Cover
Cover | 3 Months Ended |
Sep. 30, 2021 | |
Cover [Abstract] | |
Document Type | POS AM |
Amendment Flag | true |
Amendment Description | Post-Effective Amendment Number 1 |
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 |
Entity Address, Postal Zip Code | 3124 |
City Area Code | 61-03 |
Local Phone Number | 9882-0780 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
CURRENT ASSETS: | |||
Cash | $ 45,817 | $ 2,255 | $ 67,007 |
Prepaid expenses and other current assets | 8,353 | ||
GST tax receivable | 2,238 | 4,341 | 2,015 |
TOTAL CURRENT ASSETS | 56,408 | 6,596 | 69,022 |
Security deposit - related party | 2,164 | 2,250 | 2,067 |
Operating lease right-of-use assets, net - related party | 21,682 | ||
Property and equipment, net | 3,593 | 4,255 | 5,747 |
TOTAL ASSETS | 62,165 | 13,101 | 98,518 |
CURRENT LIABILITIES: | |||
Accounts payable | 826,184 | 1,002,335 | 842,156 |
Accrued expenses and other payables | 407,775 | 892,151 | 702,231 |
Convertible notes and related accrued interest, net of discounts and premiums | 584,608 | 624,583 | 1,557,734 |
Operating lease liability - related party | 25,072 | ||
Embedded conversion option liabilities | 58,124 | 54,220 | 177,009 |
Due to former director - related party | 32,076 | 33,347 | 30,639 |
Loan from former director - related party | 53,384 | 55,500 | 50,993 |
Employee benefit liability | 406,644 | 418,538 | 354,109 |
TOTAL CURRENT LIABILITIES | 2,368,795 | 3,080,674 | 3,739,943 |
TOTAL LIABILITIES | 2,368,795 | 3,080,674 | 3,739,943 |
Commitments and Contingencies (See Note 8) | |||
STOCKHOLDERS’ DEFICIT: | |||
Common stock, $0.001 par value; 1,000,000,000 shares authorized;43,841,644 and 14,055,393 shares issued and outstanding as of September 30, 2021 and June 30, 2021, respectively | 43,842 | 14,056 | 258 |
Common stock issuable (2,002,549 and 59 shares as of September 30, 2021 and June 30, 2021, respectively) | 2,002 | ||
Additional paid-in capital | 55,444,574 | 54,074,110 | 50,913,893 |
Subscription receivable | (100,000) | ||
Accumulated other comprehensive income | 1,149,397 | 1,085,204 | 1,267,671 |
Accumulated deficit | (58,804,968) | (58,199,466) | (55,781,770) |
Treasury stock (1 share) | (46,477) | (46,477) | (46,477) |
TOTAL STOCKHOLDERS’ DEFICIT | (2,306,630) | (3,067,573) | (3,641,425) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 62,165 | 13,101 | 98,518 |
Series A Preferred Stock [Member] | |||
STOCKHOLDERS’ DEFICIT: | |||
Preferred stock | 5,000 | 5,000 | 5,000 |
Series B Preferred Stock [Member] | |||
STOCKHOLDERS’ DEFICIT: | |||
Preferred stock |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Preferred stock, shares authorized | 1,500,005 | 1,500,005 | 1,500,005 |
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 43,841,644 | 14,055,393 | 258,120 |
Common stock, shares outstanding | 43,841,644 | 14,055,393 | 258,120 |
Common stock, shares issuable | 2,002,549 | 59 | 0 |
Treasury stock, shares | 1 | 1 | 1 |
Series A Preferred Stock [Member] | |||
Preferred stock, shares authorized | 500,000 | 500,000 | 500,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 500,000 | 500,000 | 500,000 |
Preferred stock, shares outstanding | 500,000 | 500,000 | 500,000 |
Series B Preferred Stock [Member] | |||
Preferred stock, shares authorized | 5 | 5 | 5 |
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 1 | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 | 1 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
REVENUE | ||||
Revenue | ||||
OPERATING EXPENSES | ||||
Administration expenses | 431,740 | 323,111 | 1,553,075 | 3,281,464 |
Occupancy expenses | 7,736 | 9,204 | 28,112 | 32,809 |
Research and development | 46,554 | 50,846 | 230,956 | 179,987 |
TOTAL OPERATING EXPENSES | 486,030 | 383,161 | 1,812,143 | 3,494,260 |
LOSS FROM OPERATIONS | (486,030) | (383,161) | (1,812,143) | (3,494,260) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (109,853) | (159,281) | (449,457) | (1,748,381) |
Interest income | 1 | 946 | ||
Other income | 57,636 | |||
Change in fair value of derivative liabilities | (3,904) | 64,952 | (8,186) | 385,293 |
Gain from settlement of debt, net | 49,319 | |||
Gain on extinguishment of debt, net | 49,985 | 50,607 | 67,123 | |
Foreign currency transaction gain | 109,129 | 1,960 | 30,497 | (143,808) |
TOTAL OTHER EXPENSE, NET | (4,628) | (42,384) | (327,219) | (1,381,191) |
LOSS BEFORE TAXES | (490,658) | (425,545) | (2,139,362) | (4,875,451) |
Tax benefit | 113,415 | 134,728 | ||
NET LOSS | (490,658) | (425,545) | (2,025,947) | (4,740,723) |
Deemed Dividend | (114,844) | (391,749) | ||
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS | $ (605,502) | $ (425,545) | $ (2,417,696) | $ (4,740,723) |
BASIC AND DILUTED NET LOSS PER SHARE | $ (0.02) | $ (0.71) | $ (0.80) | $ (192.45) |
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 27,142,519 | 597,314 | 3,032,612 | 24,634 |
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS | $ (605,502) | $ (425,545) | $ (2,417,696) | $ (4,740,723) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Unrealized foreign currency translation gain (loss) | 64,193 | (75,755) | (182,467) | 200,673 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 64,193 | (75,755) | (182,467) | 200,673 |
TOTAL COMPREHENSIVE LOSS | $ (541,309) | $ (501,300) | $ (2,600,163) | $ (4,540,050) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Deficit - USD ($) | Series A Preferred Stock [Member]Preferred Stock [Member] | Series B Preferred Stock [Member]Preferred Stock [Member] | Common Stock [Member] | Common Stock Issuable [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total | Subscription Receivable [Member] |
Beginning balance, value at Jun. 30, 2019 | $ 5,000 | $ 1 | $ 45,714,289 | $ (51,041,047) | $ 1,066,998 | $ (46,477) | $ (4,301,236) | |||
Beginning balance, shares at Jun. 30, 2019 | 500,000 | 1 | 968 | |||||||
Issuance of common stock for cash | $ 1 | 424,989 | 424,990 | |||||||
Issuance of common stock for cash, shares | 804 | |||||||||
Issuance of common stock for conversion of convertible debt, conversion fee, and accrued interest | $ 248 | 2,124,926 | 2,125,174 | |||||||
Issuance of common stock for conversion of convertible debt, conversion fee, and accrued interest, shares | 247,619 | |||||||||
Reclassification of put premium upon debt conversion | 874,924 | 874,924 | ||||||||
Issuance of common stock for services and accrued expenses | $ 8 | 113,634 | 113,642 | |||||||
Issuance of common stock for services and accrued expenses, shares | 8,729 | |||||||||
Relative fair value of warrants issued with convertible debt | 375,905 | 375,905 | ||||||||
Stock based compensation in connection with stock option grants | 300,416 | 300,416 | ||||||||
Stock based compensation in connection with fair value of warrants issued for services | 984,810 | 984,810 | ||||||||
Foreign currency translation gain | 200,673 | 200,673 | ||||||||
Net loss | (4,740,723) | (4,740,723) | ||||||||
Ending balance, value at Jun. 30, 2020 | $ 5,000 | $ 258 | 50,913,893 | (55,781,770) | 1,267,671 | (46,477) | (3,641,425) | |||
Ending balance, shares at Jun. 30, 2020 | 500,000 | 1 | 258,120 | |||||||
Issuance of common stock for conversion of convertible debt, conversion fee, and accrued interest | $ 442 | 480,133 | 480,575 | |||||||
Issuance of common stock for conversion of convertible debt, conversion fee, and accrued interest, shares | 442,031 | |||||||||
Issuance of common stock for exercise of warrants | $ 15 | 201,029 | 201,044 | |||||||
Issuance of common stock for exercise of warrants, shares | 15,445 | |||||||||
Reclassification of put premium upon debt conversion | 204,919 | 204,919 | ||||||||
Stock based compensation in connection with fair value of warrants issued for services | 20,718 | 20,718 | ||||||||
Foreign currency translation gain | (75,755) | (75,755) | ||||||||
Net loss | (425,545) | (425,545) | ||||||||
Ending balance, value at Sep. 30, 2020 | $ 5,000 | $ 715 | 51,820,692 | (56,207,315) | 1,191,916 | (46,477) | (3,235,469) | |||
Ending balance, shares at Sep. 30, 2020 | 500,000 | 1 | 715,596 | |||||||
Beginning balance, value at Jun. 30, 2020 | $ 5,000 | $ 258 | 50,913,893 | (55,781,770) | 1,267,671 | (46,477) | (3,641,425) | |||
Beginning balance, shares at Jun. 30, 2020 | 500,000 | 1 | 258,120 | |||||||
Issuance of common stock for conversion of convertible debt, conversion fee, and accrued interest | $ 8,787 | 1,230,288 | 1,239,075 | |||||||
Issuance of common stock for conversion of convertible debt, conversion fee, and accrued interest, shares | 8,786,113 | |||||||||
Reversal of common stock issuable due to cancellation of conversions of convertible debt and accrued interest | $ (24) | (19,992) | (20,016) | |||||||
Reversal of common stock issuable due to cancellation of conversions of convertible debt and accrued interest, shares | (24,427) | |||||||||
Issuance of common stock for exercise of warrants | $ 29 | 776,015 | 776,044 | |||||||
Issuance of common stock for exercise of warrants, shares | 29,820 | |||||||||
Issuance of common stock for cashless exercise of warrants | $ 4,200 | (4,200) | ||||||||
Issuance of common stock for cashless exercise of warrants, shares | 4,199,979 | |||||||||
Reversal of put premium upon cancellation of conversions of convertible debt | (11,785) | (11,785) | ||||||||
Vested restricted stock units | ||||||||||
Vested restricted stock units, shares | 59 | |||||||||
Fractional difference due to the reverse stock-split | ||||||||||
Fractional difference due to the reverse stock-split, shares | 142 | |||||||||
Deemed dividend upon alternate cashless exercise of warrants | 391,749 | (391,749) | ||||||||
Reclassification of put premium upon debt conversion | 590,504 | 590,504 | ||||||||
Issuance of common stock for services and accrued expenses | $ 806 | 124,766 | 125,572 | |||||||
Issuance of common stock for services and accrued expenses, shares | 805,646 | |||||||||
Stock based compensation in connection with stock option grants | 82,872 | 82,872 | ||||||||
Foreign currency translation gain | (182,467) | (182,467) | ||||||||
Net loss | (2,025,947) | (2,025,947) | ||||||||
Ending balance, value at Jun. 30, 2021 | $ 5,000 | $ 14,056 | 54,074,110 | (58,199,466) | 1,085,204 | (46,477) | $ (3,067,573) | |||
Ending balance, shares at Jun. 30, 2021 | 500,000 | 1 | 14,055,393 | 59 | ||||||
Issuance of common stock for cash, shares | 2,399,988 | |||||||||
Issuance of common stock for conversion of convertible debt, conversion fee, and accrued interest | $ 9,445 | 190,741 | $ 200,186 | |||||||
Issuance of common stock for conversion of convertible debt, conversion fee, and accrued interest, shares | 9,445,009 | |||||||||
Issuance of common stock for exercise of warrants | $ 7 | $ 2 | 374,991 | 275,000 | (100,000) | |||||
Issuance of common stock for exercise of warrants, shares | 6,875 | 2,500 | ||||||||
Deemed dividend upon alternate cashless exercise of warrants | 114,844 | (114,844) | ||||||||
Issuance of common stock for alternate cashless exercise of warrants | $ 2,400 | $ 2,000 | (4,400) | |||||||
Issuance of common stock for alternate cashless exercise of warrants, shares | 2,399,988 | 1,999,990 | ||||||||
Reclassification of put premium upon debt conversion | 109,643 | 109,643 | ||||||||
Issuance of common stock for services and accrued expenses | $ 17,934 | 563,927 | 581,861 | |||||||
Issuance of common stock for services and accrued expenses, shares | 17,934,379 | |||||||||
Stock based compensation in connection with stock option grants | 20,718 | 20,718 | ||||||||
Foreign currency translation gain | 64,193 | 64,193 | ||||||||
Net loss | (490,658) | (490,658) | ||||||||
Ending balance, value at Sep. 30, 2021 | $ 5,000 | $ 43,842 | $ 2,002 | $ 55,444,574 | $ (58,804,968) | $ 1,149,397 | $ (46,477) | $ (2,306,630) | $ (100,000) | |
Ending balance, shares at Sep. 30, 2021 | 500,000 | 1 | 43,841,644 | 2,002,549 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (490,658) | $ (425,545) | $ (2,025,947) | $ (4,740,723) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||||
Issuance and amortization of common stock for services | 133,422 | 125,572 | 1,098,452 | |
Foreign currency transaction gain | (109,129) | (1,960) | (30,497) | 143,808 |
Depreciation expense | 509 | 438 | 1,993 | 2,473 |
Amortization of debt discounts | 6,074 | 121,281 | 136,527 | 734,130 |
Change in fair value of derivative liabilities | 3,904 | (64,952) | 8,186 | (385,293) |
Gain on extinguishment of debt, net | (49,985) | (50,607) | (67,123) | |
Gain from settlement of debt, net | (49,319) | |||
