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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended September 30, 2023
or
☐ |
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ___________ to ___________
Commission
File Number: 000-54878
PROPANC
BIOPHARMA, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
33-0662986 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
302,
6 Butler Street
Camberwell,
VIC, 3124 Australia
(Address
of principal executive offices) (Zip Code)
+61-03-
9882-0780
(Registrant’s
telephone number, including area code)
n/a
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
None |
|
None |
|
None |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of November 14, 2023, there were 22,258,941 shares of the registrant’s common stock, $0.001 par value per share, issued and outstanding.
PROPANC
BIOPHARMA INC.
Table
of Contents
PART
I — FINANCIAL INFORMATION
Item
1. Financial Statements.
The
following unaudited interim condensed consolidated financial statements of Propanc Biopharma, Inc. are included in this Quarterly Report
on Form 10-Q:
INDEX
TO FINANCIAL STATEMENTS
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
September
30, 2023 | | |
June
30, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Cash | |
$ | 6,625 | | |
$ | 10,047 | |
GST tax receivable | |
| 2,634 | | |
| 2,867 | |
Prepaid expenses and other
current assets | |
| 20,376 | | |
| 6,125 | |
Refundable advance deposit | |
| 116,169 | | |
| - | |
| |
| | | |
| | |
TOTAL CURRENT ASSETS | |
| 145,804 | | |
| 19,039 | |
| |
| | | |
| | |
Security deposit - related
party | |
| 1,928 | | |
| 1,999 | |
Operating lease right-of-use
assets, net - related party | |
| 32,479 | | |
| 38,988 | |
Property and equipment,
net | |
| 160 | | |
| 302 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 180,371 | | |
$ | 60,328 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable | |
$ | 1,081,316 | | |
$ | 966,718 | |
Accrued expenses and other
payables | |
| 614,870 | | |
| 579,707 | |
Accrued interest | |
| 52,743 | | |
| 44,709 | |
Loan payable | |
| 65,280 | | |
| 65,280 | |
Note payable, net of discount | |
| 126,000 | | |
| - | |
Convertible notes, net
of discounts and including put premiums | |
| 397,443 | | |
| 390,539 | |
Operating lease liability
- related party, current portion | |
| 21,161 | | |
| 21,505 | |
Embedded conversion option
liabilities | |
| 119,069 | | |
| 423,209 | |
Due to former director
- related party | |
| 28,581 | | |
| 29,630 | |
Loan from former director
- related party | |
| 47,567 | | |
| 49,314 | |
Loan payable | |
| 47,567 | | |
| 49,314 | |
Employee benefit liability | |
| 579,083 | | |
| 587,618 | |
| |
| | | |
| | |
TOTAL CURRENT LIABILITIES | |
| 3,133,113 | | |
| 3,158,229 | |
| |
| | | |
| | |
NON-CURRENT LIABILITIES: | |
| | | |
| | |
Loan payable - long-term
- related party, net of discount | |
| 23,371 | | |
| - | |
Operating lease liability
- long-term portion - related party | |
| 13,146 | | |
| 19,278 | |
| |
| | | |
| | |
TOTAL NON-CURRENT LIABILITIES | |
| 36,517 | | |
| 19,278 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
$ | 3,169,630 | | |
$ | 3,177,507 | |
| |
| | | |
| | |
Commitments and Contingencies
(See Note 8) | |
| - | | |
| - | |
| |
| | | |
| | |
STOCKHOLDERS’ DEFICIT: | |
| | | |
| | |
Preferred stock, 1,500,005 shares authorized,
$0.01 par value: | |
| | | |
| | |
Series A preferred stock, $0.01 par value;
500,000 shares previously authorized; 0 shares issued and outstanding as of September 30, 2023 and June 30, 2023 | |
$ | - | | |
$ | - | |
Series B preferred stock, $0.01 par value;
5 shares authorized; 1 share issued and outstanding as of September 30, 2023 and June 30, 2023 | |
| - | | |
| - | |
Preferred stock, value | |
| - | | |
| - | |
Common stock, $0.001 par value; 10,000,000,000
shares authorized; 14,833,210 and 6,031,250 shares issued and outstanding as of September 30, 2023 and June 30, 2023, respectively | |
| 14,833 | | |
| 6,031 | |
Common stock issuable (626,229 and 1,621,653
shares as of September 30, 2023 and June 30, 2023, respectively) | |
| 626 | | |
| 1,621 | |
Additional paid-in capital | |
| 60,851,382 | | |
| 60,311,502 | |
Accumulated other comprehensive
income | |
| 1,368,550 | | |
| 1,294,876 | |
Accumulated deficit | |
| (65,178,173 | ) | |
| (64,684,732 | ) |
Treasury stock (0.001 share) | |
| (46,477 | ) | |
| (46,477 | ) |
| |
| | | |
| | |
TOTAL STOCKHOLDERS’
DEFICIT | |
| (2,989,259 | ) | |
| (3,117,179 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’
DEFICIT | |
$ | 180,371 | | |
$ | 60,328 | |
The
accompanying unaudited condensed notes are an integral part of these unaudited condensed consolidated financial statements.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
| |
2023 | | |
2022 | |
| |
For
the three months ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
REVENUE | |
| | | |
| | |
Revenue | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
OPERATING EXPENSES | |
| | | |
| | |
Administration
expenses | |
| 393,828 | | |
| 465,132 | |
Occupancy expenses - related
party | |
| 7,149 | | |
| 6,373 | |
Research and development | |
| 16,242 | | |
| 101,325 | |
TOTAL OPERATING EXPENSES | |
| 417,219 | | |
| 572,830 | |
| |
| | | |
| | |
LOSS FROM OPERATIONS | |
| (417,219 | ) | |
| (572,830 | ) |
| |
| | | |
| | |
OTHER INCOME (EXPENSE) | |
| | | |
| | |
Interest expense | |
| (178,234 | ) | |
| (162,752 | ) |
Interest income | |
| 17 | | |
| 2 | |
Derivative expense | |
| (77,721 | ) | |
| - | |
Change in fair value of
derivative liabilities | |
| 303,929 | | |
| 65,173 | |
Gain from settlement of
accounts payable | |
| - | | |
| 17,499 | |
Gain (loss) on extinguishment
of debt, net | |
| 34,310 | | |
| (610 | ) |
Foreign currency transaction
gain (loss) | |
| (15,948 | ) | |
| 36,223 | |
TOTAL OTHER INCOME (EXPENSE),
NET | |
| 66,353 | | |
| (44,465 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Tax benefit | |
| - | | |
| - | |
| |
| | | |
| | |
NET LOSS | |
$ | (350,866 | ) | |
$ | (617,295 | ) |
| |
| | | |
| | |
Deemed Dividend | |
| (142,575 | ) | |
| (389,235 | ) |
| |
| | | |
| | |
NET LOSS AVAILABLE TO COMMON
STOCKHOLDERS | |
$ | (493,441 | ) | |
$ | (1,006,530 | ) |
| |
| | | |
| | |
BASIC AND DILUTED NET LOSS
PER SHARE AVAILABLE TO COMMON STOCKHOLDERS | |
$ | (0.04 | ) | |
$ | (2.13 | ) |
| |
| | | |
| | |
BASIC AND DILUTED WEIGHTED AVERAGE SHARES
OUTSTANDING | |
| 10,989,681 | | |
| 473,589 | |
| |
| | | |
| | |
NET LOSS AVAILABLE TO COMMON
STOCKHOLDERS | |
$ | (493,441 | ) | |
$ | (1,006,530 | ) |
| |
| | | |
| | |
OTHER COMPREHENSIVE INCOME
(LOSS) | |
| | | |
| | |
Unrealized foreign currency
translation gain (loss) | |
| 73,674 | | |
| 126,396 | |
| |
| | | |
| | |
TOTAL OTHER COMPREHENSIVE
INCOME (LOSS) | |
| 73,674 | | |
| 126,396 | |
| |
| | | |
| | |
TOTAL COMPREHENSIVE LOSS | |
$ | (419,767 | ) | |
$ | (880,134 | ) |
The
accompanying unaudited condensed notes are an integral part of these unaudited condensed consolidated financial statements.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022
(Unaudited)
| |
No.
of Shares | | |
Value | | |
No.
of Shares | | |
Value | | |
No.
of Shares | | |
Value | | |
No.
of Shares | | |
Value | | |
Paid-in
Capital | | |
Subscription
Receivable | | |
Accumulated
Deficit | | |
Comprehensive
Income | | |
Treasury
Stock | | |
Stockholders’
Deficit | |
| |
Preferred
Stock | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Series
A | | |
Series
B | | |
Common
Stock | | |
Common
Stock Issuable | | |
Additional | | |
| | |
| | |
Accumulated
Other | | |
| | |
Total | |
| |
No.
of Shares | | |
Value | | |
No.
of Shares | | |
Value | | |
No.
of Shares | | |
Value | | |
No.
of Shares | | |
Value | | |
Paid-in
Capital | | |
Subscription
Receivable | | |
Accumulated
Deficit | | |
Comprehensive
Income | | |
Treasury
Stock | | |
Stockholders’
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at June
30, 2022 | |
| 500,000 | | |
$ | 5,000 | | |
| 1 | | |
$ | - | | |
| 220,351 | | |
$ | 220 | | |
| 19,598 | | |
$ | 20 | | |
$ | 57,364,690 | | |
$ | (23,758 | ) | |
$ | (61,557,893 | ) | |
$ | 1,234,549 | | |
$ | (46,477 | ) | |
$ | (3,023,649 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for
cash | |
| - | | |
| - | | |
| - | | |
| - | | |
| 14,337 | | |
| 14 | | |
| - | | |
| - | | |
| 24,697 | | |
| 23,758 | | |
| - | | |
| - | | |
| - | | |
| 48,469 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for
conversion of convertible debt, conversion fee and accrued interest | |
| - | | |
| - | | |
| - | | |
| - | | |
| 264,493 | | |
| 264 | | |
| - | | |
| - | | |
| 456,675 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 456,939 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for
issuable shares | |
| - | | |
| - | | |
| - | | |
| - | | |
| 19,597 | | |
| 20 | | |
| (19,598 | ) | |
| (20 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for
exercise of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1 | | |
| - | | |
| 1 | | |
| - | | |
| 100,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 100,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for
alternate cashless exercise of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 158,399 | | |
| 158 | | |
| - | | |
| - | | |
| (158 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Reclassification of put premium
upon debt conversion | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 133,646 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 133,646 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation in
connection with stock warrant grant | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,408 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,408 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrant grant for settlement
of accounts payable | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 5,551 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 5,551 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation
gain | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 126,396 | | |
| - | | |
| 126,396 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Deemed dividend upon alternate
cashless exercise of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 389,235 | | |
| - | | |
| (389,235 | ) | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months ended September 30, 2022 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (617,295 | ) | |
| - | | |
| - | | |
| (617,295 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at September 30, 2022 | |
| 500,000 | | |
$ | 5,000 | | |
| 1 | | |
$ | - | | |
| 677,178 | | |
$ | 677 | | |
| 1 | | |
$ | (0 | ) | |
$ | 58,476,743 | | |
$ | - | | |
$ | (62,564,423 | ) | |
$ | 1,360,945 | | |
$ | (46,477 | ) | |
$ | (2,767,535 | ) |
| |
Preferred
Stock | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Series
A | | |
Series
B | | |
Common
Stock | | |
Common
Stock Issuable | | |
Additional | | |
| | |
| | |
Accumulated
Other | | |
| | |
Total | |
| |
No.
of Shares | | |
Value | | |
No.
of Shares | | |
Value | | |
No.
of Shares | | |
Value | | |
No.
of Shares | | |
Value | | |
Paid-in
Capital | | |
Subscription
Receivable | | |
Accumulated
Deficit | | |
Comprehensive
Income | | |
Treasury
Stock | | |
Stockholders’
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at June
30, 2023 | |
| - | | |
$ | - | | |
| 1 | | |
$ | - | | |
| 6,031,250 | | |
$ | 6,031 | | |
| 1,621,653 | | |
$ | 1,621 | | |
$ | 60,311,502 | | |
$ | - | | |
$ | (64,684,732 | ) | |
$ | 1,294,876 | | |
$ | (46,477 | ) | |
$ | (3,117,179 | ) |
Balance | |
| - | | |
$ | - | | |
| 1 | | |
$ | - | | |
| 6,031,250 | | |
$ | 6,031 | | |
| 1,621,653 | | |
$ | 1,621 | | |
$ | 60,311,502 | | |
$ | - | | |
$ | (64,684,732 | ) | |
$ | 1,294,876 | | |
$ | (46,477 | ) | |
$ | (3,117,179 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for
conversion of convertible debt, conversion fee and accrued interest | |
| - | | |
| - | | |
| - | | |
| - | | |
| 4,898,307 | | |
| 4,899 | | |
| 626,229 | | |
| 626 | | |
| 223,665 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 229,190 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for
alternate cashless exercise of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,282,000 | | |
| 2,282 | | |
| - | | |
| - | | |
| (2,282 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for
issuable shares | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,621,653 | | |
| 1,621 | | |
| (1,621,653 | ) | |
| (1,621 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Reclassification of put premium
upon debt conversion | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 34,838 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 34,838 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Relative fair value of warrant
granted in connection with a loan payable - related party | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 141,084 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 141,084 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation
gain | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 73,674 | | |
| - | | |
| 73,674 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Deemed dividend upon alternate
cashless exercise of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 142,575 | | |
| - | | |
| (142,575 | ) | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months ended September 30, 2023 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (350,866 | ) | |
| - | | |
| - | | |
| (350,866 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (350,866 | ) | |
| - | | |
| - | | |
| (350,866 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at September 30, 2023 | |
| - | | |
$ | - | | |
| 1 | | |
$ | - | | |
| 14,833,210 | | |
$ | 14,833 | | |
| 626,229 | | |
$ | 626 | | |
$ | 60,851,382 | | |
$ | - | | |
$ | (65,178,173 | ) | |
$ | 1,368,550 | | |
$ | (46,477 | ) | |
$ | (2,989,259 | ) |
Balance | |
| - | | |
$ | - | | |
| 1 | | |
$ | - | | |
| 14,833,210 | | |
$ | 14,833 | | |
| 626,229 | | |
$ | 626 | | |
$ | 60,851,382 | | |
$ | - | | |
$ | (65,178,173 | ) | |
$ | 1,368,550 | | |
$ | (46,477 | ) | |
$ | (2,989,259 | ) |
The
accompanying unaudited condensed notes are an integral part of these unaudited condensed consolidated financial statements.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
2023 | | |
2022 | |
| |
For
the three months ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING
ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (350,866 | ) | |
$ | (617,295 | ) |
Adjustments
to Reconcile Net Loss to Net Cash Used in Operating Activities: | |
| | | |
| | |
Stock option, stock warrants
and restricted stock expense | |
| - | | |
| 2,408 | |
Foreign currency transaction
(gain) loss | |
| 15,948 | | |
| (36,223 | ) |
Depreciation expense | |
| 134 | | |
| 473 | |
Amortization of debt discounts | |
| 69,457 | | |
| 31,275 | |
Amortization of right-of-use
assets | |
| 5,128 | | |
| 5,131 | |
Change in fair value of
derivative liabilities | |
| (303,929 | ) | |
| (65,173 | ) |
Derivative expense | |
| 77,721 | | |
| - | |
(Gain) loss on extinguishment
of debt, net | |
| (34,310 | ) | |
| 610 | |
Gain from settlement of
accounts payable | |
| - | | |
| (17,499 | ) |
Non-cash interest expense | |
| 1,437 | | |
| - | |
Accretion of put premium | |
| 88,846 | | |
| 115,769 | |
Changes
in Assets and Liabilities: | |
| | | |
| | |
GST receivable | |
| 132 | | |
| (523 | ) |
Prepaid expenses and other
assets | |
| (14,468 | ) | |
| (7,747 | ) |
Refundable advance deposit | |
| (116,169 | ) | |
| - | |
Accounts payable | |
| 148,834 | | |
| 45,121 | |
Employee benefit liability | |
| 12,275 | | |
| 10,415 | |
Accrued expenses and other
payables | |
| 55,693 | | |
| 15,162 | |
Accrued interest | |
| 15,712 | | |
| 13,430 | |
Operating lease liability | |
| (5,032 | ) | |
| (4,649 | ) |
NET CASH USED IN OPERATING
ACTIVITIES | |
| (333,457 | ) | |
| (509,315 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING
ACTIVITIES: | |
| | | |
| | |
Proceeds from convertible
promissory notes, net of original issue discounts and issue costs | |
| 220,000 | | |
| 345,750 | |
Repayment of convertible
note | |
| (142,909 | ) | |
| - | |
Proceeds from the sale
of common stock | |
| - | | |
| 24,711 | |
Proceeds from note payable | |
| 120,000 | | |
| - | |
Proceeds from loan payable
- related party | |
| 153,256 | | |
| - | |
Collection of subscription
receivable | |
| - | | |
| 23,758 | |
Proceeds from the exercise
of warrants | |
| - | | |
| 100,000 | |
NET CASH PROVIDED BY FINANCING
ACTIVITIES | |
| 350,347 | | |
| 494,219 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash | |
| (20,312 | ) | |
| 30,425 | |
| |
| | | |
| | |
NET INCREASE (DECREASE)
IN CASH | |
| (3,422 | ) | |
| 15,329 | |
| |
| | | |
| | |
CASH AT BEGINNING OF PERIOD | |
| 10,047 | | |
| 4,067 | |
CASH AT END OF PERIOD | |
$ | 6,625 | | |
$ | 19,396 | |
| |
| | | |
| | |
Supplemental
Disclosure of Cash Flow Information | |
| | | |
| | |
| |
| | | |
| | |
Cash paid during the period: | |
| | | |
| | |
Interest | |
$ | 2,713 | | |
$ | 2,277 | |
Income Tax | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Supplemental
Disclosure of Non-Cash Investing and Financing Activities | |
| | | |
| | |
| |
| | | |
| | |
Reduction of put premium
related to conversions of convertible notes | |
$ | 34,838 | | |
$ | 133,646 | |
Conversion of convertible
notes and accrued interest to common stock | |
$ | 114,131 | | |
$ | 349,530 | |
Debt discounts related
to derivative liability | |
$ | 70,000 | | |
$ | 93,668 | |
Relative fair value of
warrant granted in connection with a loan payable - related party | |
$ | 141,084 | | |
$ | - | |
Warrant grant for settlement
of accounts payable | |
$ | - | | |
$ | 23,050 | |
Warrants issued for accrued
services | |
$ | - | | |
$ | 5,551 | |
Deemed dividend upon alternate
cashless exercise of warrants | |
$ | 142,575 | | |
$ | 389,235 | |
The
accompanying unaudited condensed notes are an integral part of these unaudited condensed consolidated financial statements.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
NOTE
1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES
Nature
of Operations
Propanc
Biopharma, Inc. (the “Company,” “we,” “us” or “our”) is based in Camberwell, Victoria
Australia. Since its inception, substantially all of the operations of the Company have been focused on the development of new cancer
treatments targeting high-risk patients, particularly cancer survivors, who need a follow-up, non-toxic, long-term therapy designed to
prevent the cancer from returning and spreading. The Company anticipates establishing global markets for its technologies. Our lead product
candidate, which we refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes
acting synergistically. It is currently in the preclinical phase of development.
The
Company was originally formed in Melbourne, Victoria, Australia on October 15, 2007 as Propanc PTY LTD. On November 23, 2010, Propanc
Health Group Corporation was incorporated in the State of Delaware, and in January 2011, to reorganize the Company, all of the outstanding
shares of Propanc PTY LTD were acquired on a one-for-one basis by Propanc Health Group Corporation, with Propanc PTY LTD becoming a wholly-owned
subsidiary of the Company.
On
July 22, 2016, the Company formed another wholly-owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose
of submitting an orphan drug application to the European Medicines Agency as a small and medium-sized enterprise. As of June 30, 2023,
there has been no activity within this entity.
Effective
April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to reflect the Company’s stage of operations
and development better.
In
July 2020, a world-first patent was granted in Australia for the cancer treatment method patent family. Presently, there are 62 granted,
allowed, or accepted patents and 14 patents filed, or under examination in key global jurisdictions relating to the use of proenzymes
against solid tumors, covering the lead product candidate PRP.
On
May 1, 2023, the Company filed a certificate of amendment to its certificate of incorporation, as amended, to effect a one-for-one thousand
(1:1,000) Reverse Stock Split (the “Reverse Stock Split”), effective as of May 1, 2023. Proportional adjustments for the
Reverse Stock Split were made to the Company’s outstanding stock options, warrants and equity incentive plans. All share and per-share
data and amounts have been retroactively adjusted as of the earliest period presented in the consolidated financial statements to reflect
the Reverse Stock Split.
The
Company hopes to capture and protect additional patentable subject matter based on the Company’s field of technology relating to
pharmaceutical compositions of proenzymes for treating cancer by filing additional patent applications as it advances its lead product
candidate, PRP, through various stages of development.
Basis
of Presentation
The
Company’s interim unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (this “Quarterly
Report”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“US
GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion
of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring
adjustments) necessary to present fairly our consolidated results of operations for the three months ended September 30, 2023 and 2022
and cash flows for the three months ended September 30, 2023 and 2022 and our consolidated financial position at September 30, 2023 have
been made. The Company’s results of operations for the three months ended September 30, 2023 are not necessarily indicative of
the operating results to be expected for the full fiscal year ending June 30, 2024.
Certain
information and disclosures normally included in the notes to the Company’s annual audited consolidated financial statements have
been condensed or omitted from the Company’s interim unaudited condensed consolidated financial statements included in this Quarterly
Report. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s
audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2023. The June 30, 2023 balance sheet
is derived from those statements.
Principles
of Consolidation
The
unaudited condensed consolidated financial statements include the accounts of Propanc Biopharma, Inc., the parent entity, and its wholly-owned
subsidiary, Propanc PTY LTD. All inter-company balances and transactions have been eliminated in consolidation. Propanc (UK) Limited
was an inactive wholly-owned subsidiary through September 30, 2023.
Use
of Estimates
The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Significant estimates in the accompanying consolidated financial statements include the estimates of useful lives for depreciation, valuation
of the operating lease liability and related right-of-use asset, valuation of derivatives, allowance for uncollectable receivables, valuation
of equity based instruments issued for other than cash, the valuation allowance on deferred tax assets and foreign currency translation
due to certain average exchange rates applied in lieu of spot rates on transaction dates.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Foreign
Currency Translation and Other Comprehensive Income (Loss)
The
Company’s wholly-owned subsidiary’s functional currency is the Australian dollar (AUD). For financial reporting purposes,
the Australian dollar has been translated into the Company’s reporting currency, which is the United States dollar ($) and/or (USD).
Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated
at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction
date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component
of stockholders’ equity (deficit) as “Accumulated other comprehensive income (loss).” Gains and losses resulting from
foreign currency transactions are included in the statements of operations and comprehensive income (loss) as a component of other comprehensive
income (loss). There have been no significant fluctuations in the exchange rate for the conversion of Australian dollars to USD after
the balance sheet date.
Other
Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses).
Assets
and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the
consolidated balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated
in a currency other than the functional currency included in the consolidated results of operations as incurred. Effective fiscal year
2021, the parent company determined that the intercompany loans will not be repaid in the foreseeable future and thus, per ASC 830-20-35-3,
gains and losses from measuring the intercompany balances are recorded within cumulative translation adjustment, a component of accumulated
other comprehensive income (loss). Prior to July 1, 2020, the Company recorded the foreign currency transaction gains and losses from
measuring the intercompany balances as a component of other income (expenses) titled foreign currency transaction gain (loss). As of
September 30, 2023 and 2022, the Company recognized a cumulative exchange gain (loss) of approximately $669,000 and $1,226,000, respectively,
on intercompany loans made by the parent to the subsidiary that have not been repaid as of September 30, 2023, which is included as component
of accumulated other comprehensive income on the accompanying consolidated balance sheet.
As
of September 30, 2023 and June 30, 2023, the exchange rates used to translate amounts in Australian dollars into USD for the purposes
of preparing the consolidated financial statements were as follows:
SCHEDULE OF TRANSACTION EXCHANGE RATES
| |
September
30, 2023 | | |
June
30, 2023 | |
Exchange rate on balance sheet dates | |
| | | |
| | |
USD : AUD exchange rate | |
| 0.6428 | | |
| 0.6664 | |
| |
| | | |
| | |
Average exchange rate for the period | |
| | | |
| | |
USD : AUD exchange rate | |
| 0.6546 | | |
| 0.6732 | |
The
change in Accumulated Other Comprehensive Income by component during the three months ended September 30, 2023 was as follows:
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
| |
Foreign
Currency Items: | |
Balance, June 30, 2023 | |
$ | 1,294,876 | |
Unrealized foreign currency translation gain | |
| 73,674 | |
Ending balance, September 30, 2023 | |
$ | 1,368,550 | |
Fair
Value of Financial Instruments and Fair Value Measurements
The
Company measures its financial assets and liabilities in accordance with US GAAP. For certain financial instruments, including cash and
cash equivalents, receivables, accounts payable and accrued liabilities, the carrying amounts approximate fair value due to their short
maturities. Amounts recorded for notes payable, net of discount, and loans payable also approximate fair value because current interest
rates available for debt with similar terms and maturities are substantially the same.
The
Company follows accounting guidance for financial assets and liabilities. This standard defines fair value, provides guidance for measuring
fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all
other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related
to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income
approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement
cost).
The
guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad
levels. The following is a brief description of those three levels:
Level
1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level
2: Inputs, other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets
or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Level
3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us,
which reflect those that a market participant would use.
Also
see Note 11 - Derivative Financial Instruments and Fair Value Measurements.
Cash
and Cash Equivalents
Cash
and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of three months or less with financial
institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the balance sheets. There were no cash equivalents
as of September 30, 2023 or June 30, 2023.
Refundable Advance Deposit
Refundable advance deposit of $116,169 and $0 at September 30, 2023 and June 30, 2023, respectively, consists primarily
of deposit paid to a potential lender to be used as payment for a loan insurance premium related to a future loan transaction with the
Company. In the event, the future loan transaction does not close, the potential lender shall return the refundable advance deposit. The Company and the potential lender are currently undergoing the loan process.
Property
and Equipment
Property
and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred;
additions, renewals, and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost
and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of
property and equipment is provided using the declining balance method. The depreciable amount is the cost less its residual value.
The
estimated useful lives are as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVE
Machinery
and equipment |
|
-
5 years |
Furniture |
|
-
7 years |
Patents
Patents
are stated at cost and amortized on a straight-line basis over the estimated future periods if and once the patent has been granted by
a regulatory agency. However, the Company will expense any patent costs as long as we are in the startup stage. Accordingly, as the Company’s
products are not currently approved for market, all patent costs incurred from 2013 through September 30, 2023 were expensed immediately.
This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency.
Impairment
of Long-Lived Assets
In
accordance with ASC 360-10, “Long-lived assets,” which include property and equipment and intangible assets, are reviewed
for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability
of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted
future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future
cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the
assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily
determinable.
Employee
Benefit/Liability
Liabilities
arising in respect of wages and salaries, accumulated annual leave, accumulated long service leave and any other employee benefits expected
to be settled within twelve months of the reporting date are measured based on the employee’s remuneration rates applicable at
the reporting date. All other employee benefit liabilities are measured at the present value of the estimated future cash outflow to
be made in respect of services provided by employees up to the reporting date. All employee liabilities are owed within the next twelve
months.
Australian
Goods and Services Tax (“GST”)
Revenues,
expenses and balance sheet items are recognized net of the amount of GST, except payable and receivable balances which are shown inclusive
of GST. The GST incurred is payable on revenues to, and recoverable on purchases from, the Australian Taxation Office.
Cash
flows are presented in the statements of cash flow on a gross basis, except for the GST component of investing and financing activities,
which are disclosed as operating cash flows.
As
of September 30, 2023, and June 30, 2023, the Company was owed $2,634 and $2,867, respectively, from the Australian Taxation Office.
These amounts were fully collected subsequent to the balance sheet reporting dates.
Derivative
Instruments
ASC
Topic 815, Derivatives and Hedging (“ASC Topic 815”), establishes accounting and reporting standards for derivative
instruments and for hedging activities by requiring that all derivatives be recognized in the balance sheet and measured at fair value.
Gains or losses resulting from changes in the fair value of derivatives are recognized in earnings. On the date of conversion or payoff
of debt, the Company records the fair value of the conversion shares, removes the fair value of the related derivative liability, removes
any discounts and records a net gain or loss on debt extinguishment.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Convertible
Notes With Variable Conversion Options
The
Company has entered into convertible notes, some of which contain variable conversion options, whereby the outstanding principal and
accrued interest may be converted, by the holder, into shares of the Company’s common stock, par value $0.001 per share (“common
stock”) at a fixed discount to the price of the common stock at or around the time of conversion. The Company treats these convertible
notes as stock settled debt under ASC 480, “Distinguishing Liabilities from Equity” and measures the fair value of
the notes at the time of issuance, which is the result of the share price discount at the time of conversion and records the put premium
as interest expense.
Income
Taxes
The
Company is governed by Australia and United States income tax laws, which are administered by the Australian Taxation Office and the
United States Internal Revenue Service, respectively. The Company follows ASC 740 “Accounting for Income Taxes,” when
accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred
income tax assets and liabilities are computed annually for temporary differences between the financial statements and tax bases of assets
and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the
periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce
deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or
minus the change during the period in deferred tax assets and liabilities.
The
Company follows ASC 740, Sections 25 through 60, “Accounting for Uncertainty in Income Taxes.” These sections provide
detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial
statements. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized
upon the adoption of ASC 740 and in subsequent periods.
Research
and Development Costs and Tax Credits
In
accordance with ASC 730-10, “Research and Development-Overall,” research and development costs are expensed when incurred.
Total research and development costs for the three months ended September 30, 2023 and 2022 were $16,242 and $101,325, respectively.
The
Company may apply for research and development tax concessions with the Australian Taxation Office on an annual basis. Although the amount
is possible to estimate at year end, the Australian Taxation Office may reject or materially alter the claim amount. Accordingly, the
Company does not recognize the benefit of the claim amount until cash receipt since collectability is not certain until such time. The
tax concession is a refundable credit. If the Company has net income, then the Company can receive the credit which reduces its income
tax liability. If the Company has net losses, then the Company may still receive a cash payment for the credit, however, the Company’s
net operating loss carryforwards are reduced by the gross equivalent loss that would produce the credit amount when the income tax rate
is applied to that gross amount. The concession is recognized as tax benefit, in operations, upon receipt.
Stock
Based Compensation
The
Company records stock-based compensation in accordance with ASC 718, “Stock Compensation”. ASC 718 requires the fair
value of all stock-based employee compensation awarded to employees to be recorded as an expense over the shorter of the service period
or the vesting period. The Company values employee and non-employee stock-based compensation at fair value using the Black-Scholes Option
Pricing Model.
The
Company adopted ASU 2018-07 and accounts for non-employee share-based awards in accordance with the measurement and recognition criteria
of ASC 718 and recognizes the fair value of such awards over the service period. The Company used the modified prospective method of
adoption.
Revenue
Recognition
The
Company applies ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 establishes a single comprehensive
model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue
recognition guidance. This standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also
requires certain additional disclosures. Subject to these criteria, the Company intends to recognize revenue relating to royalties on
product sales in the period in which the sale occurs and the royalty term has begun.
Legal
Expenses
All
legal costs for litigation are charged to expense as incurred.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Leases
The
Company follows ASC Topic 842, Leases (Topic 842) and applies the package of practical expedients, which permit it not to reassess under
the new standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company
elected not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less. Operating lease right of use assets (“ROU”)
represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value
of future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company
uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future
payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general
and administrative expenses.
Basic
and Diluted Net Loss Per Common Share
Basic
net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period.
Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for
the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental
common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially
dilutive securities are excluded from the computation if their effect is anti-dilutive. As a result, the basic and diluted per share
amounts for all periods presented are identical. Each holder of the notes has agreed to a 4.99% beneficial ownership conversion limitation
(subject to certain noteholders’ ability to increase such limitation to 9.99% upon 60 days’ notice to the Company), and each
note may not be converted during the first six-month period from the date of issuance. Such securities are considered dilutive securities
which were excluded from the computation since the effect is anti-dilutive.
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS
| |
September
30, 2023 | | |
September
30, 2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Stock Options | |
| 0.06 | | |
| 0.06 | |
Stock Warrants with no designations | |
| 15,003,306 | | |
| 3,306 | |
Series A Warrants as if converted at alternate
cashless exercise price | |
| 1,994,343,990 | | |
| 2,030,790 | |
Series B Warrants | |
| 16 | | |
| 26 | |
Series C Warrants as if converted at alternate
cashless exercise price * | |
| 9,175,999,954 | | |
| 7,499,963 | |
Unvested restricted stock | |
| 0.06 | | |
| 0.06 | |
Convertible Debt | |
| 210,849,945 | | |
| 884,700 | |
Total | |
| 11,396,197,211.12 | | |
| 10,418,785.12 | |
Recent
Accounting Pronouncements
We
have reviewed the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”)
accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods.
We have carefully considered the new pronouncements that alter previous generally accepted accounting principles and do not believe that
any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near
term. The applicability of any standard is subject to the formal review of the Company’s financial management.
In
August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic
470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40), which eliminates the beneficial conversion
and cash conversion accounting models for convertible instruments, amends the accounting for certain contracts in an entity’s own
equity that are currently accounted for as derivatives because of specific settlement provisions, and modifies how particular convertible
instruments and certain contracts that may be settled in cash or shares impact the diluted EPS calculation. The standard is effective
for annual periods beginning after December 15, 2023 for smaller reporting companies, and interim periods within those reporting periods.
Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those
reporting periods. The Company is currently assessing the impact the new guidance will have on our consolidated financial statements.
NOTE
2 – GOING CONCERN
The
accompanying unaudited condensed consolidated financial statements have been prepared in conformity with US GAAP, which contemplate continuation
of the Company as a going concern. For the three months ended September 30, 2023, the Company had no revenues, had a net loss of $350,866,
and had net cash used in operations of $333,457. Additionally, As of September 30, 2023, the Company had a working capital deficit, stockholders’
deficit and accumulated deficit of $2,987,309, $2,989,259, and $65,178,173, respectively. It is management’s opinion that these
conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least twelve months
from the issue date of this Quarterly Report.
The
unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effect on the recoverability
and classification of assets or the amounts and classifications of liabilities that may result from the outcome of this uncertainty.
Successful
completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future
events, including obtaining adequate financing to fulfill its development activities, acceptance of the Company’s patent applications,
obtaining additional sources of suitable and adequate financing and ultimately achieving a level of sales adequate to support the Company’s
cost structure and business plan. The Company’s ability to continue as a going concern is also dependent on its ability to further
develop and execute on its business plan. However, there can be no assurances that any or all of these endeavors will be successful.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
NOTE
3 – PROPERTY AND EQUIPMENT
Property
and equipment consist of the following As of September 30, 2023 and June 30, 2023.
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT
| |
September
30, 2023 | | |
June
30, 2023 | |
| |
| (Unaudited) | | |
| | |
Office equipment at cost | |
$ | 24,532 | | |
$ | 25,432 | |
Less: Accumulated depreciation | |
| (24,372 | ) | |
| (25,130 | ) |
| |
| | | |
| | |
Total property, plant, and equipment | |
$ | 160 | | |
$ | 302 | |
Depreciation
expense for the three months ended September 30, 2023 and 2022 were $134 and $473, respectively.
NOTE
4 – DUE TO FORMER DIRECTOR - RELATED PARTY
Due
to former director – related party represents unsecured advances made primarily by a former director for operating expenses on
behalf of the Company, such as intellectual property and formation expenses. The expenses were paid for on behalf of the Company and
are due upon demand. The Company is currently not being charged interest under these advances. The total amount owed the former director
at September 30, 2023 and June 30, 2023 were $28,581 and $29,630, respectively. The Company plans to repay the advances as its cash resources
allow (see Note 9).
NOTE
5 – LOANS
Loan
from Former Director - Related Party
Loan
from the Company’s former director at September 30, 2023 and June 30, 2023 were $47,567 and $49,314, respectively. The loan bears
no interest and is payable on demand. The Company did not repay any amount on this loan during the three months ended September 30, 2023
and 2022, respectively (see Note 9).
Loan
payable -long-term- Related Party
July
5, 2023, the Company and an institutional investor affiliated with one of our directors, Josef Zelinger, entered into a letter
agreement, pursuant to which such investor loaned the Company an aggregate of $230,000
AUD ($153,256
USD). Pursuant to such agreement, the term of such loan is three
(3) years, ending on July
5, 2026, with an interest rate of 10%
to be paid monthly in arrears. In connection with such loan, the Company issued 15,000,000
warrants to purchase common stock to such investor immediately exercisable at an initial exercise price of $0.01
per share (subject to certain adjustments such as stock dividend, stock splits, subsequent right offering and pro-rata distribution)
with an expiry date of July 5, 2026. The Company accounted for the 15,000,000
warrants issued with this loan payable as debt discount by using the relative fair value method. The total debt discount which is
equivalent to the relative fair value of the warrants of $141,084
was determined using a Black-Scholes model with the following assumptions: stock price at valuation date of $0.119
based on the closing price of common stock at date of grant, exercise price of $0.01,
dividend yield of zero,
expected term of 3.00,
a risk-free rate of 4.59%,
and expected volatility of 268%. The debt discount shall be amortized over the term of this loan.
A
portion of the proceeds of such loan were used to repay an outstanding balance of approximately $143,000 due on a convertible note (Coventry
Note) held by a third-party investor and which had been in default (see Note 6).
Accrued
interest from this loan amounted to $3,653
as of September 30, 2023. Amortization of debt discount from this loan for the three months ended September 30, 2023 was $11,199.
The total principal outstanding under this loan was $153,256
and remaining debt discount of $129,885
as of September 30, 2023 as reflected in the accompanying condensed consolidated balance sheet as loan payable – long-term
– related party, net of discount of $23,371.
Loan
Payable
Crown
Bridge Securities Purchase Agreement
Effective
October 3, 2019, the Company entered into a securities purchase agreement with Crown Bridge Partners, LLC (“Crown Bridge”),
pursuant to which Crown Bridge purchased a convertible promissory note from the Company (the “Crown Bridge Note”), which
had a remaining principal balance of $65,280 as of September 30, 2023 (see Note 6). The maturity date of the Crown Bridge Note was October
3, 2020 and is currently past due. The Crown Bridge Note bore interest at a default interest rate of 15% per annum. In August 2022, the
SEC filed a complaint against Crown Bridge due to its violation of Section 15(a)(1) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). Crown Bridge agreed to surrender all conversion rights in its currently held convertible notes, including
the Crown Bridge Note. Consequently, during fiscal year 2023, the Company reclassified the remaining principal balance of $65,280 from
a convertible note into a loan payable. Additionally, the Company recorded the remaining put premium of $43,520 into gain on extinguishment
of debt during fiscal year 2023. The total accrued interest from this loan amounted to $38,190 and $35,722 as of September 30, 2023 and
June 30, 2023, respectively.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Loan
in default
The
Crown Bridge Note is currently past due and in default, consisting of $65,280 principal and $38,190 accrued interest, which includes
interest accruing at the default interest rate at 15%.
NOTE
6 – NOTE PAYABLE AND CONVERTIBLE NOTES
Promissory
Note
On
August 15, 2023, the Company issued to an institutional investor (the “August 2023 Lender”) a 10% original issue discount
promissory note (the “Promissory Note”) in consideration for $120,000, which has a principal face amount of $132,000, matures
on November 15, 2023 and accrues interest at a rate of 10% per annum, which may be increased to 18% in the event of a default. The Company
has the right to prepay the principal and accrued but unpaid interest due under the Promissory Note, together with any other amounts
that the Company may owe the August 2023 Lender under the terms of the Promissory Note, on or before September 14, 2023 at a 110% premium
of the face amount plus accrued and unpaid interest and any other amounts owed to the August 2023 Lender, which increases to (i) 120%
if prepaid after such date, but on or before October 14, 2023, and (ii) 130% if prepaid after October 14, 2023, unless the Company and
the Lender agree to otherwise effect repayment. The Promissory Note contains certain customary events of default set forth in the Promissory
Note, including, among others, breach of covenants, representations or warranties, insolvency, bankruptcy, liquidation and failure by
the Company to pay the principal and interest due under the Promissory Note.
Accrued
interest from this note amounted to $1,664
as of September 30, 2023. Amortization of debt discount from the promissory note for the three months ended September 30, 2023 was
$6,000.
The total principal outstanding under this note was $132,000
and remaining debt discount of $6,000
as of September 30, 2023 as reflected in the accompanying condensed consolidated balance sheet as note payable, net of discount of
$126,000.
