I've heard that before and I'm still not buying it... https://investorshub.advfn.com/boards/read_msg.aspx?message_id=149488136
...just based on the common sense aspect of it. It's way too big a wheel to fall asleep at.
Turns out that the Lease Extension and Amendment were all signed by Krishna Menon behalf of Kard, Cellceutix and Innovative Medical Research (Inc or LLC?). The Extension removed all Kard obligations under the lease as of 9/30/13 so that only CTIX and
IMR remained. https://www.sec.gov/Archives/edgar/data/1355250/000147793214002418/ctix_ex1039.htm
As recently as the filing of the 2018 10-K on 9/11/18 IPIX reported this:
"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 $18,000. Innovative Medical Research Inc., a company owned by Leo Ehrlich and Dr. Krishna Menon, officers of the Company, has co-signed the lease
So IPIX has legal recourse to look to IMR for a contribution towards lease payments. Cummings does, too. That may seem silly, but leases are not documents to be toyed with....just ask Cummings Properties.
Per the LATEST 10K:
"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. The Company currently uses this leased premise as its Corporate headquarters space. The Company is actively looking for a subtenant for this entire office space."
"As of June 30, 2019, future minimum lease payments to Cummings Properties required under the non-cancelable operating lease are as follows....."
Innovative Medical Research isn't mentioned in this latest 10K and no document describing any change that may have been made in the renewal has been filed. Obviously Cummings wanted IMR's name on the lease as back-up to CTIX and that situation still appears to be in place.
There was an "Involuntary Dissolution by Court Order or by the SOC" of INNOVATIVE MEDICAL RESEARCH LLC on 6/30/16. http://corp.sec.state.ma.us/CorpWeb/CorpSearch/CorpSummary.aspx?FEIN=463512407&SEARCH_TYPE=1