Stock option and restricted stock expense | 20,718 | 20,718 | 82,872 | 300,416 |
Non-cash interest expense | 2,250 | 6,750 | 16,500 | 15,000 |
Accretion of put premium | 90,192 | 200,410 | 836,724 | |
Changes in Assets and Liabilities: | ||||
GST receivable | 1,937 | (755) | (2,147) | 3,332 |
Prepaid expenses and other assets | (8,353) | 83,157 | ||
Accounts payable | (137,927) | 53,576 | 178,311 | (59,737) |
Deferred rent | 633 | (3,695) | 3,394 | |
Employee benefit liability | 4,067 | 10,544 | 33,134 | 35,724 |
Accrued expenses and other payables | (15,102) | 133,046 | 152,861 | (9,740) |
Accrued interest | 11,338 | 16,262 | 80,582 | 156,417 |
NET CASH USED IN OPERATING ACTIVITIES | (486,758) | (179,949) | (1,145,264) | (1,849,589) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from convertible promissory notes, net of original issue discounts and issue costs | 160,000 | 325,000 | 1,465,250 | |
Repayments of convertible promissory notes | (43,000) | (43,000) | ||
Proceeds from the sale of common stock | 450,000 | |||
Fees associated with offering costs | (25,010) | |||
Proceeds from the exercise of warrants | 275,000 | 201,044 | 776,044 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 435,000 | 158,044 | 1,058,044 | 1,890,240 |
Effect of exchange rate changes on cash | 95,320 | 6,116 | 22,468 | 23,962 |
NET INCREASE (DECREASE) IN CASH | 43,562 | (15,789) | (64,752) | 64,613 |
CASH AT BEGINNING OF PERIOD | 2,255 | 67,007 | 67,007 | 2,394 |
CASH AT END OF PERIOD | 45,817 | 51,218 | 2,255 | 67,007 |
Supplemental Disclosure of Cash Flow Information | ||||
Interest | 13,172 | 13,621 | 6,110 | |
Income Tax | ||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||
Reduction of put premium related to conversions of convertible notes | 109,643 | 204,919 | 590,504 | 874,924 |
Conversion of convertible notes and accrued interest to common stock | 197,936 | 417,670 | 1,142,205 | 1,814,336 |
Discounts related to warrants issued with convertible notes | 375,905 | |||
Discounts related to derivative liability | 227,000 | |||
Operating lease right-of-use asset and operating lease liability recorded on adoption of ASC 842 | 48,662 | |||
Reversal of common stock issuable and put premium due to cancellation of conversions of convertible debt and accrued interest | 31,801 | |||
Deemed dividend upon alternate cashless exercise of warrants | 114,844 | 391,749 | ||
Accounts payable reclass to convertible notes | $ 25,000 | |||
Common stock issued for accrued services | 448,440 | |||
Subscription receivable | $ 100,000 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
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”) was originally incorporated in Melbourne, Victoria Australia on October 15, 2007 as Propanc PTY LTD, and continues to be 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. On November 23, 2010 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 to the European Medicines Agency as a small and medium-sized enterprise. As of September 30, 2021, there has been no activity within this entity. Effective April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to better reflect the Company’s stage of operations and development. In July 2020, a world first patent was granted in Australia for the cancer treatment method patent family. Presently, there are 29 granted patents and 33 patents under examination in key global jurisdictions relating to the use of proenzymes against solid tumors, covering the lead product candidate PRP. 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. On November 17, 2020, the Company effected a one-for-one thousand (1:1,000) 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 results of operations for the three months ended September 30, 2021 and 2020 and cash flows for the three months ended September 30, 2021 and 2020 and our financial position at September 30, 2021 have been made. The Company’s results of operations for the three months ended September 30, 2021 are not necessarily indicative of the operating results to be expected for the full fiscal year ending June 30, 2022. 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, 2021. The June 30, 2021 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 subsidiary at September 30, 2021. PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) Use of Estimates The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“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, valuation of beneficial conversion features on convertible debt, 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. 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 these 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). For the three months ended September 30, 2021 and 2020, the Company recognized an exchange gain (loss) of approximately $ 619,000 583,000 As of September 30, 2021 and June 30, 2021, 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 TRANSLATION EXCHANGE RATES September 30, 2021 June 30, 2021 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7214 0.7500 Average exchange rate for the period USD : AUD exchange rate 0.7350 0.7473 The change in Accumulated Other Comprehensive Income (Loss) by component during the three months ended September 30, 2021 was as follows: SCHEDULE OF CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Foreign Balance, June 30, 2021 $ 1,085,204 Unrealized foreign currency translation gain 64,193 Ending balance, September 30, 2021 $ 1,149,397 PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) 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, accounts receivable, 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. 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 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 LIVES Machinery and equipment - 5 Furniture - 7 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, 2021 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,” PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) 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, 2021, and June 30, 2021, the Company was owed $ 2,238 4,341 Derivative Instruments ASC Topic 815, Derivatives and Hedging 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 common shares 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 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 The Company follows ASC 740, Sections 25 through 60, “ Accounting for Uncertainty in Income Taxes Research and Development Costs and Tax Credits In accordance with ASC 730-10, “Research and Development-Overall,” 46,554 50,846 PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) 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. During each of the three months ended September 30, 2021 and 2020, the Company applied for, and received from the Australian Taxation Office, a research and development tax credit in the amount of $ 0 Stock Based Compensation The Company records stock-based compensation in accordance with ASC 718, “ Stock Compensation 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. There was no cumulative effect of adoption on July 1, 2019. Revenue Recognition The Company adopted and implemented on July 1, 2018, ASC 606 – Revenue from Contracts with Customers (“ASC 606”). ASC 606 did not have a material impact on the consolidated financial statements. Upon implementation of ASC 606, the Company recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. 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. Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases On July 1, 2019, the Company adopted ASU No. 2016-02, applying the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following: (i) whether any expired or existing contracts contain leases and; (ii) initial direct costs for any existing leases. For contracts entered into on or after the effective date, at the inception of a contract the Company assessed whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. In addition, the Company elected not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less. Operating lease ROU assets 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 use 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 will be included in general and administrative expenses. PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) 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 9.99 SCHEDULE OF DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION September 30, 2021 September 30, 2020 (Unaudited) (Unaudited) Stock Options 59 60 Stock Warrants 111,932 135,725 Unvested restricted stock 59 117 Convertible Debt 23,293,971 510,674 Total 23,406,021 646,576 Recent Accounting Pronouncements We have reviewed the FASB issued 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 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)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock. As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on July 1, 2022, including interim periods within those fiscal years. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company is currently assessing the impact the new guidance will have on our consolidated financial statements. | 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”) was originally incorporated in Melbourne, Victoria Australia on October 15, 2007 as Propanc PTY LTD, and continues to be 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. On November 23, 2010 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 to the European Medicines Agency as a small and medium-sized enterprise. As of June 30, 2021, there has been no activity within this entity. Effective April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to better reflect the Company’s stage of operations and development. In July 2020, a world first patent was granted in Australia for the cancer treatment method patent family. Presently, there are 29 granted patents and 33 patents under examination in key global jurisdictions relating to the use of proenzymes against solid tumors, covering the lead product candidate PRP. 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. On November 17, 2020, the Company effected a one-for-one thousand (1:1,000) Principles of Consolidation The 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 June 30, 2021. Use of Estimates The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“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, valuation of beneficial conversion features on convertible debt, 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 CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 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 these 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). For the year ended June 30, 2021 and 2020, the Company recognized an exchange gain (loss) of approximately $ 1,005,000 and ($ 133,000 ), on intercompany loans made by the parent to the subsidiary which have not been repaid as of June 30, 2021. As of June 30, 2021 and 2020, 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 TRANSLATION EXCHANGE RATES June 30, 2021 June 30, 2020 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7500 0.6891 Average exchange rate for the period USD : AUD exchange rate 0.7473 0.6742 Change in Accumulated Other Comprehensive Income (Loss) by component during the years ended June 30, 2021 and 2020 were as follows: SCHEDULE OF CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Foreign Beginning balance, June 30, 2019 $ 1,066,998 Foreign currency translation gain 200,673 Balance, June 30, 2020 1,267,671 Foreign currency translation gain 182,467 Ending balance, June 30, 2021 $ 1,085,204 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, accounts receivable, 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. 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 12 - Derivative Financial Instruments and Fair Value Measurements. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 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, as applicable, are reflected as a current liability on the balance sheets. There were no cash equivalents as of June 30, 2021 or June 30, 2020. 