Innovation Pharmaceuticals Inc (IPIX)

[roiresearch]

If we look at the July 15th SEC amended filing, Leviston Resources LLC says they own 15,960,000 shares of Common Stock Class A

http://www.ipharminc.com/financials

July 7th the company issues a PR stating: The Company also reports that all preferred shares and warrants previously allotted as part of a financing arrangement have been exercised, establishing a cash balance of approximately $6 Million as of June 30, 2020

http://www.ipharminc.com/press-release

Let's assume IPIX had a $0 cash balance on June 29, 2020 and there is an exact $6 million cash balance now. $6 million / 15,960,000 = .375

I might be totally off base (won't be the first time)

What information do we have the suggests the price in which Leviston Resources LLC owns IPIX stock is less than .375?

Or better yet, today's low I believe was .28, so let's not be so generous. What would suggest Leviston is able to make money on their deal by selling at .30 or below?