible for justifying their decisions".
I assume that's not what he meant, but it sure is what he said.
So it was quite fair to say that "This post is nonsensical."
Let's look at what S_O was TRYING to say. Based on his historical bent I think I can dumb it down for us (but I sure can't make it reasonable). Read it one more time:
"What's weird is that people who say things like this often don't seem to grasp that these same people are not responsible for justifying their decisions nor are they obligated to discuss their decisions with any gadfly who feels they possess some fanciful privilege."
He's saying that the kind of person who would say that "everyone is responsible for their own decisions" isn't entitled to ask the people he might say that to how they came to those decisions. But he is so entitled. Board membership, paid or unpaid, entitles us all to ask such questions so it's hardly a "fanciful privilege".
Those to whom such questions are asked are also entitled not to answer them ("nor are they obligated to discuss their decisions"...being half right's a good thing!).
But it's good to know that there's a question cop at the ready should one be needed.
Great idea! He could write it and I could read it to you.
"Your post appears to be based on the possibility that a potential applicant will discover IPIX's financial involvement with BeaMed and then out of curiosity meander to the iHub IPIX page where your post will ready and waiting"
I should hope not. I would hope that said applicant, upon discovering via something as simple as a Google search, that IPIX provided BeaMed $4M would then look to IPIX's own filings for some details.
Looking at the 10K he/she would discover that IPIX hadn't provided some BM funding but rather had provided ALL of BM's funding.
Then IPIX goes on to say (in less clear language, of course) that they can't be entirely sure of the accuracy of the BM Balance Sheet and Income Statement as they appear in the 10K. IPIX's 10K MIGHT include some flaws based on their lack of control of the accounting procedures of BeaMedical. The applicant...or any potential investor...certainly doesn't have to come here to discover the problem. IPIX's CPA CEO explains it in the publicly filed 10K.
The reported value of the Equity investment MIGHT be in error. There is no other way to read that 10K as far as I can tell.
You're welcome to try....
https://www.sec.gov/ix?doc=/Archives/edgar/data/1355250/000147793223007158/ipix_10k.htm
p.27 and others
This describes an important position (highlights mine):
Perhaps he was galled by your selectivity:
"Happy Thanksgiving to all longs."
I was a bit surprised myself.
Correct...no excuse for it but at least I was half right.....the 2/100 of 1% part.
I find working with percentages like that to be as tricky as working with prices like this....0.0053. Fortunately I rarely need to do either.
"If someone owned 100,000 shares of IPIX, what fraction of BeaMed would that be?"
0/0. Ownership of IPIX shares doesn't convey ownership in BeaMed.
At one point it was said that IPIX owned ~40% of BeaMed. Someone who owns 100,000 shares of IPIX owns about 2/100 of 1% (.0002%) of IPIX.
There's a cash problem for sure, but this is inexplicable:
"During the quarter ended September 30, 2023, Mr. Ehrlich advanced an additional $25,000 to the Company under the convertible note"
Why? Was there a special need for HIS $25K? As you noted, the Company has always had SOME cash:
"As of September 30, 2023, we had approximately $0.9 million in cash compared to $1.5 million of cash as of June 30, 2023, and as of the date of this filing, we have approximately $0.6 million in cash"
But there's more on the same transaction and the language is confusing.
Re: Laser. I'm sure I just missed it but I've been thru the Q a few times trying to find this. Please provide a page number for it:
"Better read the 10Q again. It stated that the global product rollout would begin in 2025."
edit: I take it back....it's just plain not in there. YOU need to read the 10Q again.
I know where that info came from and this seems to be a good time to remind people that BeaMed is not a public company and is not obligated to IPIX shareholders in any way. Leo Ehrlich is and when he chooses NOT to say something there may be a good reason for it.
You might be right about that ("it should read like an over-the-top slasher film script") but a failure to file by 5:30 today could be even worse than that. In another post you ask about the consequences of running out of funds and he's already lost access to the Shelf Registration so IMO issuing shares isn't a viable alternative. From the 10-K:
"The Company does not satisfy the conditions for use of Form S-3 for primary offerings of securities, and as a result, the Company generally may only utilize Form S-1 to register the sale of its securities. Form S-1 offers less flexibility on the timing and types of offerings compared to Form S-3."
