Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

"IPIX has 150 million shares issuable for this financing. From OPINION OF GARY R. HENRIE, ESQ"

I responded to that earlier saying that I believed it to be as a result of this term of the deal:
"The Company has reserved from its duly authorized capital stock a number of shares of Common Stock for issuance of the Conversion Shares at least equal to the Required Minimum on the date hereof."

But I looked at the Aspire deal and saw this:
"As of the Commencement Date, the Company shall have reserved out of its authorized and unissued Common Stock, solely for the purpose of effecting future purchases of Purchase Shares hereunder, 120,000,000 shares of Common Stock;"
During the period from July 31, 2020 to September 30, 2020, the Company generated proceeds of approximately $2.9 million under this 2020 Agreement with Aspire Capital from the sale of approximately 13.5 million shares of its common stock.
From October 1, 2020 to November 16, 2020, the Company has generated additional proceeds of approximately $1.4 million under the 2020 Agreement with Aspire Capital from the sale of 7 million shares of its common stock.

So 20.5M shares have been issued and should no longer require a reserve.

There were 356M shares outstanding and 600M shares authorized at 11/12.

600M - 356M - 99.5M - 150M = -5.5M
5.5M shares in excess of the Authorized amount?