Replies to post #347297 on Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

"The company wanted to include recent developments that occurred around the time when the 10q was supposed to be released. These recent developments are related to the company's covid trial being held in Russia and the USA."

There's a Form for that and it's called called Form 8K. If the sole reason for the late 10-Q filing is to ensure the inclusion of "disclosure relating to recent developments regarding clinical trials for the Registrant’s lead drug compound, and in particular, developments on or around the filing due date" it's not a proper basis.

"On November 16, 2020, Innovation Pharmaceuticals Inc. issued a press release titled, Innovation Pharmaceuticals Announces Overseas Regulatory Filing Submitted For COVID-19 Clinical Study."
https://www.sec.gov/Archives/edgar/data/1355250/000147793220006611/ipix_8k.htm

On the same day...the day that it was due...the Company filed its 10Q.
https://www.sec.gov/Archives/edgar/data/1355250/000147793220006561/0001477932-20-006561-index.htm


The lateness notification says that "Innovation Pharmaceuticals Inc. (the “Registrant”) was unable, without unreasonable effort or expense...etc".
The desire to include events that occurred subsequent to the balance sheet date of 12/31 shouldn't cause a delay in the filing of the 10-Q. Those events should be disclosed separately in an 8K.

JMO.

ps.
The actual wording of the Narrative section of the Lateness Notification:

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

Innovation Pharmaceuticals Inc. (the “Registrant”) was unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q (the “Quarterly Report”) for the period ended December 31, 2020 (the “Reporting Period”) by the February 16, 2021 filing due date applicable to non-accelerated filers due to a delay experienced by the Registrant in preparing disclosure relating to recent developments regarding clinical trials for the Registrant’s lead drug compound, and in particular, developments on or around the filing due date relating to clinical trials in the United States and Russia. The Registrant anticipates that it will file the Quarterly Report no later than the fifth calendar day following the prescribed filing due date.