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 LIVES Machinery and equipment - 5 Furniture - 7 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 June 30, 2021 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 June 30, 2021 and 2020, the Company was owed $ 4,341 2,015 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 Derivative Instruments ASC Topic 815, Derivatives and Hedging 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 common shares 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 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 The Company follows ASC 740, Sections 25 through 60, “ Accounting for Uncertainty in Income Taxes Research and Development Costs and Tax Credits In accordance with ASC 730-10, “Research and Development-Overall,” 230,956 179,987 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. During each of the fiscal years ended June 30, 2021 and 2020, the Company applied for, and received from the Australian Taxation Office, a research and development tax credit in the amount of $ 113,415 134,728 Stock Based Compensation The Company records stock-based compensation in accordance with ASC 718, “ Stock Compensation PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 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. There was no cumulative effect of adoption on July 1, 2019. Revenue Recognition The Company adopted and implemented on July 1, 2018, ASC 606 – Revenue from Contracts with Customers (“ASC 606”). ASC 606 did not have a material impact on the consolidated financial statements. Upon implementation of ASC 606, the Company recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. 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. Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases On July 1, 2019, the Company adopted ASU No. 2016-02, applying the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following: (i) whether any expired or existing contracts contain leases and; (ii) initial direct costs for any existing leases. For contracts entered into on or after the effective date, at the inception of a contract the Company assessed whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. Operating lease ROU assets 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 use 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 in the consolidated statements of operations. 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 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 SCHEDULE OF DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION June 30, 2021 June 30, 2020 Stock Options 59 60 Stock Warrants 121,329 151,171 Unvested restricted stock 59 59 Convertible Debt 12,416,972 439,113 Total 12,538,419 590,403 Recent Accounting Pronouncements We have reviewed the FASB issued 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 with the exception of those disclosed below. The applicability of any standard is subject to the formal review of the Company’s financial management. In August 2020, the FASB issued 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)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock. As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on July 1, 2022, including interim periods within those fiscal years. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company is currently assessing the impact the new guidance will have on our consolidated financial statements. |
GOING CONCERN
GOING CONCERN | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
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, 2021, the Company had no revenues, had a net loss of $ 490,658 486,758 2,312,387 2,306,630 58,804,968 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 (Unaudited) In March 2020, the outbreak of COVID-19 (coronavirus) caused by a novel strain of the coronavirus was recognized as a pandemic by the World Health Organization, and the outbreak has become increasingly widespread in the United States, Europe and Australia, including in each of the areas in which the Company operates. The COVID-19 (coronavirus) outbreak has had a notable impact on general economic conditions, including but not limited to the temporary closures of many businesses, “shelter in place” and other governmental regulations, reduced business and consumer spending due to both job losses, reduced investing activity and M&A transactions, among many other effects attributable to the COVID-19 (coronavirus), and there continue to be many unknowns. While to date the Company has not been required to stop operating, management is evaluating its use of its office space, virtual meetings and the like. The Company continues to monitor the impact of the COVID-19 (coronavirus) outbreak closely. The extent to which the COVID-19 (coronavirus) outbreak will impact our operations, ability to obtain financing or future financial results is uncertain. | NOTE 2 – GOING CONCERN The accompanying consolidated financial statements have been prepared in conformity with US GAAP, which contemplate continuation of the Company as a going concern. For the fiscal year ended June 30, 2021, the Company had no revenues, had a net loss of $ 2,025,947 and had net cash used in operations of $ 1,145,264 . Additionally, as of June 30, 2021, the Company had a working capital deficit, stockholders’ deficit and accumulated deficit of $ 3,074,078 , $ 3,067,573 , and $ 58,199,466 , 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 date of this filing. The 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. In March 2020, the outbreak of COVID-19 (coronavirus) caused by a novel strain of the coronavirus was recognized as a pandemic by the World Health Organization, and the outbreak has become increasingly widespread in the United States, Europe and Australia, including in each of the areas in which the Company operates. The COVID-19 (coronavirus) outbreak has had a notable impact on general economic conditions, including but not limited to the temporary closures of many businesses, “shelter in place” and other governmental regulations, reduced business and consumer spending due to both job losses, reduced investing activity and M&A transactions, among many other effects attributable to the COVID-19 (coronavirus), and there continue to be many unknowns. While to date the Company has not been required to stop operating, management is evaluating its use of its office space, virtual meetings and the like. The Company continues to monitor the impact of the COVID-19 (coronavirus) outbreak closely. The extent to which the COVID-19 (coronavirus) outbreak will impact our operations, ability to obtain financing or future financial results is uncertain. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
PROPERTY AND EQUIPMENT | NOTE 3 – PROPERTY AND EQUIPMENT Property and equipment consist of the following as of September 30, 2021 and June 30, 2021. SCHEDULE OF PROPERTY AND EQUIPMENT September 30, 2021 June 30, 2021 (Unaudited) Office equipment at cost $ 27,532 $ 28,623 Less: Accumulated depreciation (23,939 ) (24,368 ) Total property, plant, and equipment $ 3,593 $ 4,255 Depreciation expense for the three months ended September 30, 2021 and 2020 were $ 509 438 | NOTE 3 – PROPERTY AND EQUIPMENT Property and equipment consist of the following as of June 30, SCHEDULE OF PROPERTY AND EQUIPMENT 2021 2020 Office equipment at cost $ 28,623 $ 26,299 Less: Accumulated depreciation (24,368 ) (20,552 ) Total property, plant, and equipment $ 4,255 $ 5,747 Depreciation expense for the years ended June 30, 2021 and 2020 were $ 1,993 2,473 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 |
DUE TO FORMER DIRECTOR - RELATE
DUE TO FORMER DIRECTOR - RELATED PARTY | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
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, 2021 and June 30, 2021 were $ 32,076 33,347 | 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 June 30, 2021 and 2020 is $33,347 $30,639 |
LOANS AND NOTES PAYABLE
LOANS AND NOTES PAYABLE | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Loans And Notes Payable | ||
LOANS AND NOTES PAYABLE | NOTE 5 – LOANS AND NOTES PAYABLE Loan from Former Director - Related Party Loan from the Company’s former director at September 30, 2021 and June 30, 2021 were $ 53,384 55,500 | NOTE 5 – LOANS AND NOTES PAYABLE Loan from Former Director - Related Party Loan from the Company’s former director at June 30, 2021 and 2020 were $55,500 $50,993 |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||
CONVERTIBLE NOTES | NOTE 6 – CONVERTIBLE NOTES The Company’s convertible notes outstanding at September 30, 2021 and June 30, 2021 were as follows: SCHEDULE OF CONVERTIBLE NOTES September 30, 2021 June 30, 2021 (Unaudited) Convertible notes and debenture $ 377,780 $ 400,128 Unamortized discounts (7,565 ) (6,139 ) Accrued interest 37,348 34,098 Premium, net 177,045 196,496 Convertible notes, net $ 584,608 $ 624,583 PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) Convertible Note Issued with Consulting Agreement August 10, 2017 Consulting Agreement On August 10, 2017, the Company entered into a consulting agreement, retroactive to May 16, 2017, with a certain consultant, pursuant to which the consultant agreed to provide certain consulting and business advisory services in exchange for a $ 310,000 10 750 65 ten August 10, 2019 155,000 155,000 18 578,212 140,000 10,764 161,000 19,418 9,000 500 5,248 8,500 22,168 On March 15, 2021, the Company entered into a Settlement and Mutual Release Agreement (the “Settlement Agreement”) with the consultant whereby both parties agreed to settle all claims and liabilities under the August 10, 2017 Convertible note for a total of $ 100,000 56,762 8,500 23,262 25,000 43,238 The total principal outstanding after adjustment due to the above-mentioned March 15, 2021 settlement agreement and accrued interest under the August 10, 2017 Convertible Note was $ 80,000 3,738 20,000 80,000 7,381 Auctus Fund Financing Agreements August 30, 2019 Securities Purchase Agreement Effective August 30, 2019, the Company entered into a securities purchase agreement with Auctus Fund, LLC (“Auctus”), pursuant to which Auctus purchased a convertible promissory note (the “August 30, 2019 Auctus Note”) from the Company in the aggregate principal amount of $ 550,000 550,000 5,000 40,000 505,000 August 30, 2020 10 366,667 24 Additionally, Auctus had the option to convert all or any amount of the principal face amount and accrued interest of the August 30, 2019 Auctus Note, at any time following the issue date and ending on the later of the maturity date or the date of payment of the Default Amount if an event of default occurs, which was an amount equal to 125 24 The conversion price for the August 30, 2019 Auctus Note was equal to the Variable Conversion Price of 60 4.99 PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) In connection with the issuance of the August 2019 Auctus Note, the Company issued common stock purchase warrants to Auctus to purchase 450 2,250 300 3,330 225 4,500 4.99 375,905 In connection with the Purchase Agreement, the Company and the Purchaser entered into a Registration Rights Agreement (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, the Company agreed to register the shares of Common Stock underlying the Securities in a Registration Statement with the SEC as well as the Commitment Shares (as defined herein). The Registration Rights Agreement contains customary representations, warranties, agreements and indemnification rights and obligations of the parties. The Note was subject to customary default provisions and also includes a cross-default provision which provides that a breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements (as defined therein), after the passage of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Note and the Other Agreements. Upon occurrence of any such event, the Holder was entitled (but in no event required) to apply all rights and remedies of the Holder under the terms of this Note and the Other Agreements by reason of a default under said Other Agreements or the Note. The August 30, 2019 Auctus Note contained 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 accrued at a default interest rate of 24% per annum. The total principal amount outstanding under the above Auctus financing agreement, specifically the August 30, 2019 Auctus Note, was $ 358,965 486 191,035 43,176 127,356 The total principal amount outstanding under the above Auctus financing agreement, specifically the August 30, 2019 Auctus Note, was $ 32,848 0 326,117 39,536 217,411 The total principal amount outstanding under the above Auctus financing agreement, specifically the August 30, 2019 Auctus Note, was $ 0 0 32,848 716 21,899 Crown Bridge Securities Purchase Agreements Effective October 3, 2019, the Company entered into a securities purchase agreement with Crown Bridge Partners, pursuant to which Crown Bridge purchased a convertible promissory note (the “October 3, 2019 Crown Bridge Note”) from the Company in the aggregate principal amount of $ 108,000 3,000 