Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

What the new hire does and where he or she does it is open to speculation...although the last I heard the Irish subsidiary no longer had current legal entity status so that little joke may be funnier than you intended.

But there are a couple of facts regarding "The new hire was given a $100,000 signing bonus and $170,000+ salary" that we know to be true if one accepts the IPIX filings to be truthful.

1. "Employees payroll and payroll tax expenses increased during the three months ended December 31, 2021 compared with the three months ended December 31, 2020, due to a new hire of an employee during the first quarter of 2022."
The amount of the increase in Employees payroll and payroll tax expenses related to R&D Department for the three months ended December 31, 2021 was $100,000. That said, there has been no Company explanation for why a new hire (note: singular) in the first quarter of 2022 resulted in an increase in R&D payroll expenses in the last quarter of 2021.
There has been some speculation that that $100,000 was a "signing bonus". From an accounting standpoint, even if that was the case, if no services were performed in 2021 then no expense should have been recorded in 2021. One does not have to be a CPA to know that. Until the actual hiring was implemented in 2022 that payment should have been considered a prepaid asset or deposit as of the end of 2021.

2. "Employees payroll and payroll tax expenses increased during the nine months ended March 31, 2022 compared with the nine months ended March 31, 2021, due to a new hire of an employee during the first quarter of fiscal 2022."
The amount of the increase in Employees payroll and payroll tax expenses related to R&D Department for the nine months ended March 31, 2021 was $214,000.
Obviously that would have included the $100,000 mentioned previously. We don't know the actual date that the new hire joined the payroll, nor do we know the size of the tax component (or what happened with the taxes on the $100k for that matter), so we can't extrapolate their annual salary from the $114,000 in increased compensation expense for the 9 month period.

Which itself gives rise to another wrinkle:
The 3/31/22 10Q says that the YOY increase for that quarter was $42k.
The 3/31/22 10Q also says that the YOY increase for the 9 months then ended was $214k.
Both of those indications were accompanied by the statement that they were "due to a new hire of an employee during the first quarter of fiscal 2022."
Really? The new hire accounted for $214k in payroll expense increases in the 9 months ended 3/3/22?

So we can't find a way to tie the purported $170,000+ salary to the filings. But that's the least of it.

It is easy to make stuff up on a message board....it's harder to hide that stuff when one has filings to look to for confirmation. It''s REALLY hard, in this case impossible, when the filings don't make sense.

The only thing that we can be fairly sure of is that no explanation will be forthcoming from the Company or on this board.