Replies to post #401366 on Innovation Pharmaceuticals Inc (IPIX)

[TheHound]

IPIX is officially bankrupt.

[sunspotter]

"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."

If my arithmetic is correct (perhaps any CPA reading this can confirm or correct my workings) then IPIX owes Cummings $1,420,448 as of Wednesday.

I suspect that means The Hound is correct: if the ruling holds, IPIX is technically bankrupt, given that cash on hand was reported as $864,000 as of September 2023.

[JTORENCE]

olden-grmpini So here it is ladies and gentlemen , the reason for the run up this week prior to the court ruling. Good old Leo and his cronies had to get the cash to pay the huge judgement.
Not rocket science, just follow the money..