5,000 100,000 October 3, 2019 10 PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) Additionally, Crown Bridge has the option to convert all or any amount of the principal face amount of the October 3, 2019 Crown Bridge Note at any time from the date of issuance and ending on the later of the maturity date or the date the Default Amount is paid if an event of default occurs, which is an amount between 110 150 The conversion price for the October 3, 2019 Crown Bridge Note shall be equal to a 40% discount of the lowest closing bid price (“Lowest Trading Price”) of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion is received. Notwithstanding the foregoing, Crown Bridge shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Crown Bridge and its affiliates, exceeds 4.99 9.99 72,000 The October 3, 2019 Crown Bridge Note 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 15 The total principal amount outstanding under the above Crown Bridge financing agreement was $ 65,280 7,232 42,720 28,480 There were 15,000 st 9,600 6,400 16,000 The total principal amount outstanding under the above Crown Bridge financing agreement was $ 65,280 16,138 65,280 18,606 GW Holdings Securities Purchase Agreements December 10, 2020 Securities Purchase Agreement Effective December 10, 2020, the Company entered into a securities purchase agreement with GW Holdings, pursuant to which GW Holdings purchased a convertible promissory note (the “December 10, 2020 GW Note”) from the Company in the aggregate principal amount of $ 131,000 6,000 125,000 December 10, 2021 8 The above notes issued to GW Holdings 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 Additionally, GW Holdings has the option to convert all or any amount of the principal face amount of the notes issued to GW Holdings at any time from the date of issuance and ending on the later of the maturity date or the date the Default Amount is paid if an event of default occurs, which is an amount between 110 150 PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) The conversion price for the above GW Holdings notes shall be equal to a 40% discount of the lowest closing bid price (“Lowest Trading Price”) of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion is received. Notwithstanding the foregoing, GW Holdings shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by GW Holdings and its affiliates, exceeds 4.99 These notes are treated as stock settled debt under ASC 480 and accordingly the Company recorded a total of $ 87,333 The total principal amount outstanding under the above December 10, 2020 GW Holdings financing agreement, was $ 90,000 4,636 41,000 1,084 27,333 The total principal amount outstanding under the above December 10, 2020 GW Holdings financing agreement, was $ 65,000 4,174 25,000 2,091 16,667 Geneva Roth Remark Securities Purchase Agreements January 5, 2021 Securities Purchase Agreement Effective January 5, 2021, the Company entered into a securities purchase agreement with Geneva Roth Remark Holdings, Inc., pursuant to which Geneva Roth purchased a convertible promissory note (the “January 5, 2021 Geneva Roth”) from the Company in the aggregate principal amount of $ 68,500 3,500 8 March 16, 2021 Securities Purchase Agreement Effective March 16, 2021, the Company entered into a securities purchase agreement with Geneva Roth Remark Holdings, Inc., pursuant to which Geneva Roth purchased a convertible promissory note (the “March 16, 2021 Geneva Roth”) from the Company in the aggregate principal amount of $ 63,500 3,500 8 August 19, 2021 Securities Purchase Agreement Effective August 19, 2021, the Company entered into a securities purchase agreement with Geneva Roth Remark Holdings, Inc., pursuant to which Geneva Roth purchased a convertible promissory note (the “August 19, 2021 Geneva Roth”) from the Company in the aggregate principal amount of $ 103,750 3,750 8 PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) September 22, 2021 Securities Purchase Agreement Additionally, effective September 22, 2021, the Company entered into a securities purchase agreement with Geneva Roth Remark Holdings, Inc., pursuant to which Geneva Roth purchased a convertible promissory note (the “September 22, 2021 Geneva Roth”) from the Company in the aggregate principal amount of $ 63,750 3,750 8 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 Geneva Roth, together with any other amounts that the Company may owe the holder under the terms of the note, at a premium ranging from 110 129 The conversion price for the above Geneva Roth notes shall be equal to a 35 9.99 161,269 The above Geneva Roth 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 The total principal amounts outstanding under the above Geneva Roth financing agreements were $ 132,000 3,477 78,000 3,120 42,000 The total principal amounts outstanding under the above Geneva Roth financing agreements were $ 167,500 1,081 132,000 5,280 71,077 Amortization of debt discounts The Company recorded $ 7,500 0 90,192 0 Amortization of all debt discounts for the three months ended September 30, 2021 and 2020 was $ 6,074 121,281 The Company reclassified $ 109,643 204,919 | NOTE 6 – CONVERTIBLE NOTES The Company’s convertible notes outstanding at June 30, 2021 and 2020 were as follows: SCHEDULE OF CONVERTIBLE NOTES June 30, 2021 June 30, 2020 Convertible notes and debenture $ 400,128 $ 1,029,496 Unamortized discounts (6,139 ) (126,667 ) Accrued interest 34,098 80,101 Premium, net 196,496 574,804 Convertible notes, net $ 624,583 $ 1,557,734 Eagle Equities Financing Agreements December 29, 2017 Securities Purchase Agreement The Company entered into an executory contract on December 29, 2017, whereby the Company entered into a securities purchase agreement with Eagle Equities, pursuant to which Eagle Equities purchased a convertible promissory note (the “December 2017 Eagle Note”) from the Company in the aggregate principal amount of $532,435 $25,354 $507,081 December 29, 2018 8% $20,065 $171,965 $360,470 $43,535 $0 $0 $171,965 $24,751 no July 13, 2018 Securities Purchase Agreement Effective July 13, 2018, the Company entered into a securities purchase agreement with Eagle Equities, pursuant to which Eagle Equities purchased a convertible promissory note (the “July 2018 Note”) from the Company in the aggregate principal amount of $75,000 $71,250 $3,750 July 13, 2019 8% $5,786 $75,000 $0 $0 $75,000 $9,300 no PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 August 29, 2018 Securities Purchase Agreement Effective August 29, 2018, the Company entered into a securities purchase agreement with Eagle Equities, pursuant to which Eagle Equities purchased a convertible promissory note (the “August 2018 Eagle Note”) from the Company in the aggregate principal amount of $105,000 August 29, 2019 8% 24% October 2, 2018 Securities Purchase Agreement Effective October 2, 2018, the Company entered into a securities purchase agreement with Eagle Equities, pursuant to which Eagle Equities purchased a convertible promissory note (the “October 2018 Eagle Note”) from the Company in the aggregate principal amount of $210,000 10,000 October 2, 2019 8% 24% November 30, 2018 Securities Purchase Agreement Effective November 30, 2018, the Company entered into a securities purchase agreement with Eagle Equities, pursuant to which Eagle Equities purchased a convertible promissory note (the “November 2018 Eagle Note”) from the Company in the aggregate principal amount of $105,000 $5,000 November 30, 2019 8% 24% December 24, 2018 Securities Purchase Agreement Effective December 24, 2018, the Company entered into a securities purchase agreement with Eagle Equities, pursuant to which Eagle Equities purchased a convertible promissory note (the “December 2018 Eagle Note”) from the Company in the aggregate principal amount of $126,000 $6,000 December 24, 2019 8% 24% 24% Eagle Equities had the option to convert all or any amount of the principal amount of the notes issued to Eagle Equities above, at any time, for shares of the Company’s common stock at a price ranging from 60% 61% 50% 51% 10% 4.99% PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 The above notes issued to Eagle Equities were treated as stock settled debt under ASC 480 and accordingly, the Company recorded a total of $357,688 $224,131 $133,557 The total principal amount outstanding under the above Eagle Equities financing agreements, specifically the August 29, 2018 and the December 24, 2018 agreements was $205,500 $26,990 $0 GS Capital Financing Agreements October 2, 2018 Securities Purchase Agreement Effective October 2, 2018, the Company entered into a securities purchase agreement with GS Capital, pursuant to which GS Capital purchased two 8% $212,000 $106,000 $100,700 $106,000 $106,000 Both the October 2, 2018 GS Note and the October 2, 2018 GS Back End Note, which was funded on February 27, 2019, matured on October 2, 2019, upon which any outstanding principal and interest thereon is due and payable. The amounts cash funded plus accrued interest under both the October 2018 GS Note and the October 2018 GS Back End Note are convertibles into shares of the Company’s common stock, at any time after April 2, 2019, at a conversion price for each share of common stock equal to 61% October 2, 2018 January 22, 2020 GS Capital Securities Purchase Agreements Effective January 22, 2020, the Company entered into a securities purchase agreement with GS Capital, pursuant to which GS Capital purchased a convertible promissory note (the “January 22, 2020 GS Note”) from the Company in the aggregate principal amount of $58,000 $3,500 $2,500 $52,000 January 22, 2021 40% Additionally, GS Capital had the option to convert all or any amount of the principal face amount of the January 22, 2020 GS Capital Note at any time from the date of issuance and ending on the later of the maturity date or the date the Default Amount was paid if an event of default occurs, which is an amount between 112% 130% 24% PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 The notes issued to GS capital above were treated as stock settled debt under ASC 480 and accordingly the Company recorded a total of $106,438 $22,901 $38,667 The Company recorded $8,802 $58,000 $141,820 $76,397 $0 $58,000 $8,508 Convertible Note Issued with Consulting Agreement August 10, 2017 Consulting Agreement On August 10, 2017, the Company entered into a consulting agreement, retroactive to May 16, 2017, with a certain consultant, pursuant to which the consultant agreed to provide certain consulting and business advisory services in exchange for a $310,000 10% $750 65% ten August 10, 2019 $155,000 $155,000 18% $578,212 $140,000 $10,764 $161,000 $19,418 $9,000 $500 $5,248 $8,500 $22,168 On March 15, 2021, the Company entered into a Settlement and Mutual Release Agreement (the “Settlement Agreement”) with the consultant whereby both parties agreed to settle all claims and liabilities under the August 10, 2017 Convertible note for a total of $100,000 $56,762 $8,500 $23,262 $25,000 $43,238 The total principal outstanding after adjustment due to the above-mentioned March 15, 2021 settlement agreement and accrued interest under the August 10, 2017 Convertible Note was $80,000 and $3,738 , respectively, as of June 30, 2021 following conversion of $20,000 of principal during the year ended June 30, 2021. Power Up Lending Group Financing Agreements November 26, 2019 Securities Purchase Agreement Effective November 26, 2019, the Company entered into a securities purchase agreement with Power Up Lending Group Ltd. (“Power Up”), pursuant to which Power Up purchased a convertible promissory note (the “November 26, 2019 Power Up Note”) from the Company in the aggregate principal amount of $43,000 $40,000 $2,500 $500 November 26, 2020 8% January 7, 2020 Power Up Lending Group Securities Purchase Agreement Effective January 7, 2020, the Company entered into a securities purchase agreement with Power Up Lending Group Ltd. (“Power Up”), pursuant to which Power Up purchased a convertible promissory note (the “January 7, 2020 Power Up Note”) from the Company in the aggregate principal amount of $75,000 $72,000 $2,500 $500 January 7, 2021 8% PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 March 12, 2020 Power Up Lending Group Securities Purchase Agreement Effective March 12, 2020, the Company entered into a securities purchase agreement with Power Up Lending Group Ltd. (“Power Up”), pursuant to which Power Up purchased a convertible promissory note (the “March 12, 2020 Power Up Note”) from the Company in the