Would he file an S-1? He couldn't file an S-1 even if he wanted to without filing this 10-Q (again IMO).
Today's filing will be important whether he makes it or not.
If a Company loses access to an S-3 Registration Statement based on either its expiration or a failure to file current reports can the holders of any convertible investments sold prior to the loss of access still exercise their conversion rights and sell the resultant common shares?
Thanks. Will do.
If a Company loses access to an S-3 Registration Statement based on either its expiration or a failure to file current reports can the holders of any convertible investments sold prior to the loss of access still exercise their conversion rights and sell the resultant common shares?
re: And after say this:
"The Registrant anticipates that it will file the Quarterly Report no later than the fifth calendar day following the prescribed filing due date."
Grace period ends on Monday.
It's my understanding that Green Growth acquired some of Pinnacle's business. Pinnacle isn't Green Growth. The 8k was filed under
Item 4.01 Changes in Registrant’s Certifying Accountant.
"On October 29, 2023, the Audit Committee of the Board of Directors of Innovation Pharmaceuticals Inc. (the “Company”) dismissed Pinnacle Accountancy Group of Utah (a d/b/a of Heaton & Company, PLLC) (“Pinnacle”) as the Company’s independent public accounting firm, a role Pinnacle held since 2018. Also on October 29, 2023, the Audit Committee approved the engagement of GreenGrowth CPAs (“GreenGrowth”) as the Company’s new independent public accounting firm, and the Company engaged GreenGrowth in such capacity. The Audit Committee approved the transition following the sale of a portion of Pinnacle’s public company accounting practice to GreenGrowth."
https://www.pinncpas.com/
https://greengrowthcpas.com/
Fell in the pool. Gotta wait for it to dry.
But seriously "due to a delay experienced by the Registrant in preparing its financial statements and related disclosure to account for recent changes in the business, and to a lesser extent as a result of the recent change in the Registrant’s independent public accounting firm."
Based on the following the delay looks more like it is due to the Company not being prepared to provide "related disclosure to account for recent changes in the business" than to any accounting issues.
"The Registrant anticipates reporting net loss for the three months ended September 30, 2023 of $0.9 million, as compared to $1.4 million for the three months ended September 30, 2022, largely as a result of decreased research and development expenses (approximately $0.3 million for the three months ended September 30, 2023 compared to $0.9 million for the three months ended September 30, 2022) and general and administrative expenses (approximately $0.1 million for the three months ended September 30, 2023 compared to $0.3 million for the three months ended September 30, 2022), partially offset by an increase in professional fees (approximately $0.3 million for the three months ended September 30, 2023 compared to $0.1 million for the three months ended September 30, 2022)."
"Why do you look for Ipix press releases?"
You told us to:
"Watch for the next three Ipix news."
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172326490
http://www.ipharminc.com/press-release
Should we be looking for them somewhere else?
When you talk about "wee company Ipix" are you referring to the noise the share price made this afternoon?
Check the chart to the right.
Maybe they're gonna have one? That could be considered a change.
This is unusual:
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
X Yes _ No
That almost always get a "No" when the company has just dropped the ball on the accounting. Or dropped the laptop in the pool.
I made a mistake. I attempted to remove it twice.
Sorry. Good catch!
As you might have noticed IPIX has now acknowledged its lateness:
"Innovation Pharmaceuticals Inc. (the “Registrant”) was unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q (the “Quarterly Report”) for the period ended September 30, 2023 by the November 14, 2023 filing due date applicable to non-accelerated filers due to a delay experienced by the Registrant in preparing its financial statements and related disclosure to account for recent changes in the business, and to a lesser extent as a result of the recent change in the Registrant’s independent public accounting firm. The Registrant anticipates that it will file the Quarterly Report no later than the fifth calendar day following the prescribed filing due date."
It will be interesting to see what this entails: "disclosure to account for recent changes in the business".
The 10-Q is now late. Who wants to be first to say "So what!"?