Innovation Pharmaceuticals Inc (IPIX)

[BonelessCat]

Do you consider it leveraging by the Company using the funds else where?

Yes. The note should be paid following a cash infusion after the first license deal, when the company is flush with money sufficient to complete several trials, $25 to $50 million in the bank. It makes only a little sense to draw down on another million shares from Aspire to pay off a (relatively) small interest bearing loan.