"Then the complaint would be the CEO gave himself another sweetheart deal."
That depends on the terms of the deal. No doubt it would technically be a related party deal but it could only be called a sweetheart deal if it included terms more favorable to the CEO than could be secured in a similar deal with someone else...and the Board of Directors has a duty to prevent such things.
I looked at the status of the interest paid on the existing loan ($202K/year plus interest on any unpaid interest) and I was unable to discern any regular payment schedule.
Per the last 2 10-Ks:
"At June 30, 2016 and June 30, 2015, approximately $40,000 and $73,000, respectively, was accrued as interest expense on this note."
"As of June 30, 2018 and June 30, 2017, approximately $48,000 and $17,000, respectively, is the accrued interest payable on this note."
Per the last 10-Q the accrued interest payable was $36,000 as of 9/30/18. So the conclusion is, while interest payments are not being paid on any discernable schedule they ARE being made on a reasonably current basis....no liability is being allowed to build up.
In the GRAND scheme of things it's not a lot of money, but this CEO could be effectively lending IPIX $50K a quarter at 10% just by NOT taking his interest payments. Apparently he doesn't think conditions call for that kind of personal sacrifice.
"Anything and everything is twisted and spun as being wrong."
Not EVERYTHING. (Absolutes are pretty rare.)
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