aggregate principal amount of $43,000 $40,000 $2,500 $500 March 12, 2021 8% All the notes issued above to Power Up 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 would accrue at a default interest rate of 22% Additionally, Power Up had the option to convert all or any amount of the principal face amount of the notes issued to Power Up, starting on certain dates as defined in the note agreements and ending on the later of the maturity date or the date the Default Amount is paid if an event of default occurs, which was an amount equal to 150% The conversion price for the above Power Up notes was $3,050, subject to certain Market Price (as defined below) adjustment. If the Market Price was greater than or equal to $5,000, the conversion price was to be the greater of 65% ten 4.99% $422,557 The total principal amount outstanding under the above Power Up financing agreements, specifically the January 7, 2020 and March 12, 2020 Power Up Notes, was $118,000 $3,903 $0 $0 $43,000 $1,816 no Redstart Holdings Corp Financing Agreement May 23, 2019 Securities Purchase Agreement Effective May 23, 2019, the Company issued a convertible promissory note (the “May 23 Redstart Holdings Note”) to Redstart Holdings Corp (“Redstart Holdings”) in the aggregate principal amount of $133,000 $3,000 $130,000 May 23, 2020 8% $133,000 $1,137 $0 $0 $133,000 $5,320 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 Odyssey Capital Financing Agreements July 30, 2019 Securities Purchase Agreement Effective July 30, 2019, the Company entered into a securities purchase agreement with Odyssey Capital Funding LLC, (“Odyssey”), pursuant to which Odyssey purchased a convertible promissory note (the “July 30, 2019 Odyssey Note”) from the Company in the aggregate principal amount of $320,000 $25,000 $295,000 $10,000 $285,000 July 30, 2020 10% 24% $172,308 Additionally, Odyssey had the option to convert all or any amount of the principal face amount of the July 30, 2019 Odyssey Note, starting on January 31, 2020 and ending on the later of the maturity date or the date the Default Amount was paid if an event of default occurred, which was an amount equal to 120% 24% The conversion price for the July 30, 2019 Odyssey Note was equal to 65% The total principal amount outstanding under the above Odyssey financing agreement, specifically the July 30, 2019 Odyssey Note, was $0 $0 $320,000 $23,220 Auctus Fund Financing Agreements August 30, 2019 Securities Purchase Agreement Effective August 30, 2019, the Company entered into a securities purchase agreement with Auctus Fund, LLC (“Auctus”), pursuant to which Auctus purchased a convertible promissory note (the “August 30, 2019 Auctus Note”) from the Company in the aggregate principal amount of $550,000 $550,000 $5,000 $40,000 $505,000 August 30, 2020 10% $366,667 24% Additionally, Auctus has the option to convert all or any amount of the principal face amount and accrued interest of the August 30, 2019 Auctus Note, at any time following the issue date and ending on the later of the maturity date or the date of payment of the Default Amount if an event of default occurs, which is an amount equal to 125% 24% Upon the holder’s election to convert accrued interest, default interest or any penalty amounts as stipulated, the Company may elect to pay those amounts in cash. The note may also be prepaid by the Company at any time between the date of issuance and August 13, 2020 at 135% multiplied by the sum of (a) the then outstanding principal amount plus (b) accrued and unpaid interest plus (c) default interests The conversion price for the August 30, 2019 Auctus Note shall be the Variable Conversion Price, being 60% 4.99% PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 In connection with the issuance of the August 2019 Auctus Note, the Company issued common stock purchase warrants to Auctus to purchase 450 $2,250 300 $3,330 225 $4,500 4.99% $375,905 In connection with the Purchase Agreement, the Company and the Purchaser entered into a Registration Rights Agreement (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, the Company agreed to register the shares of Common Stock underlying the Securities in a Registration Statement with the SEC as well as the Commitment Shares (as defined herein). The Registration Rights Agreement contains customary representations, warranties, agreements and indemnification rights and obligations of the parties. The Note is subject to customary default provisions and also includes a cross-default provision which provides that a breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements (as defined therein), after the passage of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Note and the Other Agreements. Upon occurrence of any such event, the Holder shall be entitled (but in no event required) to apply all rights and remedies of the Holder under the terms of this Note and the Other Agreements by reason of a default under said Other Agreements or the Note. The August 30, 2019 Auctus Note 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. The total principal amount outstanding under the above Auctus financing agreement, specifically the August 30, 2019 Auctus Note, was $358,965 and accrued interest of $486 $191,035 $43,176 $127,356 The total principal amount outstanding under the above Auctus financing agreement, specifically the August 30, 2019 Auctus Note, was $32,848 $0 $326,117 $39,536 $217,411 GW Holdings Securities Purchase Agreements October 1, 2019 Securities Purchase Agreement Effective October 1, 2019, the Company entered into a securities purchase agreement with GW Holdings, pursuant to which GW Holdings purchased a convertible promissory note (the “October 1, 2019 GW Note”) from the Company in the aggregate principal amount of $131,000 $6,000 $125,000 October 1, 2020 8% December 10, 2020 Securities Purchase Agreement Effective December 10, 2020, the Company entered into a securities purchase agreement with GW Holdings, pursuant to which GW Holdings purchased a convertible promissory note (the “December 10, 2020 GW Note”) from the Company in the aggregate principal amount of $131,000 $6,000 $125,000 December 10, 2021 8% PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 The above notes issued to GW Holdings 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% Additionally, GW Holdings has the option to convert all or any amount of the principal face amount of the notes issued to GW Holdings at any time from the date of issuance and ending on the later of the maturity date or the date the Default Amount is paid if an event of default occurs, which is an amount between 110% 150% The conversion price for the above GW Holdings notes shall be equal to a 40% discount of the lowest closing bid price (“Lowest Trading Price”) of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion is received. Notwithstanding the foregoing, GW Holdings shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by GW Holdings and its affiliates, exceeds 4.99% These notes are treated as stock settled debt under ASC 480 and accordingly the Company recorded a total of $174,666 The total principal amount outstanding under the above October 1, 2019 GW Holdings financing agreement was $30,000 $1,776 $101,000 $5,082 $0 $30,000 $3,877 $67,333 $20,000 The total principal amount outstanding under the above December 10, 2020 GW Holdings financing agreement, was $90,000 $4,636 $41,000 $1,084 $27,333 Crown Bridge Securities Purchase Agreements Effective October 3, 2019, the Company entered into a securities purchase agreement with Crown Bridge Partners, pursuant to which Crown Bridge purchased a convertible promissory note (the “October 3, 2019 Crown Bridge Note”) from the Company in the aggregate principal amount of $ 108,000 3,000 5,000 100,000 October 3, 2019 10 Additionally, Crown Bridge has the option to convert all or any amount of the principal face amount of the October 3, 2019 Crown Bridge Note at any time from the date of issuance and ending on the later of the maturity date or the date the Default Amount is paid if an event of default occurs, which is an amount between 110 150 The conversion price for the October 3, 2019 Crown Bridge Note shall be equal to a 40% discount of the lowest closing bid price (“Lowest Trading Price”) of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion is received. Notwithstanding the foregoing, Crown Bridge shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Crown Bridge and its affiliates, exceeds 4.99 9.99 72,000 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 The October 3, 2019 Crown Bridge Note 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 15 The total principal amount outstanding under the above Crown Bridge financing agreement was $ 65,280 7,232 42,720 28,480 The total principal amount outstanding under the above Crown Bridge financing agreement was $65,280 16,138 There were 15,000 st 9,600 6,400 16,000 Ader Alef Securities Purchase Agreements Effective January 13, 2020, the Company entered into a securities purchase agreement with Ader Alef, pursuant to which Ader Alef purchased a convertible promissory note (the “January 13, 2020 Ader Alef Note”) from the Company in the aggregate principal amount of $ 110,250 5,250 5,000 100,000 January 13, 2020 8 Additionally, Ader Alef had the option to convert all or any amount of the principal face amount of the January 13, 2020 Ader Alef Note at any time from the date of issuance and ending on the later of the maturity date or the date the Default Amount was paid if an event of default occurs, which was an amount between 120 150 The conversion price for the January 13, 2020 Ader Alef Note during the first 6 months the January 13, 2020 Ader Alef Note was fixed at $2.50 and thereafter would be equal to a 35 4.99 9.99 59,365 The January 13, 2020 Ader Alef 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 would accrue at a default interest rate of 24% per annum, or if such rate was 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 above Ader Alef financing agreement was $ 110,250 4,073 0 110,250 7,493 59,365 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 LG Capital Securities Purchase Agreements Effective February 19, 2020, the Company entered into a securities purchase agreement with LG Capital Funding, LLC (“LG Capital”), pursuant to which LG Capital purchased a convertible promissory note (the “February 19, 2020 LG Capital Note”) from the Company in the aggregate principal amount of $ 75,000 3,750 2,500 71,250 February 19, 2021 8 During the first 60 to 180 days following the date of the note, the Company had the right to prepay the principal and accrued but unpaid interest due under the February 19, 2020 LG Capital Note, together with any other amounts that the Company may owe the holder under the terms of the note, at a premium ranging from 112 135 The conversion price for the February 19, 2020 LG Capital Note during the first 6 months the February 19, 2020 LG Capital Note was fixed at $500 and thereafter was equal to a 35% discount of the lowest closing bid price (“Lowest Trading Price”) of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion was received. Notwithstanding the foregoing, LG Capital was restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by LG Capital and its affiliates, exceeds 9.99 40,385 The February 19, 2020 LG Capital 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 would accrue at a default interest rate of 24 The total principal amount outstanding under the above LG Capital financing agreement was $ 75,000 2,164 0 75,000 5,421 40,385 There were 9,427 10,000 416 5,385 15,801 Geneva Roth Remark Securities Purchase Agreements December 2, 2020 Securities Purchase Agreement Effective December 2, 2020, the Company entered into a securities purchase agreement with Geneva Roth Remark Holdings, Inc.