Convertible
Notes
The
Company’s convertible notes outstanding at September 30, 2023 and June 30, 2023 were as follows:
SCHEDULE OF CONVERTIBLE NOTES
| |
September
30, 2023 | | |
June
30, 2023 | |
| |
(Unaudited) | | |
| |
Convertible notes and debenture | |
$ | 331,500 | | |
$ | 338,362 | |
Unamortized discounts | |
| (79,236 | ) | |
| (38,994 | ) |
Premium, net | |
| 145,179 | | |
| 91,171 | |
Convertible notes,
net | |
$ | 397,443 | | |
$ | 390,539 | |
Convertible
Note Issued with Consulting Agreement
Crown
Bridge Securities Purchase Agreements
Effective
October 3, 2019, the Company entered into a securities purchase agreement with Crown Bridge, pursuant to which Crown Bridge purchased
the Crown Bridge Note from the Company in the aggregate principal amount of $108,000, such principal and the interest thereon convertible
into shares of common stock at the option of Crown Bridge any time after issuance of such note. Pursuant to the terms of such securities
purchase agreement, Crown Bridge deducted $3,000 from the principal payment due under the Crown Bridge Note, at the time of closing,
to be applied to its legal expenses, and there was a $5,000 original issuance discount resulting in $100,000 net proceeds to the Company.
The Company used the net proceeds from the Crown Bridge Note for general working capital purposes. The maturity date of the Crown Bridge
Note was October 3, 2020 and is currently past due. The Crown Bridge Note bore interest at a default interest rate of 15% per annum.
Additionally,
Crown Bridge had the option to convert all or any amount of the Crown Bridge Note at any time after issuance until the later of such
note’s maturity date or the date on which the default amount was paid if an event of default occurs, which would be between 110%
and 150% of the then outstanding principal amount of the Crown Bridge Note plus any interest accrued, for shares of the common stock
at the then-applicable conversion price.
The
conversion price of the Crown Bridge Note was equal to 60% (representing a 40% discount) of the lowest closing bid price of the common
stock for the ten trading days immediately prior to the delivery of a notice of conversion under such note, including the day upon which
such notice was received. subject to 4.99% or 9.99% beneficial ownership limitations. The Crown Bridge Note was treated as stock settled
debt under ASC 480 and accordingly the Company recorded a $72,000 put premium.
The
Crown Bridge Note contained certain events of default, upon which principal and accrued interest would become immediately due and payable.
In addition, upon an event of default, interest on the outstanding principal accrued at a default interest rate of 15% per annum, or
if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. Further, certain events
of default may trigger penalty and liquidated damage provisions.
The
total principal amount outstanding under the Crown Bridge Note was $65,280 and accrued interest of $7,232 as of as of June 30, 2020 following
conversion of $42,720 of the principal balance during the year ended June 30, 2020. Accordingly, $28,480 of the put premium was released
in respect of the October 3, 2019 Crown Bridge Note during the year ended June 30, 2020 following partial conversion of the principal
balance.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
There
were 15 unissued shares of Common Stock that were considered issuable for accounting purposes during the 1st quarter of fiscal
2021 related to a conversion notice dated and received on September 16, 2020. In November 2020, the Company was notified by Crown Bridge
of the cancellation of this conversion notice as a result of the reverse stock split and, as such, the Company reversed the effects of
this transaction, thereby increasing the principal balance by $9,600 and put premium by $6,400 and a corresponding decrease in equity
of $16,000.
The
total principal amount outstanding under the Crown Bridge Note was $65,280 and accrued interest of $25,930 as of June 30, 2022.
In
August 2022, the SEC filed a complaint against Crown Bridge due to its violation of Section 15(a)(1) of the Exchange Act. Crown Bridge
agreed to surrender all conversion rights in its currently held convertible notes, including the Crown Bridge Note. Consequently, during
fiscal year 2023, the Company reclassified the remaining principal balance of $65,280 from a convertible note into a loan payable. Additionally,
the Company recorded the remaining put premium of $43,520 into gain on extinguishment of debt during fiscal year 2023. Therefore, the
total principal amount outstanding under such agreement with Crown Bridge was $0 after the reclassification of principal to loan payable
as of June 30, 2023 (see Note 5).
1800
Diagonal Lending (formerly known as Sixth Street Lending) Securities Purchase Agreements
June
29, 2023 Securities Purchase Agreement
On
June 29, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC (“1800 Diagonal”),
which closed on July 6, 2023, pursuant to which 1800 Diagonal purchased a convertible promissory note (the “July 6, 2023 1800 Diagonal
Note”) from the Company in the aggregate principal amount of $65,000, such principal and the interest thereon convertible into
shares of the Company’s common stock at the option of 1800 Diagonal any time after 180 days of the July 6, 2023 1800 Diagonal Note.
The July 6, 2023 1800 Diagonal Note contains debt issue costs of $5,000. The Company intends to use the net proceeds for general working
capital purposes. The maturity date is June 29, 2024.
July
19, 2023 Securities Purchase Agreement
On
July 19, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC pursuant to which 1800 Diagonal
purchased a convertible promissory note (the “July 19, 2023 1800 Diagonal Note”) from the Company in the aggregate principal
amount of $45,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option
of 1800 Diagonal any time after 180 days of the July 19, 2023 1800 Diagonal Note. The July 19, 2023 1800 Diagonal Note contains debt
issue costs of $5,000. The Company intends to use the net proceeds for general working capital purposes. The maturity date is July 19,
2024.
August
16, 2023 Securities Purchase Agreement
On
August 16, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC pursuant to which 1800 Diagonal
purchased a convertible promissory note (the “August 16, 2023 1800 Diagonal Note”) from the Company in the aggregate principal
amount of $55,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option
of 1800 Diagonal any time after 180 days of the August 16, 2023 1800 Diagonal Note. The August 16, 2023 1800 Diagonal Note contains debt
issue costs of $5,000. The Company intends to use the net proceeds for general working capital purposes. The maturity date is August
16, 2024.
The
following terms shall apply to all the above 1800 Diagonal notes:
The
1800 Diagonal Notes bear interest at a rate of 8% per annum, which interest may be paid by the Company to 1800 Diagonal in shares of
the Company’s common stock; but shall not be payable until the 1800 Diagonal Note becomes payable, whether at the maturity date
or upon acceleration or by prepayment.
During
the first 60 to 180 days following the date of these notes, the Company has the right to prepay the principal and accrued but unpaid
interest due under the above note, together with any other amounts that the Company may owe the holder under the terms of the note, at
a premium ranging from 110% to 129% as defined in the note agreement. After this initial 180-day period, the Company does not have a
right to prepay such note.
The
conversion price for the above notes shall be equal to a 35% discount of the market price which means the average of the lowest three
trading prices of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion. Notwithstanding
the foregoing, 1800 Diagonal shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s
common stock beneficially owned by 1800 Diagonal and its affiliates, exceeds 9.99% of the outstanding shares of the Company’s common
stock. The Company treats these convertible notes as stock settled debt under ASC 480 and accordingly the Company recorded a total of
$88,846 was recorded during the three months ended September 30, 2023.
The
above notes contain certain events of default, upon which principal and accrued interest will become immediately due and payable. In
addition, upon an event of default, interest on the outstanding principal shall accrue at a default interest rate of 22% per annum, or
if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. Further, certain events
of default may trigger penalty and liquidated damage provisions.
Failure
to deliver shares of common stock upon conversion of the above 1800 Diagonal notes within three business days of notice of conversion
will result in the Company paying a penalty of $1,000 per day, subject to certain exceptions.
Upon
certain events of default, the above 1800 Diagonal notes will become immediately due and payable and the Company must pay 1800 Diagonal
150% of the then-outstanding principal amount of the above 1800 Diagonal notes, plus any interest accrued upon such event of default
or prior events of default (the “Default Amount”). Further, upon any event of default relating to the failure to issue shares
of common stock upon the conversion of such notes, such notes become immediately due and payable in an amount equal to twice the Default
Amount.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
The
total principal amount outstanding under the above 1800 Diagonal financing agreements were $165,000 and accrued interest of $2,488 as
of September 30, 2023.
ONE44
Capital Securities Purchase Agreements
August
15, 2022 Securities Purchase Agreement
On
August 15, 2022, the Company entered into a securities purchase agreement with ONE44 Capital LLC, pursuant to which ONE44 Capital purchased
a convertible redeemable note (the “August 15, 2022 ONE44 Note”) from the Company in the aggregate principal amount of $110,000,
such principal and the interest thereon was convertible into shares of the Company’s common stock at the option of ONE44 Capital
any time after the six-month anniversary of the August 15, 2022 ONE44 Note. The transaction contemplated by the ONE44 Purchase Agreement
closed on August 16, 2022. The August 15, 2022 One44 Note contained an original issue discount amount of $10,000. Pursuant to the terms
of the August 15, 2022 ONE44 Purchase Agreement, the Company paid ONE44 Capital’s legal fees of $5,500. The Company use the net
proceeds from the August 15, 2022 ONE44 Note for general working capital purposes. The maturity date of the August 15, 2022 One44 Note
was August 15, 2023. The August 15, 2022 ONE44 Note bore interest at a rate of 10% per annum, which interest may be paid by the Company
to ONE44 Capital in shares of common stock, but shall not be payable until the Maturity Date or upon acceleration or by prepayment
February
14, 2023 Securities Purchase Agreement
On
February 14, 2023, the Company entered into a securities purchase agreement with ONE44, pursuant to which ONE44 purchased a convertible
redeemable note (the “February 14, 2023 ONE44 Note”) from the Company in the aggregate principal amount of $111,111, such
principal and the interest thereon convertible into shares of the common stock at the option of ONE44 any time after the six-month anniversary
of the February 14, 2023 ONE44 Note. The transaction contemplated by such purchase agreement closed on February 14, 2023. The February
14, 2023 One44 Note contains an original issue discount amount of $11,111. Pursuant to the terms of such purchase agreement, the Company
paid $5,500 for ONE44’s legal fees. The Company intends used the net proceeds from the February 14, 2023 ONE44 Note for general
working capital purposes. The maturity date of the February 14, 2023 One44 Note is February 14, 2024. The February 14, 2023 ONE44 Note
bears interest at a rate of 10% per annum, which interest is payable in shares of common stock, but is not payable until the maturity
date or upon acceleration or by prepayment of such note.
The
following terms shall apply to all of the above ONE44 note:
During
the first 60 to 180 days following the date of these notes, the Company has the right to prepay the principal and accrued but unpaid
interest due under the above notes issued to ONE44, together with any other amounts that the Company may owe ONE44 under the terms of
the note, at a premium ranging from 120% to 135% as defined in the relevant note. After this initial 180-day period, the Company does
not have a right to prepay such note.
The
conversion price for the above ONE44 notes ranges from 60% to 65% (representing a 35% to 40% discount) of the market price of the common
stock, which is based on the lowest closing bid prices of the common stock for the ten trading days immediately prior to the delivery
of a notice of conversion. Notwithstanding the foregoing, such notes are subject to 4.99% beneficial ownership limitations. All of the
above ONE44 notes are treated as stock settled debt under ASC 480 and accordingly the Company recorded a total of $133,305 during the
year ended June 30, 2023.
The
above ONE44 notes contain certain events of default, upon which principal and accrued interest will become immediately due and payable.
In addition, upon an event of default, interest on the outstanding principal shall accrue at a default interest rate of 24% per annum,
or if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. Further, certain
events of default may trigger penalty and liquidated damage provisions. In the event that the Company fails to deliver to ONE44 shares
of common stock issuable upon conversion of principal or interest under a ONE44 note, it will incur a penalty of $250 per day the shares
are not issued beginning on the 4th day after the conversion notice was delivered to the Company. This penalty increases to
$500 per day beginning on the 10th day. In the event that the Company loses the bid price of its common stock on OTC, such
ONE44 note does not incur penalty and instead the outstanding principal amount increases by 20%.
The
total principal amount outstanding under the above ONE44 notes was $118,111 and accrued interest of $4,726 as of June 30, 2023, following
conversion of $338,700 of the principal balance and $24,255 accrued interest during the year ended June 30, 2023. Accordingly, $182,376
of the put premium was released to additional paid in capital in respect to the purchase agreements with ONE44 during the year ended
June 30, 2023 following conversion of the principal balance.
The
total principal amount outstanding under the above ONE44 financing agreements were $84,500 and accrued interest of $5,861 as of September
30, 2023 following conversion of $33,611 of the principal balance and $2,136 accrued interest during the three months ended September
30, 2023. Accordingly, $21,510 of the put premium was released to additional paid in capital in respect to the ONE44 financing agreements
during the three months ended September 30, 2023 following conversion of the principal balance.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
GS
Capital Partners Securities Purchase Agreements
August
12, 2022 Securities Purchase Agreement
On
August 12, 2022, the Company entered into a securities purchase agreement (the “GS Capital Purchase Agreement”) with GS Capital
Partners, LLC (“GS Capital”), pursuant to which GS Capital purchased a convertible redeemable note (the “GS Capital
Note”) from the Company in the aggregate principal amount of $93,000, such principal and the interest thereon was convertible into
shares of common stock at the option of GS Capital. The transaction contemplated by the GS Capital Purchase Agreement closed on August
16, 2022. The GS Capital Note contained a $5,000 original issue discount. Pursuant to the terms of the GS Purchase Agreement, the Company
paid $3,000 for GS Capital’s legal fees. The Company used the net proceeds ($85,000) from the GS Capital Note for general working
capital purposes.
The
maturity date of the GS Capital Note was April 12, 2023, but was extended to August 12, 2023 in April 2023. The GS Capital Note bore
interest at a rate of 8% per annum, which interest was payable in shares of common stock, but was not payable until the maturity date
or upon acceleration or by prepayment of such note. The GS Capital Note was exchangeable for an equal aggregate principal amount of notes
of different authorized denominations, as requested by GS Capital by surrendering the same. GS Capital was entitled, at its option, at
any time after cash payment, to convert all or any amount of the principal face amount of the GS Capital Note then outstanding into shares
of common stock at a price per share equal to $2.80 per share (the “Fixed Price”). However, in the event the common
stock trades below $2 per share for more than five consecutive trading days, then the Fixed Price became $1.30 per share. In the event
of default, such conversion price equaled 65% of the lowest trading price of the common stock reported on the OTC Markets or other exchange
for the ten prior trading days, including the day upon which a notice of conversion was received by the Company. The GS Capital Note
was subject to a 4.99% beneficial ownership limitation.
Additionally,
such conversion price were adjusted when the Company issued securities with more favorable conversion terms. The effective conversion
price of this note was 60% (representing a 40% discount) of the market price, which was the lowest closing bid prices of the Common Stock
for the ten trading days immediately prior to the delivery of a Notice of Conversion.
September
21, 2022 Securities Purchase Agreement
On
September 21, 2022, the Company entered into a securities purchase agreement with GS Capital, pursuant to which GS Capital purchased
a convertible redeemable note from the Company in the aggregate principal amount of $71,500, such principal and the interest thereon
convertible into shares of common stock at the option of GS Capital. The transaction contemplated by such purchase agreement closed on
September 26, 2022. Such note contains a $4,000 original issue discount. Pursuant to the terms of such purchase agreement, the Company
paid $2,500 for GS Capital’s legal fees. The Company used the net proceeds ($65,000) from such note for general working capital
purposes.
The
maturity date of such note is March 21, 2023 but was extended to March 21, 2024 in April 2023. Such note bears interest at a rate of
8% per annum, which interest is payable in shares of common stock, but is not payable until the maturity date or upon acceleration or
by prepayment of such note. Such note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations,
as requested by GS Capital surrendering the same. GS Capital is entitled, at its option, at any time after cash payment, to convert all
or any amount of the principal face amount of the GS Capital Note then outstanding into shares of common stock at a price per share equal
to $2 (the “September Fixed Price”). However, in the event the common stock trades below $1.40 per share for more than
five consecutive trading days, then the September Fixed Price becomes $0.90 per share. In the event of default under such note, such
conversion price becomes 65% of the lowest trading price of the common stock as reported on the OTC Markets or other exchange for the
ten prior trading days, including the day upon which a notice of conversion is received by the Company. Such note is subject to 4.99%
beneficial ownership limitations.
Additionally,
the conversion price will be adjusted in favor of the note holder if the Company issues securities with more favorable conversion terms.
Currently, the effective conversion price of this note is 60% (representing a 40% discount) of the market price, which means the lowest
closing bid prices of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion.
August
23, 2023 Securities Purchase Agreement
On
August 23, 2023, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital
purchased a convertible redeemable note (the “GS Capital Note”) from the Company in the aggregate principal amount of $77,500,
such principal and the interest thereon convertible into shares of the Company’s common stock at the option of GS Capital. The
GS Capital Note contains a $5,000 original issue discount. Pursuant to the terms of the GS Purchase Agreement, the Company paid GS Capital’s
legal fees of $2,500. The Company intends to use the net proceeds from the GS Capital Note for general working capital purposes.
The
maturity date of the GS Capital Note is February 23, 2024. The GS Capital Note shall bear interest at a rate of 8% per annum, which interest
may be paid by the Company to GS Capital in shares of common stock but shall not be payable until the GS Capital Note becomes payable,
whether at the Maturity Date or upon acceleration or by prepayment. The GS Capital Note is exchangeable for an equal aggregate principal
amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price
for the GS Capital Note is equal to $0.04 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to
$0.02 per share in the event that the market price of the Common Stock trades below $0.03 per share for five consecutive trading days.
In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest trading price
of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment every thirty
calendar days during the period in which the Company remains in default. Pursuant to the Note, in the event that such conversion price
is below the par value of the Common Stock, the Company has agreed to take all steps to reduce such par value or conduct a reverse split
of its Common Stock, as applicable. Notwithstanding the foregoing, such conversion price and lookback periods are subject to adjustment
in favor of the Investor in the event the Company issues securities to another party with more favorable conversion terms, and such conversions
are subject to a 4.99% beneficial ownership limitation (which may be increased to 9.9% upon 60 days’ prior written notice from
the holder of the Note) and adjustments for mergers, consolidations, reorganizations and similar events set forth in the Note, other
than a transfer or sale of all or substantially all Company assets. Pursuant to the Note, the Company is required to maintain an initial
reserve of at least 400% of the number of Conversion Shares, subject to any increase of such reserved amount to reflect the Company’s
obligations under the Note.
The
above GS Capital notes were bifurcated from the embedded conversion option which was recorded as derivative liabilities at fair value.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
During
the first 60 to 180 days following the date of the above GS Capital notes, the Company has the right to prepay the principal and accrued
but unpaid interest due under the above notes issued to GS Capital, together with any other amounts that the Company may owe GS Capital
under the terms of the notes, at a premium ranging from 110% to 125% of the principal amount and interest of such note. After this initial
180-day period, the Company does not have a right to prepay such notes.
Upon
the occurrence and during the continuation of certain events of default, interest accrues at a default interest rate of 24% per annum
or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. In the event that
the Company fails to deliver to GS Capital shares of common stock issuable upon conversion of principal or interest under the above GS
Capital notes, the penalty becomes $250 per day for each day that the shares are not issued beginning on the 4th day after
the conversion notice was delivered to the Company. This penalty increases to $500 per day beginning on the 10th day. In the
event that the Company loses the bid price of its common stock on OTC, such GS Capital note does not incur penalty and instead the outstanding
principal amount increases by 20%.
The
total principal outstanding and accrued interest under the above GS Capital notes were $75,300 and $4,263, respectively, as of June 30,
2023, following conversion of $89,200 of the principal balance and $2,945 accrued interest during the year ended June 30, 2023. An aggregate
total of $75,300 of the above GS Capital notes were bifurcated with the embedded conversion option which were recorded as derivative
liabilities at fair value.
The
total principal outstanding and accrued interest under the above GS Capital notes were $82,000 and $887, respectively, as of September
30, 2023, following conversion of $70,800 of the principal balance and $5,184 accrued interest during the three months ended September
30, 2023. At September 30, 2023, an aggregate total of $82,000 of the above GS Capital notes were bifurcated with the embedded conversion option which are
recorded as derivative liabilities at fair value (see Note 11).
Coventry
Enterprises, LLC Securities Purchase Agreement
On
November 3, 2022, the Company entered into a Securities Purchase Agreement with Coventry Enterprises, LLC (“Coventry”), pursuant
to which the Company issued Coventry a promissory note from the Company in the aggregate principal amount of $125,000, such principal
and the interest thereon convertible into shares of the Company’s common stock following an event of default (the “Coventry
Note”). The Coventry Note contained a $25,000 original issue discount. The Company used the net proceeds of $100,000 from the Coventry
Note for general working capital purposes.
The
Coventry Note bore interest at a rate of 10% per annum, with $12,500 in guaranteed interest. The principal amount and the guaranteed
interest was due and payable in seven equal monthly payments of $19,643, commencing on March 24, 2023 and continuing on the 24th day
of each month thereafter until paid in full not later than October 24, 2023, or such earlier date as the Coventry Note was required or
permitted to be repaid and to pay such other interest to Coventry on the aggregate unconverted and then-outstanding principal amount
of the Coventry Note in accordance with the provisions thereof. Any or all of the principal amount and guaranteed interest may be pre-paid
at any time and from time to time, in each case without penalty or premium.
Additionally,
in the event that the Company files with the SEC a qualified offering statement on Form 1-A and such note was still outstanding for four
months since its issuance, Coventry had the right to convert all or portion of such note, including guaranteed interest, into shares
of common stock at the offering price used in connection with such offering.
At
any time following an event of default under the Coventry Note, it became convertible, in whole or in part, into shares of Common Stock
at the option of Coventry, at any time and from time to time thereafter (subject to the beneficial ownership limitations set forth therein).
The conversion price of the Coventry Note was ninety percent (90%) per share of the lowest per-share VWAP during the twenty (20) trading-day
period before the conversion (each, a “Calculated Conversion Price”). In the event that, within 30 calendar days either before
or after any conversion, the conversion price of which was based upon a Calculated Conversion Price, the Company consummates (in whole
or in part) any financing (whether such financing was equity, equity-equivalent, or debt or any combination thereof) or for any other
reason issues any shares of common stock or any common stock equivalents at a price less than the most recent Calculated Conversion Price
(the “Alternative Conversion Price”), regardless of when that note or instrument was originated, then, at the option of Coventry,
(i) if the conversion had not yet occurred, then the Alternative Conversion Price will be substituted for the Calculated Conversion Price
and (ii) if the conversion had occurred, then, within two trading days following Coventry’s written request, the Company was required
to issue to Coventry that number of shares of Common Stock equivalent to the difference between the number of shares of Common Stock
that had been issued using the Calculated Conversion Price and the number of shares of Common Stock that would have been issued using
the Alternative Conversion Price. Accordingly, the Coventry note is treated as stock settled debt under ASC 480 and the Company recorded
a total of $13,889 put premium during the year ended June 30, 2023.
Upon
the occurrence and during the continuation of certain events of default, interest on the Coventry Note accrues at a default interest
rate equal to the lesser of (i) 18% per annum or (ii) the maximum rate permitted by law. Subject to the beneficial ownership limitation
in the Coventry Note, if any event of default occurs, then the outstanding principal amount guaranteed interest plus accrued but unpaid
default rate interest, liquidated damages and other amounts owing on the Coventry Note through the date of acceleration became immediately
due and payable at Coventry’s option, in cash or in shares of common stock at the mandatory default amount, which was equal to
120% of all such amounts due on the Coventry Note. If the Company failed to deliver to Coventry such shares, the Company was required
to pay in cash an amount equal to the amount that the value of such shares exceeds the principal amount and interest of the attempted
conversion.
As
an additional inducement to Coventry entering into such agreement, the Company issued to Coventry 75,000 shares of common stock on the
issuance date of the Coventry Note, which was valued using the relative fair value method at $37,500 and recognized as debt discount
to be amortized over the term of such note.
The
Company failed to make the first installment payment due in March 2023 which was considered an event of default. The Company recorded
a default penalty of $25,000 as additional principal as of June 30, 2023.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
The
total principal amount outstanding and accrued interest under the above Coventry note was $144,951 including the default penalty as of
June 30, 2023 following conversion of $5,049 of the principal balance and $22,749 accrued interest during the year ended June 30, 2023.
Accordingly, $561 of the put premium was released to additional paid in capital in respect of such purchase agreements with Coventry
during the year ended June 30, 2023 following conversion of the principal balance.
In
July 2023, the Company fully paid the remaining principal including accrued interest for a total of $142,979. The total principal
amount outstanding and accrued interest under the above Coventry note was $0 following conversion of $5,049 of the principal balance
of $2,043 and interest of $357 during the three months ended September 30, 2023. Accordingly, $13,328 of the put
premium was released to additional paid in capital in respect of such purchase agreements with Coventry during the three months
ended September 30, 2023 following conversion of the principal balance.
Convertible
notes in default
None
of the outstanding convertible notes above were in default as of September 30, 2023.
Amortization
of debt discounts
The
Company recorded $92,500 and $127,418 of debt discounts related to the above note issuances during the three months ended September 30,
2023 and 2022, respectively. The Company recorded $88,846 and $115,769 of put premiums related to the above note issuances during the
three months ended September 30, 2023 and 2022, respectively. The debt discounts are being amortized over the term of the debt and the
put premiums are expensed on issuance of the debt with the liability released to additional paid in capital on conversion of the principal.
Amortization
of debt discounts associated with convertible notes for the three months ended September 30, 2023 and 2022 was $52,258
and $31,275,
respectively.
The
Company reclassified $34,838 and $133,646 in put premiums to additional paid in capital following conversions during the three months
ended September 30, 2023 and 2022, respectively.
NOTE
7 – STOCKHOLDERS’ DEFICIT
Increase
in Authorized Shares of Common Stock and Reverse Stock Split
On
May 18, 2022, the board of directors of the Company approved and authorized, and the holders of a majority-in-interest of the Company’s
voting capital stock approved by written consent for the Company to file a certificate of amendment to its certificate of incorporation,
as amended (the “Certificate of Incorporation”), which increased the Company’s authorized capital stock. Such certificate
of amendment increased the number of authorized shares of common stock from 1,000,000,000 to 3,000,000,000 shares. The number of authorized
shares of preferred stock remained at 1,500,005 shares, such that the total number of authorized shares of capital stock increased to
3,001,500,005 shares. Such certificate of amendment was filed and became effective on July 6, 2022.
On
September 21, 2022, the board of directors of the Company approved and authorized, and the holders of a majority-in-interest of the Company’s
voting capital stock approved by written consent for the Company to file a certificate of amendment to its Certificate of Incorporation,
which increased the Company’s authorized capital stock. The Certificate increased the number of authorized shares of common stock
from 3,000,000,000 to 10,000,000,000 shares. The number of authorized shares of preferred stock remained at 1,500,005, such that the
total number of shares of authorized capital stock increased to 10,001,500,005 shares. Such certificate of amendment was filed and became
effective on November 4, 2022.
On
May 1, 2023, the Company filed a certificate of amendment to its certificate of incorporation, as amended, to effect a one-for-one thousand
(1:1,000) Reverse Stock Split (the “Reverse Stock Split”), effective as of May 1, 2023. Proportional adjustments for the
Reverse Stock Split were made to the Company’s outstanding stock options, warrants and equity incentive plans. All share and per-share
data and amounts have been retroactively adjusted as of the earliest period presented in the condensed consolidated financial statements
to reflect the Reverse Stock Split.
Preferred
Stock
The
total number of shares of preferred stock that the Company is authorized to issue is 1,500,005, $0.01 par value per share. These preferred
shares have no rights to dividends, profit sharing or liquidation preferences, subject to any such rights provided for such shares in
any certificate of designation filed by the Company with the State of Delaware.
Of
the total preferred shares authorized, 500,000 had been designated as Series A Preferred Stock (“Series A Preferred Stock”),
pursuant to the Certificate of Designation for the Series A Preferred Stock filed with the Secretary of State of the State of Delaware
on December 9, 2014. James Nathanielsz, the Company’s Chief Executive Officer and Chief Financial Officer and a director, beneficially
owned all of the outstanding shares of Series A Preferred Stock indirectly through North Horizon Pty Ltd., which entitled him, as a holder
of Series A Preferred Stock, to vote on all matters submitted or required to be submitted to a vote of the Company’s stockholders,
except election and removal of directors, and each share of Series A Preferred Stock entitled him to a total of 1 vote. North Horizon
Pty Ltd. is a Nathanielsz Family Trust. Mr. Nathanielsz had voting and investment power over these shares.
On
March 15, 2023, the Company filed a certificate with the Secretary of State of Delaware (the “Certificate of Retirement”),
effecting the retirement and cancellation of the Series A Preferred Stock to eliminate such Series A Preferred Stock. No shares of Series
A Preferred Stock are currently outstanding as they were redeemed by the Company in March 2023.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Pursuant
to a certificate of designation filed with the Secretary of State of the State of Delaware on June 16, 2015, five shares of preferred
stock have been designated as Series B Preferred Stock, par value $0.01 per share, of the Company (“Series B Preferred Stock”).
Each holder of shares of Series B Preferred Stock is entitled to voting power equivalent to the number of votes equal to the total number
of shares of common stock outstanding as of the record date for the determination of stockholders entitled to vote at each meeting of
stockholders of the Company and entitled to vote on all matters submitted or required to be submitted to a vote of the stockholders of
the Company. One share of Series B Preferred Stock is issued and outstanding as of September 30, 2023 and June 30, 2023. Mr. Nathanielsz,
the Company’s Chief Executive Officer, directly beneficially owns such one share of Series B Preferred Stock.
No
additional shares of Series A Preferred Stock or Series B Preferred Stock were issued during the three months ended September 30, 2023
and fiscal year 2023.
Common
Stock:
Shares
issued for conversion of convertible debt
From
July 1, 2023 through September 30, 2023, the Company issued an aggregate of 4,898,307 shares of its common stock and common stock issuable
of 626,229 at an average contractual conversion price of $0.02 as a result of the conversion of principal of $106,454, interest of $7,677
and conversion fees $1,437 underlying certain outstanding convertible notes converted during such period. The total recorded to equity
was $229,190 including the $113,622 discussed below. The common stock issuable of 626,229 shares were issued on October 3, 2023.
Included
in the above conversions during the three months ended September 30, 2023, convertible notes with principal aggregate amount of $70,800,
accrued interest of $5,184 and conversion fees of $1,437 containing bifurcated embedded conversion option derivatives were converted
into common stock. Accordingly, the fair market value of the shares issued upon conversion was $191,043, resulting in a loss on extinguishment
at the time of conversion of $113,622 and $147,932 of derivative liability fair value was recorded as a gain on extinguishment at the
time of conversion, resulting in a net gain of $34,310 which is included in gain (loss) on extinguishment of debt in the accompanying
condensed consolidated statements of operations.
The
Company reclassified $34,838 from put premium liabilities to additional paid in capital following conversions during the three months
ended September 30, 2023.
The
Company has 3,818,041,727 shares of its common stock reserved for future issuances based on lender reserve requirements pursuant to underlying
financing agreements at September 30, 2023.
Shares
issued for issuable shares
As
of June 30, 2023, there was common stock issuable of 1,621,653 as of June 30, 2023. The common stock issuable of 1,621,653
were issued in July 2023.
Shares
issued for exercise of warrants
During
the three months ended September 30, 2023, the Company issued an aggregate of 2,282,000 shares of common stock from the alternate cashless
exercise of 0.0114 Series A warrants with an original exercise price of $200,000 and alternate cashless exercise price of $0.001 or the
par value of common stock.
The
Alternate Cashless Exercise provision, for a cashless conversion at the holder’s option, is available should the trading price
of the Company’s common stock fall below $200,000 per share calculated based on the difference between the exercise price of the
Series A Warrant and 70% of the market price. The Company recognized the value of the effect of a down round feature in such warrants
when triggered. Upon the occurrence of the triggering event that resulted in a reduction of the strike price, the Company measured the
value of the effect of the feature as the difference between the fair value of the warrants without the down round feature or before
the strike price reduction and the fair value of the warrants with a strike price corresponding to the reduced strike price upon the
down round feature being triggered. Accordingly, the Company recognized deemed dividend of $142,575 during the three months ended September
30, 2023 and a corresponding reduction of income available to common stockholders upon the alternate cashless exercise of these warrants.
Restricted
Stock Units
Pursuant
to employment agreements dated in May 2019, the Company granted an aggregate of 0.078 and 0.039 restricted stock unit to the Company’s
Chief Executive Officer and Chief Scientific Officer, respectively. The total 0.117 restricted stock units are subject to vesting terms
as defined in the employment agreements. The 0.117 restricted stock units were valued at the fair value of approximately $4,250,000 per
unit or $497,240 based on the quoted trading price on the date of grant. There were $248,620 unrecognized restricted stock units expense
as of September 30, 2023 and June 30, 2023. There are 0.06 unvested restricted stock units which are subject to various performance conditions
which have not yet been met and such restricted stock units have not yet vested as of September 30, 2023 to which the $248,620 relates
to.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Stock
Warrants:
The
following table summarizes warrant activity for the three months ended September 30, 2023:
SCHEDULE
OF WARRANT ACTIVITY
| |
| | |
Weighted | |
| |
Number
of | | |
Average | |
| |
Shares | | |
Price
Per Share | |
Outstanding
at June 30, 2023 | |
| 3,396 | | |
$ | 5,440 | |
Granted | |
| 15,000,000 | | |
| 0.01 | |
Exercised | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Outstanding
at September 30, 2023 | |
| 15,003,396 | * | |
$ | 1.24 | |
| |
| | | |
| | |
Exercisable
at September 30, 2023 | |
| 15,003,378 | | |
$ | 1.24 | |
Outstanding
and Exercisable: | |
| | | |
| | |
| |
| | | |
| | |
Weighted
average remaining contractual term | |
| 2.76 | | |
| | |
Aggregate
intrinsic value | |
$ | - | | |
| | |
SCHEDULE
OF WARRANT OUTSTANDING AND EXERCISABLE
| |
Number
of Warrants | | |
Exercisable | |
Series
A warrants | |
| 10 | | |
| 10 | |
Series
B warrants | |
| 17 | | |
| 17 | |
Series
C warrants | |
| 64 | | |
| 46 | |
Warrants
with no class designation | |
| 15,003,305 | | |
| 15,003,305 | |
Total | |
| 15,003,396 | | |
| 15,003,378 | |
Exercise
of Warrants
During
the three months ended September 30, 2023, the Company issued an aggregate of 2,282,000 shares of common stock from the alternate cashless
exercise of 0.0114 Series A warrants with an original exercise price of $200,000 and alternate cashless exercise price of $0.001 or the
par value of common stock.
Warrants
Granted to Lender – Related Party
July
5, 2023, the Company and an institutional investor affiliated with one of our directors, Josef Zelinger, entered into a letter agreement,
pursuant to which such investor loaned the Company an aggregate of $230,000 AUD ($153,256 USD). Pursuant to such agreement, the term
of such loan is three (3) years, ending on July 5, 2026, with an interest rate of 10% to be paid monthly in arrears. In connection with
such loan, the Company issued 15,000,000 warrants to purchase common stock to such investor immediately exercisable at an initial exercise
price of $0.01 per share (subject to certain adjustments such as stock dividend, stock splits, subsequent right offering and pro-rata
distribution) with an expiry date of July 5, 2026. The Company accounted for the 15,000,000 warrants issued with this loan payable by
using the relative fair value method. The total debt discount which is equivalent to the relative fair value of the warrants of $141,084
using a Black-Scholes model with the following assumptions: stock price at valuation date of $0.119 based on the closing price of common
stock at date of grant, exercise price of $0.01, dividend yield of zero, expected term of 3.00, a risk-free rate of 4.59%, and expected
volatility of 268% and was recorded to additional paid in capital (see Note 5).
Stock
Options:
A
summary of the Company’s option activity during the three months ended September 30, 2023 is presented below:
SCHEDULE
OF SHARE BASED COMPENSATION STOCK OPTIONS ACTIVITY
| |
| | |
Weighted | |
| |
Number
of | | |
Average
Exercise | |
| |
Shares | | |
Price
Per Share | |
Outstanding
at June 30, 2023 | |
| 0.059 | | |
$ | 4,533,000 | |
Granted | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Outstanding
at September 30, 2023 | |
| 0.059 | | |
$ | 4,533,000 | |
| |
| | | |
| | |
Exercisable
at September 30, 2023 | |
| 0.059 | | |
$ | 4,533,000 | |
Outstanding
and Exercisable: | |
| | | |
| | |
| |
| | | |
| | |
Weighted
average remaining contractual term | |
| 5.62 | | |
| | |
Weighted
average fair value of options granted during the period | |
$ | - | | |
| | |
Aggregate
intrinsic value | |
$ | - | | |
| | |
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
On
the Effective Date, the Company’s board of directors approved and adopted the Company’s 2019 Equity Incentive Plan (the “2019
Plan”), which reserves a total of 234 shares of the Company’s common stock for issuance under the 2019 Plan. Incentive awards
authorized under the 2019 Plan include, but are not limited to, incentive stock options, non-qualified stock options, restricted stock
awards and restricted stock units.
During
the three months ended September 30, 2023 and 2022, the Company recognized stock-based compensation of $0 for both periods from vested
stock options. There was $0 of unvested stock options expense as of September 30, 2023. No stock options were granted during the three
months ended September 30, 2023.
NOTE
8 – COMMITMENTS AND CONTINGENCIES
Legal
Matters
From
time to time, the Company may be subject to litigation and claims arising in the ordinary course of business. The Company is not currently
a party to any material legal proceedings and the Company is not aware of any pending or threatened legal proceeding against the Company
that we believe could have a material adverse effect on our business, operating results, cash flows or financial condition.
IRS
Liability
As
part of its requirement for having a foreign operating subsidiary, the Company’s parent U.S. entity is required to file an informational
Form 5471 to the Internal Revenue Service (the “IRS”), which is a form that explains the nature of the relationship between
the foreign subsidiary and the parent company. From 2012 through the 2014, the Company did not file this form in a timely manner. As
a result of the non-timely filings, the Company incurred a penalty from the IRS in the amount of $10,000 per year, or $30,000 in total,
plus accrued interest, such penalty and interest having been accrued and is included in the accrued expenses and other payable figure
in the September 30, 2023 and June 30, 2023 consolidated balance sheets. The Company recorded the penalties for all three years during
the year ended June 30, 2018. The Company is current on all subsequent filings.
Operating
Agreements
In
November 2009, the Company entered into a commercialization agreement with the University of Bath (UK) (the “UK University”),
whereby the Company and the UK University co-owned the intellectual property relating to the Company’s pro-enzyme formulations.
In June 2012, the Company and the UK University entered into an assignment and amendment whereby the Company assumed full ownership of
the intellectual property, while agreeing to pay royalties of 2% of net revenues to the UK University. Additionally, the Company agreed
to pay 5% of each and every license agreement subscribed for. The contract is cancellable at any time by either party. To date, no amounts
are owed under the agreement.
Collaboration
Agreement
On
September 13, 2018, the Company entered into a two-year collaboration agreement with the University of Jaén (the “University”)
to provide certain research services to the Company. In consideration of such services, the Company agreed to pay the University approximately
52,000 Euros ($59,508 USD) in year one and a maximum of 40,000 Euros ($45,775 USD) in year two. Additionally, in exchange for full ownership
of the intellectual property, the Company agreed to pay royalties of 2% of net revenues to the University.
On
October 1, 2020, the Company entered into another two-year collaboration agreement with the University to provide certain research services
to the Company. In consideration of such services, the Company agreed to pay the University approximately 30,000 Euros ($35,145 USD),
which were paid in four installment payment of 5,000 Euros in November 2020, 5,000 Euros ($5,858) in March 2021, 10,000 Euros ($11,715)
in December 2021 and 10,000 Euros ($11,715) in September 2022. Additionally, the University agreed to hire and train a doctoral student
for this project and the Company agreed to pay the University 25,837 Euros ($30,268 USD). In exchange for full ownership of the intellectual
property, the Company agreed to pay royalties of 2% of net revenues to the University.
On
July 27, 2022, the Company entered into a two-year research agreement with the University to provide certain research and experiment
services to the Company. One of the Company’s Scientific Advisory Board is the lead joint researcher of the University. In exchange
for full ownership of the intellectual property, the Company agreed to pay royalties of 1% of net revenues each to two members of the
Scientific Advisory Board. In consideration of such services, the Company agreed to pay the University approximately 53,200 Euros ($53,806
USD) payable as follows:
-
18,200 Euros ($18,407 USD) upon execution (paid in August 2022),
-
8,000 Euros ($8,091 USD) in September 2022 (unpaid),
-
7,000 Euros ($7,080 USD) in December 2022 (unpaid),
-
10,000 Euros ($10,114 USD) in March 2023 (unpaid), and
-
10,000 Euros ($10,114 USD) in July 2023 (unpaid).
The
commencement date for the experiments was on September 1, 2022, and the estimated length of time for completion is 24 months.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
As
of September 30, 2023 and June 30, 2023, the Company has $24,446 and $18,056, respectively, balance due to the University for unreimbursed
lab fees, which are included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. As
of September 30, 2023 and June 30, 2023, there are no royalty fees owed to the University.
