Innovation Pharmaceuticals Inc (IPIX)

[olden_grumpini]

Jan 18, 2024, Findings of Fact, Rulings of Law and Order for Judgment
Innovation Pharmaceuticals Inc. vs. Cummings Properties, LLC

Findings of Fact and Rulings of Law:

For the foregoing reasons, the court HEREBY DECLARES the following:
1. The operative Lease included the Extension Provision of Lease Extension #1 and the notice requirements of Section 21 of the Lease and was valid and enforceable. IPI failed to provide the requisite notice to Cummings of opting out of the automatic Extension Provision and, as result, the Lease automatically renewed when it failed to pay rent beginning in January 2020; Cummings is entitled to recover liquidated damages in the amount of $810,251.36, minus IPI's $77,600 security deposit, plus eighteen percent per annum interest owing since the date of default, January 17, 2020.
2. Counts 1-4 of IPI's Complaint are DISMISSED.

Judge: Howe, Hon. Janice W

You can read the full document on the court website. The instructions to access the court website can be found here (credit to loanranger for providing the original link):
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=164059214