Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

"Through the date of this report, management has been unable to secure additional financing, and the ability of the Company to continue as a going concern is becoming increasingly unlikely."
That language should have been scary enough, especially since it was totally voluntary. This CEO doesn't have any history of willingly being the bearer of bad news except until AFTER things happen.

The going concern thing is somewhat of a technicality but once it appears that a company is no longer a going concern (and that loosely defined standard was met by the court decision, which required funds in excess IPIX's available cash) the financials are supposed to be reported at liquidation value, which would include investments (BeaMed) and unamortized Patent Costs. The BeaMed numbers have already been raised as questionable based on lack of accounting controls as acknowledged in the last set of filings.

It COULD be that the effect of the going concern issue on the financials is why LE decided not to file the most recent set. It's starting to look like we might not hear from him again. If he disappears without an exit filing (resignation from management and the BOD) that would represent a new low from a CEO who has already had a few ugly lows.