Consulting
Agreement
On
July 1, 2022, the Company and a consultant agreed to extend the term of a consulting agreement from July 1, 2022 to June 30, 2023 to
provide media-related services for a monthly fee of $50,000. In addition, the Company agreed to pay a stock fee equal to 9.9% of the
outstanding common stock of the Company during the term of the agreement. The Company agreed to increase the consultant’s diluted
holdings back to 9.9% and accrue the value of the common stock at each reporting period until June 30, 2023. All service fees are non-refundable.
In November 2022, the Company and the consultant agreed to discontinue the monthly cash portion fee. On November 16, 2022, the Company
issued 73,301 shares of common stock to this consultant for services rendered from July 2022 to November 2022. Additionally, on June
30, 2023, the Board approved the issuance of 608,423 shares of the Company’s common stock to this consultant for services rendered
from April 2023 to June 2023. The Company did not renew this agreement after the end of the term on June 30, 2023. Accordingly, the Company
has $0 balance owed to such consultant as of September 30, 2023.
Operating
Lease – Related Party
On
May 4, 2022, the Company entered in a three-year lease agreement with North Horizon Pty Ltd., a related party, (see Note 9) for a monthly
rent of $3,000 AUD or $2,176 USD (depending on exchange rate) per month plus taxes. On May 4, 2022, the Company recorded right-of-use
assets $66,201 and total lease liabilities of $66,201 based on an incremental borrowing rate of 8%.
ROU
is summarized below:
SCHEDULE
OF RIGHT OF USE ASSET
| |
September
30, 2023 | | |
June
30, 2023 | |
Office
lease | |
$ | 66,201 | | |
$ | 66,201 | |
Less:
accumulated amortization | |
| (33,722 | ) | |
| (27,213 | ) |
Right-of-use
asset, net | |
$ | 32,479 | | |
$ | 38,988 | |
Operating
Lease liabilities are summarized below:
SCHEDULE
OF OPERATING LEASE LIABILITY
| |
September
30, 2023 | | |
June
30, 2023 | |
Office
lease | |
$ | 66,201 | | |
$ | 66,201 | |
Reduction
of lease liability | |
| (31,894 | ) | |
| (25,418 | ) |
Less:
office lease, current portion | |
| (21,161 | ) | |
| (21,505 | ) |
Long
term portion of lease liability | |
$ | 13,146 | | |
$ | 19,278 | |
Remaining
future minimum lease payments under non-cancelable operating lease at September 30, 2023 are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS
| |
| | |
Fiscal
Year 2024 | |
$ | 17,356 | |
Fiscal
Year 2025 | |
| 19,284 | |
Imputed
interest | |
| (2,333 | ) |
Total
operating lease liability | |
$ | 34,307 | |
The
weighted average remaining lease term for the operating lease is 1.52 years as of September 30, 2023.
NOTE
9 – RELATED PARTY TRANSACTIONS
Since
its inception, the Company has conducted transactions with its directors and entities related to such directors.
These
transactions have included the following:
As
of September 30, 2023 and June 30, 2023, the Company owed its former director a total of $28,581 and $29,630, respectively, related to
expenses paid on behalf of the Company related to corporate startup costs and intellectual property (see Note 4).
As
of September 30, 2023 and June 30, 2023, the Company owed its former director a total of $47,567 and $49,314, respectively, for money
loaned to the Company, throughout the years. The total loans balance owed at September 30, 2023 and June 30, 2023 is not interest bearing
(see Note 5).
Effective
May 5, 2016, the Company entered into an agreement for the lease of its principal executive offices with North Horizon Pty Ltd., a related
party, of which Mr. Nathanielsz, our CEO, CFO and a director, and his wife are owners and directors. The lease had a five-year term and
provided for annual rental payments of $39,600 AUD or $28,325 USD, which includes $3,600 AUD or $2,575 USD of goods and service tax for
total payments of $198,000 AUD or $141,629 USD during the term of the lease. Such lease expired in May 2021 and was renewed for another
one-year term from May 2021 to May 2022. On May 4, 2022, the Company entered into a three-year lease agreement with North Horizon Pty
Ltd. for a monthly rent of $3,000 AUD or $2,176 USD (depending on exchange rate) per month plus taxes (See Note 9). As of September 30,
2023 and June 30, 2023, total rent payable of $167,129 AUD ($107,430 USD) and $158,129 AUD ($105,377 USD), respectively, was included
in accrued expenses in the accompanying condensed consolidated balance sheet. Rent expense under those lease was $7,149 and $6,373 the
three months ended September 30, 2023 and 2022, respectively and reflected as occupancy expenses – related party in the accompanying
condensed consolidated statements of operations and comprehensive income (loss).
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Loan
payable -long-term- Related Party
July
5, 2023, the Company and an institutional investor affiliated with one of our directors, Josef Zelinger, entered into a letter agreement,
pursuant to which such investor loaned the Company an aggregate of $230,000 AUD ($153,256 USD). Pursuant to such agreement, the term
of such loan is three (3) years, ending on July 5, 2026, with an interest rate of 10% to be paid monthly in arrears. In connection with
such loan, the Company issued 15,000,000 warrants to purchase common stock to such investor immediately exercisable at an initial exercise
price of $0.01 per share (subject to certain adjustments such as stock dividend, stock splits, subsequent right offering and pro-rata
distribution) with an expiry date of July 5, 2026 (see Note 5).
Employment
and Services Agreements with Management
The
Company and Mr. Nathanielsz entered into an employment agreement as of February 25, 2015 (the “Nathanielsz Employment Agreement”)
setting forth the terms and conditions of Mr. Nathanielsz’s employment as the Company’s President and Chief Executive Officer.
The Nathanielsz Employment Agreement was scheduled to expire on February 25, 2019; however, the term of the Nathanielsz Employment Agreement
automatically renews for successive one-year periods unless either party provides 30 days’ prior written notice of his or its intent
not to renew. The Nathanielsz Employment Agreement continues in effect as of June 30, 2023, as amended on October 26, 2022 (see below).
The Nathanielsz Employment Agreement provides Mr. Nathanielsz with a base salary of $25,000 AUD per month ($300,000 AUD annually or $205,680
USD) and a monthly contribution to Mr. Nathanielsz’s pension equal to 9.5% of his monthly salary. Mr. Nathanielsz has the ability
to convert any accrued but unpaid salary into common stock at the end of each fiscal year at a conversion price to be determined by Mr.
Nathanielsz and the Company, which will in no event be lower than par value or higher than the closing bid price on the date of conversion.
Pursuant to the Nathanielsz Employment Agreement, Mr. Nathanielsz is entitled to an annual discretionary bonus in an amount up to 200%
of his annual base salary, which bonus shall be determined by the Company’s board of directors based upon the performance of the
Company. On March 16, 2018, the Company’s board of directors approved an increase of Mr. Nathanielsz’s annual base salary
from $300,000 AUD ($205,680 USD) to $400,000 AUD ($274,240 USD), effective February 2018. On August 1, 2022, the Company’s board
of directors approved an increase of Mr. Nathanielsz’s annual base salary from $400,000 AUD ($309,313 USD) to $600,000 AUD ($414,900
USD), effective July 1, 2022.
Mr.
Nathanielsz’s wife, Sylvia Nathanielsz, is and has been a non-executive, part-time employee of the Company since October 2015.
Effective February 1, 2018, Mrs. Nathanielsz receives an annual salary of $120,000 AUD ($80,904 USD) and is entitled to customary benefits.
Pursuant
to a February 25, 2016 board resolution, James Nathanielsz was paid $4,481 AUD ($3,205 USD), on a monthly basis for the purpose of acquiring
and maintaining an automobile. For the year ended June 30, 2022, a total of $7,689 AUD ($5,577 USD) in payments have been made with respect
to Mr. Nathanielsz’s car allowance which expired in August 2022. No payments were made during the three months ended September
30, 2023 and during fiscal 2023.
On
August 12, 2021, the Board approved a bonus of $177,840 USD. A total of $221,890 AUD ($166,418 USD) in payments were made against the
bonuses during the year ended June 30, 2021 resulting in a remaining balance of $422,610 AUD ($316,957 USD) bonus payable as of June
30, 2021 which was included in accrued expenses in the accompanying consolidated balance sheet. On August 12, 2021, pursuant to the Cancellation
Agreement, Mr. Nathanielsz agreed to cancel $177,840 of the bonus payable in exchange for 5,928,000 shares of the Company’s Common
Stock. On August 1, 2022, the Board approved a bonus of $140,000 AUD or $96,810 USD. A total of $144,166 AUD ($99,691 USD) in payments
were made in respect of the bonuses during the year ended June 30, 2022 resulting in a remaining balance of $181,324 AUD ($125,386 USD)
bonus payable as of June 30, 2022, which was included in accrued expenses in the accompanying consolidated balance sheet. A total of
$73,387 AUD ($48,905 USD) in payments were made in respect of the bonuses during the year ended June 30, 2023, resulting in a remaining
balance of $107,937 AUD ($71,929 USD) bonus payable as of June 30, 2023 which was included in accrued expenses in the accompanying condensed
consolidated balance sheet. A total of $25,000 AUD ($16,070 USD) in payments were made in respect of the bonuses during the three months
ended September 30, 2023, resulting in a remaining balance of $82,937 AUD ($53,312 USD) bonus payable as of September 30, 2023 which
was included in accrued expenses in the accompanying condensed consolidated balance sheet.
Amended
and Restated Employment Agreement
On
May 14, 2019 (the “Effective Date”), the Company entered into an Amended and Restated Employment Agreement (the “Employment
Agreement”) with Mr. Nathanielsz for a term of three years, subject to automatic one-year renewals, at an annual salary of $400,000
AUD ($309,313 USD). Pursuant to the Employment Agreement, Mr. Nathanielsz was granted options to purchase 0.04 shares of common stock
(the “Nathanielsz Options”), with an exercise price per share of $4,675,000 (110% of the closing market price of the common
stock on May 14, 2019 (or $4,250,000), the date of approval of such grant by the Board), (ii) 0.04 restricted stock units of the Company
(the “Initial Nathanielsz RSUs”), and (iii) an additional 0.04 restricted stock units of the Company (the “Additional
Nathanielsz RSUs”). Such options and restricted stock units were granted pursuant to the 2019 Plan approved by the Board on the
Effective Date. The Nathanielsz Options have a term of 10 years from the date of grant. The Nathanielsz Options and Additional Nathanielsz
RSU’s are subject to vesting periods pursuant to the Employment Agreement. There are 0.04 vested options and 0.04 restricted stock
units that are considered issuable as of September 30, 2023 and June 30, 2023.
On
October 26, 2022, the Company entered into an Amended and Restated Employment Agreement (the “Amended Agreement”) with Mr.
Nathanielsz, effective as of July 1, 2022, (the “2022 Effective Date”). The Amended Agreement provides Mr. Nathanielsz with
a base salary of $600,000 AUD ($414,900 USD) per annum. The Company has also agreed to pay Mr. Nathanielsz an annual discretionary bonus
in an amount up to 100% of his annual base salary, reduced from 200%, which bonus shall be determined by the Board and based upon the
performance of the Company. The Amended Agreement has a term of three (3) years from the 2022 Effective Date, with automatic one-year
renewal periods unless either party elects not to renew.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Amended
and Restated Employment Agreement
On
May 14, 2019, the Company entered into an Amended and Restated Services Agreement (the “Services Agreement”) with Dr. Kenyon,
the Company’s Chief Scientific Officer and a director, for a term of three years, subject to automatic one-year renewals, at an
annual salary of $54,000 AUD ($41,580 USD). In connection with the execution of the Services Agreement, Dr. Kenyon was designated as
an executive officer of the Company and assumed a more active executive role with the Company. Pursuant to the Services Agreement, Dr.
Kenyon was granted options to purchase 0.02 shares of common stock (the “Kenyon Options”), with an exercise price per share
of $4,250,000 (100% of the closing market price of the common stock on May 14, 2019, the date of approval of such grant by the Board),
(ii) 0.02 restricted stock units of the Company (the “Initial Kenyon RSUs”), and (iii) an additional 0.02 restricted stock
units of the Company (the “Additional Kenyon RSUs”). Such options and restricted stock units were granted pursuant to the
2019 Plan. The Kenyon Options have a term of 10 years from the date of grant. The Kenyon Options and Additional Kenyon RSU’s are
subject to vesting periods pursuant to the Services Agreement. There are 0.02 vested options and 0.02 vested restricted stock unit that
are considered issuable as of September 30, 2023 and June 30, 2023.
On
August 12, 2021, pursuant to a Cancellation Agreement, Mr. Kenyon agreed to cancel accrued salaries of $102,600 in exchange for 3,420
shares of common stock of the Company. As of September 30, 2023 and June 30, 2023, total accrued salaries of $107,500 AUD ($69,101 USD)
and $96,000 AUD ($64,627 USD), respectively, were included in accrued expenses in the accompanying condensed consolidated balance sheets.
Intercompany
Loans
All
intercompany loans were made by the parent to the Company’s subsidiary, Propanc PTY LTD, none of which has been repaid as of September
30, 2023. Effective fiscal year 2021, the parent company determined that intercompany loans will not be repaid in the foreseeable future
and thus, per ASC 830-20-35-3, gains and losses from measuring the intercompany balances are recorded within cumulative translation adjustment
on the condensed consolidated balance sheet as accumulated other comprehensive income.
NOTE
10 – CONCENTRATIONS AND RISKS
Concentration
of Credit Risk
The
Company maintains its cash in banks and financial institutions in Australia. Bank deposits in Australian banks are uninsured. The Company
has not experienced any losses in such accounts through September 30, 2023.
The
Company primarily relied on funding from four convertible and non-convertible debt lenders and received net proceeds after deductions
of $34,500 for original issue discounts and debt issue costs during the three months ended September 30, 2023 from each of the four lenders
of $150,000, $70,000, $120,000 and $153,256, respectively which represents approximately 30%, 14%, 24% and 32%, respectively of total
proceeds received by the Company during the three months ended September 30, 2023.
The
Company primarily relied on funding from three convertible debt lenders and received net proceeds after deductions of $33,750 for original
issue discounts and debt issue costs during the three months ended September 30, 2022 from each of the three lenders of $101,250, $94,500
and $150,000, respectively, which represents approximately 29%, 27% and 44%, respectively of total proceeds received by the Company during
the three months ended September 30, 2022.
Receivable
Concentration
As
of September 30, 2023 and June 30, 2023, the Company’s receivables were 100% related to reimbursements on GST taxes paid.
Patent
and Patent Concentration
The
Company has filed multiple patent applications relating to its lead product, PRP. The Company’s lead patent application has been
granted and remains in force in the United States, Belgium, Czech Republic, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal,
Spain, Sweden, Switzerland, Liechtenstein, Turkey, United Kingdom, Australia, China, Japan, Indonesia, Israel, New Zealand, Singapore,
Malaysia, South Africa, Republic of Korea, India and Brazil. In Canada and Mexico, the patent applications have been accepted as of fiscal
year 2023.
In
2016 and early 2017, the Company filed other patent applications. Three applications were filed under the Patent Cooperation Treaty (the
“PCT”). The PCT assists applicants in seeking patent protection by filing one international patent application under the
PCT, applicants can simultaneously seek protection for an invention in over 150 countries. Once filed, the application is placed under
the control of the national or regional patent offices, as applicable, in what is called the national phase. One of the PCT applications
filed in November 2016, entered national phase in July 2018 and another PCT application entered national phase in August 2018. A third
PCT application entered the national phase in October 2018.
In
July 2020, a world-first patent was granted in Australia for the cancer treatment method patent family. Presently, there are 62 granted,
allowed, or accepted patents and 14 patents filed, or under examination in key global jurisdictions relating to the use of proenzymes
against solid tumors, covering the lead product candidate PRP.
Further
patent applications are expected to be filed to capture and protect additional patentable subject matter based on the Company’s
field of technology relating to pharmaceutical compositions of proenzymes for treating cancer.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Foreign
Operations
As
of September 30, 2023 and June 30, 2023, the Company’s operations are based in Camberwell, Australia; however, the majority of
research and development is being conducted in the European Union.
On
July 22, 2016, the Company formed a wholly-owned subsidiary, Propanc (UK) Limited under the laws of England and Wales, for the purpose
of submitting an orphan drug application with the European Medicines Agency as a small and medium-sized enterprise. As of September 30,
2023 and June 30, 2023, there has been no activity within this entity.
NOTE
11 - DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Derivative
Financial Instruments:
The
Company applies the provisions of ASC 815-40, Contracts in Entity’s Own Equity, under which convertible instruments and
warrants, which contain terms that protect holders from declines in the stock price (reset provisions), may not be exempt from derivative
accounting treatment. As a result, warrants and embedded conversion options in convertible debt are recorded as a liability and are revalued
at fair value at each reporting date. If the fair value of the warrants exceeds the face value of the related debt, the excess is recorded
as change in fair value in operations on the issuance date. The Company had $82,000 (2 notes) and $75,300 (2 notes) of convertible debt,
which were treated as derivative instruments outstanding at September 30, 2023 and June 30, 2023, respectively.
The
Company calculates the estimated fair values of the liabilities for derivative instruments using the Binomial Trees Method. The closing
price of the Company’s common stock at September 30, 2023, the last trading day of the period ended September 30, 2023, was $0.024.
The volatility, expected remaining term and risk-free interest rates used to estimate the fair value of derivative liabilities at September
30, 2023 are indicated in the table that follows. The expected term is equal to the remaining term of the warrants or convertible instruments
and the risk-free rate is based upon rates for treasury securities with the same term.
Convertible
Debt
SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING, VALUATION TECHNIQUES
| |
Initial
Valuations (on new derivative instruments entered into
during the three months ended September 30, 2023) | | |
September
30, 2023 | |
Volatility | |
| 327.58 | % | |
| 328 | % |
Expected
Remaining Term (in years) | |
| 0.50 | | |
| 0.40
- 0.47 | |
Risk
Free Interest Rate | |
| 5.55 | % | |
| 5.53 | % |
Expected
dividend yield | |
| None | | |
| None | |
Fair
Value Measurements:
The
Company measures and reports at fair value the liability for derivative instruments. The fair value liabilities for price adjustable
warrants and embedded conversion options have been recorded as determined utilizing the Binomial Trees model. The following tables summarize
the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and June 30,
2023:
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS
| |
Balance
at September 30, 2023 | | |
Quoted
Prices in Active Markets for Identical Assets | | |
Significant
Other Observable Inputs | | |
Significant
Unobservable Inputs | |
| |
| | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
Embedded
conversion option liabilities | |
$ | 119,069 | | |
$ | — | | |
$ | — | | |
$ | 119,069 | |
Total | |
$ | 119,069 | | |
$ | — | | |
$ | — | | |
$ | 119,069 | |
| |
Balance
at June 30, 2023 | | |
Quoted
Prices in Active Markets for Identical Assets | | |
Significant
Other Observable Inputs | | |
Significant
Unobservable Inputs | |
| |
| | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
Embedded
conversion option liabilities | |
$ | 423,209 | | |
$ | — | | |
$ | — | | |
$ | 423,209 | |
Total | |
$ | 423,209 | | |
$ | — | | |
$ | — | | |
$ | 423,209 | |
The
following is a roll forward for the three months ended September 30, 2023 of the fair value liability of price adjustable derivative
instruments:
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE
| |
Fair
Value of | |
| |
Liability
for | |
| |
Derivative | |
| |
Instruments | |
Balance
at June 30, 2023 | |
$ | 423,209 | |
Beginning balance | |
$ | 423,209 | |
Initial
fair value of embedded conversion option derivative liability recorded as debt discount | |
| 70,000 | |
Initial
fair value of embedded conversion option derivative liability recorded as derivative expense | |
| 77,721 | |
Reduction
of derivative liability upon debt conversion | |
| (147,932 | ) |
Change
in fair value included in statements of operations | |
| (303,929 | ) |
Balance
at September 30, 2023 | |
$ | 119,069 | |
Ending balance | |
$ | 119,069 | |
NOTE
12 – SUBSEQUENT EVENTS
Shares
issued for conversion of convertible debt
Between
October 2023 and November 2023, the Company issued an aggregate of 6,059,502 shares of its common stock at a contractual conversion price
of $0.001, as a result of the conversion of principal of $37,800, interest of $2,354 and conversion fees of $160 underlying certain outstanding
convertible notes converted during such period. The Company reclassified $22,200 from put premium liabilities to additional paid in capital
following conversions.
Shares
issued for exercise of warrants
In
October 2023, the Company issued 740,000 shares of common stock from the alternate cashless exercise of 0.0037 Series A warrants. The
Company recognized the value of the effect of a down round feature in such warrants when triggered. Upon the occurrence of the triggering
event that resulted in a reduction of the strike price, the Company measured the value of the effect of the feature as the difference
between the fair value of the warrants without the down round feature or before the strike price reduction and the fair value of the
warrants with a strike price corresponding to the reduced strike price upon the down round feature being triggered. Accordingly, the
Company recognized deemed dividend of $12,160 and a corresponding reduction of income available to common stockholders upon the alternate
cashless exercise of these warrants.
Issuance
of convertible notes
October
20, 2023 Securities Purchase Agreement
On
October 20, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC pursuant to which 1800 Diagonal
purchased a convertible promissory note (the “October 20, 2023 1800 Diagonal Note”) from the Company in the aggregate principal
amount of $40,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option
of 1800 Diagonal any time after 180 days of the October 20, 2023 1800 Diagonal Note. The October 20, 2023 1800 Diagonal Note contains
debt issue costs of $5,000. The Company intends to use the net proceeds for general working capital purposes. The maturity date is October
20, 2024.
The
following terms shall apply to the above 1800 Diagonal note:
The
1800 Diagonal Notes bear interest at a rate of 8% per annum, which interest may be paid by the Company to 1800 Diagonal in shares of
the Company’s common stock; but shall not be payable until the 1800 Diagonal Note becomes payable, whether at the maturity date
or upon acceleration or by prepayment.
During
the first 60 to 180 days following the date of these notes, the Company has the right to prepay the principal and accrued but unpaid
interest due under the above note, together with any other amounts that the Company may owe the holder under the terms of the note, at
a premium ranging from 110% to 129% as defined in the note agreement. After this initial 180-day period, the Company does not have a
right to prepay such note.
The
conversion price for the above notes shall be equal to a 35% discount of the market price which means the average of the lowest three
trading prices of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion. Notwithstanding
the foregoing, 1800 Diagonal shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s
common stock beneficially owned by 1800 Diagonal and its affiliates, exceeds 9.99% of the outstanding shares of the Company’s common
stock. The Company treats these convertible notes as stock settled debt under ASC 480.
The
above notes contain certain events of default, upon which principal and accrued interest will become immediately due and payable. In
addition, upon an event of default, interest on the outstanding principal shall accrue at a default interest rate of 22% per annum, or
if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. Further, certain events
of default may trigger penalty and liquidated damage provisions. Failure to deliver shares of common stock upon conversion of the above
1800 Diagonal notes within three business days of notice of conversion will result in the Company paying a penalty of $1,000 per day,
subject to certain exceptions. Upon certain events of default, the above 1800 Diagonal notes will become immediately due and payable
and the Company must pay 1800 Diagonal 150% of the then-outstanding principal amount of the above 1800 Diagonal notes, plus any interest
accrued upon such event of default or prior events of default (the “Default Amount”). Further, upon any event of default
relating to the failure to issue shares of common stock upon the conversion of such notes, such notes become immediately due and payable
in an amount equal to twice the Default Amount.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
GS
Capital Partners, LLC Securities Purchase Agreement
On
October 12, 2023, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital
purchased a convertible redeemable note (the “GS Capital Note”) from the Company in the aggregate principal amount of $61,000,
such principal and the interest thereon convertible into shares of the Company’s common stock at the option of GS Capital. The
GS Capital Note contains a $3,500 original issue discount. Pursuant to the terms of the GS Purchase Agreement, the Company paid GS Capital’s
legal fees of $2,500. The Company intends to use the net proceeds from the GS Capital Note for general working capital purposes.
The
maturity date of the GS Capital Note is April 12, 2024. The GS Capital Note shall bear interest at a rate of 8% per annum, which interest
may be paid by the Company to GS Capital in shares of common stock but shall not be payable until the GS Capital Note becomes payable,
whether at the Maturity Date or upon acceleration or by prepayment. The GS Capital Note is exchangeable for an equal aggregate principal
amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price
for the GS Capital Note is equal to $0.015 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to
$0.01 per share in the event that the market price of the Common Stock trades below $0.0075 per share for ten consecutive trading days.
In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest trading price
of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment every thirty
calendar days during the period in which the Company remains in default. Pursuant to the Note, in the event that such conversion price
is below the par value of the Common Stock, the Company has agreed to take all steps to reduce such par value or conduct a reverse split
of its Common Stock, as applicable. Notwithstanding the foregoing, such conversion price and lookback periods are subject to adjustment
in favor of the Investor in the event the Company issues securities to another party with more favorable conversion terms, and such conversions
are subject to a 4.99% beneficial ownership limitation (which may be increased to 9.9% upon 60 days’ prior written notice from
the holder of the Note) and adjustments for mergers, consolidations, reorganizations and similar events set forth in the Note, other
than a transfer or sale of all or substantially all Company assets. Pursuant to the Note, the Company is required to maintain an initial
reserve of at least 400% of the number of Conversion Shares, subject to any increase of such reserved amount to reflect the Company’s
obligations under the Note.
During
the first 60 to 180 days following the date of this note, the Company has the right to prepay the principal and accrued but unpaid interest
due under the above note issued to GS Capital, together with any other amounts that the Company may owe the holder under the terms of
the note, at a premium ranging from 110% to 125% as defined in the note agreement. After this initial 180-day period, the Company does
not have a right to prepay such note.
Upon
the occurrence and during the continuation of certain events of default, interest shall accrue at a default interest rate of 24% per
annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. In the event
that the Company fails to deliver to GS Capital shares of common stock issuable upon conversion of principal or interest under the GS
Capital Note, the penalty shall be $250 per day the shares are not issued beginning on the 4th day after the conversion notice
was delivered to the Company. This penalty shall increase to $500 per day beginning on the 10th day. In an event of breach
of section 8m as defined in the GS Capital note agreement, such GS Capital note shall incur penalty and will increase the outstanding
principal amounts by 20%.
The
above GS Capital note will be bifurcated from the embedded conversion option which shall be recorded as derivative liabilities at fair
value.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Special
Note Regarding Forward-Looking Information
The
following discussion and analysis of the results of operations and financial condition of Propanc Biopharma, Inc., and its wholly-owned
Australian subsidiary, Propanc PTY LTD (collectively, “Propanc” or the “Company”) as of September 30, 2023 and
for the three months ended September 30, 2023 and 2022 should be read in conjunction with our unaudited financial statements and the
notes to those unaudited financial statements that are included elsewhere in this Quarterly Report on Form 10-Q for the period ended
September 30, 2023 (this “Quarterly Report”). References in this Management’s Discussion and Analysis of Financial
Condition and Results of Operations section to “us”, “we”, “our” and similar terms refer to Propanc.
This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
The events described in forward-looking statements contained in this Quarterly Report may not occur. Generally, these statements relate
to business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies, projected or anticipated
benefits from acquisitions to be made by us, or projections involving anticipated revenues, earnings or other aspects of our operating
results. The words “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”,
“expect”, “feel”, “forecast”, “intend”, “may,”, “outlook”, “plan”,
“potential”, “predict”, “project,”, “seek”, “should”, “will”,
“would” and their opposites and similar expressions, are intended to identify forward-looking statements. We caution you
that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other
influences, many of which are beyond our control, which may influence the accuracy of the statements and the projections upon which the
statements are based.
Our
actual results, performance and achievements could differ materially from those expressed or implied in these forward-looking statements.
Except as required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements,
whether from new information, future events or otherwise.
U.S.
Dollars are denoted herein by “USD,” “$” and “dollars”.
Overview
The
Company was originally formed in Melbourne, Victoria, Australia on October 15, 2007 as Propanc PTY LTD. On November 23, 2010, Propanc
Health Group Corporation was incorporated in the State of Delaware and in January 2011, to reorganize our Company, we acquired all of
the outstanding shares of Propanc PTY LTD on a one-for-one basis, whereby Propanc PTY LTD became our wholly-owned subsidiary. Effective
April 20, 2017, we changed our name to “Propanc Biopharma, Inc.” to better reflect our current stage of operations and development.
We
are a development-stage healthcare company that is currently focused on developing new cancer treatments for patients suffering from
pancreatic, ovarian and colorectal cancer. Utilizing our scientific and oncology consultants, we have developed a rational, composite
formulation of anti-cancer compounds, which together exert a number of effects designed to control or prevent tumors from recurring and
spreading through the body. Our lead product candidate, PRP, is a variation upon our novel formulation and involves pro-enzymes, the
inactive precursors of enzymes.
Recent
Developments
November
7, 2023, POP1 Joint Research and Drug Discovery Program
On
November 7, 2023, results reported by the Company’s joint researcher, Mrs. Belén Toledo Cutillas, MSc, at the laboratory
of Professor Macarena Perán, PhD, University of Jaén, Granada, Spain, showed that PRP enhances the sensitivity of resistant
pancreatic tumor cells to standard chemotherapy treatment and alters the tumor microenvironment by decreasing the fibrotic tissue and
its malignancy (ability to spread into surrounding tissues). Results from the experiments demonstrates the effects of PRP on reducing
chemoresistance in pancreatic tumor cells, which is a significant issue among pancreatic adenocarcinoma (PDAC) patients who have a poor
5-year survival rate of less than eight percent. As a result, the Company plans to investigate the clinical effects of PRP where an opportunity
for a combinatorial therapeutic strategy may be uncovered to treat these resistant tumors
October
20, 2023 Purchase Agreement
On
October 20, 2023, Propanc Biopharma, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase
Agreement”) with an investor (the “Investor”), pursuant to which the Investor agreed to purchase a convertible promissory
note from the Company in the aggregate principal amount of $40,000 (the “Note”), such principal and the interest thereon
convertible into shares of common stock of the Company, par value $0.001 per share (the “Common Stock”), at the option of
Investor at any time after 180 days of the issuance date of the Note (the “Conversion Shares”). The transaction closed on
October 29, 2023, and the Company intends to use the net proceeds therefrom for general working capital purposes.
The
conversion price for the Note is equal to 65% of the market price of the Common Stock, which is based on the average of the lowest three
trading prices of the Common Stock for the ten trading days immediately prior to the delivery of a notice of conversion of the Note.
Notwithstanding the foregoing, such conversions are subject to a 4.99% beneficial ownership limitation and adjustments for stock splits,
stock dividends or rights offerings, mergers, consolidations, reorganizations and similar events set forth in the Note. Pursuant to the
Note, the Company is required to maintain an initial reserve of at least 500% of the number of Conversion Shares, subject to any increase
or decrease of such reserved amount to reflect the Company’s obligations under the Note.
The
maturity date of the Note is October 20, 2024, and bears interest at a rate of 8% per annum, which may be increased to 22% in the event
of a default. During the first 60 days following the date of the Note, the Company has the right to prepay the principal and accrued
but unpaid interest due under the Note, together with any other amounts that the Company may owe the Investor under the terms of the
Note, at a 110% premium of the face amount plus accrued and unpaid interest and any other amounts owed to the Investor, which increases
to (i) 115% if prepaid after 60 days, but less than 91 days from the issuance date, (ii) 120% if prepaid after 90 days, but less than
121 days from the issuance date, (iii) 125% if prepaid after 120 days, but less than 151 days from the issuance date, and (iv) 129% if
prepaid after 150 days, but less than 181 days from the issuance date. After this initial 180-day period, the Company does not have a
right to prepay the Note. Additionally, pursuant to the Note, so long as the Note is outstanding, the Company agreed not to sell, lease
or otherwise dispose of all or substantially all of its assets outside the ordinary course of business which would render the Company
a “shell company” as defined in Rule 144 of the Securities Act, without the Investor’s consent.
The
Note contains certain events of default, including failure to timely issue the Conversion Shares, failure to maintain the listing of
the Common Stock on at least one of the OTC markets (which specifically includes the quotation platforms maintained by the OTC Markets
Group) or an equivalent replacement exchange, failure to comply with its reporting requirements under the Securities Exchange Act of
1934, as amended (the “Exchange Act”), a default by the Company under any other agreements entered into with the Investor,
as well as certain customary events of default set forth in the Note, including, among others, breach of covenants, representations or
warranties, insolvency, bankruptcy, liquidation and failure by the Company to pay the principal and interest due under the Note. Upon
an event of default, the Note will become immediately due and payable by the Company in an amount equal to 150% of an amount equal to
the then outstanding principal amount of the Note plus any interest accrued upon such event of default or prior events of default
October
12, 2023 Purchase Agreement
On
October 12, 2023, Propanc Biopharma, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase
Agreement”) with an investor (the “Investor”), pursuant to which the Investor agreed to purchase a convertible redeemable
promissory note from the Company in the aggregate principal amount of $61,000 (the “Note”), for a purchase price of $57,500.
The transaction closed on October 16, 2023, and the Company intends to use the net proceeds therefrom for general working capital purposes.
The
principal and interest on the Note is convertible into shares of common stock of the Company, par value $0.001 per share (the “Common
Stock”), at the option of Investor at any time (the “Conversion Shares”). The initial conversion price for the Conversion
Shares issuable under the Note is equal to $0.015 per share (the “Fixed Price”), provided that the Fixed Price will be reduced
to $0.0075 per share in the event that the market price of the Common Stock trades below $0.01 per share for more than five consecutive
trading days. In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest
trading price of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment
every thirty calendar days during the period in which the Company remains in default. Pursuant to the Note, in the event that such conversion
price is below the par value of the Common Stock, the Company has agreed to take all steps to reduce such par value or conduct a reverse
split of its Common Stock, as applicable. Notwithstanding the foregoing, such conversion price and lookback periods are subject to adjustment
in favor of the Investor in the event the Company issues securities to another party with more favorable conversion terms, and such conversions
are subject to a 4.99% beneficial ownership limitation (which may be increased to 9.9% upon 60 days’ prior written notice from
the holder of the Note) and adjustments for mergers, consolidations, reorganizations and similar events set forth in the Note, other
than a transfer or sale of all or substantially all Company assets. Pursuant to the Note, the Company is required to maintain an initial
reserve of at least 400% of the number of Conversion Shares, subject to any increase of such reserved amount to reflect the Company’s
obligations under the Note.
In
addition, pursuant to the Note, in the event of a transfer or sale of all or substantially all of the Company’s assets, or certain
merger, consolidation, reorganization and similar events described in the Note, the Company will be required to, upon the Investor’s
request, (i) redeem the Note in cash for 150% of the principal and accrued but unpaid interest thereon through such redemption date or
(ii) convert the unpaid principal and accrued but unpaid interest into shares of Common Stock immediately prior to such event at the
conversion price then in effect.
The
maturity date of the Note is April 12, 2024 and the Note bears interest at a rate of 8% per annum, which may be increased to 24% in the
event of a default. Interest on such Note is payable only in Common Stock in accordance with the terms of conversion in the Note. During
the first 60 days following the date of the Note, the Company has the right to prepay the principal and accrued but unpaid interest due
under the Note, at a 110% premium of the face amount plus accrued and unpaid interest, which increases to (i) 120% if prepaid after 60
days, but less than 121 days from the issuance date and (ii) 125% if prepaid after 120 days, but less than 181 days from the issuance
date. After this initial 180-day period, the Company does not have a right to prepay the Note.
The
Note contains certain events of default, including failure to timely issue the Conversion Shares, failure to maintain the listing of
the Common Stock on at least one of the OTC markets (which specifically includes the quotation platforms maintained by the OTC Markets
Group) or an equivalent replacement exchange or lose the “bid” price of its Common Stock on such exchange (if the latter
occurs, the outstanding principal amount under the Note will increase by 20%), failure to comply with its reporting requirements with
the U.S. Securities and Exchange Commission, a breach of certain covenants in the Purchase Agreement, default by the Company under any
other note issued to the Investor, as well as certain customary events of default set forth in the Note, including, among others, breach
of covenants, representations or warranties, insolvency, bankruptcy, liquidation and failure by the Company to pay the principal and
interest due under the Note. Upon an event of default, the Note will become immediately due and payable by the Company.
Results
of Operations
The
following discussion should be read in conjunction with the Company’s unaudited consolidated financial statements and notes thereto
included elsewhere in this Report. The results discussed below are of the Company and its wholly-owned Australian subsidiary, Propanc
PTY LTD.
For
the Three months ended September 30, 2023, as compared to the Three months ended September 30, 2022.
Revenue
For
the three months ended September 30, 2023 and 2022, we generated no revenue because we are currently undertaking research and development
activities for market approval and no sales were generated in this period.
Administration
Expense
Administration
expense decreased to $393,828 for the three months ended September 30, 2023 as compared to $465,132 for the three months ended September
30, 2022. This decrease of approximately $71,000 is primarily attributable to a decrease of approximately $103,000 in general consulting,
legal and investor relation fees and decrease in stock-based expenses of approximately $2,000, offset by increase in accounting fees
of approximately $9,000, increase of approximately $24,000 in employee remuneration expense and increase in other general and administrative
expenses of approximately $1,000.
Occupancy
Expense
Occupancy
expenses increased to $7,149 for the three months ended September 30, 2023 as compared to $6,373 for the three months ended September
30, 2022. This increase of approximately $800 is primarily attributable to exchange rate movements over the period when compared to the
same period in 2022.
Research
and Development Expenses
Research
and development expenses were decreased to $16,242 for the three months ended September 30, 2023 as compared to $101,325 for the three
months ended September 30, 2022. The decrease in research and development expenses of $85,083 is primarily due to budgetary constraints
as the Company prepares to advance PRP to a First-In-Human study in advanced cancer patients in 2024.
Such
research and development expenses are related to the two-year collaboration agreement with University of Jaén, which was executed
in October 2020 to provide certain research services to the Company ending on October 2022, relating to the investigation of a fully
synthetic recombinant version of PRP. Additionally, on July 27, 2022, the Company entered into another two-year research agreement with
the University of Jaén to provide certain research and experiment services to the Company relating to the investigation of the
effects of pancreatic proenzymes against the tumor microenvironment.
Interest
Expense
Interest
expense increased to $178,234 for the three months ended September 30, 2023, as compared to $162,752 for the three months ended September
30, 2022. Interest expense is primarily comprised of approximately $175,000 of debt discount amortization and accretion of put premium
and interest expense from accrual of interest expense and other financing fees for a total of approximately $3,000 for the three
months ended September 30, 2023.
This
increase in interest expense of $15,482 is primarily attributable to the increase in amortization of debt discount of approximately $38,000,
offset by decrease of approximately $27,000 in accretion of put premium.
Derivative
Expense
Derivative
expense were increased to $77,721 for the three months ended September 30, 2023 as compared to a loss of $0 for the three months ended
September 30, 2022. This increase is primarily attributable to the issuance of a convertible note in August 2023 to GS Capital which
initial value was bifurcated from the embedded conversion option and was recorded as derivative expense.
Change
in Fair Value of Derivative Liabilities
Change
in fair value of derivative liabilities were increased to a gain of $ 303,929 for the three months ended September 30, 2023 as compared
to a gain of $65,173 for the three months ended September 30, 2022. This increase in gain of approximately $239,000 is primarily attributable
to a decrease in fair value of the principal amount of convertible notes with bifurcated embedded conversion option derivatives as a
result of the decrease in stock prices during the three months ended September 30, 2023.
Gain
from Settlement of accounts payable
Gain
from settlement of accounts payable was $0 for the three months ended September 30, 2023 as compared to $17,499 for the three months
ended September 30, 2022. On August 16, 2022, the Company and a third-party investor relations consultant agreed to settle an outstanding
payable of $23,050 in exchange for 2,305,000 warrants to purchase the Company’s common stock at $0.01 per share with an expiry
date of August 16, 2025 and fair market value of $5,551. Accordingly, the Company recognized gain from settlement of accounts payable
of $17,499 during the three months ended September 30, 2022.
Gain (Loss)
on Extinguishment of Debt, net
During
the three months ended September 30, 2023 notes with principal amounts totaling $70,800, accrued interest of $5,184 and conversion fees
of $1,437 containing bifurcated embedded conversion option derivatives were converted into common stock. Accordingly, the fair market
value of the shares issued upon conversion was $191,043, resulting in a loss on extinguishment at the time of conversion of $113,622
and $147,932 of derivative liability fair value was recorded as a gain on extinguishment at the time of conversion, resulting in a net
gain of $34,310 which is included in gain (loss) on extinguishment of debt in the accompanying condensed consolidated statements of operations.
During
the three months ended September 30, 2022, notes with principal amounts totaling $79,000 and accrued interest of $9,543 contained bifurcated
embedded conversion option derivatives. Accordingly, the fair market value of the shares issued was $195,952, resulting in a loss on
extinguishment at the time of conversion of $107,409 and $106,799 of derivative fair value liability was recorded as a gain on extinguishment
at the time of conversion, resulting in a net loss of $610.
