Innovation Pharmaceuticals Inc (IPIX)

[MinnieM]

Yes, on the surface, that appears to have been a huge mistake if they don't end up needing it in the near future.




In Reply to 'kfcyahoo'
From page 14 of the last 10q(p.e. 3/31/19): "On October 1, 2018, the Company’s lease agreement with Cummings Properties automatically renewed. The lease is for a term of five years ending on September 30, 2023, and requires monthly payments of approximately $19,000.".

Why let it automatically renew as staff is being reduced? It was too big when they maxed out with 14-15 employees, why camp there with 3-5? Did they fail to notify the landlord in the time stipulated in the lease agreement? Whose head rolled for that "little" boo-boo?.

Just posting for the record, ~19k/month not 15k/month. BioVie operated in another suite, designed to accommodate 5 people, out of the same building f or $379/ month. Something definitely does not add up.