Innovation Pharmaceuticals Inc (IPIX)

[noretreat]

At September 30, 2018 and June 30, 2018, the accrued research and development expenses payable to KARD was approximately $1,486,000 and this amount was included in accounts payable.

JEESH! At September 30, 2018, the Company’s cash amounted to $0.3 million and current liabilities amounted to $8.3 million, of which $6.7 million were payables to related parties with no immediate payment terms (See Note 8- Related Party Transactions). Subsequent to September 30, 2018, in October 2018, aggregate gross proceeds of approximately $2.0 million were raised through the sale of convertible preferred stock (see below). The Company had expended substantial funds on its clinical trials and expects to continue our spending on research and development expenditures. The Company’s net cash used in operating activities for the three months ended September 30, 2018 was approximately $2.1 million, and current projections indicate that the Company will have continued negative cash flows from operating activities for the foreseeable future. Our net losses incurred for the three months ended September 30, 2018 and 2017, amounted to $2.1 million and $4.5 million, respectively, and we had a working capital deficit of approximately $7.9 million and $6.1 million, respectively at September 30, 2018 and June 30, 2018.