Foreign
Currency Transaction Gain (Loss)
Foreign
currency transaction gain (loss) decreased to a loss of ($15,948) for the three months ended September 30, 2023 as compared to a gain
of $36,223 for the three months ended September 30, 2022. This decrease of approximately $52,000 is partially attributable to the decrease
in exchange rates during the three months ended September 30, 2023.
Net
loss
Net
loss decreased to $350,866 for the three months ended September 30, 2023 as compared to a net loss of $617,295 for the three months ended
September 30, 2022. The change relates to the factors discussed above.
Deemed
dividend
The
Company recognized the value of the effect of a down round feature related to our Series A warrants when triggered. Upon the occurrence
of the triggering event that resulted in a reduction of the strike price, the Company measured the value of the effect of the feature
as the difference between the fair value of the warrants without the down round feature or before the strike price reduction and the
fair value of the warrants with a strike price corresponding to the reduced strike price upon the down round feature being triggered.
Accordingly, the Company recognized deemed dividend of $142,575 and $389,235 during the three months ended September 30, 2023 and 2022,
respectively, and a corresponding reduction of income available to common stockholders upon the alternate cashless exercise of these
warrants during the three months ended September 30, 2023 and 2022, respectively.
Net
loss available to common stockholders
Net
loss available to common stockholders decreased to $493,441 for the three months ended September 30, 2023 as compared to a net loss available
to common stockholders of $1,006,530 for the three months ended September 30, 2022. This decrease of approximately $513,000 is primarily
attributable to the change relates to the factors discussed above.
Liquidity
and Capital Resources
Current
Financial Condition
As
of September 30, 2023, we had total assets of $180,371, comprised primarily of cash of $6,625, GST tax receivable of $2,634, prepaid
expenses and other current assets of $20,376, refundable advance deposit of $116,169, security deposit of $1,928, operating lease ROU
asset, net of $32,479, and property and equipment, net of $160. As compared to June 30, 2023, we had total assets of $60,328, comprised
primarily of cash of $10,047, GST tax receivable of $2,867, prepaid expenses and other current assets of $6,125, property and equipment,
net, of $302, operating lease ROU asset, net of $38,988, and security deposit of $1,999.
We
had current liabilities of $3,133,113, primarily comprised of net convertible debt of $397,443, accounts payable and accrued expenses
of $1,081,316, employee benefit liability of $579,083, loan payable of $65,280, note payable, net of $126,000 and embedded conversion
option liabilities of $119,069 as of September 30, 2022. As compared to June 30, 2022, we had current liabilities of $3,158,229, primarily
comprised of net convertible debt of $390,539, loan payable of $65,280, accounts payable and accrued expenses of $1,546,425, employee
benefit liability of $587,618, and embedded conversion option liabilities of $423,209.
We
have funded our operations primarily through the issuance of equity and/or convertible securities for cash. The cash was used primarily
for payments for research and development, administration expenses, occupancy expenses, professional fees, consultants and travel.
During
the three months ended September 30, 2023 we received proceeds from issuance of note of $120,000, proceeds from issuance of convertible
notes of $220,000, and proceeds from issuance of loan payable from a related party of $153,256.
We
have substantial capital resource requirements and have incurred significant losses since inception. As of September 30, 2023, we had
$6,625 in cash. We depend upon debt and/or equity financing to fund our ongoing operations and to execute our current business plan.
Such capital requirements are in excess of what we have in available cash and for which we currently have commitments. Therefore, we
presently do not have enough available cash to meet our obligations over the next 12 months. If continued funding and capital resources
are unavailable at reasonable terms, we may curtail our plan of operations. We will be required to obtain alternative or additional financing
from financial institutions, investors or otherwise, in order to maintain and expand our existing operations. The failure by us to obtain
such financing would have a material adverse effect upon our business, financial condition and results of operations, and adversely affecting
our ability to complete ongoing activities in connection with our research and development programs.
Sources
and Uses of Cash
| |
For
the Three months ended September 30, | |
| |
2023 | | |
2022 | |
Net
cash used in operating activities | |
$ | (333,457 | ) | |
$ | (509,315 | ) |
Net
cash provided by financing activities | |
$ | 350,347 | | |
$ | 494,219 | |
Effect
of exchange rate changes on cash | |
$ | (20,312 | ) | |
$ | 30,425 | |
Net
Cash Flow from Operating Activities
Net
cash used in operating activities was $333,457 for the three months ended September 30, 2023, due to our net loss of $350,866 offset
primarily by non-cash charges of amortization of debt discount of $69,457, non-cash interest expense of $1,437, accretion of put premium
of $88,846, derivative expense of $77,721, foreign currency transaction loss of $15,948, addback change in fair value of derivatives
of $303,929 and gain from extinguishment of debt of $34,310. Net changes in operating assets and liabilities totaled $96,977, which is
primarily attributable to increase in prepaid expense of $14,468, increase in refundable advance deposit of $116,169, increase accrued
interest of $15,712, increase in accounts payable of $148,834, and increase in accrued expenses and other payables of $55,693.
Net
cash used in operating activities was $509,315 for the three months ended September 30, 2022, due to our net loss of $617,295 offset
primarily by non-cash charges of amortization of debt discount of $31,275, stock-based compensation of $2,408, accretion of put premium
of $115,769, change in fair value of derivatives of $65,173 and issuance and gain from settlement of debt of $17,499. Net changes in
operating assets and liabilities totaled $71,209, which is primarily attributable to increase in employee benefit liability of $10,415,
increase accrued interest of $13,430, increase in accrued expenses and other payables of $15,162, and increase in accounts payable of
$45,121.
Net
Cash Flow from Financing Activities
Net
cash provided by financing activities for the three months ended September 30, 2023 were $350,347 as compared to $494,219 for the three
months ended September 30, 2022. During the three months ended September 30, 2023 we received net proceeds from issuance of convertible
notes of $220,000, proceeds from issuance of note of $120,000, proceeds from issuance of loan from a related party of $153,256 offset
by repayment of convertible note of $142,909.
During
the three months ended September 30, 2022 we received proceeds from the exercise of warrants of $100,000, proceeds from sale of common
stock of $24,711, collections of subscription receivable of $23,758, and net proceeds from issuance of convertible notes of $345,750.
Effect
of Exchange Rate
The
effect of the exchange rate on cash resulted in a $20,312 negative adjustment to cash flows in the three months ended September 30, 2023
as compared to a $30,425 positive adjustment to cash flows in the three months ended September 30, 2022. The reason for the fluctuation
is due to the application of currency translation rates throughout the cash flow statement, the volume of transactions within each period
and the daily fluctuation in exchange rates.
Critical
Accounting Estimates
Below
is a discussion of our more subjective accounting estimation processes for purposes of explaining (i) the methodology used in calculating
the estimates, (ii) the inherent uncertainties pertaining to such estimates, and (iii) the possible effects of a significant variance
in actual experience, from that of the estimate, on our financial condition. Estimates involve numerous assumptions that, if incorrect,
could create a material adverse impact on the Company’s results of operations and financial condition.
Reference
is frequently made herein to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”).
This is the source of authoritative US GAAP recognized by the FASB to be applied to non-governmental entities. Each ASC reference in
this filing is presented with a three-digit number, which represents its Topic. As necessary for explanation and as applicable, an ASC
topic may be followed with a two-digit subtopic, a two-digit section or a two-or-three-digit paragraph.
Foreign
Currency Translation and Comprehensive Income (Loss): The Company’s wholly-owned subsidiary’s functional currency is
the AUD. For financial reporting purposes, the Australian Dollar (“AUD”) has been translated into USD as the Company’s
reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses
are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical
transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included
as a component of stockholders’ equity (deficit) as “accumulated other comprehensive income (loss).” Gains and losses
resulting from foreign currency transactions are included in the statement of operations and comprehensive loss as other income (expense).
Effective fiscal year 2021, the Company determined that intercompany loans will not be repaid in the foreseeable future and thus, per
ASC 830-20-35-3, gains and losses from measuring the intercompany balances are recorded within cumulative translation adjustment, a component
of other comprehensive income.
Accounting
for Income Taxes: We are governed by Australian income tax laws and United States income tax laws, which are administered by the
Australian Taxation Office and the United States Internal Revenue Service, respectively. We follow ASC 740, “Accounting for
Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred
income tax assets and liabilities are computed annually for temporary differences between the financial statements and tax bases of assets
and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the
periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary, to reduce
deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or
minus the change during the period in deferred tax assets and liabilities.
The
Company adopted provisions of ASC 740, Sections 25 through 60, “Accounting for Uncertainty in Income Taxes.” These
sections provide detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized
in the financial statements. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date
to be recognized upon the adoption of ASC 740 and in subsequent periods.
Accounting
for Stock Based Compensation: We record stock-based compensation in accordance with ASC 718, “Stock Compensation”
and Staff Accounting Bulletin No. 107 issued by the SEC in March 2005 regarding its interpretation of ASC 718. ASC 718 requires the fair
value of all stock-based employee compensation awarded to employees to be recorded as an expense over the related requisite service period.
The statement also requires the recognition of compensation expense for the fair value of any unvested stock option awards outstanding
at the date of adoption. We value any employee or non-employee stock-based compensation at fair value using the Black-Scholes Option
Pricing Model.
We
account for non-employee share-based awards in accordance with the measurement and recognition criteria of ASC 718.
Derivative
Instruments: ASC 815, “Derivatives and Hedging,” establishes accounting and reporting standards for derivative
instruments and for hedging activities by requiring that all derivatives be recognized in the balance sheet and measured at fair value.
Gains or losses resulting from changes in the fair value of derivatives are recognized in earnings. On the date of conversion, or payoff,
of debt, we record the fair value of the conversion shares, remove the fair value of the related derivative liability, remove any discounts
and record a net gain or loss on debt extinguishment.
Convertible
Notes with Variable Conversion Options: We have entered into convertible notes, some of which contain variable conversion options,
whereby the outstanding principal and accrued interest may be converted, by the holder, into shares of Common Stock at or around a fixed
discount to the price of the Common Stock at the time of conversion. We treat these convertible notes as stock settled debt under ASC
480 and measure the fair value of the notes at the time of issuance, which is the result of the share price discount at the time of conversion
and record the put premium as accretion to interest expense.
Research
and Development Tax Credits: We may apply for research and development tax concessions with the Australian Taxation Office on an
annual basis. Although the amount is possible to estimate at year end, the Australian Taxation Office may reject or materially alter
the claim amount. Accordingly, we do not recognize the benefit of the claim amount until cash receipt since collectability is not certain
until such time. The tax concession is a refundable credit. If we have net income then we can receive the credit which reduces its income
tax liability. If we have net losses, then we may still receive a cash payment for the credit, however, our net operating loss carry
forwards are reduced by the gross equivalent loss that would produce the credit amount when the income tax rate is applied to that gross
amount. The concession is recognized as an income tax benefit, in operations, upon receipt.
Recent
Accounting Pronouncements
Please
see section captioned “Recent Accounting Pronouncements” in Note 1 to our unaudited condensed consolidated financial statements
included in this Quarterly Report for a discussion of recently issued and adopted accounting pronouncements.
Going
Concern Qualification
We
did not generate any revenue for the three months ended September 30, 2023 and 2022 and have incurred significant losses and cash used
in operations, and such losses and use of cash are expected to continue. Our independent registered public accounting firm has included
a “Going Concern Qualification” in their audit report for each of the fiscal years ended June 30, 2023 and 2022. In addition,
we have negative working capital and convertible debt that is past maturity that we are currently negotiating with lenders in order to
amend the maturity dates. The foregoing raises substantial doubt about our ability to continue as a going concern for a period of 12
months from the issue date of this report. Our ability to continue as a going concern is dependent on our ability to execute our strategy
and on our ability to raise additional funds and/or to consummate a public offering. Management is currently seeking additional funds,
primarily through the issuance of equity and/or debt securities for cash to operate our business. No assurance can be given that any
future financing will be available or, if available, that it will be on terms that are satisfactory to us. Even if we are able to obtain
additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution
for our stockholders, in case of equity and/or convertible debt financing. The consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty. The “Going Concern Qualification” might make it substantially more
difficult to raise capital.
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
Not
applicable to smaller reporting companies.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
Our
management is responsible for establishing and maintaining disclosure controls and procedures (as such term is defined in Rule 13a-15(e)
under the Exchange Act) that are designed to reasonably ensure that information required to be disclosed in our reports under the Exchange
Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such
information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as
appropriate, to allow timely decisions regarding required disclosure based closely on the definition of “disclosure controls and
procedures” in Rule 15d-15(e) under the Exchange Act. In designing and evaluating the disclosure controls and procedures, our management
recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving
the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship
of possible controls and procedures.
At
the end of the period covered by this Quarterly Report, we conducted an evaluation (the “Evaluation”), under the supervision
and with the participation of our Chief Executive Officer and Chief Financial Officer of the effectiveness of the design and operation
of our disclosure controls and procedures. Based upon the foregoing, our Chief Executive Officer and Chief Financial Officer concluded
that, as of September 30, 2023, the disclosure controls and procedures of our Company were not effective to ensure that the information
required to be disclosed in our Exchange Act reports was recorded, processed, summarized and reported on a timely basis due to the material
weaknesses in financial reporting as discussed below.
Material
Weaknesses and Corrective Actions
The
framework used by management in making that assessment was the criteria set forth in the document entitled “2013 Internal Control
- Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission, (“COSO”). In
connection with the audits of our financial statements for the fiscal years ended June 30, 2023 and 2022, we identified certain deficiencies
relating to our internal control over financial reporting that constitute a material weakness under standards established by the Public
Company Accounting Oversight Board (the “PCAOB”). A material weakness is a deficiency, or a combination of deficiencies,
within the meaning of PCAOB Audit Standard No. 5, in internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
The
following material weaknesses in our internal control over financial reporting continued to exist at September 30, 2023:
|
● |
we
do not have written documentation of our internal control policies and procedures. Written documentation of key internal controls
over financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”); |
|
|
|
|
● |
we
do not have sufficient segregation of duties within accounting functions, which is a basic internal control. Due to our limited size
and early-stage nature of operations, segregation of all conflicting duties may not always be possible and may not be economically
feasible; however, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions
should be performed by separate individuals; |
|
|
|
|
● |
lack
of audit committee of our board of directors; and |
|
|
|
|
● |
insufficient
monitoring and review controls over the financial reporting closing process, including the lack of individuals with current knowledge
of U.S. GAAP. |
We
outsource certain of the functions that would normally be performed by a principal financial officer to assist us in implementing the
necessary financial controls over the financial reporting and the utilization of internal management and staff to effectuate these controls.
We
believe that these material weaknesses primarily relate, in part, to our lack of sufficient staff with appropriate training in U.S. GAAP
and SEC rules and regulations with respect to financial reporting functions, and the lack of robust accounting systems, as well as the
lack of sufficient resources to hire such staff and implement these accounting systems.
We
plan to take a number of actions in the future to correct these material weaknesses including, but not limited to, establishing an audit
committee of our board of directors comprised of at least two independent directors, adding experienced accounting and financial personnel
and retaining third-party consultants to review our internal controls and recommend improvements, subject to receiving sufficient additional
capital. If we receive sufficient capital, we hope to increase the chief financial officer’s role from part-time to full-time as
the next step in building out our accounting department. We will need to take additional measures to fully mitigate these issues, and
the measures we have taken, and expect to take, to improve our internal controls may not be sufficient to (1) address the issues identified,
(2) ensure that our internal controls are effective or (3) ensure that the identified material weakness or other material weaknesses
will not result in a material misstatement of our annual or interim financial statements. In addition, other material weaknesses may
be identified in the future. If we are unable to correct deficiencies in internal controls in a timely manner, our ability to record,
process, summarize and report financial information accurately and within the time periods specified in the rules and forms of the SEC
will be adversely affected. This failure could negatively affect the market price and trading liquidity of our Common Stock, cause investors
to lose confidence in our reported financial information, subject us to civil and criminal investigations and penalties, and generally
materially and adversely impact our business and financial condition.
Limitations
on Effectiveness of Controls and Procedures
In
designing and evaluating the disclosure controls and procedures and internal control over financial reporting, management recognizes
that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired
control objectives. In addition, the design of disclosure controls and procedures and internal control over financial reporting must
reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of
possible controls and procedures relative to their costs.
Changes
in Internal Controls over Financial Reporting
There
were no changes in our internal controls over financial reporting that occurred during the quarter ended September 30, 2023 that have
materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
PART
II — OTHER INFORMATION
Item
1. Legal Proceedings.
We
are not currently involved in any litigation that we believe could have a material adverse effect on our financial condition or results
of operations. There is no action, suit, or proceeding by any court, public board, government agency, self-regulatory organization or
body pending or, to the knowledge of the executive officers of our Company or our subsidiary, threatened against or affecting our Company,
our common stock, our subsidiary or of our companies or our subsidiary’s officers or directors in their capacities as such, in
which an adverse decision could have a material adverse effect.
Item
1A. Risk Factors.
We
are not required to provide this information as we are a smaller reporting company.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
As
of June 30, 2023, there was common stock issuable of 807,230 from the conversion of debt during fiscal 2023. The common stock issuable
of 807,230 were issued in July 2023.
From
July 1, 2023 through September 30, 2023, the Company issued an aggregate of 4,898,307 shares of its common stock and common stock issuable
of 626,229 at an average contractual conversion price of $0.02 as a result of the conversion of principal of $106,454, interest of $7,677
and conversion fees $1,437 underlying certain outstanding convertible notes converted during such period.
As
of June 30, 2023, there was common stock issuable of 608,423 for services rendered during fiscal 2023. The common stock issuable of 608,423
were issued on July 10, 2023.
Except
as otherwise noted, the securities in the transactions described above were sold in reliance on the exemption from registration provided
in Section 4(a)(2) of the Securities Act and/or Rule 506(b) promulgated thereunder, as there was no general solicitation to the investors
and the transactions did not involve any public offering. All certificates evidencing the shares sold bore a restrictive legend. No underwriter
participated in the offer and sale of these securities, and no commission or other remuneration was paid or given directly or indirectly
in connection therewith. The proceeds from these sales were used for general corporate purposes.
Item
3. Defaults Upon Senior Securities.
As
of September 30, 2023, we were in default under certain loan issued to certain noteholder on October 3, 2019 for failure to pay an aggregate
of $65,280 and $38,190 of principal and accrued interest, respectively, as of September 30, 2023, subsequent to their maturity date.
We are currently in discussions with such noteholder to extend such maturity date. See “Note 5 – Loans “ to our unaudited
condensed consolidated financial statements in Part I of this Quarterly Report for additional information.
Item
4. Mine Safety Disclosures.
Not
Applicable.
Item
5. Other Information.
There
is no other information required to be disclosed under this item which has not been previously disclosed.
Item
6. Exhibits.
*
Filed herewith.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
PROPANC
BIOPHARMA, INC. |
|
|
|
Dated:
November 14, 2023 |
By: |
/s/
James Nathanielsz |
|
Name: |
James
Nathanielsz |
|
Title: |
Chief
Executive Officer and Chief Financial Officer
(Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
EXHIBIT
31.1
Certification
of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14a or 15d-14(a) under the Securities Exchange Act
of 1934, as amended, and adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
I,
James Nathanielsz, certify that:
1.
I have reviewed this Form 10-Q of Propanc Biopharma, Inc. for the period ended September 30, 2023;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented
in this report;
4.
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
|
a) |
designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly for the period in which this quarterly report is being prepared; |
|
|
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b) |
designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
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|
d) |
disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; |
5.
I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent function):
|
a) |
all
significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability
to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses
in internal controls; and |
|
|
|
|
b) |
any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Date:
November 14, 2023
By: |
/s/
James Nathanielsz |
|
|
James
Nathanielsz |
|
|
Chief
Executive Officer and
Chief
Financial Officer
(Principal
Executive Officer and
Principal
Financial Officer) |
|
EXHIBIT
32.1
Certification
of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002.
In
connection with the Quarterly Report on Form 10-Q of Propanc Biopharma, Inc. (the “Company”) for the quarter ended September
30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James Nathanielsz,
Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company. |
Date:
November 14, 2023 |
/s/
James Nathanielsz |
|
James
Nathanielsz |
|
Chief
Executive Officer and
Chief
Financial Officer
(Principal
Executive Officer and
Principal
Financial Officer) |
v3.23.3
Cover - shares
|
3 Months Ended |
|
Sep. 30, 2023 |
Nov. 14, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--06-30
|
|
Entity File Number |
000-54878
|
|
Entity Registrant Name |
PROPANC
BIOPHARMA, INC.
|
|
Entity Central Index Key |
0001517681
|
|
Entity Tax Identification Number |
33-0662986
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
302
|
|
Entity Address, Address Line Two |
6 Butler Street
|
|
Entity Address, City or Town |
Camberwell,
VIC
|
|
Entity Address, Country |
AU
|
|
Entity Address, Postal Zip Code |
3124
|
|
City Area Code |
+61-03
|
|
Local Phone Number |
9882-0780
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
22,258,941
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Jun. 30, 2023 |
CURRENT ASSETS: |
|
|
Cash |
$ 6,625
|
$ 10,047
|
GST tax receivable |
2,634
|
2,867
|
Prepaid expenses and other current assets |
20,376
|
6,125
|
Refundable advance deposit |
116,169
|
|
TOTAL CURRENT ASSETS |
145,804
|
19,039
|
Security deposit - related party |
1,928
|
1,999
|
Property and equipment, net |
160
|
302
|
TOTAL ASSETS |
180,371
|
60,328
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
1,081,316
|
966,718
|
Accrued expenses and other payables |
614,870
|
579,707
|
Accrued interest |
52,743
|
44,709
|
Note payable, net of discount |
126,000
|
|
Convertible notes, net of discounts and including put premiums |
397,443
|
390,539
|
Embedded conversion option liabilities |
119,069
|
423,209
|
Employee benefit liability |
579,083
|
587,618
|
TOTAL CURRENT LIABILITIES |
3,133,113
|
3,158,229
|
NON-CURRENT LIABILITIES: |
|
|
TOTAL NON-CURRENT LIABILITIES |
36,517
|
19,278
|
TOTAL LIABILITIES |
3,169,630
|
3,177,507
|
Commitments and Contingencies (See Note 8) |
|
|
STOCKHOLDERS’ DEFICIT: |
|
|
Common stock, $0.001 par value; 10,000,000,000 shares authorized; 14,833,210 and 6,031,250 shares issued and outstanding as of September 30, 2023 and June 30, 2023, respectively |
14,833
|
6,031
|
Common stock issuable (626,229 and 1,621,653 shares as of September 30, 2023 and June 30, 2023, respectively) |
626
|
1,621
|
Additional paid-in capital |
60,851,382
|
60,311,502
|
Accumulated other comprehensive income |
1,368,550
|
1,294,876
|
Accumulated deficit |
(65,178,173)
|
(64,684,732)
|
Treasury stock (0.001 share) |
(46,477)
|
(46,477)
|
TOTAL STOCKHOLDERS’ DEFICIT |
(2,989,259)
|
(3,117,179)
|
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
180,371
|
60,328
|
Series A Preferred Stock [Member] |
|
|
STOCKHOLDERS’ DEFICIT: |
|
|
Preferred stock, value |
|
|
Series B Preferred Stock [Member] |
|
|
STOCKHOLDERS’ DEFICIT: |
|
|
Preferred stock, value |
|
|
Related Party [Member] |
|
|
CURRENT ASSETS: |
|
|
Operating lease right-of-use assets, net - related party |
32,479
|
38,988
|
CURRENT LIABILITIES: |
|
|
Loan payable |
47,567
|
49,314
|
Operating lease liability - related party, current portion |
21,161
|
21,505
|
Due to former director - related party |
28,581
|
29,630
|
NON-CURRENT LIABILITIES: |
|
|
Loan payable - long-term - related party, net of discount |
23,371
|
|
Operating lease liability - long-term portion - related party |
13,146
|
19,278
|
Nonrelated Party [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Loan payable |
$ 65,280
|
$ 65,280
|
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Preferred stock, shares authorized |
1,500,005
|
1,500,005
|
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
10,000,000,000
|
10,000,000,000
|
Common stock, shares issued |
14,833,210
|
6,031,250
|
Common stock, shares outstanding |
14,833,210
|
6,031,250
|
Common stock, shares issuable |
626,229
|
1,621,653
|
Treasury stock price per share |
$ 0.001
|
$ 0.001
|
Series A Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
500,000
|
500,000
|
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Series B Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
5
|
5
|
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
Preferred stock, shares issued |
1
|
1
|
Preferred stock, shares outstanding |
1
|
1
|
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v3.23.3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
|
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
REVENUE |
|
|
Revenue |
|
|
OPERATING EXPENSES |
|
|
Administration expenses |
393,828
|
465,132
|
Occupancy expenses - related party |
7,149
|
6,373
|
Research and development |
16,242
|
101,325
|
TOTAL OPERATING EXPENSES |
417,219
|
572,830
|
LOSS FROM OPERATIONS |
(417,219)
|
(572,830)
|
OTHER INCOME (EXPENSE) |
|
|
Interest expense |
(178,234)
|
(162,752)
|
Interest income |
17
|
2
|
Derivative expense |
(77,721)
|
|
Change in fair value of derivative liabilities |
303,929
|
65,173
|
Gain from settlement of accounts payable |
|
17,499
|
Gain (loss) on extinguishment of debt, net |
34,310
|
(610)
|
Foreign currency transaction gain (loss) |
(15,948)
|
36,223
|
TOTAL OTHER INCOME (EXPENSE), NET |
66,353
|
(44,465)
|
LOSS BEFORE TAXES |
(350,866)
|
(617,295)
|
Tax benefit |
|
|
NET LOSS |
(350,866)
|
(617,295)
|
Deemed Dividend |
(142,575)
|
(389,235)
|
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS |
$ (493,441)
|
$ (1,006,530)
|
Net loss per share available to common stockholders - basic |
$ (0.04)
|
$ (2.13)
|
Net loss per share available to common stockholders - diluted |
$ (0.04)
|
$ (2.13)
|
Weighted Average shares outstanding - basic |
10,989,681
|
473,589
|
Weighted Average shares outstanding - diluted |
10,989,681
|
473,589
|
OTHER COMPREHENSIVE INCOME (LOSS) |
|
|
Unrealized foreign currency translation gain (loss) |
$ 73,674
|
$ 126,396
|
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) |
73,674
|
126,396
|
TOTAL COMPREHENSIVE LOSS |
$ (419,767)
|
$ (880,134)
|
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v3.23.3
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Preferred Stock [Member]
Series B Preferred Stock [Member]
|
Common Stock [Member] |
Common Stock Issuable [Member] |
Additional Paid-in Capital [Member] |
Subscription Receivable [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Treasury Stock, Common [Member] |
Total |
Balance at Jun. 30, 2022 |
$ 5,000
|
|
$ 220
|
$ 20
|
$ 57,364,690
|
$ (23,758)
|
$ (61,557,893)
|
$ 1,234,549
|
$ (46,477)
|
$ (3,023,649)
|
Balance, shares at Jun. 30, 2022 |
500,000
|
1
|
220,351
|
19,598
|
|
|
|
|
|
|
Issuance of common stock for cash |
|
|
$ 14
|
|
24,697
|
23,758
|
|
|
|
48,469
|
Issuance of common stock for cash, shares |
|
|
14,337
|
|
|
|
|
|
|
|
Issuance of common stock for conversion of convertible debt, conversion fee and accrued interest |
|
|
$ 264
|
|
456,675
|
|
|
|
|
456,939
|
Issuance of common stock for conversion of convertible debt, conversion fee and accrued interest, shares |
|
|
264,493
|
|
|
|
|
|
|
|
Issuance of common stock for issuable shares |
|
|
$ 20
|
$ (20)
|
|
|
|
|
|
|
Issuance of common stock for issuable shares, shares |
|
|
19,597
|
(19,598)
|
|
|
|
|
|
|
Issuance of common stock for exercise of warrants |
|
|
|
|
100,000
|
|
|
|
|
100,000
|
Issuance of common stock for exercise of warrants, shares |
|
|
1
|
1
|
|
|
|
|
|
|
Issuance of common stock for alternate cashless exercise of warrants |
|
|
$ 158
|
|
(158)
|
|
|
|
|
|
Issuance of common stock for alternate cashless exercise of warrants, shares |
|
|
158,399
|
|
|
|
|
|
|
|
Reclassification of put premium upon debt conversion |
|
|
|
|
133,646
|
|
|
|
|
133,646
|
Stock based compensation in connection with stock warrant grant |
|
|
|
|
2,408
|
|
|
|
|
2,408
|
Warrant grant for settlement of accounts payable |
|
|
|
|
5,551
|
|
|
|
|
5,551
|
Foreign currency translation gain |
|
|
|
|
|
|
|
126,396
|
|
126,396
|
Deemed dividend upon alternate cashless exercise of warrants |
|
|
|
|
389,235
|
|
(389,235)
|
|
|
|
Net loss |
|
|
|
|
|
|
(617,295)
|
|
|
(617,295)
|
Balance at Sep. 30, 2022 |
$ 5,000
|
|
$ 677
|
$ (0)
|
58,476,743
|
|
(62,564,423)
|
1,360,945
|
(46,477)
|
(2,767,535)
|
Balance, shares at Sep. 30, 2022 |
500,000
|
1
|
677,178
|
1
|
|
|
|
|
|
|
Balance at Jun. 30, 2022 |
$ 5,000
|
|
$ 220
|
$ 20
|
57,364,690
|
(23,758)
|
(61,557,893)
|
1,234,549
|
(46,477)
|
(3,023,649)
|
Balance, shares at Jun. 30, 2022 |
500,000
|
1
|
220,351
|
19,598
|
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
|
$ 6,031
|
$ 1,621
|
60,311,502
|
|
(64,684,732)
|
1,294,876
|
(46,477)
|
(3,117,179)
|
Balance, shares at Jun. 30, 2023 |
|
1
|
6,031,250
|
1,621,653
|
|
|
|
|
|
|
Issuance of common stock for conversion of convertible debt, conversion fee and accrued interest |
|
|
$ 4,899
|
$ 626
|
223,665
|
|
|
|
|
229,190
|
Issuance of common stock for conversion of convertible debt, conversion fee and accrued interest, shares |
|
|
4,898,307
|
626,229
|
|
|
|
|
|
|
Issuance of common stock for issuable shares |
|
|
$ 1,621
|
$ (1,621)
|
|
|
|
|
|
|
Issuance of common stock for issuable shares, shares |
|
|
1,621,653
|
(1,621,653)
|
|
|
|
|
|
|
Issuance of common stock for alternate cashless exercise of warrants |
|
|
$ 2,282
|
|
(2,282)
|
|
|
|
|
|
Issuance of common stock for alternate cashless exercise of warrants, shares |
|
|
2,282,000
|
|
|
|
|
|
|
|
Reclassification of put premium upon debt conversion |
|
|
|
|
34,838
|
|
|
|
|
34,838
|
Foreign currency translation gain |
|
|
|
|
|
|
|
73,674
|
|
73,674
|
Deemed dividend upon alternate cashless exercise of warrants |
|
|
|
|
142,575
|
|
(142,575)
|
|
|
|
Net loss |
|
|
|
|
|
|
(350,866)
|
|
|
(350,866)
|
Relative fair value of warrant granted in connection with a loan payable - related party |
|
|
|
|
141,084
|
|
|
|
|
141,084
|
Balance at Sep. 30, 2023 |
|
|
$ 14,833
|
$ 626
|
$ 60,851,382
|
|
$ (65,178,173)
|
$ 1,368,550
|
$ (46,477)
|
$ (2,989,259)
|
Balance, shares at Sep. 30, 2023 |
|
1
|
14,833,210
|
626,229
|
|
|
|
|
|
|
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net loss |
$ (350,866)
|
$ (617,295)
|
|
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |
|
|
|
Stock option, stock warrants and restricted stock expense |
|
2,408
|
|
Foreign currency transaction (gain) loss |
15,948
|
(36,223)
|
|
Depreciation expense |
134
|
473
|
|
Amortization of debt discounts |
69,457
|
31,275
|
|
Amortization of right-of-use assets |
5,128
|
5,131
|
|
Change in fair value of derivative liabilities |
(303,929)
|
(65,173)
|
|
Derivative expense |
77,721
|
|
|
(Gain) loss on extinguishment of debt, net |
(34,310)
|
610
|
|
Gain from settlement of accounts payable |
|
(17,499)
|
|
Non-cash interest expense |
1,437
|
|
|
Accretion of put premium |
88,846
|
115,769
|
|
Changes in Assets and Liabilities: |
|
|
|
GST receivable |
132
|
(523)
|
|
Prepaid expenses and other assets |
(14,468)
|
(7,747)
|
|
Refundable advance deposit |
(116,169)
|
|
|
Accounts payable |
148,834
|
45,121
|
|
Employee benefit liability |
12,275
|
10,415
|
|
Accrued expenses and other payables |
55,693
|
15,162
|
|
Accrued interest |
15,712
|
13,430
|
|
Operating lease liability |
(5,032)
|
(4,649)
|
|
NET CASH USED IN OPERATING ACTIVITIES |
(333,457)
|
(509,315)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Proceeds from convertible promissory notes, net of original issue discounts and issue costs |
220,000
|
345,750
|
|
Repayment of convertible note |
(142,909)
|
|
|
Proceeds from the sale of common stock |
|
24,711
|
|
Proceeds from note payable |
120,000
|
|
|
Proceeds from loan payable - related party |
153,256
|
|
|
Collection of subscription receivable |
|
23,758
|
|
Proceeds from the exercise of warrants |
|
100,000
|
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
350,347
|
494,219
|
|
Effect of exchange rate changes on cash |
(20,312)
|
30,425
|
|
NET INCREASE (DECREASE) IN CASH |
(3,422)
|
15,329
|
|
CASH AT BEGINNING OF PERIOD |
10,047
|
4,067
|
$ 4,067
|
CASH AT END OF PERIOD |
6,625
|
19,396
|
$ 10,047
|
Supplemental Disclosure of Cash Flow Information |
|
|
|
Interest |
2,713
|
2,277
|
|
Income Tax |
|
|
|
Supplemental Disclosure of Non-Cash Investing and Financing Activities |
|
|
|
Reduction of put premium related to conversions of convertible notes |
34,838
|
133,646
|
|
Conversion of convertible notes and accrued interest to common stock |
114,131
|
349,530
|
|
Debt discounts related to derivative liability |
70,000
|
93,668
|
|
Relative fair value of warrant granted in connection with a loan payable - related party |
141,084
|
|
|
Warrant grant for settlement of accounts payable |
|
23,050
|
|
Warrants issued for accrued services |
|
5,551
|
|
Deemed dividend upon alternate cashless exercise of warrants |
$ 142,575
|
$ 389,235
|
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v3.23.3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES
|
3 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES |
NOTE
1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES
Nature
of Operations
Propanc
Biopharma, Inc. (the “Company,” “we,” “us” or “our”) is based in Camberwell, Victoria
Australia. Since its inception, substantially all of the operations of the Company have been focused on the development of new cancer
treatments targeting high-risk patients, particularly cancer survivors, who need a follow-up, non-toxic, long-term therapy designed to
prevent the cancer from returning and spreading. The Company anticipates establishing global markets for its technologies. Our lead product
candidate, which we refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes
acting synergistically. It is currently in the preclinical phase of development.
The
Company was originally formed in Melbourne, Victoria, Australia on October 15, 2007 as Propanc PTY LTD. On November 23, 2010, Propanc
Health Group Corporation was incorporated in the State of Delaware, and in January 2011, to reorganize the Company, all of the outstanding
shares of Propanc PTY LTD were acquired on a one-for-one basis by Propanc Health Group Corporation, with Propanc PTY LTD becoming a wholly-owned
subsidiary of the Company.
On
July 22, 2016, the Company formed another wholly-owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose
of submitting an orphan drug application to the European Medicines Agency as a small and medium-sized enterprise. As of June 30, 2023,
there has been no activity within this entity.
Effective
April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to reflect the Company’s stage of operations
and development better.
In
July 2020, a world-first patent was granted in Australia for the cancer treatment method patent family. Presently, there are 62 granted,
allowed, or accepted patents and 14 patents filed, or under examination in key global jurisdictions relating to the use of proenzymes
against solid tumors, covering the lead product candidate PRP.
On
May 1, 2023, the Company filed a certificate of amendment to its certificate of incorporation, as amended, to effect a one-for-one thousand
(1:1,000) Reverse Stock Split (the “Reverse Stock Split”), effective as of May 1, 2023. Proportional adjustments for the
Reverse Stock Split were made to the Company’s outstanding stock options, warrants and equity incentive plans. All share and per-share
data and amounts have been retroactively adjusted as of the earliest period presented in the consolidated financial statements to reflect
the Reverse Stock Split.
The
Company hopes to capture and protect additional patentable subject matter based on the Company’s field of technology relating to
pharmaceutical compositions of proenzymes for treating cancer by filing additional patent applications as it advances its lead product
candidate, PRP, through various stages of development.
Basis
of Presentation
The
Company’s interim unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (this “Quarterly
Report”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“US
GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion
of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring
adjustments) necessary to present fairly our consolidated results of operations for the three months ended September 30, 2023 and 2022
and cash flows for the three months ended September 30, 2023 and 2022 and our consolidated financial position at September 30, 2023 have
been made. The Company’s results of operations for the three months ended September 30, 2023 are not necessarily indicative of
the operating results to be expected for the full fiscal year ending June 30, 2024.
Certain
information and disclosures normally included in the notes to the Company’s annual audited consolidated financial statements have
been condensed or omitted from the Company’s interim unaudited condensed consolidated financial statements included in this Quarterly
Report. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s
audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2023. The June 30, 2023 balance sheet
is derived from those statements.
Principles
of Consolidation
The
unaudited condensed consolidated financial statements include the accounts of Propanc Biopharma, Inc., the parent entity, and its wholly-owned
subsidiary, Propanc PTY LTD. All inter-company balances and transactions have been eliminated in consolidation. Propanc (UK) Limited
was an inactive wholly-owned subsidiary through September 30, 2023.
Use
of Estimates
The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Significant estimates in the accompanying consolidated financial statements include the estimates of useful lives for depreciation, valuation
of the operating lease liability and related right-of-use asset, valuation of derivatives, allowance for uncollectable receivables, valuation
of equity based instruments issued for other than cash, the valuation allowance on deferred tax assets and foreign currency translation
due to certain average exchange rates applied in lieu of spot rates on transaction dates.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Foreign
Currency Translation and Other Comprehensive Income (Loss)
The
Company’s wholly-owned subsidiary’s functional currency is the Australian dollar (AUD). For financial reporting purposes,
the Australian dollar has been translated into the Company’s reporting currency, which is the United States dollar ($) and/or (USD).
Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated
at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction
date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component
of stockholders’ equity (deficit) as “Accumulated other comprehensive income (loss).” Gains and losses resulting from
foreign currency transactions are included in the statements of operations and comprehensive income (loss) as a component of other comprehensive
income (loss). There have been no significant fluctuations in the exchange rate for the conversion of Australian dollars to USD after
the balance sheet date.
Other
Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses).
Assets
and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the
consolidated balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated
in a currency other than the functional currency included in the consolidated results of operations as incurred. Effective fiscal year
2021, the parent company determined that the intercompany loans will not be repaid in the foreseeable future and thus, per ASC 830-20-35-3,
gains and losses from measuring the intercompany balances are recorded within cumulative translation adjustment, a component of accumulated
other comprehensive income (loss). Prior to July 1, 2020, the Company recorded the foreign currency transaction gains and losses from
measuring the intercompany balances as a component of other income (expenses) titled foreign currency transaction gain (loss). As of
September 30, 2023 and 2022, the Company recognized a cumulative exchange gain (loss) of approximately $669,000 and $1,226,000, respectively,
on intercompany loans made by the parent to the subsidiary that have not been repaid as of September 30, 2023, which is included as component
of accumulated other comprehensive income on the accompanying consolidated balance sheet.
As
of September 30, 2023 and June 30, 2023, the exchange rates used to translate amounts in Australian dollars into USD for the purposes
of preparing the consolidated financial statements were as follows:
SCHEDULE OF TRANSACTION EXCHANGE RATES
| |
September
30, 2023 | | |
June
30, 2023 | |
Exchange rate on balance sheet dates | |
| | | |
| | |
USD : AUD exchange rate | |
| 0.6428 | | |
| 0.6664 | |
| |
| | | |
| | |
Average exchange rate for the period | |
| | | |
| | |
USD : AUD exchange rate | |
| 0.6546 | | |
| 0.6732 | |
The
change in Accumulated Other Comprehensive Income by component during the three months ended September 30, 2023 was as follows:
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
| |
Foreign
Currency Items: | |
Balance, June 30, 2023 | |
$ | 1,294,876 | |
Unrealized foreign currency translation gain | |
| 73,674 | |
Ending balance, September 30, 2023 | |
$ | 1,368,550 | |
Fair
Value of Financial Instruments and Fair Value Measurements
The
Company measures its financial assets and liabilities in accordance with US GAAP. For certain financial instruments, including cash and
cash equivalents, receivables, accounts payable and accrued liabilities, the carrying amounts approximate fair value due to their short
maturities. Amounts recorded for notes payable, net of discount, and loans payable also approximate fair value because current interest
rates available for debt with similar terms and maturities are substantially the same.
