Innovation Pharmaceuticals Inc (IPIX)

[kfcyahoo]

"Very interesting fairly recent patent

United States Patent Application 20200368232
Kind Code A1
MENON; Krishna November 26, 2020
Host Defense Protein (HDP) Mimetics For Prophylaxis And/Or Treatment Of Inflammatory Diseases Of The Gastrointestinal Tract"

Paragraph of 10Q dated Feb 2020, article 8, paragraph #3: "The Company determined that the operating lease right-of-use asset is fully impaired on September 30, 2019 because of the Company’s current lack of working capital (see Note 2. Going Concern and Liquidity to the condensed consolidated financial statements) resulting in its limited usage of the leased office. The Company has been unable to enter into a sub-lease agreement for this leased office on September 30, 2019.]As such, the Company recognized an impairment loss of approximately $643,000, after recording amortization of the right-of-use asset for July, August, and September 2019 totaling approximately $27,000, resulting in a carrying value of $0 since September 30, 2019. The Company vacated the leased office space as of December 31, 2019, and in January 2020 the Company initiated a lawsuit against the leasor relating to an automatic extension of the lease for the office space and related matters (see Note 15. Subsequent Events to the condensed consolidated financial statements)."

Sloppy, as usual.