Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

There's a cash problem for sure, but this is inexplicable:
"During the quarter ended September 30, 2023, Mr. Ehrlich advanced an additional $25,000 to the Company under the convertible note"

Why? Was there a special need for HIS $25K? As you noted, the Company has always had SOME cash:
"As of September 30, 2023, we had approximately $0.9 million in cash compared to $1.5 million of cash as of June 30, 2023, and as of the date of this filing, we have approximately $0.6 million in cash"

But there's more on the same transaction and the language is confusing.

The Cash Flow Statement shows:
CASH FLOWS FROM FINANCING ACTIVITIES:
Receipts from (Repayment of) note payable to officer................................$25,000

Repayment of? It's not of a repayment of anything. He gave the Company $25,000 (again, for some unknown reason) and just tacked that onto the note balance that the Company owes him.

Later, under Financing activities, the text says this:
"During the three months ended September 30, 2023, the Company did not raise any funds and received a note payable of $25,000 and paid no dividends on preferred stock."

That's not only confusing, it's false. The Company obviously DID raise funds...from the CEO himself...and they DIDN'T receive a note payable (that would be backwards), they added to the note payable TO Ehrlich.

It's the simplest of transactions. The CEO gave the Company $25K and they added it to an existing note payable to him.
It's hard for me to believe that the confusing language is a series of simple mistakes. Especially when the CEO is a CPA.