The
Company follows accounting guidance for financial assets and liabilities. This standard defines fair value, provides guidance for measuring
fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all
other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related
to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income
approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement
cost).
The
guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad
levels. The following is a brief description of those three levels:
Level
1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level
2: Inputs, other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets
or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Level
3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us,
which reflect those that a market participant would use.
Also
see Note 11 - Derivative Financial Instruments and Fair Value Measurements.
Cash
and Cash Equivalents
Cash
and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of three months or less with financial
institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the balance sheets. There were no cash equivalents
as of September 30, 2023 or June 30, 2023.
Refundable Advance Deposit
Refundable advance deposit of $116,169 and $0 at September 30, 2023 and June 30, 2023, respectively, consists primarily
of deposit paid to a potential lender to be used as payment for a loan insurance premium related to a future loan transaction with the
Company. In the event, the future loan transaction does not close, the potential lender shall return the refundable advance deposit. The Company and the potential lender are currently undergoing the loan process.
Property
and Equipment
Property
and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred;
additions, renewals, and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost
and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of
property and equipment is provided using the declining balance method. The depreciable amount is the cost less its residual value.
The
estimated useful lives are as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVE
Machinery
and equipment |
|
-
5 years |
Furniture |
|
-
7 years |
Patents
Patents
are stated at cost and amortized on a straight-line basis over the estimated future periods if and once the patent has been granted by
a regulatory agency. However, the Company will expense any patent costs as long as we are in the startup stage. Accordingly, as the Company’s
products are not currently approved for market, all patent costs incurred from 2013 through September 30, 2023 were expensed immediately.
This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency.
Impairment
of Long-Lived Assets
In
accordance with ASC 360-10, “Long-lived assets,” which include property and equipment and intangible assets, are reviewed
for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability
of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted
future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future
cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the
assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily
determinable.
Employee
Benefit/Liability
Liabilities
arising in respect of wages and salaries, accumulated annual leave, accumulated long service leave and any other employee benefits expected
to be settled within twelve months of the reporting date are measured based on the employee’s remuneration rates applicable at
the reporting date. All other employee benefit liabilities are measured at the present value of the estimated future cash outflow to
be made in respect of services provided by employees up to the reporting date. All employee liabilities are owed within the next twelve
months.
Australian
Goods and Services Tax (“GST”)
Revenues,
expenses and balance sheet items are recognized net of the amount of GST, except payable and receivable balances which are shown inclusive
of GST. The GST incurred is payable on revenues to, and recoverable on purchases from, the Australian Taxation Office.
Cash
flows are presented in the statements of cash flow on a gross basis, except for the GST component of investing and financing activities,
which are disclosed as operating cash flows.
As
of September 30, 2023, and June 30, 2023, the Company was owed $2,634 and $2,867, respectively, from the Australian Taxation Office.
These amounts were fully collected subsequent to the balance sheet reporting dates.
Derivative
Instruments
ASC
Topic 815, Derivatives and Hedging (“ASC Topic 815”), establishes accounting and reporting standards for derivative
instruments and for hedging activities by requiring that all derivatives be recognized in the balance sheet and measured at fair value.
Gains or losses resulting from changes in the fair value of derivatives are recognized in earnings. On the date of conversion or payoff
of debt, the Company records the fair value of the conversion shares, removes the fair value of the related derivative liability, removes
any discounts and records a net gain or loss on debt extinguishment.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Convertible
Notes With Variable Conversion Options
The
Company has entered into convertible notes, some of which contain variable conversion options, whereby the outstanding principal and
accrued interest may be converted, by the holder, into shares of the Company’s common stock, par value $0.001 per share (“common
stock”) at a fixed discount to the price of the common stock at or around the time of conversion. The Company treats these convertible
notes as stock settled debt under ASC 480, “Distinguishing Liabilities from Equity” and measures the fair value of
the notes at the time of issuance, which is the result of the share price discount at the time of conversion and records the put premium
as interest expense.
Income
Taxes
The
Company is governed by Australia and United States income tax laws, which are administered by the Australian Taxation Office and the
United States Internal Revenue Service, respectively. The Company follows ASC 740 “Accounting for Income Taxes,” when
accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred
income tax assets and liabilities are computed annually for temporary differences between the financial statements and tax bases of assets
and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the
periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce
deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or
minus the change during the period in deferred tax assets and liabilities.
The
Company follows ASC 740, Sections 25 through 60, “Accounting for Uncertainty in Income Taxes.” These sections provide
detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial
statements. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized
upon the adoption of ASC 740 and in subsequent periods.
Research
and Development Costs and Tax Credits
In
accordance with ASC 730-10, “Research and Development-Overall,” research and development costs are expensed when incurred.
Total research and development costs for the three months ended September 30, 2023 and 2022 were $16,242 and $101,325, respectively.
The
Company may apply for research and development tax concessions with the Australian Taxation Office on an annual basis. Although the amount
is possible to estimate at year end, the Australian Taxation Office may reject or materially alter the claim amount. Accordingly, the
Company does not recognize the benefit of the claim amount until cash receipt since collectability is not certain until such time. The
tax concession is a refundable credit. If the Company has net income, then the Company can receive the credit which reduces its income
tax liability. If the Company has net losses, then the Company may still receive a cash payment for the credit, however, the Company’s
net operating loss carryforwards are reduced by the gross equivalent loss that would produce the credit amount when the income tax rate
is applied to that gross amount. The concession is recognized as tax benefit, in operations, upon receipt.
Stock
Based Compensation
The
Company records stock-based compensation in accordance with ASC 718, “Stock Compensation”. ASC 718 requires the fair
value of all stock-based employee compensation awarded to employees to be recorded as an expense over the shorter of the service period
or the vesting period. The Company values employee and non-employee stock-based compensation at fair value using the Black-Scholes Option
Pricing Model.
The
Company adopted ASU 2018-07 and accounts for non-employee share-based awards in accordance with the measurement and recognition criteria
of ASC 718 and recognizes the fair value of such awards over the service period. The Company used the modified prospective method of
adoption.
Revenue
Recognition
The
Company applies ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 establishes a single comprehensive
model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue
recognition guidance. This standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also
requires certain additional disclosures. Subject to these criteria, the Company intends to recognize revenue relating to royalties on
product sales in the period in which the sale occurs and the royalty term has begun.
Legal
Expenses
All
legal costs for litigation are charged to expense as incurred.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Leases
The
Company follows ASC Topic 842, Leases (Topic 842) and applies the package of practical expedients, which permit it not to reassess under
the new standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company
elected not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less. Operating lease right of use assets (“ROU”)
represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value
of future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company
uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future
payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general
and administrative expenses.
Basic
and Diluted Net Loss Per Common Share
Basic
net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period.
Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for
the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental
common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially
dilutive securities are excluded from the computation if their effect is anti-dilutive. As a result, the basic and diluted per share
amounts for all periods presented are identical. Each holder of the notes has agreed to a 4.99% beneficial ownership conversion limitation
(subject to certain noteholders’ ability to increase such limitation to 9.99% upon 60 days’ notice to the Company), and each
note may not be converted during the first six-month period from the date of issuance. Such securities are considered dilutive securities
which were excluded from the computation since the effect is anti-dilutive.
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS
| |
September
30, 2023 | | |
September
30, 2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Stock Options | |
| 0.06 | | |
| 0.06 | |
Stock Warrants with no designations | |
| 15,003,306 | | |
| 3,306 | |
Series A Warrants as if converted at alternate
cashless exercise price | |
| 1,994,343,990 | | |
| 2,030,790 | |
Series B Warrants | |
| 16 | | |
| 26 | |
Series C Warrants as if converted at alternate
cashless exercise price * | |
| 9,175,999,954 | | |
| 7,499,963 | |
Unvested restricted stock | |
| 0.06 | | |
| 0.06 | |
Convertible Debt | |
| 210,849,945 | | |
| 884,700 | |
Total | |
| 11,396,197,211.12 | | |
| 10,418,785.12 | |
* | | Only convertible ratably
upon exercise of Series B Warrants |
Recent
Accounting Pronouncements
We
have reviewed the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”)
accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods.
We have carefully considered the new pronouncements that alter previous generally accepted accounting principles and do not believe that
any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near
term. The applicability of any standard is subject to the formal review of the Company’s financial management.
In
August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic
470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40), which eliminates the beneficial conversion
and cash conversion accounting models for convertible instruments, amends the accounting for certain contracts in an entity’s own
equity that are currently accounted for as derivatives because of specific settlement provisions, and modifies how particular convertible
instruments and certain contracts that may be settled in cash or shares impact the diluted EPS calculation. The standard is effective
for annual periods beginning after December 15, 2023 for smaller reporting companies, and interim periods within those reporting periods.
Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those
reporting periods. The Company is currently assessing the impact the new guidance will have on our consolidated financial statements.
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v3.23.3
GOING CONCERN
|
3 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE
2 – GOING CONCERN
The
accompanying unaudited condensed consolidated financial statements have been prepared in conformity with US GAAP, which contemplate continuation
of the Company as a going concern. For the three months ended September 30, 2023, the Company had no revenues, had a net loss of $350,866,
and had net cash used in operations of $333,457. Additionally, As of September 30, 2023, the Company had a working capital deficit, stockholders’
deficit and accumulated deficit of $2,987,309, $2,989,259, and $65,178,173, respectively. It is management’s opinion that these
conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least twelve months
from the issue date of this Quarterly Report.
The
unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effect on the recoverability
and classification of assets or the amounts and classifications of liabilities that may result from the outcome of this uncertainty.
Successful
completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future
events, including obtaining adequate financing to fulfill its development activities, acceptance of the Company’s patent applications,
obtaining additional sources of suitable and adequate financing and ultimately achieving a level of sales adequate to support the Company’s
cost structure and business plan. The Company’s ability to continue as a going concern is also dependent on its ability to further
develop and execute on its business plan. However, there can be no assurances that any or all of these endeavors will be successful.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
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v3.23.3
PROPERTY AND EQUIPMENT
|
3 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
3 – PROPERTY AND EQUIPMENT
Property
and equipment consist of the following As of September 30, 2023 and June 30, 2023.
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT
| |
September
30, 2023 | | |
June
30, 2023 | |
| |
| (Unaudited) | | |
| | |
Office equipment at cost | |
$ | 24,532 | | |
$ | 25,432 | |
Less: Accumulated depreciation | |
| (24,372 | ) | |
| (25,130 | ) |
| |
| | | |
| | |
Total property, plant, and equipment | |
$ | 160 | | |
$ | 302 | |
Depreciation
expense for the three months ended September 30, 2023 and 2022 were $134 and $473, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
DUE TO FORMER DIRECTOR - RELATED PARTY
|
3 Months Ended |
Sep. 30, 2023 |
Due To Former Director - Related Party |
|
DUE TO FORMER DIRECTOR - RELATED PARTY |
NOTE
4 – DUE TO FORMER DIRECTOR - RELATED PARTY
Due
to former director – related party represents unsecured advances made primarily by a former director for operating expenses on
behalf of the Company, such as intellectual property and formation expenses. The expenses were paid for on behalf of the Company and
are due upon demand. The Company is currently not being charged interest under these advances. The total amount owed the former director
at September 30, 2023 and June 30, 2023 were $28,581 and $29,630, respectively. The Company plans to repay the advances as its cash resources
allow (see Note 9).
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v3.23.3
LOANS
|
3 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
LOANS |
NOTE
5 – LOANS
Loan
from Former Director - Related Party
Loan
from the Company’s former director at September 30, 2023 and June 30, 2023 were $47,567 and $49,314, respectively. The loan bears
no interest and is payable on demand. The Company did not repay any amount on this loan during the three months ended September 30, 2023
and 2022, respectively (see Note 9).
Loan
payable -long-term- Related Party
July
5, 2023, the Company and an institutional investor affiliated with one of our directors, Josef Zelinger, entered into a letter
agreement, pursuant to which such investor loaned the Company an aggregate of $230,000
AUD ($153,256
USD). Pursuant to such agreement, the term of such loan is three
(3) years, ending on July
5, 2026, with an interest rate of 10%
to be paid monthly in arrears. In connection with such loan, the Company issued 15,000,000
warrants to purchase common stock to such investor immediately exercisable at an initial exercise price of $0.01
per share (subject to certain adjustments such as stock dividend, stock splits, subsequent right offering and pro-rata distribution)
with an expiry date of July 5, 2026. The Company accounted for the 15,000,000
warrants issued with this loan payable as debt discount by using the relative fair value method. The total debt discount which is
equivalent to the relative fair value of the warrants of $141,084
was determined using a Black-Scholes model with the following assumptions: stock price at valuation date of $0.119
based on the closing price of common stock at date of grant, exercise price of $0.01,
dividend yield of zero,
expected term of 3.00,
a risk-free rate of 4.59%,
and expected volatility of 268%. The debt discount shall be amortized over the term of this loan.
A
portion of the proceeds of such loan were used to repay an outstanding balance of approximately $143,000 due on a convertible note (Coventry
Note) held by a third-party investor and which had been in default (see Note 6).
Accrued
interest from this loan amounted to $3,653
as of September 30, 2023. Amortization of debt discount from this loan for the three months ended September 30, 2023 was $11,199.
The total principal outstanding under this loan was $153,256
and remaining debt discount of $129,885
as of September 30, 2023 as reflected in the accompanying condensed consolidated balance sheet as loan payable – long-term
– related party, net of discount of $23,371.
Loan
Payable
Crown
Bridge Securities Purchase Agreement
Effective
October 3, 2019, the Company entered into a securities purchase agreement with Crown Bridge Partners, LLC (“Crown Bridge”),
pursuant to which Crown Bridge purchased a convertible promissory note from the Company (the “Crown Bridge Note”), which
had a remaining principal balance of $65,280 as of September 30, 2023 (see Note 6). The maturity date of the Crown Bridge Note was October
3, 2020 and is currently past due. The Crown Bridge Note bore interest at a default interest rate of 15% per annum. In August 2022, the
SEC filed a complaint against Crown Bridge due to its violation of Section 15(a)(1) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). Crown Bridge agreed to surrender all conversion rights in its currently held convertible notes, including
the Crown Bridge Note. Consequently, during fiscal year 2023, the Company reclassified the remaining principal balance of $65,280 from
a convertible note into a loan payable. Additionally, the Company recorded the remaining put premium of $43,520 into gain on extinguishment
of debt during fiscal year 2023. The total accrued interest from this loan amounted to $38,190 and $35,722 as of September 30, 2023 and
June 30, 2023, respectively.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Loan
in default
The
Crown Bridge Note is currently past due and in default, consisting of $65,280 principal and $38,190 accrued interest, which includes
interest accruing at the default interest rate at 15%.
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v3.23.3
NOTE PAYABLE AND CONVERTIBLE NOTES
|
3 Months Ended |
Sep. 30, 2023 |
Note Payable And Convertible Notes |
|
NOTE PAYABLE AND CONVERTIBLE NOTES |
NOTE
6 – NOTE PAYABLE AND CONVERTIBLE NOTES
Promissory
Note
On
August 15, 2023, the Company issued to an institutional investor (the “August 2023 Lender”) a 10% original issue discount
promissory note (the “Promissory Note”) in consideration for $120,000, which has a principal face amount of $132,000, matures
on November 15, 2023 and accrues interest at a rate of 10% per annum, which may be increased to 18% in the event of a default. The Company
has the right to prepay the principal and accrued but unpaid interest due under the Promissory Note, together with any other amounts
that the Company may owe the August 2023 Lender under the terms of the Promissory Note, on or before September 14, 2023 at a 110% premium
of the face amount plus accrued and unpaid interest and any other amounts owed to the August 2023 Lender, which increases to (i) 120%
if prepaid after such date, but on or before October 14, 2023, and (ii) 130% if prepaid after October 14, 2023, unless the Company and
the Lender agree to otherwise effect repayment. The Promissory Note contains certain customary events of default set forth in the Promissory
Note, including, among others, breach of covenants, representations or warranties, insolvency, bankruptcy, liquidation and failure by
the Company to pay the principal and interest due under the Promissory Note.
Accrued
interest from this note amounted to $1,664
as of September 30, 2023. Amortization of debt discount from the promissory note for the three months ended September 30, 2023 was
$6,000.
The total principal outstanding under this note was $132,000
and remaining debt discount of $6,000
as of September 30, 2023 as reflected in the accompanying condensed consolidated balance sheet as note payable, net of discount of
$126,000.
Convertible
Notes
The
Company’s convertible notes outstanding at September 30, 2023 and June 30, 2023 were as follows:
SCHEDULE OF CONVERTIBLE NOTES
| |
September
30, 2023 | | |
June
30, 2023 | |
| |
(Unaudited) | | |
| |
Convertible notes and debenture | |
$ | 331,500 | | |
$ | 338,362 | |
Unamortized discounts | |
| (79,236 | ) | |
| (38,994 | ) |
Premium, net | |
| 145,179 | | |
| 91,171 | |
Convertible notes,
net | |
$ | 397,443 | | |
$ | 390,539 | |
Convertible
Note Issued with Consulting Agreement
Crown
Bridge Securities Purchase Agreements
Effective
October 3, 2019, the Company entered into a securities purchase agreement with Crown Bridge, pursuant to which Crown Bridge purchased
the Crown Bridge Note from the Company in the aggregate principal amount of $108,000, such principal and the interest thereon convertible
into shares of common stock at the option of Crown Bridge any time after issuance of such note. Pursuant to the terms of such securities
purchase agreement, Crown Bridge deducted $3,000 from the principal payment due under the Crown Bridge Note, at the time of closing,
to be applied to its legal expenses, and there was a $5,000 original issuance discount resulting in $100,000 net proceeds to the Company.
The Company used the net proceeds from the Crown Bridge Note for general working capital purposes. The maturity date of the Crown Bridge
Note was October 3, 2020 and is currently past due. The Crown Bridge Note bore interest at a default interest rate of 15% per annum.
Additionally,
Crown Bridge had the option to convert all or any amount of the Crown Bridge Note at any time after issuance until the later of such
note’s maturity date or the date on which the default amount was paid if an event of default occurs, which would be between 110%
and 150% of the then outstanding principal amount of the Crown Bridge Note plus any interest accrued, for shares of the common stock
at the then-applicable conversion price.
The
conversion price of the Crown Bridge Note was equal to 60% (representing a 40% discount) of the lowest closing bid price of the common
stock for the ten trading days immediately prior to the delivery of a notice of conversion under such note, including the day upon which
such notice was received. subject to 4.99% or 9.99% beneficial ownership limitations. The Crown Bridge Note was treated as stock settled
debt under ASC 480 and accordingly the Company recorded a $72,000 put premium.
The
Crown Bridge Note contained certain events of default, upon which principal and accrued interest would become immediately due and payable.
In addition, upon an event of default, interest on the outstanding principal accrued at a default interest rate of 15% per annum, or
if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. Further, certain events
of default may trigger penalty and liquidated damage provisions.
The
total principal amount outstanding under the Crown Bridge Note was $65,280 and accrued interest of $7,232 as of as of June 30, 2020 following
conversion of $42,720 of the principal balance during the year ended June 30, 2020. Accordingly, $28,480 of the put premium was released
in respect of the October 3, 2019 Crown Bridge Note during the year ended June 30, 2020 following partial conversion of the principal
balance.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
There
were 15 unissued shares of Common Stock that were considered issuable for accounting purposes during the 1st quarter of fiscal
2021 related to a conversion notice dated and received on September 16, 2020. In November 2020, the Company was notified by Crown Bridge
of the cancellation of this conversion notice as a result of the reverse stock split and, as such, the Company reversed the effects of
this transaction, thereby increasing the principal balance by $9,600 and put premium by $6,400 and a corresponding decrease in equity
of $16,000.
The
total principal amount outstanding under the Crown Bridge Note was $65,280 and accrued interest of $25,930 as of June 30, 2022.
In
August 2022, the SEC filed a complaint against Crown Bridge due to its violation of Section 15(a)(1) of the Exchange Act. Crown Bridge
agreed to surrender all conversion rights in its currently held convertible notes, including the Crown Bridge Note. Consequently, during
fiscal year 2023, the Company reclassified the remaining principal balance of $65,280 from a convertible note into a loan payable. Additionally,
the Company recorded the remaining put premium of $43,520 into gain on extinguishment of debt during fiscal year 2023. Therefore, the
total principal amount outstanding under such agreement with Crown Bridge was $0 after the reclassification of principal to loan payable
as of June 30, 2023 (see Note 5).
1800
Diagonal Lending (formerly known as Sixth Street Lending) Securities Purchase Agreements
June
29, 2023 Securities Purchase Agreement
On
June 29, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC (“1800 Diagonal”),
which closed on July 6, 2023, pursuant to which 1800 Diagonal purchased a convertible promissory note (the “July 6, 2023 1800 Diagonal
Note”) from the Company in the aggregate principal amount of $65,000, such principal and the interest thereon convertible into
shares of the Company’s common stock at the option of 1800 Diagonal any time after 180 days of the July 6, 2023 1800 Diagonal Note.
The July 6, 2023 1800 Diagonal Note contains debt issue costs of $5,000. The Company intends to use the net proceeds for general working
capital purposes. The maturity date is June 29, 2024.
July
19, 2023 Securities Purchase Agreement
On
July 19, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC pursuant to which 1800 Diagonal
purchased a convertible promissory note (the “July 19, 2023 1800 Diagonal Note”) from the Company in the aggregate principal
amount of $45,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option
of 1800 Diagonal any time after 180 days of the July 19, 2023 1800 Diagonal Note. The July 19, 2023 1800 Diagonal Note contains debt
issue costs of $5,000. The Company intends to use the net proceeds for general working capital purposes. The maturity date is July 19,
2024.
August
16, 2023 Securities Purchase Agreement
On
August 16, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC pursuant to which 1800 Diagonal
purchased a convertible promissory note (the “August 16, 2023 1800 Diagonal Note”) from the Company in the aggregate principal
amount of $55,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option
of 1800 Diagonal any time after 180 days of the August 16, 2023 1800 Diagonal Note. The August 16, 2023 1800 Diagonal Note contains debt
issue costs of $5,000. The Company intends to use the net proceeds for general working capital purposes. The maturity date is August
16, 2024.
The
following terms shall apply to all the above 1800 Diagonal notes:
The
1800 Diagonal Notes bear interest at a rate of 8% per annum, which interest may be paid by the Company to 1800 Diagonal in shares of
the Company’s common stock; but shall not be payable until the 1800 Diagonal Note becomes payable, whether at the maturity date
or upon acceleration or by prepayment.
During
the first 60 to 180 days following the date of these notes, the Company has the right to prepay the principal and accrued but unpaid
interest due under the above note, together with any other amounts that the Company may owe the holder under the terms of the note, at
a premium ranging from 110% to 129% as defined in the note agreement. After this initial 180-day period, the Company does not have a
right to prepay such note.
The
conversion price for the above notes shall be equal to a 35% discount of the market price which means the average of the lowest three
trading prices of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion. Notwithstanding
the foregoing, 1800 Diagonal shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s
common stock beneficially owned by 1800 Diagonal and its affiliates, exceeds 9.99% of the outstanding shares of the Company’s common
stock. The Company treats these convertible notes as stock settled debt under ASC 480 and accordingly the Company recorded a total of
$88,846 was recorded during the three months ended September 30, 2023.
The
above notes contain certain events of default, upon which principal and accrued interest will become immediately due and payable. In
addition, upon an event of default, interest on the outstanding principal shall accrue at a default interest rate of 22% per annum, or
if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. Further, certain events
of default may trigger penalty and liquidated damage provisions.
Failure
to deliver shares of common stock upon conversion of the above 1800 Diagonal notes within three business days of notice of conversion
will result in the Company paying a penalty of $1,000 per day, subject to certain exceptions.
Upon
certain events of default, the above 1800 Diagonal notes will become immediately due and payable and the Company must pay 1800 Diagonal
150% of the then-outstanding principal amount of the above 1800 Diagonal notes, plus any interest accrued upon such event of default
or prior events of default (the “Default Amount”). Further, upon any event of default relating to the failure to issue shares
of common stock upon the conversion of such notes, such notes become immediately due and payable in an amount equal to twice the Default
Amount.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
The
total principal amount outstanding under the above 1800 Diagonal financing agreements were $165,000 and accrued interest of $2,488 as
of September 30, 2023.
ONE44
Capital Securities Purchase Agreements
August
15, 2022 Securities Purchase Agreement
On
August 15, 2022, the Company entered into a securities purchase agreement with ONE44 Capital LLC, pursuant to which ONE44 Capital purchased
a convertible redeemable note (the “August 15, 2022 ONE44 Note”) from the Company in the aggregate principal amount of $110,000,
such principal and the interest thereon was convertible into shares of the Company’s common stock at the option of ONE44 Capital
any time after the six-month anniversary of the August 15, 2022 ONE44 Note. The transaction contemplated by the ONE44 Purchase Agreement
closed on August 16, 2022. The August 15, 2022 One44 Note contained an original issue discount amount of $10,000. Pursuant to the terms
of the August 15, 2022 ONE44 Purchase Agreement, the Company paid ONE44 Capital’s legal fees of $5,500. The Company use the net
proceeds from the August 15, 2022 ONE44 Note for general working capital purposes. The maturity date of the August 15, 2022 One44 Note
was August 15, 2023. The August 15, 2022 ONE44 Note bore interest at a rate of 10% per annum, which interest may be paid by the Company
to ONE44 Capital in shares of common stock, but shall not be payable until the Maturity Date or upon acceleration or by prepayment
February
14, 2023 Securities Purchase Agreement
On
February 14, 2023, the Company entered into a securities purchase agreement with ONE44, pursuant to which ONE44 purchased a convertible
redeemable note (the “February 14, 2023 ONE44 Note”) from the Company in the aggregate principal amount of $111,111, such
principal and the interest thereon convertible into shares of the common stock at the option of ONE44 any time after the six-month anniversary
of the February 14, 2023 ONE44 Note. The transaction contemplated by such purchase agreement closed on February 14, 2023. The February
14, 2023 One44 Note contains an original issue discount amount of $11,111. Pursuant to the terms of such purchase agreement, the Company
paid $5,500 for ONE44’s legal fees. The Company intends used the net proceeds from the February 14, 2023 ONE44 Note for general
working capital purposes. The maturity date of the February 14, 2023 One44 Note is February 14, 2024. The February 14, 2023 ONE44 Note
bears interest at a rate of 10% per annum, which interest is payable in shares of common stock, but is not payable until the maturity
date or upon acceleration or by prepayment of such note.
The
following terms shall apply to all of the above ONE44 note:
During
the first 60 to 180 days following the date of these notes, the Company has the right to prepay the principal and accrued but unpaid
interest due under the above notes issued to ONE44, together with any other amounts that the Company may owe ONE44 under the terms of
the note, at a premium ranging from 120% to 135% as defined in the relevant note. After this initial 180-day period, the Company does
not have a right to prepay such note.
The
conversion price for the above ONE44 notes ranges from 60% to 65% (representing a 35% to 40% discount) of the market price of the common
stock, which is based on the lowest closing bid prices of the common stock for the ten trading days immediately prior to the delivery
of a notice of conversion. Notwithstanding the foregoing, such notes are subject to 4.99% beneficial ownership limitations. All of the
above ONE44 notes are treated as stock settled debt under ASC 480 and accordingly the Company recorded a total of $133,305 during the
year ended June 30, 2023.
The
above ONE44 notes contain certain events of default, upon which principal and accrued interest will become immediately due and payable.
In addition, upon an event of default, interest on the outstanding principal shall accrue at a default interest rate of 24% per annum,
or if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. Further, certain
events of default may trigger penalty and liquidated damage provisions. In the event that the Company fails to deliver to ONE44 shares
of common stock issuable upon conversion of principal or interest under a ONE44 note, it will incur a penalty of $250 per day the shares
are not issued beginning on the 4th day after the conversion notice was delivered to the Company. This penalty increases to
$500 per day beginning on the 10th day. In the event that the Company loses the bid price of its common stock on OTC, such
ONE44 note does not incur penalty and instead the outstanding principal amount increases by 20%.
The
total principal amount outstanding under the above ONE44 notes was $118,111 and accrued interest of $4,726 as of June 30, 2023, following
conversion of $338,700 of the principal balance and $24,255 accrued interest during the year ended June 30, 2023. Accordingly, $182,376
of the put premium was released to additional paid in capital in respect to the purchase agreements with ONE44 during the year ended
June 30, 2023 following conversion of the principal balance.
The
total principal amount outstanding under the above ONE44 financing agreements were $84,500 and accrued interest of $5,861 as of September
30, 2023 following conversion of $33,611 of the principal balance and $2,136 accrued interest during the three months ended September
30, 2023. Accordingly, $21,510 of the put premium was released to additional paid in capital in respect to the ONE44 financing agreements
during the three months ended September 30, 2023 following conversion of the principal balance.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
GS
Capital Partners Securities Purchase Agreements
August
12, 2022 Securities Purchase Agreement
On
August 12, 2022, the Company entered into a securities purchase agreement (the “GS Capital Purchase Agreement”) with GS Capital
Partners, LLC (“GS Capital”), pursuant to which GS Capital purchased a convertible redeemable note (the “GS Capital
Note”) from the Company in the aggregate principal amount of $93,000, such principal and the interest thereon was convertible into
shares of common stock at the option of GS Capital. The transaction contemplated by the GS Capital Purchase Agreement closed on August
16, 2022. The GS Capital Note contained a $5,000 original issue discount. Pursuant to the terms of the GS Purchase Agreement, the Company
paid $3,000 for GS Capital’s legal fees. The Company used the net proceeds ($85,000) from the GS Capital Note for general working
capital purposes.
The
maturity date of the GS Capital Note was April 12, 2023, but was extended to August 12, 2023 in April 2023. The GS Capital Note bore
interest at a rate of 8% per annum, which interest was payable in shares of common stock, but was not payable until the maturity date
or upon acceleration or by prepayment of such note. The GS Capital Note was exchangeable for an equal aggregate principal amount of notes
of different authorized denominations, as requested by GS Capital by surrendering the same. GS Capital was entitled, at its option, at
any time after cash payment, to convert all or any amount of the principal face amount of the GS Capital Note then outstanding into shares
of common stock at a price per share equal to $2.80 per share (the “Fixed Price”). However, in the event the common
stock trades below $2 per share for more than five consecutive trading days, then the Fixed Price became $1.30 per share. In the event
of default, such conversion price equaled 65% of the lowest trading price of the common stock reported on the OTC Markets or other exchange
for the ten prior trading days, including the day upon which a notice of conversion was received by the Company. The GS Capital Note
was subject to a 4.99% beneficial ownership limitation.
Additionally,
such conversion price were adjusted when the Company issued securities with more favorable conversion terms. The effective conversion
price of this note was 60% (representing a 40% discount) of the market price, which was the lowest closing bid prices of the Common Stock
for the ten trading days immediately prior to the delivery of a Notice of Conversion.
September
21, 2022 Securities Purchase Agreement
On
September 21, 2022, the Company entered into a securities purchase agreement with GS Capital, pursuant to which GS Capital purchased
a convertible redeemable note from the Company in the aggregate principal amount of $71,500, such principal and the interest thereon
convertible into shares of common stock at the option of GS Capital. The transaction contemplated by such purchase agreement closed on
September 26, 2022. Such note contains a $4,000 original issue discount. Pursuant to the terms of such purchase agreement, the Company
paid $2,500 for GS Capital’s legal fees. The Company used the net proceeds ($65,000) from such note for general working capital
purposes.
The
maturity date of such note is March 21, 2023 but was extended to March 21, 2024 in April 2023. Such note bears interest at a rate of
8% per annum, which interest is payable in shares of common stock, but is not payable until the maturity date or upon acceleration or
by prepayment of such note. Such note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations,
as requested by GS Capital surrendering the same. GS Capital is entitled, at its option, at any time after cash payment, to convert all
or any amount of the principal face amount of the GS Capital Note then outstanding into shares of common stock at a price per share equal
to $2 (the “September Fixed Price”). However, in the event the common stock trades below $1.40 per share for more than
five consecutive trading days, then the September Fixed Price becomes $0.90 per share. In the event of default under such note, such
conversion price becomes 65% of the lowest trading price of the common stock as reported on the OTC Markets or other exchange for the
ten prior trading days, including the day upon which a notice of conversion is received by the Company. Such note is subject to 4.99%
beneficial ownership limitations.
Additionally,
the conversion price will be adjusted in favor of the note holder if the Company issues securities with more favorable conversion terms.
Currently, the effective conversion price of this note is 60% (representing a 40% discount) of the market price, which means the lowest
closing bid prices of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion.
August
23, 2023 Securities Purchase Agreement
On
August 23, 2023, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital
purchased a convertible redeemable note (the “GS Capital Note”) from the Company in the aggregate principal amount of $77,500,
such principal and the interest thereon convertible into shares of the Company’s common stock at the option of GS Capital. The
GS Capital Note contains a $5,000 original issue discount. Pursuant to the terms of the GS Purchase Agreement, the Company paid GS Capital’s
legal fees of $2,500. The Company intends to use the net proceeds from the GS Capital Note for general working capital purposes.
The
maturity date of the GS Capital Note is February 23, 2024. The GS Capital Note shall bear interest at a rate of 8% per annum, which interest
may be paid by the Company to GS Capital in shares of common stock but shall not be payable until the GS Capital Note becomes payable,
whether at the Maturity Date or upon acceleration or by prepayment. The GS Capital Note is exchangeable for an equal aggregate principal
amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price
for the GS Capital Note is equal to $0.04 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to
$0.02 per share in the event that the market price of the Common Stock trades below $0.03 per share for five consecutive trading days.
In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest trading price
of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment every thirty
calendar days during the period in which the Company remains in default. Pursuant to the Note, in the event that such conversion price
is below the par value of the Common Stock, the Company has agreed to take all steps to reduce such par value or conduct a reverse split
of its Common Stock, as applicable. Notwithstanding the foregoing, such conversion price and lookback periods are subject to adjustment
in favor of the Investor in the event the Company issues securities to another party with more favorable conversion terms, and such conversions
are subject to a 4.99% beneficial ownership limitation (which may be increased to 9.9% upon 60 days’ prior written notice from
the holder of the Note) and adjustments for mergers, consolidations, reorganizations and similar events set forth in the Note, other
than a transfer or sale of all or substantially all Company assets. Pursuant to the Note, the Company is required to maintain an initial
reserve of at least 400% of the number of Conversion Shares, subject to any increase of such reserved amount to reflect the Company’s
obligations under the Note.
The
above GS Capital notes were bifurcated from the embedded conversion option which was recorded as derivative liabilities at fair value.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
During
the first 60 to 180 days following the date of the above GS Capital notes, the Company has the right to prepay the principal and accrued
but unpaid interest due under the above notes issued to GS Capital, together with any other amounts that the Company may owe GS Capital
under the terms of the notes, at a premium ranging from 110% to 125% of the principal amount and interest of such note. After this initial
180-day period, the Company does not have a right to prepay such notes.
Upon
the occurrence and during the continuation of certain events of default, interest accrues at a default interest rate of 24% per annum
or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. In the event that
the Company fails to deliver to GS Capital shares of common stock issuable upon conversion of principal or interest under the above GS
Capital notes, the penalty becomes $250 per day for each day that the shares are not issued beginning on the 4th day after
the conversion notice was delivered to the Company. This penalty increases to $500 per day beginning on the 10th day. In the
event that the Company loses the bid price of its common stock on OTC, such GS Capital note does not incur penalty and instead the outstanding
principal amount increases by 20%.
The
total principal outstanding and accrued interest under the above GS Capital notes were $75,300 and $4,263, respectively, as of June 30,
2023, following conversion of $89,200 of the principal balance and $2,945 accrued interest during the year ended June 30, 2023. An aggregate
total of $75,300 of the above GS Capital notes were bifurcated with the embedded conversion option which were recorded as derivative
liabilities at fair value.
The
total principal outstanding and accrued interest under the above GS Capital notes were $82,000 and $887, respectively, as of September
30, 2023, following conversion of $70,800 of the principal balance and $5,184 accrued interest during the three months ended September
30, 2023. At September 30, 2023, an aggregate total of $82,000 of the above GS Capital notes were bifurcated with the embedded conversion option which are
recorded as derivative liabilities at fair value (see Note 11).
Coventry
Enterprises, LLC Securities Purchase Agreement
On
November 3, 2022, the Company entered into a Securities Purchase Agreement with Coventry Enterprises, LLC (“Coventry”), pursuant
to which the Company issued Coventry a promissory note from the Company in the aggregate principal amount of $125,000, such principal
and the interest thereon convertible into shares of the Company’s common stock following an event of default (the “Coventry
Note”). The Coventry Note contained a $25,000 original issue discount. The Company used the net proceeds of $100,000 from the Coventry
Note for general working capital purposes.
The
Coventry Note bore interest at a rate of 10% per annum, with $12,500 in guaranteed interest. The principal amount and the guaranteed
interest was due and payable in seven equal monthly payments of $19,643, commencing on March 24, 2023 and continuing on the 24th day
of each month thereafter until paid in full not later than October 24, 2023, or such earlier date as the Coventry Note was required or
permitted to be repaid and to pay such other interest to Coventry on the aggregate unconverted and then-outstanding principal amount
of the Coventry Note in accordance with the provisions thereof. Any or all of the principal amount and guaranteed interest may be pre-paid
at any time and from time to time, in each case without penalty or premium.
Additionally,
in the event that the Company files with the SEC a qualified offering statement on Form 1-A and such note was still outstanding for four
months since its issuance, Coventry had the right to convert all or portion of such note, including guaranteed interest, into shares
of common stock at the offering price used in connection with such offering.
At
any time following an event of default under the Coventry Note, it became convertible, in whole or in part, into shares of Common Stock
at the option of Coventry, at any time and from time to time thereafter (subject to the beneficial ownership limitations set forth therein).
The conversion price of the Coventry Note was ninety percent (90%) per share of the lowest per-share VWAP during the twenty (20) trading-day
period before the conversion (each, a “Calculated Conversion Price”). In the event that, within 30 calendar days either before
or after any conversion, the conversion price of which was based upon a Calculated Conversion Price, the Company consummates (in whole
or in part) any financing (whether such financing was equity, equity-equivalent, or debt or any combination thereof) or for any other
reason issues any shares of common stock or any common stock equivalents at a price less than the most recent Calculated Conversion Price
(the “Alternative Conversion Price”), regardless of when that note or instrument was originated, then, at the option of Coventry,
(i) if the conversion had not yet occurred, then the Alternative Conversion Price will be substituted for the Calculated Conversion Price
and (ii) if the conversion had occurred, then, within two trading days following Coventry’s written request, the Company was required
to issue to Coventry that number of shares of Common Stock equivalent to the difference between the number of shares of Common Stock
that had been issued using the Calculated Conversion Price and the number of shares of Common Stock that would have been issued using
the Alternative Conversion Price. Accordingly, the Coventry note is treated as stock settled debt under ASC 480 and the Company recorded
a total of $13,889 put premium during the year ended June 30, 2023.
Upon
the occurrence and during the continuation of certain events of default, interest on the Coventry Note accrues at a default interest
rate equal to the lesser of (i) 18% per annum or (ii) the maximum rate permitted by law. Subject to the beneficial ownership limitation
in the Coventry Note, if any event of default occurs, then the outstanding principal amount guaranteed interest plus accrued but unpaid
default rate interest, liquidated damages and other amounts owing on the Coventry Note through the date of acceleration became immediately
due and payable at Coventry’s option, in cash or in shares of common stock at the mandatory default amount, which was equal to
120% of all such amounts due on the Coventry Note. If the Company failed to deliver to Coventry such shares, the Company was required
to pay in cash an amount equal to the amount that the value of such shares exceeds the principal amount and interest of the attempted
conversion.
As
an additional inducement to Coventry entering into such agreement, the Company issued to Coventry 75,000 shares of common stock on the
issuance date of the Coventry Note, which was valued using the relative fair value method at $37,500 and recognized as debt discount
to be amortized over the term of such note.
The
Company failed to make the first installment payment due in March 2023 which was considered an event of default. The Company recorded
a default penalty of $25,000 as additional principal as of June 30, 2023.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
The
total principal amount outstanding and accrued interest under the above Coventry note was $144,951 including the default penalty as of
June 30, 2023 following conversion of $5,049 of the principal balance and $22,749 accrued interest during the year ended June 30, 2023.
Accordingly, $561 of the put premium was released to additional paid in capital in respect of such purchase agreements with Coventry
during the year ended June 30, 2023 following conversion of the principal balance.
In
July 2023, the Company fully paid the remaining principal including accrued interest for a total of $142,979. The total principal
amount outstanding and accrued interest under the above Coventry note was $0 following conversion of $5,049 of the principal balance
of $2,043 and interest of $357 during the three months ended September 30, 2023. Accordingly, $13,328 of the put
premium was released to additional paid in capital in respect of such purchase agreements with Coventry during the three months
ended September 30, 2023 following conversion of the principal balance.
