Innovation Pharmaceuticals Inc (IPIX)

[eddiebali]

For the fiscal years ended June 30, 2012 and 2011 and the period June 20, 2007 (date of inception) through June 30, 2012, the Company incurred $9,990, $1,227,731, and $2,601,110 of research and development expenses conducted by KARD, respectively. At June 30, 2012 and 2011 the Company has included a total of $1,685,515 and $1,780,515 in accounts payable to Kard respectively.