Innovation Pharmaceuticals Inc (IPIX)

[kfcyahoo]

"On September 11, 2018, 19 days before the lease's expiration, they signed and filed a 10-K that said:
ITEM 2. PROPERTIES
Our current principal offices are located at 100 Cummings Center, Suite 151-B, Beverly, MA 01915. The Company signed a lease extension agreement with Cummings Properties which began on October 1, 2013. The lease is for a term of five years ending on September 30, 2018, and requires monthly payments of approximately $18,000.

The exact same language had appeared in the filing signed and dated on September 11, 2017.


On 5/10/18 I posted "They're paying $18K a month for a noncancelable lease that expires on 9/30. He better be looking for a solution to that."
There were 98 posts with the word "lease" in them between that date and the expiration of the lease. It was a very hot topic and this board isn't that easy for this Company to ignore, especially given the willingness of some participants to keep them informed. "

LR,

I disagree that it was non-cancelable(who would sign such an agreement?). I remember reading in some filings that the company(ctix/ipix) must notify 6 months prior to the lease end date that they would not renew the lease. If no notice was given, it would automatically renew.

I'll find it.


They weren't asleep at the wheel....they made a choice. It's their biggest potential liability (as a non related party).