Convertible
notes in default
None
of the outstanding convertible notes above were in default as of September 30, 2023.
Amortization
of debt discounts
The
Company recorded $92,500 and $127,418 of debt discounts related to the above note issuances during the three months ended September 30,
2023 and 2022, respectively. The Company recorded $88,846 and $115,769 of put premiums related to the above note issuances during the
three months ended September 30, 2023 and 2022, respectively. The debt discounts are being amortized over the term of the debt and the
put premiums are expensed on issuance of the debt with the liability released to additional paid in capital on conversion of the principal.
Amortization
of debt discounts associated with convertible notes for the three months ended September 30, 2023 and 2022 was $52,258
and $31,275,
respectively.
The
Company reclassified $34,838 and $133,646 in put premiums to additional paid in capital following conversions during the three months
ended September 30, 2023 and 2022, respectively.
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v3.23.3
STOCKHOLDERS’ DEFICIT
|
3 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ DEFICIT |
NOTE
7 – STOCKHOLDERS’ DEFICIT
Increase
in Authorized Shares of Common Stock and Reverse Stock Split
On
May 18, 2022, the board of directors of the Company approved and authorized, and the holders of a majority-in-interest of the Company’s
voting capital stock approved by written consent for the Company to file a certificate of amendment to its certificate of incorporation,
as amended (the “Certificate of Incorporation”), which increased the Company’s authorized capital stock. Such certificate
of amendment increased the number of authorized shares of common stock from 1,000,000,000 to 3,000,000,000 shares. The number of authorized
shares of preferred stock remained at 1,500,005 shares, such that the total number of authorized shares of capital stock increased to
3,001,500,005 shares. Such certificate of amendment was filed and became effective on July 6, 2022.
On
September 21, 2022, the board of directors of the Company approved and authorized, and the holders of a majority-in-interest of the Company’s
voting capital stock approved by written consent for the Company to file a certificate of amendment to its Certificate of Incorporation,
which increased the Company’s authorized capital stock. The Certificate increased the number of authorized shares of common stock
from 3,000,000,000 to 10,000,000,000 shares. The number of authorized shares of preferred stock remained at 1,500,005, such that the
total number of shares of authorized capital stock increased to 10,001,500,005 shares. Such certificate of amendment was filed and became
effective on November 4, 2022.
On
May 1, 2023, the Company filed a certificate of amendment to its certificate of incorporation, as amended, to effect a one-for-one thousand
(1:1,000) Reverse Stock Split (the “Reverse Stock Split”), effective as of May 1, 2023. Proportional adjustments for the
Reverse Stock Split were made to the Company’s outstanding stock options, warrants and equity incentive plans. All share and per-share
data and amounts have been retroactively adjusted as of the earliest period presented in the condensed consolidated financial statements
to reflect the Reverse Stock Split.
Preferred
Stock
The
total number of shares of preferred stock that the Company is authorized to issue is 1,500,005, $0.01 par value per share. These preferred
shares have no rights to dividends, profit sharing or liquidation preferences, subject to any such rights provided for such shares in
any certificate of designation filed by the Company with the State of Delaware.
Of
the total preferred shares authorized, 500,000 had been designated as Series A Preferred Stock (“Series A Preferred Stock”),
pursuant to the Certificate of Designation for the Series A Preferred Stock filed with the Secretary of State of the State of Delaware
on December 9, 2014. James Nathanielsz, the Company’s Chief Executive Officer and Chief Financial Officer and a director, beneficially
owned all of the outstanding shares of Series A Preferred Stock indirectly through North Horizon Pty Ltd., which entitled him, as a holder
of Series A Preferred Stock, to vote on all matters submitted or required to be submitted to a vote of the Company’s stockholders,
except election and removal of directors, and each share of Series A Preferred Stock entitled him to a total of 1 vote. North Horizon
Pty Ltd. is a Nathanielsz Family Trust. Mr. Nathanielsz had voting and investment power over these shares.
On
March 15, 2023, the Company filed a certificate with the Secretary of State of Delaware (the “Certificate of Retirement”),
effecting the retirement and cancellation of the Series A Preferred Stock to eliminate such Series A Preferred Stock. No shares of Series
A Preferred Stock are currently outstanding as they were redeemed by the Company in March 2023.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Pursuant
to a certificate of designation filed with the Secretary of State of the State of Delaware on June 16, 2015, five shares of preferred
stock have been designated as Series B Preferred Stock, par value $0.01 per share, of the Company (“Series B Preferred Stock”).
Each holder of shares of Series B Preferred Stock is entitled to voting power equivalent to the number of votes equal to the total number
of shares of common stock outstanding as of the record date for the determination of stockholders entitled to vote at each meeting of
stockholders of the Company and entitled to vote on all matters submitted or required to be submitted to a vote of the stockholders of
the Company. One share of Series B Preferred Stock is issued and outstanding as of September 30, 2023 and June 30, 2023. Mr. Nathanielsz,
the Company’s Chief Executive Officer, directly beneficially owns such one share of Series B Preferred Stock.
No
additional shares of Series A Preferred Stock or Series B Preferred Stock were issued during the three months ended September 30, 2023
and fiscal year 2023.
Common
Stock:
Shares
issued for conversion of convertible debt
From
July 1, 2023 through September 30, 2023, the Company issued an aggregate of 4,898,307 shares of its common stock and common stock issuable
of 626,229 at an average contractual conversion price of $0.02 as a result of the conversion of principal of $106,454, interest of $7,677
and conversion fees $1,437 underlying certain outstanding convertible notes converted during such period. The total recorded to equity
was $229,190 including the $113,622 discussed below. The common stock issuable of 626,229 shares were issued on October 3, 2023.
Included
in the above conversions during the three months ended September 30, 2023, convertible notes with principal aggregate amount of $70,800,
accrued interest of $5,184 and conversion fees of $1,437 containing bifurcated embedded conversion option derivatives were converted
into common stock. Accordingly, the fair market value of the shares issued upon conversion was $191,043, resulting in a loss on extinguishment
at the time of conversion of $113,622 and $147,932 of derivative liability fair value was recorded as a gain on extinguishment at the
time of conversion, resulting in a net gain of $34,310 which is included in gain (loss) on extinguishment of debt in the accompanying
condensed consolidated statements of operations.
The
Company reclassified $34,838 from put premium liabilities to additional paid in capital following conversions during the three months
ended September 30, 2023.
The
Company has 3,818,041,727 shares of its common stock reserved for future issuances based on lender reserve requirements pursuant to underlying
financing agreements at September 30, 2023.
Shares
issued for issuable shares
As
of June 30, 2023, there was common stock issuable of 1,621,653 as of June 30, 2023. The common stock issuable of 1,621,653
were issued in July 2023.
Shares
issued for exercise of warrants
During
the three months ended September 30, 2023, the Company issued an aggregate of 2,282,000 shares of common stock from the alternate cashless
exercise of 0.0114 Series A warrants with an original exercise price of $200,000 and alternate cashless exercise price of $0.001 or the
par value of common stock.
The
Alternate Cashless Exercise provision, for a cashless conversion at the holder’s option, is available should the trading price
of the Company’s common stock fall below $200,000 per share calculated based on the difference between the exercise price of the
Series A Warrant and 70% of the market price. The Company recognized the value of the effect of a down round feature in such warrants
when triggered. Upon the occurrence of the triggering event that resulted in a reduction of the strike price, the Company measured the
value of the effect of the feature as the difference between the fair value of the warrants without the down round feature or before
the strike price reduction and the fair value of the warrants with a strike price corresponding to the reduced strike price upon the
down round feature being triggered. Accordingly, the Company recognized deemed dividend of $142,575 during the three months ended September
30, 2023 and a corresponding reduction of income available to common stockholders upon the alternate cashless exercise of these warrants.
Restricted
Stock Units
Pursuant
to employment agreements dated in May 2019, the Company granted an aggregate of 0.078 and 0.039 restricted stock unit to the Company’s
Chief Executive Officer and Chief Scientific Officer, respectively. The total 0.117 restricted stock units are subject to vesting terms
as defined in the employment agreements. The 0.117 restricted stock units were valued at the fair value of approximately $4,250,000 per
unit or $497,240 based on the quoted trading price on the date of grant. There were $248,620 unrecognized restricted stock units expense
as of September 30, 2023 and June 30, 2023. There are 0.06 unvested restricted stock units which are subject to various performance conditions
which have not yet been met and such restricted stock units have not yet vested as of September 30, 2023 to which the $248,620 relates
to.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Stock
Warrants:
The
following table summarizes warrant activity for the three months ended September 30, 2023:
SCHEDULE
OF WARRANT ACTIVITY
| |
| | |
Weighted | |
| |
Number
of | | |
Average | |
| |
Shares | | |
Price
Per Share | |
Outstanding
at June 30, 2023 | |
| 3,396 | | |
$ | 5,440 | |
Granted | |
| 15,000,000 | | |
| 0.01 | |
Exercised | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Outstanding
at September 30, 2023 | |
| 15,003,396 | * | |
$ | 1.24 | |
| |
| | | |
| | |
Exercisable
at September 30, 2023 | |
| 15,003,378 | | |
$ | 1.24 | |
Outstanding
and Exercisable: | |
| | | |
| | |
| |
| | | |
| | |
Weighted
average remaining contractual term | |
| 2.76 | | |
| | |
Aggregate
intrinsic value | |
$ | - | | |
| | |
* |
The
total warrants of 15,003,396 above which are exercisable into common stock consisted of the following: |
SCHEDULE
OF WARRANT OUTSTANDING AND EXERCISABLE
| |
Number
of Warrants | | |
Exercisable | |
Series
A warrants | |
| 10 | | |
| 10 | |
Series
B warrants | |
| 17 | | |
| 17 | |
Series
C warrants | |
| 64 | | |
| 46 | |
Warrants
with no class designation | |
| 15,003,305 | | |
| 15,003,305 | |
Total | |
| 15,003,396 | | |
| 15,003,378 | |
Exercise
of Warrants
During
the three months ended September 30, 2023, the Company issued an aggregate of 2,282,000 shares of common stock from the alternate cashless
exercise of 0.0114 Series A warrants with an original exercise price of $200,000 and alternate cashless exercise price of $0.001 or the
par value of common stock.
Warrants
Granted to Lender – Related Party
July
5, 2023, the Company and an institutional investor affiliated with one of our directors, Josef Zelinger, entered into a letter agreement,
pursuant to which such investor loaned the Company an aggregate of $230,000 AUD ($153,256 USD). Pursuant to such agreement, the term
of such loan is three (3) years, ending on July 5, 2026, with an interest rate of 10% to be paid monthly in arrears. In connection with
such loan, the Company issued 15,000,000 warrants to purchase common stock to such investor immediately exercisable at an initial exercise
price of $0.01 per share (subject to certain adjustments such as stock dividend, stock splits, subsequent right offering and pro-rata
distribution) with an expiry date of July 5, 2026. The Company accounted for the 15,000,000 warrants issued with this loan payable by
using the relative fair value method. The total debt discount which is equivalent to the relative fair value of the warrants of $141,084
using a Black-Scholes model with the following assumptions: stock price at valuation date of $0.119 based on the closing price of common
stock at date of grant, exercise price of $0.01, dividend yield of zero, expected term of 3.00, a risk-free rate of 4.59%, and expected
volatility of 268% and was recorded to additional paid in capital (see Note 5).
Stock
Options:
A
summary of the Company’s option activity during the three months ended September 30, 2023 is presented below:
SCHEDULE
OF SHARE BASED COMPENSATION STOCK OPTIONS ACTIVITY
| |
| | |
Weighted | |
| |
Number
of | | |
Average
Exercise | |
| |
Shares | | |
Price
Per Share | |
Outstanding
at June 30, 2023 | |
| 0.059 | | |
$ | 4,533,000 | |
Granted | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Outstanding
at September 30, 2023 | |
| 0.059 | | |
$ | 4,533,000 | |
| |
| | | |
| | |
Exercisable
at September 30, 2023 | |
| 0.059 | | |
$ | 4,533,000 | |
Outstanding
and Exercisable: | |
| | | |
| | |
| |
| | | |
| | |
Weighted
average remaining contractual term | |
| 5.62 | | |
| | |
Weighted
average fair value of options granted during the period | |
$ | - | | |
| | |
Aggregate
intrinsic value | |
$ | - | | |
| | |
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
On
the Effective Date, the Company’s board of directors approved and adopted the Company’s 2019 Equity Incentive Plan (the “2019
Plan”), which reserves a total of 234 shares of the Company’s common stock for issuance under the 2019 Plan. Incentive awards
authorized under the 2019 Plan include, but are not limited to, incentive stock options, non-qualified stock options, restricted stock
awards and restricted stock units.
During
the three months ended September 30, 2023 and 2022, the Company recognized stock-based compensation of $0 for both periods from vested
stock options. There was $0 of unvested stock options expense as of September 30, 2023. No stock options were granted during the three
months ended September 30, 2023.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
8 – COMMITMENTS AND CONTINGENCIES
Legal
Matters
From
time to time, the Company may be subject to litigation and claims arising in the ordinary course of business. The Company is not currently
a party to any material legal proceedings and the Company is not aware of any pending or threatened legal proceeding against the Company
that we believe could have a material adverse effect on our business, operating results, cash flows or financial condition.
IRS
Liability
As
part of its requirement for having a foreign operating subsidiary, the Company’s parent U.S. entity is required to file an informational
Form 5471 to the Internal Revenue Service (the “IRS”), which is a form that explains the nature of the relationship between
the foreign subsidiary and the parent company. From 2012 through the 2014, the Company did not file this form in a timely manner. As
a result of the non-timely filings, the Company incurred a penalty from the IRS in the amount of $10,000 per year, or $30,000 in total,
plus accrued interest, such penalty and interest having been accrued and is included in the accrued expenses and other payable figure
in the September 30, 2023 and June 30, 2023 consolidated balance sheets. The Company recorded the penalties for all three years during
the year ended June 30, 2018. The Company is current on all subsequent filings.
Operating
Agreements
In
November 2009, the Company entered into a commercialization agreement with the University of Bath (UK) (the “UK University”),
whereby the Company and the UK University co-owned the intellectual property relating to the Company’s pro-enzyme formulations.
In June 2012, the Company and the UK University entered into an assignment and amendment whereby the Company assumed full ownership of
the intellectual property, while agreeing to pay royalties of 2% of net revenues to the UK University. Additionally, the Company agreed
to pay 5% of each and every license agreement subscribed for. The contract is cancellable at any time by either party. To date, no amounts
are owed under the agreement.
Collaboration
Agreement
On
September 13, 2018, the Company entered into a two-year collaboration agreement with the University of Jaén (the “University”)
to provide certain research services to the Company. In consideration of such services, the Company agreed to pay the University approximately
52,000 Euros ($59,508 USD) in year one and a maximum of 40,000 Euros ($45,775 USD) in year two. Additionally, in exchange for full ownership
of the intellectual property, the Company agreed to pay royalties of 2% of net revenues to the University.
On
October 1, 2020, the Company entered into another two-year collaboration agreement with the University to provide certain research services
to the Company. In consideration of such services, the Company agreed to pay the University approximately 30,000 Euros ($35,145 USD),
which were paid in four installment payment of 5,000 Euros in November 2020, 5,000 Euros ($5,858) in March 2021, 10,000 Euros ($11,715)
in December 2021 and 10,000 Euros ($11,715) in September 2022. Additionally, the University agreed to hire and train a doctoral student
for this project and the Company agreed to pay the University 25,837 Euros ($30,268 USD). In exchange for full ownership of the intellectual
property, the Company agreed to pay royalties of 2% of net revenues to the University.
On
July 27, 2022, the Company entered into a two-year research agreement with the University to provide certain research and experiment
services to the Company. One of the Company’s Scientific Advisory Board is the lead joint researcher of the University. In exchange
for full ownership of the intellectual property, the Company agreed to pay royalties of 1% of net revenues each to two members of the
Scientific Advisory Board. In consideration of such services, the Company agreed to pay the University approximately 53,200 Euros ($53,806
USD) payable as follows:
-
18,200 Euros ($18,407 USD) upon execution (paid in August 2022),
-
8,000 Euros ($8,091 USD) in September 2022 (unpaid),
-
7,000 Euros ($7,080 USD) in December 2022 (unpaid),
-
10,000 Euros ($10,114 USD) in March 2023 (unpaid), and
-
10,000 Euros ($10,114 USD) in July 2023 (unpaid).
The
commencement date for the experiments was on September 1, 2022, and the estimated length of time for completion is 24 months.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
As
of September 30, 2023 and June 30, 2023, the Company has $24,446 and $18,056, respectively, balance due to the University for unreimbursed
lab fees, which are included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. As
of September 30, 2023 and June 30, 2023, there are no royalty fees owed to the University.
Consulting
Agreement
On
July 1, 2022, the Company and a consultant agreed to extend the term of a consulting agreement from July 1, 2022 to June 30, 2023 to
provide media-related services for a monthly fee of $50,000. In addition, the Company agreed to pay a stock fee equal to 9.9% of the
outstanding common stock of the Company during the term of the agreement. The Company agreed to increase the consultant’s diluted
holdings back to 9.9% and accrue the value of the common stock at each reporting period until June 30, 2023. All service fees are non-refundable.
In November 2022, the Company and the consultant agreed to discontinue the monthly cash portion fee. On November 16, 2022, the Company
issued 73,301 shares of common stock to this consultant for services rendered from July 2022 to November 2022. Additionally, on June
30, 2023, the Board approved the issuance of 608,423 shares of the Company’s common stock to this consultant for services rendered
from April 2023 to June 2023. The Company did not renew this agreement after the end of the term on June 30, 2023. Accordingly, the Company
has $0 balance owed to such consultant as of September 30, 2023.
Operating
Lease – Related Party
On
May 4, 2022, the Company entered in a three-year lease agreement with North Horizon Pty Ltd., a related party, (see Note 9) for a monthly
rent of $3,000 AUD or $2,176 USD (depending on exchange rate) per month plus taxes. On May 4, 2022, the Company recorded right-of-use
assets $66,201 and total lease liabilities of $66,201 based on an incremental borrowing rate of 8%.
ROU
is summarized below:
SCHEDULE
OF RIGHT OF USE ASSET
| |
September
30, 2023 | | |
June
30, 2023 | |
Office
lease | |
$ | 66,201 | | |
$ | 66,201 | |
Less:
accumulated amortization | |
| (33,722 | ) | |
| (27,213 | ) |
Right-of-use
asset, net | |
$ | 32,479 | | |
$ | 38,988 | |
Operating
Lease liabilities are summarized below:
SCHEDULE
OF OPERATING LEASE LIABILITY
| |
September
30, 2023 | | |
June
30, 2023 | |
Office
lease | |
$ | 66,201 | | |
$ | 66,201 | |
Reduction
of lease liability | |
| (31,894 | ) | |
| (25,418 | ) |
Less:
office lease, current portion | |
| (21,161 | ) | |
| (21,505 | ) |
Long
term portion of lease liability | |
$ | 13,146 | | |
$ | 19,278 | |
Remaining
future minimum lease payments under non-cancelable operating lease at September 30, 2023 are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS
| |
| | |
Fiscal
Year 2024 | |
$ | 17,356 | |
Fiscal
Year 2025 | |
| 19,284 | |
Imputed
interest | |
| (2,333 | ) |
Total
operating lease liability | |
$ | 34,307 | |
The
weighted average remaining lease term for the operating lease is 1.52 years as of September 30, 2023.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
9 – RELATED PARTY TRANSACTIONS
Since
its inception, the Company has conducted transactions with its directors and entities related to such directors.
These
transactions have included the following:
As
of September 30, 2023 and June 30, 2023, the Company owed its former director a total of $28,581 and $29,630, respectively, related to
expenses paid on behalf of the Company related to corporate startup costs and intellectual property (see Note 4).
As
of September 30, 2023 and June 30, 2023, the Company owed its former director a total of $47,567 and $49,314, respectively, for money
loaned to the Company, throughout the years. The total loans balance owed at September 30, 2023 and June 30, 2023 is not interest bearing
(see Note 5).
Effective
May 5, 2016, the Company entered into an agreement for the lease of its principal executive offices with North Horizon Pty Ltd., a related
party, of which Mr. Nathanielsz, our CEO, CFO and a director, and his wife are owners and directors. The lease had a five-year term and
provided for annual rental payments of $39,600 AUD or $28,325 USD, which includes $3,600 AUD or $2,575 USD of goods and service tax for
total payments of $198,000 AUD or $141,629 USD during the term of the lease. Such lease expired in May 2021 and was renewed for another
one-year term from May 2021 to May 2022. On May 4, 2022, the Company entered into a three-year lease agreement with North Horizon Pty
Ltd. for a monthly rent of $3,000 AUD or $2,176 USD (depending on exchange rate) per month plus taxes (See Note 9). As of September 30,
2023 and June 30, 2023, total rent payable of $167,129 AUD ($107,430 USD) and $158,129 AUD ($105,377 USD), respectively, was included
in accrued expenses in the accompanying condensed consolidated balance sheet. Rent expense under those lease was $7,149 and $6,373 the
three months ended September 30, 2023 and 2022, respectively and reflected as occupancy expenses – related party in the accompanying
condensed consolidated statements of operations and comprehensive income (loss).
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Loan
payable -long-term- Related Party
July
5, 2023, the Company and an institutional investor affiliated with one of our directors, Josef Zelinger, entered into a letter agreement,
pursuant to which such investor loaned the Company an aggregate of $230,000 AUD ($153,256 USD). Pursuant to such agreement, the term
of such loan is three (3) years, ending on July 5, 2026, with an interest rate of 10% to be paid monthly in arrears. In connection with
such loan, the Company issued 15,000,000 warrants to purchase common stock to such investor immediately exercisable at an initial exercise
price of $0.01 per share (subject to certain adjustments such as stock dividend, stock splits, subsequent right offering and pro-rata
distribution) with an expiry date of July 5, 2026 (see Note 5).
Employment
and Services Agreements with Management
The
Company and Mr. Nathanielsz entered into an employment agreement as of February 25, 2015 (the “Nathanielsz Employment Agreement”)
setting forth the terms and conditions of Mr. Nathanielsz’s employment as the Company’s President and Chief Executive Officer.
The Nathanielsz Employment Agreement was scheduled to expire on February 25, 2019; however, the term of the Nathanielsz Employment Agreement
automatically renews for successive one-year periods unless either party provides 30 days’ prior written notice of his or its intent
not to renew. The Nathanielsz Employment Agreement continues in effect as of June 30, 2023, as amended on October 26, 2022 (see below).
The Nathanielsz Employment Agreement provides Mr. Nathanielsz with a base salary of $25,000 AUD per month ($300,000 AUD annually or $205,680
USD) and a monthly contribution to Mr. Nathanielsz’s pension equal to 9.5% of his monthly salary. Mr. Nathanielsz has the ability
to convert any accrued but unpaid salary into common stock at the end of each fiscal year at a conversion price to be determined by Mr.
Nathanielsz and the Company, which will in no event be lower than par value or higher than the closing bid price on the date of conversion.
Pursuant to the Nathanielsz Employment Agreement, Mr. Nathanielsz is entitled to an annual discretionary bonus in an amount up to 200%
of his annual base salary, which bonus shall be determined by the Company’s board of directors based upon the performance of the
Company. On March 16, 2018, the Company’s board of directors approved an increase of Mr. Nathanielsz’s annual base salary
from $300,000 AUD ($205,680 USD) to $400,000 AUD ($274,240 USD), effective February 2018. On August 1, 2022, the Company’s board
of directors approved an increase of Mr. Nathanielsz’s annual base salary from $400,000 AUD ($309,313 USD) to $600,000 AUD ($414,900
USD), effective July 1, 2022.
Mr.
Nathanielsz’s wife, Sylvia Nathanielsz, is and has been a non-executive, part-time employee of the Company since October 2015.
Effective February 1, 2018, Mrs. Nathanielsz receives an annual salary of $120,000 AUD ($80,904 USD) and is entitled to customary benefits.
Pursuant
to a February 25, 2016 board resolution, James Nathanielsz was paid $4,481 AUD ($3,205 USD), on a monthly basis for the purpose of acquiring
and maintaining an automobile. For the year ended June 30, 2022, a total of $7,689 AUD ($5,577 USD) in payments have been made with respect
to Mr. Nathanielsz’s car allowance which expired in August 2022. No payments were made during the three months ended September
30, 2023 and during fiscal 2023.
On
August 12, 2021, the Board approved a bonus of $177,840 USD. A total of $221,890 AUD ($166,418 USD) in payments were made against the
bonuses during the year ended June 30, 2021 resulting in a remaining balance of $422,610 AUD ($316,957 USD) bonus payable as of June
30, 2021 which was included in accrued expenses in the accompanying consolidated balance sheet. On August 12, 2021, pursuant to the Cancellation
Agreement, Mr. Nathanielsz agreed to cancel $177,840 of the bonus payable in exchange for 5,928,000 shares of the Company’s Common
Stock. On August 1, 2022, the Board approved a bonus of $140,000 AUD or $96,810 USD. A total of $144,166 AUD ($99,691 USD) in payments
were made in respect of the bonuses during the year ended June 30, 2022 resulting in a remaining balance of $181,324 AUD ($125,386 USD)
bonus payable as of June 30, 2022, which was included in accrued expenses in the accompanying consolidated balance sheet. A total of
$73,387 AUD ($48,905 USD) in payments were made in respect of the bonuses during the year ended June 30, 2023, resulting in a remaining
balance of $107,937 AUD ($71,929 USD) bonus payable as of June 30, 2023 which was included in accrued expenses in the accompanying condensed
consolidated balance sheet. A total of $25,000 AUD ($16,070 USD) in payments were made in respect of the bonuses during the three months
ended September 30, 2023, resulting in a remaining balance of $82,937 AUD ($53,312 USD) bonus payable as of September 30, 2023 which
was included in accrued expenses in the accompanying condensed consolidated balance sheet.
Amended
and Restated Employment Agreement
On
May 14, 2019 (the “Effective Date”), the Company entered into an Amended and Restated Employment Agreement (the “Employment
Agreement”) with Mr. Nathanielsz for a term of three years, subject to automatic one-year renewals, at an annual salary of $400,000
AUD ($309,313 USD). Pursuant to the Employment Agreement, Mr. Nathanielsz was granted options to purchase 0.04 shares of common stock
(the “Nathanielsz Options”), with an exercise price per share of $4,675,000 (110% of the closing market price of the common
stock on May 14, 2019 (or $4,250,000), the date of approval of such grant by the Board), (ii) 0.04 restricted stock units of the Company
(the “Initial Nathanielsz RSUs”), and (iii) an additional 0.04 restricted stock units of the Company (the “Additional
Nathanielsz RSUs”). Such options and restricted stock units were granted pursuant to the 2019 Plan approved by the Board on the
Effective Date. The Nathanielsz Options have a term of 10 years from the date of grant. The Nathanielsz Options and Additional Nathanielsz
RSU’s are subject to vesting periods pursuant to the Employment Agreement. There are 0.04 vested options and 0.04 restricted stock
units that are considered issuable as of September 30, 2023 and June 30, 2023.
On
October 26, 2022, the Company entered into an Amended and Restated Employment Agreement (the “Amended Agreement”) with Mr.
Nathanielsz, effective as of July 1, 2022, (the “2022 Effective Date”). The Amended Agreement provides Mr. Nathanielsz with
a base salary of $600,000 AUD ($414,900 USD) per annum. The Company has also agreed to pay Mr. Nathanielsz an annual discretionary bonus
in an amount up to 100% of his annual base salary, reduced from 200%, which bonus shall be determined by the Board and based upon the
performance of the Company. The Amended Agreement has a term of three (3) years from the 2022 Effective Date, with automatic one-year
renewal periods unless either party elects not to renew.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Amended
and Restated Employment Agreement
On
May 14, 2019, the Company entered into an Amended and Restated Services Agreement (the “Services Agreement”) with Dr. Kenyon,
the Company’s Chief Scientific Officer and a director, for a term of three years, subject to automatic one-year renewals, at an
annual salary of $54,000 AUD ($41,580 USD). In connection with the execution of the Services Agreement, Dr. Kenyon was designated as
an executive officer of the Company and assumed a more active executive role with the Company. Pursuant to the Services Agreement, Dr.
Kenyon was granted options to purchase 0.02 shares of common stock (the “Kenyon Options”), with an exercise price per share
of $4,250,000 (100% of the closing market price of the common stock on May 14, 2019, the date of approval of such grant by the Board),
(ii) 0.02 restricted stock units of the Company (the “Initial Kenyon RSUs”), and (iii) an additional 0.02 restricted stock
units of the Company (the “Additional Kenyon RSUs”). Such options and restricted stock units were granted pursuant to the
2019 Plan. The Kenyon Options have a term of 10 years from the date of grant. The Kenyon Options and Additional Kenyon RSU’s are
subject to vesting periods pursuant to the Services Agreement. There are 0.02 vested options and 0.02 vested restricted stock unit that
are considered issuable as of September 30, 2023 and June 30, 2023.
On
August 12, 2021, pursuant to a Cancellation Agreement, Mr. Kenyon agreed to cancel accrued salaries of $102,600 in exchange for 3,420
shares of common stock of the Company. As of September 30, 2023 and June 30, 2023, total accrued salaries of $107,500 AUD ($69,101 USD)
and $96,000 AUD ($64,627 USD), respectively, were included in accrued expenses in the accompanying condensed consolidated balance sheets.
Intercompany
Loans
All
intercompany loans were made by the parent to the Company’s subsidiary, Propanc PTY LTD, none of which has been repaid as of September
30, 2023. Effective fiscal year 2021, the parent company determined that intercompany loans will not be repaid in the foreseeable future
and thus, per ASC 830-20-35-3, gains and losses from measuring the intercompany balances are recorded within cumulative translation adjustment
on the condensed consolidated balance sheet as accumulated other comprehensive income.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
CONCENTRATIONS AND RISKS
|
3 Months Ended |
Sep. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS AND RISKS |
NOTE
10 – CONCENTRATIONS AND RISKS
Concentration
of Credit Risk
The
Company maintains its cash in banks and financial institutions in Australia. Bank deposits in Australian banks are uninsured. The Company
has not experienced any losses in such accounts through September 30, 2023.
The
Company primarily relied on funding from four convertible and non-convertible debt lenders and received net proceeds after deductions
of $34,500 for original issue discounts and debt issue costs during the three months ended September 30, 2023 from each of the four lenders
of $150,000, $70,000, $120,000 and $153,256, respectively which represents approximately 30%, 14%, 24% and 32%, respectively of total
proceeds received by the Company during the three months ended September 30, 2023.
The
Company primarily relied on funding from three convertible debt lenders and received net proceeds after deductions of $33,750 for original
issue discounts and debt issue costs during the three months ended September 30, 2022 from each of the three lenders of $101,250, $94,500
and $150,000, respectively, which represents approximately 29%, 27% and 44%, respectively of total proceeds received by the Company during
the three months ended September 30, 2022.
Receivable
Concentration
As
of September 30, 2023 and June 30, 2023, the Company’s receivables were 100% related to reimbursements on GST taxes paid.
Patent
and Patent Concentration
The
Company has filed multiple patent applications relating to its lead product, PRP. The Company’s lead patent application has been
granted and remains in force in the United States, Belgium, Czech Republic, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal,
Spain, Sweden, Switzerland, Liechtenstein, Turkey, United Kingdom, Australia, China, Japan, Indonesia, Israel, New Zealand, Singapore,
Malaysia, South Africa, Republic of Korea, India and Brazil. In Canada and Mexico, the patent applications have been accepted as of fiscal
year 2023.
In
2016 and early 2017, the Company filed other patent applications. Three applications were filed under the Patent Cooperation Treaty (the
“PCT”). The PCT assists applicants in seeking patent protection by filing one international patent application under the
PCT, applicants can simultaneously seek protection for an invention in over 150 countries. Once filed, the application is placed under
the control of the national or regional patent offices, as applicable, in what is called the national phase. One of the PCT applications
filed in November 2016, entered national phase in July 2018 and another PCT application entered national phase in August 2018. A third
PCT application entered the national phase in October 2018.
In
July 2020, a world-first patent was granted in Australia for the cancer treatment method patent family. Presently, there are 62 granted,
allowed, or accepted patents and 14 patents filed, or under examination in key global jurisdictions relating to the use of proenzymes
against solid tumors, covering the lead product candidate PRP.
Further
patent applications are expected to be filed to capture and protect additional patentable subject matter based on the Company’s
field of technology relating to pharmaceutical compositions of proenzymes for treating cancer.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Foreign
Operations
As
of September 30, 2023 and June 30, 2023, the Company’s operations are based in Camberwell, Australia; however, the majority of
research and development is being conducted in the European Union.
On
July 22, 2016, the Company formed a wholly-owned subsidiary, Propanc (UK) Limited under the laws of England and Wales, for the purpose
of submitting an orphan drug application with the European Medicines Agency as a small and medium-sized enterprise. As of September 30,
2023 and June 30, 2023, there has been no activity within this entity.
|
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- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.3
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
|
3 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS |
NOTE
11 - DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Derivative
Financial Instruments:
The
Company applies the provisions of ASC 815-40, Contracts in Entity’s Own Equity, under which convertible instruments and
warrants, which contain terms that protect holders from declines in the stock price (reset provisions), may not be exempt from derivative
accounting treatment. As a result, warrants and embedded conversion options in convertible debt are recorded as a liability and are revalued
at fair value at each reporting date. If the fair value of the warrants exceeds the face value of the related debt, the excess is recorded
as change in fair value in operations on the issuance date. The Company had $82,000 (2 notes) and $75,300 (2 notes) of convertible debt,
which were treated as derivative instruments outstanding at September 30, 2023 and June 30, 2023, respectively.
The
Company calculates the estimated fair values of the liabilities for derivative instruments using the Binomial Trees Method. The closing
price of the Company’s common stock at September 30, 2023, the last trading day of the period ended September 30, 2023, was $0.024.
The volatility, expected remaining term and risk-free interest rates used to estimate the fair value of derivative liabilities at September
30, 2023 are indicated in the table that follows. The expected term is equal to the remaining term of the warrants or convertible instruments
and the risk-free rate is based upon rates for treasury securities with the same term.
Convertible
Debt
SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING, VALUATION TECHNIQUES
| |
Initial
Valuations (on new derivative instruments entered into
during the three months ended September 30, 2023) | | |
September
30, 2023 | |
Volatility | |
| 327.58 | % | |
| 328 | % |
Expected
Remaining Term (in years) | |
| 0.50 | | |
| 0.40
- 0.47 | |
Risk
Free Interest Rate | |
| 5.55 | % | |
| 5.53 | % |
Expected
dividend yield | |
| None | | |
| None | |
Fair
Value Measurements:
The
Company measures and reports at fair value the liability for derivative instruments. The fair value liabilities for price adjustable
warrants and embedded conversion options have been recorded as determined utilizing the Binomial Trees model. The following tables summarize
the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and June 30,
2023:
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS
| |
Balance
at September 30, 2023 | | |
Quoted
Prices in Active Markets for Identical Assets | | |
Significant
Other Observable Inputs | | |
Significant
Unobservable Inputs | |
| |
| | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
Embedded
conversion option liabilities | |
$ | 119,069 | | |
$ | — | | |
$ | — | | |
$ | 119,069 | |
Total | |
$ | 119,069 | | |
$ | — | | |
$ | — | | |
$ | 119,069 | |
| |
Balance
at June 30, 2023 | | |
Quoted
Prices in Active Markets for Identical Assets | | |
Significant
Other Observable Inputs | | |
Significant
Unobservable Inputs | |
| |
| | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
Embedded
conversion option liabilities | |
$ | 423,209 | | |
$ | — | | |
$ | — | | |
$ | 423,209 | |
Total | |
$ | 423,209 | | |
$ | — | | |
$ | — | | |
$ | 423,209 | |
The
following is a roll forward for the three months ended September 30, 2023 of the fair value liability of price adjustable derivative
instruments:
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE
| |
Fair
Value of | |
| |
Liability
for | |
| |
Derivative | |
| |
Instruments | |
Balance
at June 30, 2023 | |
$ | 423,209 | |
Beginning balance | |
$ | 423,209 | |
Initial
fair value of embedded conversion option derivative liability recorded as debt discount | |
| 70,000 | |
Initial
fair value of embedded conversion option derivative liability recorded as derivative expense | |
| 77,721 | |
Reduction
of derivative liability upon debt conversion | |
| (147,932 | ) |
Change
in fair value included in statements of operations | |
| (303,929 | ) |
Balance
at September 30, 2023 | |
$ | 119,069 | |
Ending balance | |
$ | 119,069 | |
|
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
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v3.23.3
SUBSEQUENT EVENTS
|
3 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
12 – SUBSEQUENT EVENTS
Shares
issued for conversion of convertible debt
Between
October 2023 and November 2023, the Company issued an aggregate of 6,059,502 shares of its common stock at a contractual conversion price
of $0.001, as a result of the conversion of principal of $37,800, interest of $2,354 and conversion fees of $160 underlying certain outstanding
convertible notes converted during such period. The Company reclassified $22,200 from put premium liabilities to additional paid in capital
following conversions.
Shares
issued for exercise of warrants
In
October 2023, the Company issued 740,000 shares of common stock from the alternate cashless exercise of 0.0037 Series A warrants. The
Company recognized the value of the effect of a down round feature in such warrants when triggered. Upon the occurrence of the triggering
event that resulted in a reduction of the strike price, the Company measured the value of the effect of the feature as the difference
between the fair value of the warrants without the down round feature or before the strike price reduction and the fair value of the
warrants with a strike price corresponding to the reduced strike price upon the down round feature being triggered. Accordingly, the
Company recognized deemed dividend of $12,160 and a corresponding reduction of income available to common stockholders upon the alternate
cashless exercise of these warrants.
Issuance
of convertible notes
October
20, 2023 Securities Purchase Agreement
On
October 20, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC pursuant to which 1800 Diagonal
purchased a convertible promissory note (the “October 20, 2023 1800 Diagonal Note”) from the Company in the aggregate principal
amount of $40,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option
of 1800 Diagonal any time after 180 days of the October 20, 2023 1800 Diagonal Note. The October 20, 2023 1800 Diagonal Note contains
debt issue costs of $5,000. The Company intends to use the net proceeds for general working capital purposes. The maturity date is October
20, 2024.
The
following terms shall apply to the above 1800 Diagonal note:
The
1800 Diagonal Notes bear interest at a rate of 8% per annum, which interest may be paid by the Company to 1800 Diagonal in shares of
the Company’s common stock; but shall not be payable until the 1800 Diagonal Note becomes payable, whether at the maturity date
or upon acceleration or by prepayment.
During
the first 60 to 180 days following the date of these notes, the Company has the right to prepay the principal and accrued but unpaid
interest due under the above note, together with any other amounts that the Company may owe the holder under the terms of the note, at
a premium ranging from 110% to 129% as defined in the note agreement. After this initial 180-day period, the Company does not have a
right to prepay such note.
The
conversion price for the above notes shall be equal to a 35% discount of the market price which means the average of the lowest three
trading prices of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion. Notwithstanding
the foregoing, 1800 Diagonal shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s
common stock beneficially owned by 1800 Diagonal and its affiliates, exceeds 9.99% of the outstanding shares of the Company’s common
stock. The Company treats these convertible notes as stock settled debt under ASC 480.
The
above notes contain certain events of default, upon which principal and accrued interest will become immediately due and payable. In
addition, upon an event of default, interest on the outstanding principal shall accrue at a default interest rate of 22% per annum, or
if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. Further, certain events
of default may trigger penalty and liquidated damage provisions. Failure to deliver shares of common stock upon conversion of the above
1800 Diagonal notes within three business days of notice of conversion will result in the Company paying a penalty of $1,000 per day,
subject to certain exceptions. Upon certain events of default, the above 1800 Diagonal notes will become immediately due and payable
and the Company must pay 1800 Diagonal 150% of the then-outstanding principal amount of the above 1800 Diagonal notes, plus any interest
accrued upon such event of default or prior events of default (the “Default Amount”). Further, upon any event of default
relating to the failure to issue shares of common stock upon the conversion of such notes, such notes become immediately due and payable
in an amount equal to twice the Default Amount.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
GS
Capital Partners, LLC Securities Purchase Agreement
On
October 12, 2023, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital
purchased a convertible redeemable note (the “GS Capital Note”) from the Company in the aggregate principal amount of $61,000,
such principal and the interest thereon convertible into shares of the Company’s common stock at the option of GS Capital. The
GS Capital Note contains a $3,500 original issue discount. Pursuant to the terms of the GS Purchase Agreement, the Company paid GS Capital’s
legal fees of $2,500. The Company intends to use the net proceeds from the GS Capital Note for general working capital purposes.