(“Geneva Roth”), pursuant to which Geneva Roth purchased a convertible promissory note (the “December 2, 2020 Geneva Roth”) from the Company in the aggregate principal amount of $ 78,000 3,000 8 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 January 5, 2021 Securities Purchase Agreement Effective January 5, 2021, the Company entered into a securities purchase agreement with Geneva Roth Remark Holdings, Inc., pursuant to which Geneva Roth purchased a convertible promissory note (the “January 5, 2021 Geneva Roth”) from the Company in the aggregate principal amount of $ 68,500 3,500 8 January 5, 2021 March 16, 2021 Securities Purchase Agreement Effective March 16, 2021, the Company entered into a securities purchase agreement with Geneva Roth Remark Holdings, Inc., pursuant to which Geneva Roth purchased a convertible promissory note (the “March 16, 2021 Geneva Roth”) from the Company in the aggregate principal amount of $ 63,500 3,500 The maturity date of the March 16, 2021 Geneva Roth Note is March 16, 2022. The March 16, 2021 Geneva Roth Note bears interest at a rate of 8 March 16, 2021 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 Geneva Roth, together with any other amounts that the Company may owe the holder under the terms of the note, at a premium ranging from 110 129 The conversion price for the above Geneva Roth notes shall be equal to a 35 % discount of the market price 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. Notwithstanding the foregoing, Geneva Roth shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Geneva Roth and its affiliates, exceeds 9.99 % of the outstanding shares of the Company’s common stock. These notes are treated as stock settled debt under ASC 480 and accordingly the Company recorded a total of $ 113,077 put premium for the three notes. The above Geneva Roth 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 The total principal amounts outstanding under the above Geneva Roth financing agreements were $ 132,000 3,477 78,000 3,120 42,000 Amortization of debt discounts The Company recorded $ 211,000 728,904 498,160 836,724 Amortization of all debt discounts for the years ended June 30, 2021 and 2020 was $ 136,527 734,130 The Company reclassified $ 590,504 874,924 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7 – INCOME TAXES The Company follows ASC 740-10-10, under which an entity recognizes deferred tax assets and liabilities for future tax consequences or for events that were previously recognized in the Company’s financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on enacted tax law provisions. The effects of future changes in tax laws or rates are not anticipated. Through June 30, 2010, the Company operated exclusively in Australia. The Company was wholly subject to Australian income tax laws and regulations, which are administered by the Australian Taxation Office for the years ended June 30, 2010 and all prior years. On November 23, 2010, the Company was incorporated in the state of Delaware. In January 2011, the Company acquired all of the outstanding shares of Propanc PTY LTD on a one-for-one basis with Propanc PTY LTD becoming a wholly owned subsidiary of the Company. As a result of these transactions, the Company is subject to the income tax laws of both the United States and Australia for the years ended June 30, 2013 through June 30, 2021. The reconciliation of income tax expense computed at the U.S. federal statutory rate of 21 SCHEDULE OF INCOME TAX PROVISION US June 30, 2021 June 30, 2020 Year Ended US June 30, 2021 June 30, 2020 Loss before Income taxes $ (2,025,947 ) $ (4,740,723 ) Taxes under statutory US tax rates $ (425,449 ) $ (995,552 ) Increase (decrease) in valuation allowance 1,146,001 1,137,716 Prior period adjustment (1,063,710 ) (14,624 Foreign tax rate differential (51,169 ) (128,492 ) Income tax rate change 392,767 - Other 1,559 952 Income tax (expense) benefit $ - $ - The Company reflects a tax benefit on its consolidated statement of operations and comprehensive income (loss) in 2021 and 2020 of $ 113,415 134,728 On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities consist of the following: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES June 30, 2021 June 30, 2020 Year Ended June 30, 2021 June 30, 2020 Deferred tax assets Warrant Derivative Liability $ 7,403 $ 7,403 Accrued Expenses 342,464 297,086 Prepaid Investor Services 444,411 470,050 Non-cash interest 687,529 596,004 Intangibles (Intellectual Property and Patent Cost) 259,743 240,428 Deferred Rent 4,262 1,969 Formation Expense 6,815 7,208 Net Operating Loss CF 8,546,920 7,438,911 Foreign Exchange Loss (OCI) (39,379 ) (39,379 ) Revalue of derivative liability 439,958 438,239 Stock Based Compensation 51,481 51,481 Total Deferred tax assets $ 10,751,607 $ 9,509,400 Deferred tax liabilities R&D $ (197,604 ) $ (177,702 ) Gain on extinguishment of debt (277,614 ) 266,987 Capital Raising Costs (321,291 ) (255,614 ) Total deferred tax liabilities $ (796,509 ) $ (700,303 ) Net deferred tax assets (liabilities) $ 9,955,098 $ 8,809,097 Valuation allowance (9,955,098 ) (8,809,097 ) Net deferred tax assets (liabilities) $ - $ - PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 At June 30, 2021, the Company had U.S. net operating loss carry forwards of approximately $ 9,588,164 that may be offset against future taxable income, subject to limitation under IRC Section 382. Of the approximately $ 9.6 7.2 2.4 27.5% 26% 25,128,485 million which can be carried forward without expiration. No tax benefit has been reported in the June 30, 2021 and 2020 consolidated financial statements due to the uncertainty surrounding the realizability of the benefit, based on a more likely than not criteria and in consideration of available positive and negative evidence. The Company applied the “more-likely-than-not” recognition threshold to all tax positions taken or expected to be taken in a tax return, which resulted in no Management has determined that the realization of the net deferred tax asset is not assured and has created a valuation allowance for the entire amount of such benefits. The Company follows ASC 740-10, which provides guidance for the recognition and measurement of certain tax positions in an enterprise’s financial statements. Recognition involves a determination whether it is more likely than not that a tax position will be sustained upon examination with the presumption that the tax position will be examined by the appropriate taxing authority having full knowledge of all relevant information. The Company applied the “more-likely-than-not” recognition threshold to all tax positions taken or expected to be taken in a tax return, which resulted in no unrecognized tax benefits as of June 30, 2021 and 2020, respectively. The Company’s policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the consolidated statement of operations. As of June 30, 2021, the Company had no no The income tax returns filed for the tax years from inception will be subject to examination by the relevant taxing authorities. |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Equity [Abstract] | ||
STOCKHOLDERS’ DEFICIT | NOTE 7 – STOCKHOLDERS’ DEFICIT Increase in Authorized Shares of Common Stock and Reverse Stock Split On February 4, 2020 the Directors resolved to increase the Common Stock of the Company from 100,000,000 1,000,000,000 On November 17, 2020, the Company effected a one-for-one thousand (1:1,000) PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) Preferred Stock The total number of shares of preferred stock that the Company is authorized to issue is 1,500,005 0.01 Of the total preferred shares authorized, 500,000 500,000 Of the total preferred shares authorized, pursuant to the Certificate of Designation filed with the Secretary of State of the State of Delaware on June 16, 2015, up to five shares have been designated as Series B Preferred Stock (“Series B Preferred Stock”). Each holder of outstanding 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, 2021 and June 30, 2021. Mr. Nathanielsz 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, 2021 and fiscal year 2021. Common Stock: Shares issued for conversion of convertible debt From July 1, 2021 through September 30, 2021, the Company issued an aggregate of 9,445,009 0.02 0.02 0.04 189,849 8,087 2,250 200,186 The Company reclassified $ 109,643 The Company has 197,308,116 Shares issued for services and accrued expenses On August 12, 2021, the Board approved the issuance of 2,800,000 84,000 2,800,000 0.03 87,920 3,920 84,000 On August 12, 2021, the Board approved the issuance of 166,667 shares of the Company’s common stock for legal services rendered for the month of August 2021. The 166,667 shares of common stock were valued at approximately $ 0.05 per share or $ 7,883 , being the closing price of the stock on August 31, 2021, the date of grant. The shares were issued on September 3, 2021. The Company recorded stock-based compensation of $ 7,883 during the three months ended September 30, 2021. In September 2021, the Company issued 2,819,712 0.04 104,611 104,611 PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) Nathanielsz Cancellation Agreement On August 12, 2021, the Company entered into a Cancellation Agreement with James Nathanielsz (“Nathanielsz”), Chief Executive Officer and Director of the Company, whereby Nathanielsz agreed to cancel his cash compensation bonus award for fiscal year 2021, ended June 30, 2021, in exchange for common stock of the Company. The Company and Nathanielsz entered into an Amended and Restated Employment Agreement dated May 14, 2019 (the “Agreement”). Pursuant to the terms of the Agreement, Nathanielsz was eligible to earn an annual fiscal year cash performance bonus for each fiscal year of his employment period with the Company with a target performance bonus of 200 78 177,840 5,928,000 0.03 186,139 8,299 177,840 Kenyon Cancellation Agreement On August 12, 2021, the Company entered into a Cancellation Agreement with Dr. Julian Kenyon (“Kenyon”), Chief Scientific Officer and Director of the Company, whereby Kenyon agreed to cancel of $ 102,600 3,420,000 0.03 107,388 4,788 102,600 Zelinger Amended and Restated Director Agreement On August 12, 2021, the Company entered into an Amended and Restated Director Agreement (the “Director Agreement”) with Josef Zelinger (“Zelinger”). Pursuant to the terms of the Director Agreement, the Company shall pay Zelinger a base salary of $250.00 AUD ($184 USD) per month, payable on the first day of each month. In addition, the Company may compensate Zelinger additional consideration for advisory services performed by the Director, either in the form of cash or common stock, at the discretion of the Board. The Company issued 2,800,000 84,000 The 2,800,000 0.03 87,920 3,920 84,000 Shares issued for exercise of warrants From July 9, 2021 through September 27, 2021, the Company received aggregate gross proceeds of $ 275,000 100,000 9,375 6,875 2,500 During the three months ended September 30, 2021, additionally, the Company issued 2,399,988 1,999,990 114,844 A total of 2,002,490 100,000 PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) Warrants: The following table summarizes warrant activity for the three months ended September 30, 2021: SCHEDULE OF WARRANT ACTIVITY Weighted Number of Average Shares Price Per Share Outstanding at June 30, 2021 121,329 $ 179.63 Issued - - Exercised (9,397 ) 40.37 Forfeited - - Expired - - Outstanding at September 30, 2021 111,932 $ 191.32 Exercisable at September 30, 2021 76,933 $ 278.36 Outstanding and Exercisable: Weighted average remaining contractual term 1.52 Aggregate intrinsic value $ - No stock warrants were granted during the three months ended September 30, 2021. Options: A summary of the Company’s option activity during the three months ended September 30, 2021 is presented below: SCHEDULE OF STOCK OPTION ACTIVITY Weighted Number of Average Exercise Shares Price Per Share Outstanding at June 30, 2021 59 $ 13,730 Issued - - Exercised - - Forfeited - - Expired - - Outstanding at September 30, 2021 59 $ 4,533.33 Exercisable at September 30, 2021 39 $ 4,530.93 Outstanding and Exercisable: Weighted average remaining contractual term 7.62 Weighted average fair value of options granted during the period $ - Aggregate intrinsic value $ - During the three months ended September 30, 2021 and 2020, the Company recognized stock-based compensation of $ 20,718 20,718 51,796 0.62 No stock options were granted during the three months ended September 30, 2021. | NOTE 8 – STOCKHOLDERS’ DEFICIT Increase in Authorized Shares of Common Stock and Reverse Stock Split On February 4, 2020 the Directors resolved to increase the Common Stock of the Company from 100,000,000 1,000,000,000 On November 17, 2020, the Company effected a one-for-one thousand (1:1,000) Preferred Stock The total number of shares of preferred stock that the Company is authorized to issue is 1,500,005 0.01 Of the total preferred shares authorized, 500,000 500,000 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 Of the total preferred shares authorized, pursuant to the Certificate of Designation filed with the Secretary of State of the State of Delaware on June 16, 2015, up to five shares have been designated as Series B Preferred Stock (“Series B Preferred Stock”). Each holder of outstanding 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 June 30, 2021 and 2020. Mr. Nathanielsz 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 fiscal year 2021 and 2020. Common Stock Shares Issued for Cash April 3, 2020 Security Purchase Agreement On April 3, 2020, the Company closed on a transaction related to a Securities Purchase Agreement (the “Securities Purchase Agreement”) entered into on March 30, 2020, whereby an investor (the “Investor”) purchased from the Company, 7,500 units (the “Units”), each consisting of (i) 1.5 shares of the Company’s common stock (the “Common Stock”), or pre-funded warrants (the “Prefunded Warrants”) upon Investor’s election due to the 4.99% blocker provision as discussed below and (ii) 1.5 warrants to purchase one share of Common Stock (“Series A Warrants”, and collectively with the Common Stock the “Units”). 