Intellipharmaceutics International Inc. (IPCI)

[AngeloFoca]

Licensing revenue amounts receivable by the Company under this agreement are calculated and reported to the Company by Par, with such amounts generally based upon net product sales and net profit which include estimates for chargebacks, rebates, product returns, and other adjustments

Par provides reports, probably monthly - your assumption

That's an assumption on your part... you cannot deduce that from the terminology in the contract.

My understanding is that the accounting they provide is at end of quarter on a quarterly basis... and royalty payment provided within 30 (45???) days of the end of quarter... in this case, PAR will notify IPCI end of March what was sold during PAR's 1st Quarter, and issue royalty check to IPCI by end of April (mid-May???)... both too late to appear on IPCI's 1st Quarter.

I think the best we can hope for is a PR by end of April stating they received payment from PAR for $XXX K which includes 3 months of exclusivity on the 25mg and 35mg... and they now have enough cash on hand so as to be funded into well after the 2nd quarter royalty payments.

I believe MNK's contract calls for payment within 15 days??? of end of quarter.