The
maturity date of the GS Capital Note is April 12, 2024. The GS Capital Note shall bear interest at a rate of 8% per annum, which interest
may be paid by the Company to GS Capital in shares of common stock but shall not be payable until the GS Capital Note becomes payable,
whether at the Maturity Date or upon acceleration or by prepayment. The GS Capital Note is exchangeable for an equal aggregate principal
amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price
for the GS Capital Note is equal to $0.015 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to
$0.01 per share in the event that the market price of the Common Stock trades below $0.0075 per share for ten consecutive trading days.
In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest trading price
of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment every thirty
calendar days during the period in which the Company remains in default. Pursuant to the Note, in the event that such conversion price
is below the par value of the Common Stock, the Company has agreed to take all steps to reduce such par value or conduct a reverse split
of its Common Stock, as applicable. Notwithstanding the foregoing, such conversion price and lookback periods are subject to adjustment
in favor of the Investor in the event the Company issues securities to another party with more favorable conversion terms, and such conversions
are subject to a 4.99% beneficial ownership limitation (which may be increased to 9.9% upon 60 days’ prior written notice from
the holder of the Note) and adjustments for mergers, consolidations, reorganizations and similar events set forth in the Note, other
than a transfer or sale of all or substantially all Company assets. Pursuant to the Note, the Company is required to maintain an initial
reserve of at least 400% of the number of Conversion Shares, subject to any increase of such reserved amount to reflect the Company’s
obligations under the Note.
During
the first 60 to 180 days following the date of this note, the Company has the right to prepay the principal and accrued but unpaid interest
due under the above note issued to GS Capital, together with any other amounts that the Company may owe the holder under the terms of
the note, at a premium ranging from 110% to 125% as defined in the note agreement. After this initial 180-day period, the Company does
not have a right to prepay such note.
Upon
the occurrence and during the continuation of certain events of default, interest shall accrue at a default interest rate of 24% per
annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. In the event
that the Company fails to deliver to GS Capital shares of common stock issuable upon conversion of principal or interest under the GS
Capital Note, the penalty shall be $250 per day the shares are not issued beginning on the 4th day after the conversion notice
was delivered to the Company. This penalty shall increase to $500 per day beginning on the 10th day. In an event of breach
of section 8m as defined in the GS Capital note agreement, such GS Capital note shall incur penalty and will increase the outstanding
principal amounts by 20%.
The
above GS Capital note will be bifurcated from the embedded conversion option which shall be recorded as derivative liabilities at fair
value.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Policies)
|
3 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Nature of Operations |
Nature
of Operations
Propanc
Biopharma, Inc. (the “Company,” “we,” “us” or “our”) is based in Camberwell, Victoria
Australia. Since its inception, substantially all of the operations of the Company have been focused on the development of new cancer
treatments targeting high-risk patients, particularly cancer survivors, who need a follow-up, non-toxic, long-term therapy designed to
prevent the cancer from returning and spreading. The Company anticipates establishing global markets for its technologies. Our lead product
candidate, which we refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes
acting synergistically. It is currently in the preclinical phase of development.
The
Company was originally formed in Melbourne, Victoria, Australia on October 15, 2007 as Propanc PTY LTD. On November 23, 2010, Propanc
Health Group Corporation was incorporated in the State of Delaware, and in January 2011, to reorganize the Company, all of the outstanding
shares of Propanc PTY LTD were acquired on a one-for-one basis by Propanc Health Group Corporation, with Propanc PTY LTD becoming a wholly-owned
subsidiary of the Company.
On
July 22, 2016, the Company formed another wholly-owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose
of submitting an orphan drug application to the European Medicines Agency as a small and medium-sized enterprise. As of June 30, 2023,
there has been no activity within this entity.
Effective
April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to reflect the Company’s stage of operations
and development better.
In
July 2020, a world-first patent was granted in Australia for the cancer treatment method patent family. Presently, there are 62 granted,
allowed, or accepted patents and 14 patents filed, or under examination in key global jurisdictions relating to the use of proenzymes
against solid tumors, covering the lead product candidate PRP.
On
May 1, 2023, the Company filed a certificate of amendment to its certificate of incorporation, as amended, to effect a one-for-one thousand
(1:1,000) Reverse Stock Split (the “Reverse Stock Split”), effective as of May 1, 2023. Proportional adjustments for the
Reverse Stock Split were made to the Company’s outstanding stock options, warrants and equity incentive plans. All share and per-share
data and amounts have been retroactively adjusted as of the earliest period presented in the consolidated financial statements to reflect
the Reverse Stock Split.
The
Company hopes to capture and protect additional patentable subject matter based on the Company’s field of technology relating to
pharmaceutical compositions of proenzymes for treating cancer by filing additional patent applications as it advances its lead product
candidate, PRP, through various stages of development.
|
Basis of Presentation |
Basis
of Presentation
The
Company’s interim unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (this “Quarterly
Report”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“US
GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion
of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring
adjustments) necessary to present fairly our consolidated results of operations for the three months ended September 30, 2023 and 2022
and cash flows for the three months ended September 30, 2023 and 2022 and our consolidated financial position at September 30, 2023 have
been made. The Company’s results of operations for the three months ended September 30, 2023 are not necessarily indicative of
the operating results to be expected for the full fiscal year ending June 30, 2024.
Certain
information and disclosures normally included in the notes to the Company’s annual audited consolidated financial statements have
been condensed or omitted from the Company’s interim unaudited condensed consolidated financial statements included in this Quarterly
Report. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s
audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2023. The June 30, 2023 balance sheet
is derived from those statements.
|
Principles of Consolidation |
Principles
of Consolidation
The
unaudited condensed consolidated financial statements include the accounts of Propanc Biopharma, Inc., the parent entity, and its wholly-owned
subsidiary, Propanc PTY LTD. All inter-company balances and transactions have been eliminated in consolidation. Propanc (UK) Limited
was an inactive wholly-owned subsidiary through September 30, 2023.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Significant estimates in the accompanying consolidated financial statements include the estimates of useful lives for depreciation, valuation
of the operating lease liability and related right-of-use asset, valuation of derivatives, allowance for uncollectable receivables, valuation
of equity based instruments issued for other than cash, the valuation allowance on deferred tax assets and foreign currency translation
due to certain average exchange rates applied in lieu of spot rates on transaction dates.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
|
Foreign Currency Translation and Other Comprehensive Income (Loss) |
Foreign
Currency Translation and Other Comprehensive Income (Loss)
The
Company’s wholly-owned subsidiary’s functional currency is the Australian dollar (AUD). For financial reporting purposes,
the Australian dollar has been translated into the Company’s reporting currency, which is the United States dollar ($) and/or (USD).
Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated
at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction
date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component
of stockholders’ equity (deficit) as “Accumulated other comprehensive income (loss).” Gains and losses resulting from
foreign currency transactions are included in the statements of operations and comprehensive income (loss) as a component of other comprehensive
income (loss). There have been no significant fluctuations in the exchange rate for the conversion of Australian dollars to USD after
the balance sheet date.
Other
Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses).
Assets
and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the
consolidated balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated
in a currency other than the functional currency included in the consolidated results of operations as incurred. Effective fiscal year
2021, the parent company determined that the intercompany loans will not be repaid in the foreseeable future and thus, per ASC 830-20-35-3,
gains and losses from measuring the intercompany balances are recorded within cumulative translation adjustment, a component of accumulated
other comprehensive income (loss). Prior to July 1, 2020, the Company recorded the foreign currency transaction gains and losses from
measuring the intercompany balances as a component of other income (expenses) titled foreign currency transaction gain (loss). As of
September 30, 2023 and 2022, the Company recognized a cumulative exchange gain (loss) of approximately $669,000 and $1,226,000, respectively,
on intercompany loans made by the parent to the subsidiary that have not been repaid as of September 30, 2023, which is included as component
of accumulated other comprehensive income on the accompanying consolidated balance sheet.
As
of September 30, 2023 and June 30, 2023, the exchange rates used to translate amounts in Australian dollars into USD for the purposes
of preparing the consolidated financial statements were as follows:
SCHEDULE OF TRANSACTION EXCHANGE RATES
| |
September
30, 2023 | | |
June
30, 2023 | |
Exchange rate on balance sheet dates | |
| | | |
| | |
USD : AUD exchange rate | |
| 0.6428 | | |
| 0.6664 | |
| |
| | | |
| | |
Average exchange rate for the period | |
| | | |
| | |
USD : AUD exchange rate | |
| 0.6546 | | |
| 0.6732 | |
The
change in Accumulated Other Comprehensive Income by component during the three months ended September 30, 2023 was as follows:
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
| |
Foreign
Currency Items: | |
Balance, June 30, 2023 | |
$ | 1,294,876 | |
Unrealized foreign currency translation gain | |
| 73,674 | |
Ending balance, September 30, 2023 | |
$ | 1,368,550 | |
|
Fair Value of Financial Instruments and Fair Value Measurements |
Fair
Value of Financial Instruments and Fair Value Measurements
The
Company measures its financial assets and liabilities in accordance with US GAAP. For certain financial instruments, including cash and
cash equivalents, receivables, accounts payable and accrued liabilities, the carrying amounts approximate fair value due to their short
maturities. Amounts recorded for notes payable, net of discount, and loans payable also approximate fair value because current interest
rates available for debt with similar terms and maturities are substantially the same.
The
Company follows accounting guidance for financial assets and liabilities. This standard defines fair value, provides guidance for measuring
fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all
other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related
to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income
approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement
cost).
The
guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad
levels. The following is a brief description of those three levels:
Level
1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level
2: Inputs, other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets
or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
Level
3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us,
which reflect those that a market participant would use.
Also
see Note 11 - Derivative Financial Instruments and Fair Value Measurements.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
Cash
and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of three months or less with financial
institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the balance sheets. There were no cash equivalents
as of September 30, 2023 or June 30, 2023.
|
Refundable Advance Deposit |
Refundable Advance Deposit
Refundable advance deposit of $116,169 and $0 at September 30, 2023 and June 30, 2023, respectively, consists primarily
of deposit paid to a potential lender to be used as payment for a loan insurance premium related to a future loan transaction with the
Company. In the event, the future loan transaction does not close, the potential lender shall return the refundable advance deposit. The Company and the potential lender are currently undergoing the loan process.
|
Property and Equipment |
Property
and Equipment
Property
and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred;
additions, renewals, and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost
and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of
property and equipment is provided using the declining balance method. The depreciable amount is the cost less its residual value.
The
estimated useful lives are as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVE
Machinery
and equipment |
|
-
5 years |
Furniture |
|
-
7 years |
|
Patents |
Patents
Patents
are stated at cost and amortized on a straight-line basis over the estimated future periods if and once the patent has been granted by
a regulatory agency. However, the Company will expense any patent costs as long as we are in the startup stage. Accordingly, as the Company’s
products are not currently approved for market, all patent costs incurred from 2013 through September 30, 2023 were expensed immediately.
This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
In
accordance with ASC 360-10, “Long-lived assets,” which include property and equipment and intangible assets, are reviewed
for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability
of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted
future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future
cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the
assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily
determinable.
|
Employee Benefit/Liability |
Employee
Benefit/Liability
Liabilities
arising in respect of wages and salaries, accumulated annual leave, accumulated long service leave and any other employee benefits expected
to be settled within twelve months of the reporting date are measured based on the employee’s remuneration rates applicable at
the reporting date. All other employee benefit liabilities are measured at the present value of the estimated future cash outflow to
be made in respect of services provided by employees up to the reporting date. All employee liabilities are owed within the next twelve
months.
|
Australian Goods and Services Tax (“GST”) |
Australian
Goods and Services Tax (“GST”)
Revenues,
expenses and balance sheet items are recognized net of the amount of GST, except payable and receivable balances which are shown inclusive
of GST. The GST incurred is payable on revenues to, and recoverable on purchases from, the Australian Taxation Office.
Cash
flows are presented in the statements of cash flow on a gross basis, except for the GST component of investing and financing activities,
which are disclosed as operating cash flows.
As
of September 30, 2023, and June 30, 2023, the Company was owed $2,634 and $2,867, respectively, from the Australian Taxation Office.
These amounts were fully collected subsequent to the balance sheet reporting dates.
|
Derivative Instruments |
Derivative
Instruments
ASC
Topic 815, Derivatives and Hedging (“ASC Topic 815”), establishes accounting and reporting standards for derivative
instruments and for hedging activities by requiring that all derivatives be recognized in the balance sheet and measured at fair value.
Gains or losses resulting from changes in the fair value of derivatives are recognized in earnings. On the date of conversion or payoff
of debt, the Company records the fair value of the conversion shares, removes the fair value of the related derivative liability, removes
any discounts and records a net gain or loss on debt extinguishment.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
|
Convertible Notes With Variable Conversion Options |
Convertible
Notes With Variable Conversion Options
The
Company has entered into convertible notes, some of which contain variable conversion options, whereby the outstanding principal and
accrued interest may be converted, by the holder, into shares of the Company’s common stock, par value $0.001 per share (“common
stock”) at a fixed discount to the price of the common stock at or around the time of conversion. The Company treats these convertible
notes as stock settled debt under ASC 480, “Distinguishing Liabilities from Equity” and measures the fair value of
the notes at the time of issuance, which is the result of the share price discount at the time of conversion and records the put premium
as interest expense.
|
Income Taxes |
Income
Taxes
The
Company is governed by Australia and United States income tax laws, which are administered by the Australian Taxation Office and the
United States Internal Revenue Service, respectively. The Company follows ASC 740 “Accounting for Income Taxes,” when
accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred
income tax assets and liabilities are computed annually for temporary differences between the financial statements and tax bases of assets
and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the
periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce
deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or
minus the change during the period in deferred tax assets and liabilities.
The
Company follows ASC 740, Sections 25 through 60, “Accounting for Uncertainty in Income Taxes.” These sections provide
detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial
statements. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized
upon the adoption of ASC 740 and in subsequent periods.
|
Research and Development Costs and Tax Credits |
Research
and Development Costs and Tax Credits
In
accordance with ASC 730-10, “Research and Development-Overall,” research and development costs are expensed when incurred.
Total research and development costs for the three months ended September 30, 2023 and 2022 were $16,242 and $101,325, respectively.
The
Company may apply for research and development tax concessions with the Australian Taxation Office on an annual basis. Although the amount
is possible to estimate at year end, the Australian Taxation Office may reject or materially alter the claim amount. Accordingly, the
Company does not recognize the benefit of the claim amount until cash receipt since collectability is not certain until such time. The
tax concession is a refundable credit. If the Company has net income, then the Company can receive the credit which reduces its income
tax liability. If the Company has net losses, then the Company may still receive a cash payment for the credit, however, the Company’s
net operating loss carryforwards are reduced by the gross equivalent loss that would produce the credit amount when the income tax rate
is applied to that gross amount. The concession is recognized as tax benefit, in operations, upon receipt.
|
Stock Based Compensation |
Stock
Based Compensation
The
Company records stock-based compensation in accordance with ASC 718, “Stock Compensation”. ASC 718 requires the fair
value of all stock-based employee compensation awarded to employees to be recorded as an expense over the shorter of the service period
or the vesting period. The Company values employee and non-employee stock-based compensation at fair value using the Black-Scholes Option
Pricing Model.
The
Company adopted ASU 2018-07 and accounts for non-employee share-based awards in accordance with the measurement and recognition criteria
of ASC 718 and recognizes the fair value of such awards over the service period. The Company used the modified prospective method of
adoption.
|
Revenue Recognition |
Revenue
Recognition
The
Company applies ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 establishes a single comprehensive
model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue
recognition guidance. This standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also
requires certain additional disclosures. Subject to these criteria, the Company intends to recognize revenue relating to royalties on
product sales in the period in which the sale occurs and the royalty term has begun.
|
Legal Expenses |
Legal
Expenses
All
legal costs for litigation are charged to expense as incurred.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2023
(Unaudited)
|
Leases |
Leases
The
Company follows ASC Topic 842, Leases (Topic 842) and applies the package of practical expedients, which permit it not to reassess under
the new standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company
elected not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less. Operating lease right of use assets (“ROU”)
represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value
of future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company
uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future
payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general
and administrative expenses.
|
Basic and Diluted Net Loss Per Common Share |
Basic
and Diluted Net Loss Per Common Share
Basic
net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period.
Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for
the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental
common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially
dilutive securities are excluded from the computation if their effect is anti-dilutive. As a result, the basic and diluted per share
amounts for all periods presented are identical. Each holder of the notes has agreed to a 4.99% beneficial ownership conversion limitation
(subject to certain noteholders’ ability to increase such limitation to 9.99% upon 60 days’ notice to the Company), and each
note may not be converted during the first six-month period from the date of issuance. Such securities are considered dilutive securities
which were excluded from the computation since the effect is anti-dilutive.
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS
| |
September
30, 2023 | | |
September
30, 2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Stock Options | |
| 0.06 | | |
| 0.06 | |
Stock Warrants with no designations | |
| 15,003,306 | | |
| 3,306 | |
Series A Warrants as if converted at alternate
cashless exercise price | |
| 1,994,343,990 | | |
| 2,030,790 | |
Series B Warrants | |
| 16 | | |
| 26 | |
Series C Warrants as if converted at alternate
cashless exercise price * | |
| 9,175,999,954 | | |
| 7,499,963 | |
Unvested restricted stock | |
| 0.06 | | |
| 0.06 | |
Convertible Debt | |
| 210,849,945 | | |
| 884,700 | |
Total | |
| 11,396,197,211.12 | | |
| 10,418,785.12 | |
* | | Only convertible ratably
upon exercise of Series B Warrants |
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
We
have reviewed the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”)
accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods.
We have carefully considered the new pronouncements that alter previous generally accepted accounting principles and do not believe that
any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near
term. The applicability of any standard is subject to the formal review of the Company’s financial management.
In
August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic
470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40), which eliminates the beneficial conversion
and cash conversion accounting models for convertible instruments, amends the accounting for certain contracts in an entity’s own
equity that are currently accounted for as derivatives because of specific settlement provisions, and modifies how particular convertible
instruments and certain contracts that may be settled in cash or shares impact the diluted EPS calculation. The standard is effective
for annual periods beginning after December 15, 2023 for smaller reporting companies, and interim periods within those reporting periods.
Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those
reporting periods. The Company is currently assessing the impact the new guidance will have on our consolidated financial statements.
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v3.23.3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF TRANSACTION EXCHANGE RATES |
As
of September 30, 2023 and June 30, 2023, the exchange rates used to translate amounts in Australian dollars into USD for the purposes
of preparing the consolidated financial statements were as follows:
SCHEDULE OF TRANSACTION EXCHANGE RATES
| |
September
30, 2023 | | |
June
30, 2023 | |
Exchange rate on balance sheet dates | |
| | | |
| | |
USD : AUD exchange rate | |
| 0.6428 | | |
| 0.6664 | |
| |
| | | |
| | |
Average exchange rate for the period | |
| | | |
| | |
USD : AUD exchange rate | |
| 0.6546 | | |
| 0.6732 | |
|
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS |
The
change in Accumulated Other Comprehensive Income by component during the three months ended September 30, 2023 was as follows:
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
| |
Foreign
Currency Items: | |
Balance, June 30, 2023 | |
$ | 1,294,876 | |
Unrealized foreign currency translation gain | |
| 73,674 | |
Ending balance, September 30, 2023 | |
$ | 1,368,550 | |
|
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVE |
The
estimated useful lives are as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVE
Machinery
and equipment |
|
-
5 years |
Furniture |
|
-
7 years |
|
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS |
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS
| |
September
30, 2023 | | |
September
30, 2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Stock Options | |
| 0.06 | | |
| 0.06 | |
Stock Warrants with no designations | |
| 15,003,306 | | |
| 3,306 | |
Series A Warrants as if converted at alternate
cashless exercise price | |
| 1,994,343,990 | | |
| 2,030,790 | |
Series B Warrants | |
| 16 | | |
| 26 | |
Series C Warrants as if converted at alternate
cashless exercise price * | |
| 9,175,999,954 | | |
| 7,499,963 | |
Unvested restricted stock | |
| 0.06 | | |
| 0.06 | |
Convertible Debt | |
| 210,849,945 | | |
| 884,700 | |
Total | |
| 11,396,197,211.12 | | |
| 10,418,785.12 | |
* | | Only convertible ratably
upon exercise of Series B Warrants |
|
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v3.23.3
PROPERTY AND EQUIPMENT (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT |
Property
and equipment consist of the following As of September 30, 2023 and June 30, 2023.
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT
| |
September
30, 2023 | | |
June
30, 2023 | |
| |
| (Unaudited) | | |
| | |
Office equipment at cost | |
$ | 24,532 | | |
$ | 25,432 | |
Less: Accumulated depreciation | |
| (24,372 | ) | |
| (25,130 | ) |
| |
| | | |
| | |
Total property, plant, and equipment | |
$ | 160 | | |
$ | 302 | |
|
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v3.23.3
NOTE PAYABLE AND CONVERTIBLE NOTES (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Note Payable And Convertible Notes |
|
SCHEDULE OF CONVERTIBLE NOTES |
The
Company’s convertible notes outstanding at September 30, 2023 and June 30, 2023 were as follows:
SCHEDULE OF CONVERTIBLE NOTES
| |
September
30, 2023 | | |
June
30, 2023 | |
| |
(Unaudited) | | |
| |
Convertible notes and debenture | |
$ | 331,500 | | |
$ | 338,362 | |
Unamortized discounts | |
| (79,236 | ) | |
| (38,994 | ) |
Premium, net | |
| 145,179 | | |
| 91,171 | |
Convertible notes,
net | |
$ | 397,443 | | |
$ | 390,539 | |
|
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v3.23.3
STOCKHOLDERS’ DEFICIT (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF WARRANT ACTIVITY |
The
following table summarizes warrant activity for the three months ended September 30, 2023:
SCHEDULE
OF WARRANT ACTIVITY
| |
| | |
Weighted | |
| |
Number
of | | |
Average | |
| |
Shares | | |
Price
Per Share | |
Outstanding
at June 30, 2023 | |
| 3,396 | | |
$ | 5,440 | |
Granted | |
| 15,000,000 | | |
| 0.01 | |
Exercised | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Outstanding
at September 30, 2023 | |
| 15,003,396 | * | |
$ | 1.24 | |
| |
| | | |
| | |
Exercisable
at September 30, 2023 | |
| 15,003,378 | | |
$ | 1.24 | |
Outstanding
and Exercisable: | |
| | | |
| | |
| |
| | | |
| | |
Weighted
average remaining contractual term | |
| 2.76 | | |
| | |
Aggregate
intrinsic value | |
$ | - | | |
| | |
* |
The
total warrants of 15,003,396 above which are exercisable into common stock consisted of the following: |
|
SCHEDULE OF WARRANT OUTSTANDING AND EXERCISABLE |
SCHEDULE
OF WARRANT OUTSTANDING AND EXERCISABLE
| |
Number
of Warrants | | |
Exercisable | |
Series
A warrants | |
| 10 | | |
| 10 | |
Series
B warrants | |
| 17 | | |
| 17 | |
Series
C warrants | |
| 64 | | |
| 46 | |
Warrants
with no class designation | |
| 15,003,305 | | |
| 15,003,305 | |
Total | |
| 15,003,396 | | |
| 15,003,378 | |
|
SCHEDULE OF SHARE BASED COMPENSATION STOCK OPTIONS ACTIVITY |
A
summary of the Company’s option activity during the three months ended September 30, 2023 is presented below:
SCHEDULE
OF SHARE BASED COMPENSATION STOCK OPTIONS ACTIVITY
| |
| | |
Weighted | |
| |
Number
of | | |
Average
Exercise | |
| |
Shares | | |
Price
Per Share | |
Outstanding
at June 30, 2023 | |
| 0.059 | | |
$ | 4,533,000 | |
Granted | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Outstanding
at September 30, 2023 | |
| 0.059 | | |
$ | 4,533,000 | |
| |
| | | |
| | |
Exercisable
at September 30, 2023 | |
| 0.059 | | |
$ | 4,533,000 | |
Outstanding
and Exercisable: | |
| | | |
| | |
| |
| | | |
| | |
Weighted
average remaining contractual term | |
| 5.62 | | |
| | |
Weighted
average fair value of options granted during the period | |
$ | - | | |
| | |
Aggregate
intrinsic value | |
$ | - | | |
| | |
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
SCHEDULE OF RIGHT OF USE ASSET |
ROU
is summarized below:
SCHEDULE
OF RIGHT OF USE ASSET
| |
September
30, 2023 | | |
June
30, 2023 | |
Office
lease | |
$ | 66,201 | | |
$ | 66,201 | |
Less:
accumulated amortization | |
| (33,722 | ) | |
| (27,213 | ) |
Right-of-use
asset, net | |
$ | 32,479 | | |
$ | 38,988 | |
|
SCHEDULE OF OPERATING LEASE LIABILITY |
Operating
Lease liabilities are summarized below:
SCHEDULE
OF OPERATING LEASE LIABILITY
| |
September
30, 2023 | | |
June
30, 2023 | |
Office
lease | |
$ | 66,201 | | |
$ | 66,201 | |
Reduction
of lease liability | |
| (31,894 | ) | |
| (25,418 | ) |
Less:
office lease, current portion | |
| (21,161 | ) | |
| (21,505 | ) |
Long
term portion of lease liability | |
$ | 13,146 | | |
$ | 19,278 | |
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS |
Remaining
future minimum lease payments under non-cancelable operating lease at September 30, 2023 are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS
| |
| | |
Fiscal
Year 2024 | |
$ | 17,356 | |
Fiscal
Year 2025 | |
| 19,284 | |
Imputed
interest | |
| (2,333 | ) |
Total
operating lease liability | |
$ | 34,307 | |
|
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v3.23.3
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING, VALUATION TECHNIQUES |
SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING, VALUATION TECHNIQUES
| |
Initial
Valuations (on new derivative instruments entered into
during the three months ended September 30, 2023) | | |
September
30, 2023 | |
Volatility | |
| 327.58 | % | |
| 328 | % |
Expected
Remaining Term (in years) | |
| 0.50 | | |
| 0.40
- 0.47 | |
Risk
Free Interest Rate | |
| 5.55 | % | |
| 5.53 | % |
Expected
dividend yield | |
| None | | |
| None | |
|
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS |
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS
| |
Balance
at September 30, 2023 | | |
Quoted
Prices in Active Markets for Identical Assets | | |
Significant
Other Observable Inputs | | |
Significant
Unobservable Inputs | |
| |
| | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
Embedded
conversion option liabilities | |
$ | 119,069 | | |
$ | — | | |
$ | — | | |
$ | 119,069 | |
Total | |
$ | 119,069 | | |
$ | — | | |
$ | — | | |
$ | 119,069 | |
| |
Balance
at June 30, 2023 | | |
Quoted
Prices in Active Markets for Identical Assets | | |
Significant
Other Observable Inputs | | |
Significant
Unobservable Inputs | |
| |
| | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
Embedded
conversion option liabilities | |
$ | 423,209 | | |
$ | — | | |
$ | — | | |
$ | 423,209 | |
Total | |
$ | 423,209 | | |
$ | — | | |
$ | — | | |
$ | 423,209 | |
|
SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE |
SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE
| |
Fair
Value of | |
| |
Liability
for | |
| |
Derivative | |
| |
Instruments | |
Balance
at June 30, 2023 | |
$ | 423,209 | |
Beginning balance | |
$ | 423,209 | |
Initial
fair value of embedded conversion option derivative liability recorded as debt discount | |
| 70,000 | |
Initial
fair value of embedded conversion option derivative liability recorded as derivative expense | |
| 77,721 | |
Reduction
of derivative liability upon debt conversion | |
| (147,932 | ) |
Change
in fair value included in statements of operations | |
| (303,929 | ) |
Balance
at September 30, 2023 | |
$ | 119,069 | |
Ending balance | |
$ | 119,069 | |
|
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X |
- DefinitionForeign exchange rate used to translate amounts denominated in functional currency to reporting currency.
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v3.23.3
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS (Details) - shares
|
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Anti-dilutive securities |
|
11,396,197,211.12
|
10,418,785.12
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Anti-dilutive securities |
|
0.06
|
0.06
|
Warrant [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Anti-dilutive securities |
|
15,003,306
|
3,306
|
Series A Warrants [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Anti-dilutive securities |
|
1,994,343,990
|
2,030,790
|
Series B Warrants [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Anti-dilutive securities |
|
16
|
26
|
Series C Warrants [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Anti-dilutive securities |
[1] |
9,175,999,954
|
7,499,963
|
Unvested Restricted Stock [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Anti-dilutive securities |
|
0.06
|
0.06
|
Convertible Debt Securities [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Anti-dilutive securities |
|
210,849,945
|
884,700
|
|
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.23.3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
May 01, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
Reverse stock split |
one-for-one thousand
(1:1,000)
|
|
|
|
Cash and cash equivalents |
|
$ 0
|
|
$ 0
|
Refundable advance deposit |
|
116,169
|
|
|
GST tax receivable |
|
$ 2,634
|
|
$ 2,867
|
Common stock, par value |
|
$ 0.001
|
|
$ 0.001
|
Research and development costs |
|
$ 16,242
|
$ 101,325
|
|
Beneficial ownership conversion description |
|
Each holder of the notes has agreed to a 4.99% beneficial ownership conversion limitation
(subject to certain noteholders’ ability to increase such limitation to 9.99% upon 60 days’ notice to the Company), and each
note may not be converted during the first six-month period from the date of issuance.
|
|
|
Beneficial ownership percentage |
|
4.99%
|
|
|
Intercompany Loans [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Foreign currency transaction, gain |
|
$ 669,000
|
$ 1,226,000
|
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v3.23.3
GOING CONCERN (Details Narrative) - USD ($)
|
3 Months Ended |
|
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Net loss |
$ 350,866
|
$ 617,295
|
|
|
Net Cash Provided by (Used in) Operating Activities |
333,457
|
509,315
|
|
|
Working capital deficit |
2,987,309
|
|
|
|
Stockholders equity |
2,989,259
|
$ 2,767,535
|
$ 3,117,179
|
$ 3,023,649
|
Retained earnings accumulated deficit |
$ 65,178,173
|
|
$ 64,684,732
|
|
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v3.23.3
LOANS (Details Narrative)
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
|
|
Jul. 05, 2023
USD ($)
$ / shares
shares
|
Nov. 03, 2022
USD ($)
|
Oct. 03, 2019 |
Jul. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
$ / shares
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jul. 05, 2023
AUD ($)
|
Jun. 30, 2022
USD ($)
|
Nov. 30, 2020
USD ($)
|
Debt instrument face amount |
|
|
|
|
$ 70,800
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
10.00%
|
|
|
|
|
|
|
10.00%
|
|
|
Settlement of convertible debt |
|
|
|
|
142,909
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
5,184
|
|
|
|
|
|
Amortization of debt discounts |
|
|
|
|
69,457
|
31,275
|
|
|
|
|
Proceeds from loan payable - related party |
|
|
|
|
153,256
|
|
|
|
|
|
Remaining debt discount |
|
|
|
|
331,500
|
|
$ 338,362
|
|
|
|
Gain on extinguishment of debt |
|
|
|
|
34,310
|
(610)
|
|
|
|
|
Crown Bridge Partners, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
$ 65,280
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
15.00%
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
$ 38,190
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
Stock valuation price per share | $ / shares |
|
|
|
|
$ 0.119
|
|
|
|
|
|
Warrant exercise price | $ / shares |
|
|
|
|
$ 0.01
|
|
|
|
|
|
Warrant [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
|
|
|
Volatility |
|
|
|
|
0
|
|
|
|
|
|
Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
|
|
|
Volatility |
|
|
|
|
4.59
|
|
|
|
|
|
Warrant [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
|
|
|
Volatility |
|
|
|
|
268
|
|
|
|
|
|
Letter Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
$ 153,256
|
|
|
|
|
|
|
$ 230,000
|
|
|
Maturity term |
3 years
|
|
|
|
|
|
|
|
|
|
Maturity date |
Jul. 05, 2026
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
10.00%
|
|
|
|
|
|
|
10.00%
|
|
|
Issue of warrants | shares |
15,000,000
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
$ 0.01
|
|
|
|
|
|
|
|
|
|
Fair value adjustment of warrants |
$ 141,084
|
|
|
|
|
|
|
|
|
|
Letter Agreement [Member] | Coventry Enterprises LLC Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Settlement of convertible debt |
|
|
|
|
$ 143,000
|
|
|
|
|
|
Letter Agreement [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
Stock valuation price per share | $ / shares |
$ 0.119
|
|
|
|
|
|
|
|
|
|
Warrant exercise price | $ / shares |
$ 0.01
|
|
|
|
|
|
|
|
|
|
Letter Agreement [Member] | Warrant [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
|
|
|
Volatility |
0
|
|
|
|
|
|
|
0
|
|
|
Letter Agreement [Member] | Warrant [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
|
|
|
|
|
|
Maturity term |
3 years
|
|
|
|
|
|
|
|
|
|
Letter Agreement [Member] | Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
|
|
|
Volatility |
4.59
|
|
|
|
|
|
|
4.59
|
|
|
Letter Agreement [Member] | Warrant [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
|
|
|
Volatility |
268
|
|
|
|
|
|
|
268
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
65,280
|
|
|
|
Maturity date |
|
|
Oct. 03, 2020
|
|
|
|
|
|
|
|
Amortization of debt discounts |
|
|
|
|
92,500
|
$ 127,418
|
|
|
|
|
Securities Purchase Agreement [Member] | Coventry Enterprises LLC Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
10.00%
|
|
|
|
|
|
|
|
|
Settlement of convertible debt |
|
|
|
$ 142,979
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
2,043
|
|
22,749
|
|
|
|
Amortization of debt discounts |
|
$ 37,500
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
65,280
|
|
$ 65,280
|
$ 9,600
|
Maturity date |
|
|
Oct. 03, 2020
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
15.00%
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
38,190
|
|
35,722
|
|
$ 25,930
|
|
Convertible debt |
|
|
|
|
65,280
|
|
|
|
|
|
Gain on extinguishment of debt |
|
|
|
|
|
|
43,520
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
Loan payable |
|
|
|
|
47,567
|
|
49,314
|
|
|
|
Interest payable current and non current |
|
|
|
|
3,653
|
|
|
|
|
|
Amortization of debt discounts |
|
|
|
|
11,199
|
|
|
|
|
|
Remaining debt discount |
|
|
|
|
129,885
|
|
|
|
|
|
Loan payable - long-term - related party, net of discount |
|
|
|
|
$ 23,371
|
|
|
|
|
|
X |
- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
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v3.23.3
SCHEDULE OF CONVERTIBLE NOTES (Details) - USD ($)
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Note Payable And Convertible Notes |
|
|
Convertible notes and debenture |
$ 331,500
|
$ 338,362
|
Unamortized discounts |
(79,236)
|
(38,994)
|
Premium, net |
145,179
|
91,171
|
Convertible notes, net |
$ 397,443
|
$ 390,539
|
X |
- References
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v3.23.3
NOTE PAYABLE AND CONVERTIBLE NOTES (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
|
|
|
Aug. 23, 2023 |
Aug. 16, 2023 |
Aug. 15, 2023 |
Jul. 19, 2023 |
Jul. 06, 2023 |
Feb. 15, 2023 |
Feb. 14, 2023 |
Nov. 03, 2022 |
Sep. 21, 2022 |
Aug. 15, 2022 |
Aug. 12, 2022 |
Sep. 16, 2020 |
Oct. 03, 2019 |
Jul. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2020 |
Jul. 05, 2023 |
Jun. 30, 2022 |
Dec. 07, 2021 |
Nov. 30, 2020 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 70,800
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,184
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69,457
|
$ 31,275
|
|
|
|
|
|
|
Proceeds from loan payable - related party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
153,256
|
|
|
|
|
|
|
|
Remaining debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
331,500
|
|
$ 338,362
|
|
|
|
|
|
Note payable, net of discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126,000
|
|
|
|
|
|
|
|
Original issue discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79,236
|
|
38,994
|
|
|
|
|
|
Proceeds from convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
220,000
|
345,750
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
24.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settled debt premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
145,179
|
|
91,171
|
|
|
|
|
|
Gain on extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,310
|
(610)
|
|
|
|
|
|
|
Penalty amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,000
|
|
|
|
|
|
|
|
Original issue discounts amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 34,500
|
33,750
|
|
|
|
|
|
|
Lowest trading price percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.99%
|
|
|
|
|
|
|
|
Derivative liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 119,069
|
|
423,209
|
|
|
|
|
|
Additional debt issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
229,190
|
456,939
|
|
|
|
|
|
|
Settlement of convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
142,909
|
|
|
|
|
|
|
|
Conversion of Stock, Amount Converted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,838
|
133,646
|
|
|
|
|
|
|
Convertible Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,258
|
31,275
|
|
|
|
|
|
|
Crown Bridge Partners, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 65,280
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.00%
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 38,190
|
|
|
|
|
|
|
|
ONE44 Capital LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,136
|
|
24,255
|
|
|
|
|
|
Settled debt premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
133,305
|
|
|
|
|
|
GS Capital Partners, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,184
|
|
2,945
|
|
|
|
|
|
Coventry Enterprises LLC Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly payment amount |
|
|
|
|
|
|
|
$ 19,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,280
|
|
|
|
|
|
Debt instrument maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
Oct. 03, 2020
|
|
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92,500
|
127,418
|
|
|
|
|
|
|
Original issue discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,846
|
$ 115,769
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,280
|
|
|
$ 65,280
|
|
$ 9,600
|
Debt instrument maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
Oct. 03, 2020
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
|
|
|
|
|
|
|
|
|
|
15.00%
|
|
|
|
|
|
|
|
|
|
Debt instrument description |
|
|
|
|
|
|
|
|
|
|
|
|
The
conversion price of the Crown Bridge Note was equal to 60% (representing a 40% discount) of the lowest closing bid price of the common
stock for the ten trading days immediately prior to the delivery of a notice of conversion under such note, including the day upon which
such notice was received.
|
|
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,190
|
|
35,722
|
|
|
$ 25,930
|
|
|
Original issue discount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
15.00%
|
|
|
|
|
|
|
|
|
|
Settled debt premium |
|
|
|
|
|
|
|
|
|
|
|
|
$ 72,000
|
|
|
|
13,889
|
|
|
|
|
6,400
|
Unissued shares conversion |
|
|
|
|
|
|
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
Equity conversion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 16,000
|
Gain on extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,520
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
110.00%
|
|
|
|
|
|
|
|
|
|
Percentage of outstanding shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
4.99%
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
150.00%
|
|
|
|
|
|
|
|
|
|
Percentage of outstanding shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
9.99%
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] | October 3, 2019 GW Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 108,000
|
|
|
|
|
$ 65,280
|
|
|
|
|
Debt instrument principal payment |
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,000
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] | August 2019 Auctus Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,232
|
|
|
|
|
Settled debt premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,480
|
|
|
|
|
Convertible debt principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 42,720
|
|
|
|
|
Securities Purchase Agreement [Member] | 1800 Diagonal Lending LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
800.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,488
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
35.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of outstanding shares of common stock |
|
150.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165,000
|
|
|
|
|
|
|
|
Debt instrument settlement debt amount |
|
$ 88,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt outstanding principal percentage |
|
22.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Penalty amount |
|
$ 1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | 1800 Diagonal Lending LLC [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
110.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | 1800 Diagonal Lending LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
129.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of outstanding shares of common stock |
|
9.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | 1800 Diagonal Lending LLC [Member] | July Six Twenty Twenty Three Thousand Eighthundred Diagonal Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
$ 65,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
|
|
|
|
Jun. 29, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt issuance costs |
|
|
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | 1800 Diagonal Lending LLC [Member] | July Nineteen Twenty Twenty Three Thousand Eighthundred Diagonal Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
$ 45,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
|
|
|
Jul. 19, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt issuance costs |
|
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | 1800 Diagonal Lending LLC [Member] | August Sixteen Twenty Twenty Three Thousand Eighthundred Diagonal Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
$ 55,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
|
Aug. 16, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt issuance costs |
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | ONE44 Capital LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
$ 111,111
|
|
|
|
|
|
|
|
84,500
|
|
118,111
|
|
|
|
$ 110,000
|
|
Debt instrument maturity date |
|
|
|
|
|
|
|
|
|
Aug. 15, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
|
|
|
|
10.00%
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,861
|
|
4,726
|
|
|
|
|
|
Settled debt premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,510
|
|
182,376
|
|
|
|
|
|
Convertible debt principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,611
|
|
338,700
|
|
|
|
|
|
Debt outstanding principal percentage |
|
|
|
|
|
24.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Original issue discounts amount |
|
|
|
|
|
|
$ 11,111
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal fees |
|
|
|
|
|
|
$ 5,500
|
|
|
$ 5,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
|
|
|
|
|
|
60.00%
|
|
60.00%
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument discount rate |
|
|
|
|
|
|
|
|
40.00%
|
|
40.00%
|
|
|
|
|
|
|
|
|
|
|
|
Debt principal increase percentage |
|
|
|
|
|
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | ONE44 Capital LLC [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
|
|
|
|
120.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Penalty amount |
|
|
|
|
|
|
$ 250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
|
|
|
|
60.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument discount rate |
|
|
|
|
|
|
35.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | ONE44 Capital LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
|
|
|
|
135.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Penalty amount |
|
|
|
|
|
|
$ 500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
|
|
|
|
65.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument discount rate |
|
|
|
|
|
|
40.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
$ 77,500
|
|
|
|
|
|
|
|
$ 71,500
|
|
$ 93,000
|
|
|
|
82,000
|
|
75,300
|
|
|
|
|
|
Debt instrument maturity date |
Feb. 23, 2024
|
|
|
|
|
|
|
|
Mar. 21, 2023
|
|
Apr. 12, 2023
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
8.00%
|
|
|
|
|
|
|
|
8.00%
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
887
|
|
4,263
|
|
|
|
|
|
Original issue discount |
$ 5,000
|
|
|
|
|
|
|
|
$ 4,000
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of outstanding shares of common stock |
|
|
|
|
|
|
|
|
4.99%
|
|
4.99%
|
|
|
|
|
|
|
|
|
|
|
|
Legal fees |
$ 2,500
|
|
|
|
|
|
|
|
$ 2,500
|
|
$ 3,000
|
|
|
|
|
|
|
|
|
|
|
|
Debt principal increase percentage |
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Issuance of Debt |
|
|
|
|
|
|
|
|
$ 65,000
|
|
$ 85,000
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price, description |
The GS Capital Note is exchangeable for an equal aggregate principal
amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price
for the GS Capital Note is equal to $0.04 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to
$0.02 per share in the event that the market price of the Common Stock trades below $0.03 per share for five consecutive trading days.