63,750 63,750 The aggregate purchase price for the Units, the Series A Warrants with exercise price of $ 200 40 200 450,000 424,990 25,010 The Securities Purchase Agreement contains a blocker provision whereby the Investor or any of its affiliates would not beneficially own in excess of 4.99% Due to the Beneficial Ownership Limitation, the 11,250 804 10,446 1 The Securities Purchase Agreement contains such representations, warranties and covenants as are typical for a transaction of this nature. Shares issued for conversion of convertible debt During the year ended June 30, 2020, the Company issued 247,619 7 2 910 1,814,336 15,000 2,125,174 254,500 15,408 565,746 295,838 362,961 874,924 During the year ended June 30, 2021, the Company issued an aggregate of 8,786,113 0.13 0.03 2.00 1,018,867 103,321 16,500 1,239,075 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 There were 24,427 19,600 416 11,785 31,801 Converted notes totaling principal amount of $ 95,000 and accrued interest of $ 3,000 contained bifurcated embedded conversion option derivatives. Accordingly, the fair market value of the shares issued was $ 178,368 resulting in a loss on extinguishment at the time of conversion of $ 80,368 and $ 130,975 of derivative fair value was recorded as a gain on extinguishment at the time of conversion. The Company reclassified $ 590,504 to additional paid in capital following conversions of notes accounted for as stock settled debt during the year ended June 30, 2021. The Company has 197,308,116 Shares issued for services On July 19, 2019, the Company entered into an agreement with a certain consultant to provide services over a two-month period beginning July 1, 2019 and ending September 1, 2019 in exchange for 20 shares of the Company’s common stock. On July 19, 2019, the Company issued the 20 1,990 39,800 39,800 Between February 3, 2020 and June 26, 2020, the Company issued an aggregate of 8,709 8,709 8 73,842 73,842 On March 22, 2021, the Company issued an aggregate of 225,037 225,037 0.30 67,511 67,511 Between March 2021 and June 2021, the Company issued an aggregate of 580,609 580,609 0.10 58,061 58,061 Shares issued for exercise of warrants During the year ended June 30, 2021, the Company received aggregate gross proceeds of $ 776,044 from the exercise of 10,445 prefunded warrants and 19,375 Series B Warrants resulting in the issuance of 29,820 shares of common stock. Additionally, during 2021 the Company issued 4,199,979 shares of common stock from the alternate cashless exercise of 20 Series A and 1 Series C 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 $ 391,749 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 78 and 39 restricted stock unit to the Company’s Chief Executive Officer and Chief Scientific Officer, respectively. The total 117 restricted stock units are subject to vesting terms as defined in the employment agreements. The 117 restricted stock units were valued at the fair value of $ 4,250 per unit or $ 497,240 based on the quoted trading price on the date of grant. During the year ended June 30, 2021 and 2020, the Company recognized stock-based compensation of $ 0 and $ 217,543 , respectively, related to vested restricted stock units. There were $ 248,620 unrecognized restricted stock units expense as of June 30, 2021. There are 59 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 June 30, 2021 and 2020 to which the $ 248,620 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 Options A summary of the Company’s option activity during the years ended June 30, 2021 and 2020 is presented below: SCHEDULE OF STOCK OPTION ACTIVITY Number of Weighted Average Options Price Per Share Outstanding at June 30, 2019 60 $ 76,370 Issued - - Exercised - - Expired - - Outstanding at June 30, 2020 60 $ 76,370 Issued - - Exercised - - Expired (1 ) 3,750,000 Outstanding at June 30, 2021 59 $ 13,730 Exercisable at June 30, 2021 40 $ 18,193 Outstanding and Exercisable: Weighted average remaining contractual term 7.86 Weighted average fair value of options granted during the period $ - Aggregate intrinsic value $ - 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 During the year ended June 30, 2021 and 2020, the Company recognized stock-based compensation of $ 82,872 and $ 82,873 related to vested stock options. There was $ 72,514 of unvested stock options expense as of June 30, 2021 that will be recognized over a remaining vesting period of 0.87 No Warrants The following table summarizes warrant activity for the years ended June 30, 2021 and 2020: SCHEDULE OF WARRANT ACTIVITY Number of Weighted Average Warrants Price Per Share Outstanding at June 30, 2019 - $ - Issued 151,170 150.00 Exercised - - Forfeited - - Expired - - Outstanding at June 30, 2020 151,170 $ 150.00 Issued - - Exercised (29,841 ) 26.15 Forfeited - - Expired - - Outstanding at June 30, 2021 121,329 $ 179.63 Exercisable at June 30, 2021 76,955 $ 283.21 Outstanding and Exercisable: Weighted average remaining contractual term 1.77 Aggregate intrinsic value $ - PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 In connection with the issuance of the August 2019 Auctus Note, the Company issued common stock purchase warrants to Auctus to purchase 450 2,250 300 3,330 225 4,500 On September 10, 2019, the Company entered into an agreement with a certain consultant to provide services over a three-month period beginning September 10, 2019 and ending December 10, 2019 in exchange for 1,000 2,000 September 10, 2022 984,810 984,810 In connection with the issuance of shares on April 3, 2020 as discussed above, the Company closed on a transaction related to a Securities Purchase Agreement (the “Securities Purchase Agreement”) entered into on March 30, 2020, whereby an investor purchased from the Company, 7,500 units, each consisting of (i) 1.5 shares of the Company’s common stock, or pre-funded warrants upon Investor’s election due to the 4.99% blocker provision and (ii) 1.5 warrants to purchase one share of Common Stock (“Series A Warrants”, and collectively with the Common Stock the “Units”) 63,750 63,750 Due to the Beneficial Ownership Limitation, the Company granted 10,445 0.10 Series A Warrants Pursuant to the Securities Purchase Agreement entered into March 20, 2020 as discussed above, the Investor purchased Series A Warrants to purchase up to 11,250 shares of Common Stock, subject to adjustment as provided therein. The Series A Warrants have a cash exercise price of $ 200 per share and are immediately exercisable and expire in 3 years. The Series A Warrants contain a provision for cashless exercise in the event there is no effective registration statement registering the shares underlying the Series A Warrants calculated based on the difference between the exercise price of the Series A Warrant and the trading price of the stock (the “Cashless Exercise”).Additionally, the Series A Warrants contain a provision for a cashless conversion at the Holder’s option should the trading price of the Common Stock fall below $200 per share calculated based on the difference between the exercise price of the Series A Warrant and 70% of the Market Price, as defined therein (the” Alternate Cashless Exercise”). See above “Shares issued for exercise of warrants” for discussion of deemed dividend related to alternate cashless exercise. Series B Warrants Pursuant to the Securities Purchase Agreement entered into March 20, 2020 as discussed above, the Investor purchased Series B Warrants to purchase up to 63,750 37,500 10 3,750 3,750 40 3 Series C Warrants Pursuant to the Securities Purchase Agreement entered into March 20, 2020 as discussed above, the Investor purchased Series C Warrants to purchase up to 63,750 3 200 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 Exercise of Warrants During the year ended June 30, 2021, the Company received aggregate gross proceeds of $ 776,044 10,445 19,375 29,820 4,199,979 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
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. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) 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 30,000 Operating Agreements In November 2009, the Company entered into a commercialization agreement with the University of Bath (UK) (the “University”) whereby the Company and the University co-owned the intellectual property relating to the Company’s pro-enzyme formulations. In June 2012, the Company and the University entered into an assignment and amendment whereby the Company assumed full ownership of the intellectual property while agreeing to pay royalties of 2 5 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 59,508 40,000 45,775 31,754 36,117 28,493 24,043 2 30,000 35,145 5,000 5,000 5,858 10,000 11,715 10,000 11,715 25,837 30,268 2 | NOTE 9 – COMMITMENTS AND CONTINGENCIES Legal Matters On September 26, 2019, a complaint was filed against the Company with Supreme Court of the State of New York, County of New York, by Foley Shechter Ablovatskiy LLP (“Foley Shechter”), our former counsel, seeking $ 151,031 in professional fees allegedly owed, in addition to interest and costs of suit. The Company filed an answer, together with affirmative defenses and counterclaims. Certain amounts related to this claim were included in accounts payable and accrued expenses in the accompanying consolidated financial statements at June 30, 2020. On March 22, 2021, the Company entered into a settlement agreement with Foley Shechter whereby both parties agreed to settle all claims for professional fees owed for a total of $ 51,032 . The Company paid the settlement amount of $ 51,032 on March 22, 2021. Prior to the settlement agreement, the Company recorded total accounts payable and accrued expenses $ 142,660 . Accordingly, the Company recognized gain from settlement of debt of $92,556 during the year ended June 30, 2021. Regal Consulting, LLC (“Regal”) initiated litigation against the Company in Clark County District Court, Nevada. Regal was demanding approximately $ 400,000 60 106,500 100,000 100,000 56,762 8,500 23,262 25,000 43,238 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 June 30, 2021 and 2020 consolidated balance sheet. The Company recorded the penalties for all three years during the year ended June 30, 2018. The Company is current on all subsequent filings. The Company’s tax advisor is awaiting a response from the IRS on this matter. Operating Agreements In November 2009, the Company entered into a commercialization agreement with the University of Bath (UK) (the “University”) whereby the Company and the University co-owned the intellectual property relating to the Company’s pro-enzyme formulations. In June 2012, the Company and the University entered into an assignment and amendment whereby the Company assumed full ownership of the intellectual property while agreeing to pay royalties of 2% 5% Operating Leases On May 5, 2016, the Company entered into a new five -year operating lease agreement with a Horizon Pty Ltd., a related party, of which Mr. Nathanielsz, our CEO, CFO and a director, and his wife are owners and directors, with monthly rent currently at $ 3,606 AUD or $ 2,469 USD, inclusive of GST (See Note 10 – Related Party Transactions). The initial rental amount was $3,000 AUD and subject to 3% yearly escalation. In adopting ASC Topic 842, Leases (Topic 842), the Company has elected 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 month or less. On July 1, 2019, upon adoption of ASC Topic 842, the Company recorded right-of-use assets $ 48,662 and total lease liabilities of $ 48,662 based on an incremental borrowing rate of 6% . Such lease expired in May 2021 and was renewed for another one-year term from May 2021 to May 2022 3,606 2,431 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 ROU is summarized below: SCHEDULE OF RIGHT USE OF ASSET June 30, 2021 June 30, 2020 Office lease (24 months) $ 48,662 $ 48,662 Less accumulated amortization (48,662 ) (26,980 ) Right-of-use asset, net $ - $ 21,682 Operating Lease liabilities are summarized below: SCHEDULE OF OPERATING LEASE LIABILITY June 30, 2021 June 30, 2020 Office lease $ 48,662 $ 48,662 Reduction of lease liability (48,662 ) (23,590 ) Long term portion of lease liability $ - $ 25,072 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 59,508 40,000 45,775 31,754 36,117 28,493 24,043 2% 30,000 35,145 5,000 5,000 5,858 10,000 11,715 10,000 11,715 25,837 30,268 2% |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
