Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

"They have done all they say they will do and they meet their schedules and they do not spend much money."
The financials that they provide to IPIX suggest that they kinda don't spend much money (specifically they spent about 25% of the ipix investment between 6/22 and 9/23) but CEO CPA acknowledges that those numbers aren't subject to the same review as IPIX's own numbers.
I noticed yesterday that this appears in the SERIES A PREFERRED SHARE PURCHASE AGREEMENT between IPIX and Beamed, then Squalus:
"The Company (Squalus) has delivered to each Purchaser its audited financial statements for the fiscal years ended December 31, 2020 and December 31, 2021 and its unaudited internal management accounts as of and for the quarter ended March 31, 2022 (collectively, the “Financial Statements”)."
So Squalus HAD auditors at some point. Where'd they go? If they were still around there wouldn't have been any need for this:
"As a result of the assessment of the Company’s internal control over financial reporting as of June 30, 2023, management concluded that the Company’s accounting procedures relevant to an unconsolidated foreign investment are not sufficiently formal that management can determine whether the applicable control objectives are met and adequate documentation supporting the procedures is in place. Specifically, the Company does not have sufficient controls to conclude that data from the unconsolidated foreign investee underlying the Company’s financial statements is captured completely, accurately and timely, in accordance with the Company’s policies and procedures."

Who shitcanned the Squalus auditors and why?