In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest trading price
of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment every thirty
calendar days during the period in which the Company remains in default. Pursuant to the Note, in the event that such conversion price
is below the par value of the Common Stock, the Company has agreed to take all steps to reduce such par value or conduct a reverse split
of its Common Stock, as applicable. Notwithstanding the foregoing, such conversion price and lookback periods are subject to adjustment
in favor of the Investor in the event the Company issues securities to another party with more favorable conversion terms, and such conversions
are subject to a 4.99% beneficial ownership limitation (which may be increased to 9.9% upon 60 days’ prior written notice from
the holder of the Note) and adjustments for mergers, consolidations, reorganizations and similar events set forth in the Note, other
than a transfer or sale of all or substantially all Company assets. Pursuant to the Note, the Company is required to maintain an initial
reserve of at least 400% of the number of Conversion Shares, subject to any increase of such reserved amount to reflect the Company’s
obligations under the Note.
|
|
|
|
|
|
|
|
Such note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations,
as requested by GS Capital surrendering the same. GS Capital is entitled, at its option, at any time after cash payment, to convert all
or any amount of the principal face amount of the GS Capital Note then outstanding into shares of common stock at a price per share equal
to $2 (the “September Fixed Price”). However, in the event the common stock trades below $1.40 per share for more than
five consecutive trading days, then the September Fixed Price becomes $0.90 per share
|
|
The GS Capital Note was exchangeable for an equal aggregate principal amount of notes
of different authorized denominations, as requested by GS Capital by surrendering the same. GS Capital was entitled, at its option, at
any time after cash payment, to convert all or any amount of the principal face amount of the GS Capital Note then outstanding into shares
of common stock at a price per share equal to $2.80 per share (the “Fixed Price”). However, in the event the common
stock trades below $2 per share for more than five consecutive trading days, then the Fixed Price became $1.30 per share
|
|
|
|
|
|
|
|
|
|
|
|
Lowest trading price percentage |
|
|
|
|
|
|
|
|
65.00%
|
|
65.00%
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82,000
|
|
75,300
|
|
|
|
|
|
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
110.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Penalty amount |
$ 250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
125.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Penalty amount |
$ 500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Coventry Enterprises LLC Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,043
|
|
22,749
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
$ 37,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Original issue discount |
|
|
|
|
|
|
|
25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt principal amount |
|
|
|
|
|
|
|
125,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument guaranteed interest |
|
|
|
|
|
|
|
$ 12,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
75,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Default penalty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,000
|
|
|
|
|
|
Amount of convertible debt outstanding with penalty |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
144,951
|
|
|
|
|
|
Amount repaid for covertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,049
|
|
5,049
|
|
|
|
|
|
Additional debt issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,328
|
|
561
|
|
|
|
|
|
Settlement of convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 142,979
|
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
357
|
|
|
|
|
|
|
|
Crown Bridge Financing Agreement [Member] | Crown Bridge Partners, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
August 10, 2017 Consulting Agreement [Member] | GS Capital Partners, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70,800
|
|
$ 89,200
|
|
|
|
|
|
Loans Payable [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument original issue discount rate |
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, discount amount |
|
|
$ 120,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
$ 132,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
|
|
Nov. 15, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument increase interest rate |
|
|
18.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument description |
|
|
The Company
has the right to prepay the principal and accrued but unpaid interest due under the Promissory Note, together with any other amounts
that the Company may owe the August 2023 Lender under the terms of the Promissory Note, on or before September 14, 2023 at a 110% premium
of the face amount plus accrued and unpaid interest and any other amounts owed to the August 2023 Lender, which increases to (i) 120%
if prepaid after such date, but on or before October 14, 2023, and (ii) 130% if prepaid after October 14, 2023, unless the Company and
the Lender agree to otherwise effect repayment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,664
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,000
|
|
|
|
|
|
|
|
Proceeds from loan payable - related party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
132,000
|
|
|
|
|
|
|
|
Remaining debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6,000
|
|
|
|
|
|
|
|
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v3.23.3
SCHEDULE OF WARRANT ACTIVITY (Details)
|
3 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Equity [Abstract] |
|
|
Number of Shares, Outstanding, Beginning balance | shares |
3,396
|
|
Weighted Average Price Per Share, Outstanding, Beginning balance | $ / shares |
$ 5,440
|
|
Number of Shares, Granted | shares |
15,000,000
|
|
Weighted Average Price Per Share, Granted | $ / shares |
$ 0.01
|
|
Number of Shares, Exercised | shares |
|
|
Weighted Average Price Per Share, Exercised | $ / shares |
|
|
Number of Shares, Forfeited | shares |
|
|
Weighted Average Price Per Share, Forfeited | $ / shares |
|
|
Number of Shares, Expired | shares |
|
|
Weighted Average Price Per Share, Expired | $ / shares |
|
|
Number of Shares, Outstanding, Ending balance | shares |
15,003,396
|
[1] |
Weighted Average Price Per Share, Outstanding, Ending balance | $ / shares |
$ 1.24
|
|
Number of Shares, Exercisable, Ending balance | shares |
15,003,378
|
|
Weighted Average Price Per Share, Exercisable, Ending balance | $ / shares |
$ 1.24
|
|
Weighted average remaining contractual term |
2 years 9 months 3 days
|
|
Aggregate intrinsic value | $ |
|
|
|
|
X |
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v3.23.3
SCHEDULE OF WARRANT OUTSTANDING AND EXERCISABLE (Details) - shares
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Class of Stock [Line Items] |
|
|
|
Number of Warrants, Total |
15,003,396
|
[1] |
3,396
|
Exercisable, Total |
15,003,378
|
|
|
Series A Warrants [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Number of Warrants, Total |
10
|
|
|
Exercisable, Total |
10
|
|
|
Series B Warrants [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Number of Warrants, Total |
17
|
|
|
Exercisable, Total |
17
|
|
|
Series C Warrants [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Number of Warrants, Total |
64
|
|
|
Exercisable, Total |
46
|
|
|
Warrants With No Class Designation [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Number of Warrants, Total |
15,003,305
|
|
|
Exercisable, Total |
15,003,305
|
|
|
|
|
X |
- DefinitionNumber of equity instruments other than options exercisable, including both vested and non-vested instruments.
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v3.23.3
SCHEDULE OF SHARE BASED COMPENSATION STOCK OPTIONS ACTIVITY (Details)
|
3 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Equity [Abstract] |
|
Number of Shares, Outstanding, Beginning balance | shares |
0.059
|
Weighted Average Price Per Share, Outstanding, Beginning balance |
$ 4,533,000
|
Number of Shares, Granted | shares |
|
Weighted Average Price Per Share, Granted |
|
Number of Shares, Exercised | shares |
|
Weighted Average Price Per Share, Exercised |
|
Number of Shares, Forfeited | shares |
|
Weighted Average Price Per Share, Forfeited |
|
Number of Shares, Expired | shares |
|
Weighted Average Price Per Share, Expired |
|
Number of Shares, Outstanding, Ending balance | shares |
0.059
|
Weighted Average Price Per Share, Outstanding, Ending balance |
$ 4,533,000
|
Number of Shares, Exercisable, Ending balance | shares |
0.059
|
Weighted Average Price Per Share, Exercisable, Ending balance |
$ 4,533,000
|
Weighted average remaining contractual term |
5 years 7 months 13 days
|
Weighted average fair value of options granted during the period |
|
Aggregate intrinsic value | $ |
|
X |
- References
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v3.23.3
STOCKHOLDERS’ DEFICIT (Details Narrative)
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
|
|
|
|
|
|
|
|
Jul. 05, 2023
USD ($)
$ / shares
shares
|
May 01, 2023 |
Oct. 03, 2019 |
Jul. 31, 2023
shares
|
May 31, 2019
USD ($)
$ / shares
shares
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2022
USD ($)
$ / shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Nov. 30, 2023
USD ($)
|
Oct. 31, 2023
$ / shares
|
Oct. 03, 2023
shares
|
Jul. 05, 2023
AUD ($)
|
Mar. 31, 2023
shares
|
Sep. 21, 2022
shares
|
Sep. 20, 2022
shares
|
May 18, 2022
shares
|
May 17, 2022
shares
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Shares Authorized |
|
|
|
|
|
10,000,000,000
|
|
10,000,000,000
|
|
|
|
|
|
10,000,000,000
|
3,000,000,000
|
3,000,000,000
|
1,000,000,000
|
Number of preferred stock authorized shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500,005
|
|
1,500,005
|
|
Total number of authorized shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
10,001,500,005
|
|
3,001,500,005
|
|
Stockholders equity reverse stock split |
|
one-for-one thousand
(1:1,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
1,500,005
|
|
1,500,005
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value | $ / shares |
|
|
|
|
|
$ 0.01
|
|
$ 0.01
|
|
|
|
|
|
|
|
|
|
Warrants exercised |
|
|
|
|
|
14,833,210
|
|
6,031,250
|
|
|
|
|
|
|
|
|
|
Investor loan, value | $ |
|
|
|
|
|
$ 70,800
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest | $ |
|
|
|
|
|
5,184
|
|
|
|
|
|
|
|
|
|
|
|
Conversion fees | $ |
|
|
|
|
|
1,437
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock | $ |
|
|
|
|
|
|
$ 24,711
|
|
|
|
|
|
|
|
|
|
|
Loss on extinguishment debt conversion | $ |
|
|
|
|
|
113,622
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liability fair value | $ |
|
|
|
|
|
147,932
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on extinguishment of debt | $ |
|
|
|
|
|
34,310
|
(610)
|
|
|
|
|
|
|
|
|
|
|
Conversion of Stock, Amount Converted | $ |
|
|
|
|
|
34,838
|
133,646
|
|
|
|
|
|
|
|
|
|
|
Deemed dividend | $ |
|
|
|
|
|
$ 142,575
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units, value | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
10.00%
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
Share based compensation | $ |
|
|
|
|
|
$ 0
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
Unvested stock option expense | $ |
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
Stock options granted |
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
2019 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common shares reserved for future issuance |
|
|
|
|
|
234
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock valuation price per share | $ / shares |
|
|
|
|
|
$ 0.119
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price | $ / shares |
|
|
|
|
|
$ 0.01
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
|
|
|
|
|
4.59
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
|
|
|
|
|
268
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] | Affiliated Entity [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
|
|
|
15,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] | Affiliated Entity [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity term |
|
|
|
|
|
3 years
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units, shares |
|
|
|
|
0.117
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units, value | $ / shares |
|
|
|
|
$ 4,250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value granted, shares | $ |
|
|
|
|
$ 497,240
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized restricted stock units expense | $ |
|
|
|
|
|
$ 248,620
|
|
$ 248,620
|
|
|
|
|
|
|
|
|
|
Restricted stock units not yet vested, shares | $ |
|
|
|
|
|
$ 248,620
|
|
|
|
|
|
|
|
|
|
|
|
Unvested Restricted Stock Units [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested restricted stock units |
|
|
|
|
|
0.06
|
|
0.06
|
|
|
|
|
|
|
|
|
|
Series A And C Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of stock |
|
|
|
|
|
2,282,000
|
|
|
|
|
|
|
|
|
|
|
|
Series A Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercised |
|
|
|
|
|
2,282,000
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
|
$ 0.0114
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercise price | $ / shares |
|
|
|
|
|
200,000
|
$ 200,000
|
|
|
|
|
|
|
|
|
|
|
Alternate cashless warrant exercise price | $ / shares |
|
|
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of exercise price and market price |
|
|
|
|
|
70.00%
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
|
|
|
0.0114
|
|
|
|
|
|
|
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units, shares |
|
|
|
|
0.078
|
|
|
|
|
|
|
|
|
|
|
|
|
Chief Scientific Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units, shares |
|
|
|
|
0.039
|
|
|
|
|
|
|
|
|
|
|
|
|
Consultant Services [Member] | Consultant Three [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercised |
|
|
|
|
|
|
|
1,621,653
|
|
|
|
|
|
|
|
|
|
Stock issued during period shares |
|
|
|
1,621,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Financing Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common shares reserved for future issuance |
|
|
|
|
|
3,818,041,727
|
|
|
|
|
|
|
|
|
|
|
|
Letter Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor loan, value |
$ 153,256
|
|
|
|
|
|
|
|
|
|
|
$ 230,000
|
|
|
|
|
|
Share price | $ / shares |
$ 0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity term |
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
Jul. 05, 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
10.00%
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
Issue of warrants |
15,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment of warrants | $ |
$ 141,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Letter Agreement [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock valuation price per share | $ / shares |
$ 0.119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price | $ / shares |
$ 0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Letter Agreement [Member] | Warrant [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
Letter Agreement [Member] | Warrant [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity term |
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Letter Agreement [Member] | Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
4.59
|
|
|
|
|
|
|
|
|
|
|
4.59
|
|
|
|
|
|
Letter Agreement [Member] | Warrant [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
268
|
|
|
|
|
|
|
|
|
|
|
268
|
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor loan, value | $ |
|
|
|
|
|
|
|
$ 65,280
|
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
|
|
Oct. 03, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Auctus Fund, LLC [Member] | August 2019 Auctus Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment of warrants | $ |
|
|
|
|
|
$ 141,084
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor loan, value | $ |
|
|
|
|
|
|
|
|
$ 37,800
|
|
|
|
|
|
|
|
|
Accrued interest | $ |
|
|
|
|
|
|
|
|
2,354
|
|
|
|
|
|
|
|
|
Conversion fees | $ |
|
|
|
|
|
|
|
|
$ 160
|
|
|
|
|
|
|
|
|
Convertible Debt [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of stock |
|
|
|
|
|
4,898,307
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercised |
|
|
|
|
|
626,229
|
|
|
|
|
|
|
|
|
|
|
|
Average contractual conversion prices | $ / shares |
|
|
|
|
|
$ 0.02
|
|
|
|
|
|
|
|
|
|
|
|
Investor loan, value | $ |
|
|
|
|
|
$ 106,454
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest | $ |
|
|
|
|
|
7,677
|
|
|
|
|
|
|
|
|
|
|
|
Conversion fees | $ |
|
|
|
|
|
1,437
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock | $ |
|
|
|
|
|
229,190
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of shares under stock options | $ |
|
|
|
|
|
113,622
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument fair value | $ |
|
|
|
|
|
$ 191,043
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Debt [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
|
|
|
|
|
5.53
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Debt [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
|
|
|
|
|
328
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Debt [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercised |
|
|
|
|
|
|
|
|
|
|
626,229
|
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
500,000
|
|
500,000
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value | $ / shares |
|
|
|
|
|
$ 0.01
|
|
$ 0.01
|
|
|
|
|
|
|
|
|
|
Preferred stock shares outstanding |
|
|
|
|
|
0
|
|
0
|
|
|
|
|
0
|
|
|
|
|
Preferred stock shares issued |
|
|
|
|
|
0
|
|
0
|
|
|
|
|
|
|
|
|
|
Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
5
|
|
5
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value | $ / shares |
|
|
|
|
|
$ 0.01
|
|
$ 0.01
|
|
|
|
|
|
|
|
|
|
Preferred stock shares outstanding |
|
|
|
|
|
1
|
|
1
|
|
|
|
|
|
|
|
|
|
Preferred stock shares issued |
|
|
|
|
|
1
|
|
1
|
|
|
|
|
|
|
|
|
|
Shares, Issued |
|
|
|
|
|
0
|
|
0
|
|
|
|
|
|
|
|
|
|
Series A Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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$ 200,000
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$ 0.0037
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SCHEDULE OF OPERATING LEASE LIABILITY (Details) - Related Party [Member] - USD ($)
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Office lease |
$ 66,201
|
$ 66,201
|
Reduction of lease liability |
(31,894)
|
(25,418)
|
Less: office lease, current portion |
(21,161)
|
(21,505)
|
Long term portion of lease liability |
$ 13,146
|
$ 19,278
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Details Narrative)
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
Nov. 16, 2022
shares
|
Jul. 27, 2022
USD ($)
|
Jul. 27, 2022
EUR (€)
|
Jul. 01, 2022
USD ($)
|
May 04, 2022
USD ($)
|
May 04, 2022
AUD ($)
|
Oct. 01, 2020
USD ($)
|
Oct. 01, 2020
EUR (€)
|
Sep. 13, 2018
USD ($)
|
Sep. 13, 2018
EUR (€)
|
Jul. 31, 2023
USD ($)
|
Jul. 31, 2023
EUR (€)
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2023
EUR (€)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
EUR (€)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2022
EUR (€)
|
Aug. 31, 2022
USD ($)
|
Aug. 31, 2022
EUR (€)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2021
EUR (€)
|
Mar. 31, 2021
USD ($)
|
Mar. 31, 2021
EUR (€)
|
Nov. 30, 2020
EUR (€)
|
Jun. 30, 2012 |
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Total litigation penalty amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 30,000
|
|
|
Royalties percentage |
|
|
|
|
|
|
2.00%
|
2.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unreimbursed lab fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,446
|
|
$ 18,056
|
Royalty fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
$ 0
|
Accrued expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,184
|
|
|
Payments for Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 7,149
|
$ 6,373
|
|
Incremental borrowing rate |
|
|
|
|
8.00%
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average remaining lease term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 year 6 months 7 days
|
|
|
Accounting Standards Update 2016-02 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease right of use asset |
|
|
|
|
$ 66,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities |
|
|
|
|
$ 66,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Consultant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period shares for services | shares |
73,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
University of Jaen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services |
|
|
|
|
|
|
$ 30,268
|
€ 25,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty Agreement Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating leases income statement revenue percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.00%
|
|
|
|
License Agreement Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating leases income statement revenue percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
|
|
1-Year Collaboration Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services |
|
|
|
|
|
|
|
|
$ 59,508
|
€ 52,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2-Year Collaboration Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services |
|
|
|
|
|
|
$ 35,145
|
€ 30,000
|
$ 45,775
|
€ 40,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty percentage |
|
|
|
|
|
|
|
|
2.00%
|
2.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research Agreement [Member] | University of Jaen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services |
|
$ 53,806
|
€ 53,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly Fee |
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock fee percentage |
|
|
|
9.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.90%
|
Accrued expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 608,423
|
|
|
Other liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
New Three-Year Operating Lease Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lessee operating lease term |
|
|
|
|
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments for Rent |
|
|
|
|
$ 2,176
|
$ 3,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From 2012 through the 2014 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total litigation penalty amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10,000
|
|
|
Installment 1 [Member] | 2-Year Collaboration Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services | € |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ 5,000
|
|
|
|
|
Installment 1 [Member] | Research Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 18,407
|
€ 18,200
|
|
|
|
|
|
|
|
|
|
Installment 2 [Member] | 2-Year Collaboration Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 5,858
|
€ 5,000
|
|
|
|
|
|
Installment 2 [Member] | Research Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 8,091
|
€ 8,000
|
|
|
|
|
|
|
|
|
|
|
|
Installment 3 [Member] | 2-Year Collaboration Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 11,715
|
€ 10,000
|
|
|
|
|
|
|
|
Installment 3 [Member] | Research Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 7,080
|
€ 7,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Installment 4 [Member] | 2-Year Collaboration Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 11,715
|
€ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
Installment 4 [Member] | Research Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services |
|
|
|
|
|
|
|
|
|
|
|
|
$ 10,114
|
€ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Installment 5 [Member] | Research Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for services |
|
|
|
|
|
|
|
|
|
|
$ 10,114
|
€ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionIncremental Borrowing Rate
+ References
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+ References
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|
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+ References
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+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(15)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
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v3.23.3
RELATED PARTY TRANSACTIONS (Details Narrative)
|
|
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
|
|
|
Jul. 05, 2023
USD ($)
$ / shares
shares
|
Oct. 26, 2022
USD ($)
|
Oct. 26, 2022
AUD ($)
|
Aug. 01, 2022
USD ($)
|
Aug. 01, 2022
AUD ($)
|
May 04, 2022
USD ($)
|
May 04, 2022
AUD ($)
|
Aug. 12, 2021
USD ($)
shares
|
May 14, 2019
USD ($)
$ / shares
shares
|
May 14, 2019
AUD ($)
shares
|
Mar. 16, 2018
USD ($)
|
Mar. 16, 2018
AUD ($)
|
Feb. 01, 2018
USD ($)
|
Feb. 01, 2018
AUD ($)
|
May 05, 2016
USD ($)
|
May 05, 2016
AUD ($)
|
Feb. 25, 2016
USD ($)
|
Feb. 25, 2016
AUD ($)
|
Feb. 25, 2015
USD ($)
|
Feb. 25, 2015
AUD ($)
|
May 31, 2019
shares
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2023
AUD ($)
shares
|
Sep. 30, 2022
USD ($)
shares
|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2023
AUD ($)
shares
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2022
AUD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2021
AUD ($)
|
Sep. 30, 2023
AUD ($)
|
Jul. 05, 2023
AUD ($)
|
Jun. 30, 2023
AUD ($)
|
May 05, 2016
AUD ($)
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments for Rent | $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 7,149
|
|
$ 6,373
|
|
|
|
|
|
|
|
|
|
|
Investor loan, value | $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70,800
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
Bonus payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 16,070
|
$ 25,000
|
|
$ 48,905
|
$ 73,387
|
$ 99,691
|
$ 144,166
|
|
|
|
|
|
|
Exercise price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted exercise price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued salaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 69,101
|
|
|
64,627
|
|
|
|
|
|
$ 107,500
|
|
$ 96,000
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments form related party | $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 221,890
|
|
|
|
|
Bonus payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 166,418
|
$ 422,610
|
|
|
|
|
Remaining bonus amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 53,312
|
$ 82,937
|
|
$ 71,929
|
$ 107,937
|
125,386
|
181,324
|
|
|
|
|
|
|
Restricted stock shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Letter Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor loan, value |
$ 153,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 230,000
|
|
|
Term of agreement |
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
Issue of warrants |
15,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
$ 0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nathanielsz Employment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expired date |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Feb. 25, 2019
|
Feb. 25, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base salary per month | $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual salary |
|
$ 414,900
|
$ 600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 205,680
|
$ 300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of pension of monthly salary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.50%
|
9.50%
|
|
|
|
|
|
|
|
|
Percentage of bonus of annual base salary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200.00%
|
200.00%
|
|
|
|
|
|
|
|
|
Nathanielsz Employment Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual salary |
|
|
|
$ 414,900
|
$ 600,000
|
|
|
|
|
|
$ 274,240
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of bonus of annual base salary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200.00%
|
200.00%
|
|
|
|
|
100.00%
|
100.00%
|
|
|
|
|
|
|
|
|
Nathanielsz Employment Agreement [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual salary |
|
|
|
309,313
|
400,000
|
|
|
|
|
|
$ 205,680
|
$ 300,000
|
|
|
|
|
|
|
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|
Mrs. Nathanielsz [Member] | Chief Executive Officer [Member] |
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|
Related Party Transaction [Line Items] |
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Bonus payable | $ |
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|
$ 316,957
|
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|
Employment Agreement [Member] |
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|
Related Party Transaction [Line Items] |
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|
Number of restricted stock unit vested, shares |
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|
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|
|
|
|
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|
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|
|
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|
0.04
|
0.04
|
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|
Employment Agreement [Member] | Initial Nathanielsz RSUs [Member] |
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Related Party Transaction [Line Items] |
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|
|
|
|
|
|
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|
Restricted stock shares of common stock |
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|
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|
|
|
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|
0.04
|
0.04
|
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|
0.04
|
0.04
|
0.04
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|
Employment Agreement [Member] | Additional Nathanielsz RSUs [Member] |
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Related Party Transaction [Line Items] |
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Restricted stock unit issuable |
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0.04
|
0.04
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Services Agreement [Member] |
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Related Party Transaction [Line Items] |
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|
Number of restricted stock unit vested, shares |
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|
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|
|
|
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|
0.02
|
0.02
|
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|
Restricted stock unit issuable |
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0.02
|
0.02
|
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Services Agreement [Member] | Additional Kenyon RSUs [Member] |
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Related Party Transaction [Line Items] |
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|
Restricted stock shares of common stock |
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|
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|
0.02
|
0.02
|
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|
Accounting Standards Update 2016-02 [Member] |
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Related Party Transaction [Line Items] |
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Operating lease, description |
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|
Such lease expired in May 2021 and was renewed for another
one-year term from May 2021 to May 2022
|
Such lease expired in May 2021 and was renewed for another
one-year term from May 2021 to May 2022
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North Horizon Pty Ltd [Member] |
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Related Party Transaction [Line Items] |
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|
Lessee, operating lease, term of contract |
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5 years
|
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|
5 years
|
Operating leases rent expense, minimum rentals |
|
|
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|
$ 28,325
|
$ 39,600
|
|
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|
Goods and service tax |
|
|
|
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|
2,575
|
$ 3,600
|
|
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|
Payments for Rent |
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|
$ 107,430
|
$ 167,129
|
|
$ 105,377
|
$ 158,129
|
|
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|
North Horizon Pty Ltd [Member] | Three Year Operating Lease Agreement [Member] |
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|
Related Party Transaction [Line Items] |
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|
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|
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|
Lessee, operating lease, term of contract |
|
|
|
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|
3 years
|
3 years
|
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|
Payments for Rent |
|
|
|
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|
$ 2,176
|
$ 3,000
|
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|
Former Director [Member] |
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|
Related Party Transaction [Line Items] |
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|
Loans from related party | $ |
|
|
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|
28,581
|
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|
29,630
|
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|
Due to related parties | $ |
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|
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|
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|
$ 47,567
|
|
|
$ 49,314
|
|
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|
Nathanielsz [Member] | North Horizon Pty Ltd [Member] |
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|
Related Party Transaction [Line Items] |
|
|
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|
Operating leases, future minimum payments due |
|
|
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|
$ 141,629
|
|
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|
|
|
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|
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|
|
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|
|
$ 198,000
|
Mrs. Nathanielsz [Member] |
|
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|
Related Party Transaction [Line Items] |
|
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|
|
|
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|
Annual salary |
|
|
|
|
|
|
|
|
|
|
|
|
$ 80,904
|
$ 120,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Payments form related party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 5,577
|
$ 7,689
|
|
|
|
|
|
|
James Nathanielsz [Member] |
|
|
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|
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|
Related Party Transaction [Line Items] |
|
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|
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|
|
|
|
|
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|
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|
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|
|
Payments form related party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,205
|
$ 4,481
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
Mr. Nathanielsz [Member] | Board of Directors [Member] |
|
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|
Related Party Transaction [Line Items] |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Officers compensation |
|
|
|
$ 96,810
|
$ 140,000
|
|
|
$ 177,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion, converted instrument, shares issued |
|
|
|
|
|
|
|
5,928,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
Mr. Nathanielsz [Member] | Employment Agreement [Member] |
|
|
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|
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|
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|
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|
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|
|
|
|
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|
Related Party Transaction [Line Items] |
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual salary |
|
|
|
|
|
|
|
|
$ 309,313
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agreement term |
|
|
|
|
|
|
|
|
3 years
|
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option purchase shares |
|
|
|
|
|
|
|
|
0.04
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price | $ / shares |
|
|
|
|
|
|
|
|
$ 4,675,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price |
|
|
|
|
|
|
|
|
110.00%
|
110.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted exercise price | $ / shares |
|
|
|
|
|
|
|
|
$ 4,250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option term |
|
|
|
|
|
|
|
|
10 years
|
10 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dr. Kenyon [Member] | Services Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual salary |
|
|
|
|
|
|
|
|
$ 41,580
|
$ 54,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agreement term |
|
|
|
|
|
|
|
|
3 years
|
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option purchase shares |
|
|
|
|
|
|
|
|
0.02
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price | $ / shares |
|
|
|
|
|
|
|
|
$ 4,250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price |
|
|
|
|
|
|
|
|
100.00%
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option term |
|
|
|
|
|
|
|
|
10 years
|
10 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dr. Kenyon [Member] | Cancellation Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Debt conversion, converted instrument, shares issued |
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3,420
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Cancellation of accrued salary | $ |
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$ 102,600
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v3.23.3
CONCENTRATIONS AND RISKS (Details Narrative) - USD ($)
|
3 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Concentration Risk [Line Items] |
|
|
|
Discounts and debt issuance cost |
$ 34,500
|
$ 33,750
|
|
Proceeds from convertible debt |
$ 220,000
|
$ 345,750
|
|
Convertible Debt Benchmark [Member] | Lender Concentration Risk [Member] | Lender One [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Concentration risk percentage |
30.00%
|
29.00%
|
|
Convertible Debt Benchmark [Member] | Lender Concentration Risk [Member] | Lender Two [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Concentration risk percentage |
14.00%
|
27.00%
|
|
Convertible Debt Benchmark [Member] | Lender Concentration Risk [Member] | Lender Three [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Concentration risk percentage |
24.00%
|
44.00%
|
|
Convertible Debt Benchmark [Member] | Lender Concentration Risk [Member] | Lender Four [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Concentration risk percentage |
32.00%
|
|
|
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Receivable [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Concentration risk percentage |
100.00%
|
|
100.00%
|
Lender One [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Proceeds from convertible debt |
$ 150,000
|
$ 101,250
|
|
Lender Two [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Proceeds from convertible debt |
70,000
|
94,500
|
|
Lender Three [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Proceeds from convertible debt |
120,000
|
$ 150,000
|
|
Lender Four [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Proceeds from convertible debt |
$ 153,256
|
|
|
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v3.23.3
SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING, VALUATION TECHNIQUES (Details)
|
3 Months Ended |
Sep. 30, 2023 |
Measurement Input, Price Volatility [Member] | Convertible Debt [Member] |
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
Debt instrument, measurement input, percentages |
328
|
Measurement Input, Price Volatility [Member] | New Derivative Instruments [Member] |
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
Debt instrument, measurement input, percentages |
327.58
|
Measurement Input, Expected Term [Member] | Convertible Debt [Member] | Minimum [Member] |
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
Debt instrument, measurement input, term |
4 months 24 days
|
Measurement Input, Expected Term [Member] | Convertible Debt [Member] | Maximum [Member] |
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
Debt instrument, measurement input, term |
5 months 19 days
|
Measurement Input, Expected Term [Member] | New Derivative Instruments [Member] | Convertible Debt [Member] |
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
Debt instrument, measurement input, term |
6 months
|
Measurement Input, Risk Free Interest Rate [Member] | Convertible Debt [Member] |
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
Debt instrument, measurement input, percentages |
5.53
|
Measurement Input, Risk Free Interest Rate [Member] | New Derivative Instruments [Member] | Convertible Debt [Member] |
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
Debt instrument, measurement input, percentages |
5.55
|
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v3.23.3
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($)
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
Embedded conversion option liabilities |
$ 119,069
|
$ 423,209
|
Total |
119,069
|
423,209
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Embedded conversion option liabilities |
|
|
Total |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Embedded conversion option liabilities |
|
|
Total |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Embedded conversion option liabilities |
119,069
|
423,209
|
Total |
$ 119,069
|
$ 423,209
|
X |
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v3.23.3
X |
- DefinitionIncluding the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company.
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v3.23.3
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
1 Months Ended |
2 Months Ended |
3 Months Ended |
|
|
Oct. 20, 2023 |
Oct. 12, 2023 |
Aug. 23, 2023 |
Aug. 16, 2023 |
Sep. 21, 2022 |
Aug. 12, 2022 |
Oct. 03, 2019 |
Oct. 31, 2023 |
Nov. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jul. 05, 2023 |
Jun. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
|
$ 70,800
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
5,184
|
|
|
|
Conversion fees |
|
|
|
|
|
|
|
|
|
1,437
|
|
|
|
Reclassification of put premium upon debt conversion |
|
|
|
|
|
|
|
|
|
34,838
|
$ 133,646
|
|
|
Deemed dividend upon alternate cashless exercise of warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
Debt instrument debt default interest rate |
|
|
24.00%
|
|
|
|
|
|
|
|
|
|
|
Penalty amount |
|
|
|
|
|
|
|
|
|
30,000
|
|
|
|
Debt instrument unamortized discount |
|
|
|
|
|
|
|
|
|
79,236
|
|
|
$ 38,994
|
GS Capital Partners, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
5,184
|
|
|
2,945
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
|
|
|
|
65,280
|
Debt instrument maturity date |
|
|
|
|
|
|
Oct. 03, 2020
|
|
|
|
|
|
|
Debt instrument unamortized discount |
|
|
|
|
|
|
|
|
|
88,846
|
$ 115,769
|
|
|
Securities Purchase Agreement [Member] | 1800 Diagonal Lending LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
2,488
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
|
800.00%
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
|
35.00%
|
|
|
|
|
|
|
|
|
|
Percentage of outstanding shares of common stock |
|
|
|
150.00%
|
|
|
|
|
|
|
|
|
|
Debt outstanding principal percentage |
|
|
|
22.00%
|
|
|
|
|
|
|
|
|
|
Penalty amount |
|
|
|
$ 1,000
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | 1800 Diagonal Lending LLC [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
|
110.00%
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | 1800 Diagonal Lending LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
|
129.00%
|
|
|
|
|
|
|
|
|
|
Percentage of outstanding shares of common stock |
|
|
|
9.99%
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
$ 77,500
|
|
$ 71,500
|
$ 93,000
|
|
|
|
82,000
|
|
|
75,300
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
|
$ 887
|
|
|
$ 4,263
|
Debt instrument maturity date |
|
|
Feb. 23, 2024
|
|
Mar. 21, 2023
|
Apr. 12, 2023
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
8.00%
|
|
8.00%
|
8.00%
|
|
|
|
|
|
|
|
Percentage of outstanding shares of common stock |
|
|
|
|
4.99%
|
4.99%
|
|
|
|
|
|
|
|
Debt instrument unamortized discount |
|
|
$ 5,000
|
|
$ 4,000
|
$ 5,000
|
|
|
|
|
|
|
|
Legal fees |
|
|
$ 2,500
|
|
$ 2,500
|
$ 3,000
|
|
|
|
|
|
|
|
Conversion price, description |
|
|
The GS Capital Note is exchangeable for an equal aggregate principal
amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price
for the GS Capital Note is equal to $0.04 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to
$0.02 per share in the event that the market price of the Common Stock trades below $0.03 per share for five consecutive trading days.
In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest trading price
of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment every thirty
calendar days during the period in which the Company remains in default. Pursuant to the Note, in the event that such conversion price
is below the par value of the Common Stock, the Company has agreed to take all steps to reduce such par value or conduct a reverse split
of its Common Stock, as applicable. Notwithstanding the foregoing, such conversion price and lookback periods are subject to adjustment
in favor of the Investor in the event the Company issues securities to another party with more favorable conversion terms, and such conversions
are subject to a 4.99% beneficial ownership limitation (which may be increased to 9.9% upon 60 days’ prior written notice from
the holder of the Note) and adjustments for mergers, consolidations, reorganizations and similar events set forth in the Note, other
than a transfer or sale of all or substantially all Company assets. Pursuant to the Note, the Company is required to maintain an initial
reserve of at least 400% of the number of Conversion Shares, subject to any increase of such reserved amount to reflect the Company’s
obligations under the Note.
|
|
Such note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations,
as requested by GS Capital surrendering the same. GS Capital is entitled, at its option, at any time after cash payment, to convert all
or any amount of the principal face amount of the GS Capital Note then outstanding into shares of common stock at a price per share equal
to $2 (the “September Fixed Price”). However, in the event the common stock trades below $1.40 per share for more than
five consecutive trading days, then the September Fixed Price becomes $0.90 per share
|
The GS Capital Note was exchangeable for an equal aggregate principal amount of notes
of different authorized denominations, as requested by GS Capital by surrendering the same. GS Capital was entitled, at its option, at
any time after cash payment, to convert all or any amount of the principal face amount of the GS Capital Note then outstanding into shares
of common stock at a price per share equal to $2.80 per share (the “Fixed Price”). However, in the event the common
stock trades below $2 per share for more than five consecutive trading days, then the Fixed Price became $1.30 per share
|
|
|
|
|
|
|
|
Debt instrument increase principal percentage |
|
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
110.00%
|
|
|
|
|
|
|
|
|
|
|
Penalty amount |
|
|
$ 250
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
|
125.00%
|
|
|
|
|
|
|
|
|
|
|
Penalty amount |
|
|
$ 500
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for conversion of convertible debt |
|
|
|
|
|
|
|
|
|
4,898,307
|
264,493
|
|
|
Reclassification of put premium upon debt conversion |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for alternate cashless exercise of warrants, shares |
|
|
|
|
|
|
|
|
|
2,282,000
|
158,399
|
|
|
Deemed dividend upon alternate cashless exercise of warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
$ 37,800
|
|
|
|
|
Interest payable current and non current |
|
|
|
|
|
|
|
|
2,354
|
|
|
|
|
Conversion fees |
|
|
|
|
|
|
|
|
160
|
|
|
|
|
Reclassification of put premium upon debt conversion |
|
|
|
|
|
|
|
|
$ 22,200
|
|
|
|
|
Deemed dividend upon alternate cashless exercise of warrants |
|
|
|
|
|
|
|
$ 12,160
|
|
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] | 1800 Diagonal Lending LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
$ 40,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt issuance costs |
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
Oct. 20, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
35.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of outstanding shares of common stock |
150.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt outstanding principal percentage |
22.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Penalty amount |
$ 1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] | 1800 Diagonal Lending LLC [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
110.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] | 1800 Diagonal Lending LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
129.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of outstanding shares of common stock |
9.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
$ 61,000
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
|
Apr. 12, 2024
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
24.00%
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument unamortized discount |
|
$ 3,500
|
|
|
|
|
|
|
|
|
|
|
|
Legal fees |
|
$ 2,500
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price, description |
|
The GS Capital Note is exchangeable for an equal aggregate principal
amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price
for the GS Capital Note is equal to $0.015 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to
$0.01 per share in the event that the market price of the Common Stock trades below $0.0075 per share for ten consecutive trading days.
In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest trading price
of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment every thirty
calendar days during the period in which the Company remains in default. Pursuant to the Note, in the event that such conversion price
is below the par value of the Common Stock, the Company has agreed to take all steps to reduce such par value or conduct a reverse split
of its Common Stock, as applicable. Notwithstanding the foregoing, such conversion price and lookback periods are subject to adjustment
in favor of the Investor in the event the Company issues securities to another party with more favorable conversion terms, and such conversions
are subject to a 4.99% beneficial ownership limitation (which may be increased to 9.9% upon 60 days’ prior written notice from
the holder of the Note) and adjustments for mergers, consolidations, reorganizations and similar events set forth in the Note, other
than a transfer or sale of all or substantially all Company assets. Pursuant to the Note, the Company is required to maintain an initial
reserve of at least 400% of the number of Conversion Shares, subject to any increase of such reserved amount to reflect the Company’s
obligations under the Note
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument increase principal percentage |
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
110.00%
|
|
|
|
|
|
|
|
|
|
|
|
Penalty amount |
|
$ 250
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument debt default interest rate |
|
125.00%
|
|
|
|
|
|
|
|
|
|
|
|
Penalty amount |
|
$ 500
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Series A Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alternate cashless warrant exercise price |
|
|
|
|
|
|
|
$ 0.0037
|
|
|
|
|
|
Subsequent Event [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for conversion of convertible debt |
|
|
|
|
|
|
|
|
6,059,502
|
|
|
|
|
Contractual conversion price |
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
Issuance of common stock for alternate cashless exercise of warrants, shares |
|
|
|
|
|
|
|
740,000
|
|
|
|
|
|
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- Details
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