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, 2021 and June 30, 2021, the Company owed its former director a total of $ 53,384 55,500 As of September 30, 2021 and June 30, 2021, the Company owed its former director a total of $ 32,076 33,347 On May 6, 2021, 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 has a one-year term commencing May 6, 2021, and the Company is currently obligated to pay $ 3,606 2,431 7,735 9,204 84,000 60,598 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) 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 employment as the Company’s President and Chief Executive Officer. The Nathanielsz Employment Agreement was scheduled to expire on February 25, 2019 25,000 300,000 205,680 9.5 200 300,000 205,680 400,000 274,240 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 80,904 Pursuant to a February 25, 2016 board resolution, James Nathanielsz shall be paid $ 4,481 3,205 7,689 5,651 Pursuant to the approval of the Company’s board of directors, on May 14, 2019, Mr. Nathanielsz was granted a $ 460,000 315,376 200,000 137,120 260,000 178,256 221,890 166,418 422,610 316,957 177,840 177,840 5,928,000 42,500 30,660 142,990 103,153 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 James Nathanielsz, the Company’s Chief Executive Officer, Chairman, acting Chief Financial Officer and a director, for a term of three years one 400,000 39 4,675 110% 4,250 39 39 The Nathanielsz Options have a term of 10 years 7.80 7.80 4,000,000 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) Amended and Restated Services Agreement - On May 14, 2019, the Company also 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 one 54,000 20 4,250 100% 20 20 10 years 5 5 4,000,000 20 135,000 101,250 102,600 3,420,000 13,500 9,739 Intercompany Loans All Intercompany loans were made by the parent to the subsidiary, Propanc PTY LTD, which have not been repaid as of September 30, 2021. 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, a component of other comprehensive income. | NOTE 10 – 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 June 30, 2021 and 2020, the Company owed its former director a total of $ 55,500 50,993 As of June 30, 2021 and 2020, the Company owed its former director a total of $ 33,347 30,639 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 has a five -year term and provides 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. As of June 30, 2021, total rent payable of $ 86,129 AUD ($ 64,597 USD) is included in accrued expenses in the accompanying consolidated balance sheet. Such lease expired in May 2021 and was renewed for another one-year term from May 2021 to May 2022 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 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 employment as the Company’s President and Chief Executive Officer. The Nathanielsz Employment Agreement was scheduled to expire on February 25, 2019 25,000 300,000 205,680 9.5% 200% 300,000 205,680 400,000 274,240 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 80,904 Pursuant to a February 25, 2016 board resolution, James Nathanielsz shall be paid $ 4,481 3,205 44,918 30,284 46,135 34,476 Pursuant to the approval of the Company’s board of directors, on May 14, 2019, Mr. Nathanielsz was granted a $ 460,000 AUD ($ 315,376 USD) bonus for accomplishments achieved while serving as the Company’s Chief Executive Officer during the fiscal year ended June 30, 2019 with $ 200,000 AUD ($ 137,120 USD) of such bonus payable by the Corporation to the CEO throughout the Corporation’s 2019 fiscal year as the Corporation’s cash resources allow, with the remaining $ 260,000 AUD ($ 178,256 USD) of such bonus to be deferred by the CEO until a future date when the Corporation’s cash resources allow for such payment, as agreed to by the CEO. A total of $ 90,000 AUD ($ 64,377 USD) in payments were made in the year ended June 30, 2019. On July 13, 2020, the Board approved a bonus of $ 240,000 AUD being equal to 60% of Mr. Nathanielsz base salary which was accrued as of June 30, 2020. A total of $ 202,620 AUD ($ 136,606 USD) in payments were made against the bonuses during the year ended June 30, 2020 which resulted to a remaining balance of $ 407,380 AUD ($ 280,726 USD) bonus payable as of June 30, 2020. 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 is 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 5,928,000 shares of the common stock of the Company (see Note 13). 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 James Nathanielsz, the Company’s Chief Executive Officer, Chairman, acting Chief Financial Officer and a director, for a term of three years one 400,000 39 4,675 110% 4,250 39 39 The Nathanielsz Options have a term of 10 years 7.80 4,000,000 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 Amended and Restated Services Agreement - On May 14, 2019, the Company also 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 one 54,000 20 4,250 100% 20 20 The Kenyon Options have a term of 10 years 5 4,000,000 135,000 101,250 20 102,600 3,420,000 Intercompany Loans All Intercompany loans were made by the parent to the subsidiary, Propanc PTY LTD, which have not been repaid as of June 30, 2021. 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, a component of other comprehensive income. 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) as reflected in the consolidated statements of operations. |
CONCENTRATIONS AND RISKS
CONCENTRATIONS AND RISKS | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
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, 2021. The Company primarily relied on funding from one convertible debt lender and received proceeds after deductions of $ 7,500 160,000 100% The Company did no Receivable Concentration As of September 30, 2021 and June 30, 2021, the Company’s receivables were 100% 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, Mexico, Republic of Korea, India and Brazil. In Canada, the patent application remains under examination. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) In 2016 and early 2017, we 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 is currently entering 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 31 granted patents and 34 patents 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. Foreign Operations As of September 30, 2021 and June 30, 2021, 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, 2021 and June 30, 2021, there has been no activity within this entity. | NOTE 11 – 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 June 30, 2021. In fiscal year 2020, t he Company currently primarily relied on funding from three convertible debt lenders. Proceeds received during the year ended June 30, 2020 from each of the three lenders were $ 285,000 , $ 505,000 , and $ 227,000 , respectively, which represents approximately 19% , 34% and 15% , respectively of total proceeds received by the Company during fiscal year 2020. In fiscal year 2021, the Company primarily relied on funding from two convertible debt lenders and received net proceeds after deductions of $ 16,000 125,000 200,000, 39% 61%, Receivable Concentration As of June 30, 2021 and 2020, the Company’s receivables were 100% PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 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, Mexico, Republic of Korea, India and Brazil. In Canada, the patent application remains under examination. In 2016 and early 2017, we 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 is currently entering 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 31 granted patents and 34 patents 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. Foreign Operations As of June 30, 2021 and 2020, 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 June 30, 2021 and 2020, there has been no activity within this entity. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
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 80,000 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, 2021, the last trading day of the period ended September 30, 2021, was $ 0.026 Convertible Debt SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING, VALUATION TECHNIQUES Initial Valuations into during the three September 30, 2021 Volatility - 206.00 % Expected Remaining Term (in years) - 0.01 Risk Free Interest Rate - 0.07 % Expected dividend yield None None PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) 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, 2021 and June 30, 2021: SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Balance at Quoted Prices in Active Markets for Identical Significant Other Observable Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Embedded conversion option liabilities $ 58,124 $ — $ — $ 58,124 Total $ 58,124 $ — $ — $ 58,124 Balance at Quoted Prices in Active Markets for Identical Significant Other Observable Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Embedded conversion option liabilities $ 54,220 $ — $ — $ 54,220 Total $ 54,220 $ — $ — $ 54,220 The following is a roll forward for the three months ended September 30, 2021 of the fair value liability of price adjustable derivative instruments: SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE Fair Value of Liability for Derivative Instruments Balance at June 30, 2021 $ 54,220 Change in fair value included in statements of operations 3,904 Balance at September 30, 2021 $ 58,124 | NOTE 12 - 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 80,000 126,500 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 June 30, 2021, the last trading day of the fiscal year ended June 30, 2021, was $ 0.0517 . Volatility, expected remaining term and risk-free interest rates used to estimate the fair value of derivative liabilities at June 30, 2021 and 2020 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. SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING, VALUATION TECHNIQUES Convertible Debt Initial Valuations during the year ended June 30, 2021 Initial during the year ended June 30, 2020 June 30, 2021 June 30, 2020 Volatility N/A 227 279 % 222 % 264 % Expected remaining term N/A 1.00 0.01 0.01 0.70 Risk-free interest rate N/A 1.53 1.59 % 0.05 % 0.13 0.18 % Expected dividend yield N/A None None None PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 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 June 30, 2021: SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Balance at 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 $ 54,220 $ — $ — $ 54,220 Total $ 54,220 $ — $ — $ 54,220 The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020: Balance at 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 $ 177,009 $ — $ — $ 177,009 Total $ 177,009 $ — $ — $ 177,009 The following is a roll forward for the years ended June 30, 2021 and 2020 of the fair value liability of price adjustable derivative instruments: SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE Fair Value of Liability for Derivative Instruments Balance at June 30, 2019 $ 698,264 Reductions due to conversions (362,962 ) Initial fair value of embedded conversion option derivative liability recorded as debt discount 227,000 Initial fair value of embedded conversion option derivative liability recorded as expense 351,461 Change in fair value included in statements of operations (736,754 ) Balance at June 30, 2020 177,009 Gain on debt extinguishment (130,975 ) Change in fair value included in statements of operations 8,186 Balance at June 30, 2021 $ 54,220 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS Exercise of Warrants In October 2021, the Company issued 2,199,989 Note Conversions In October 2021, the Company issued an aggregate of 1,818,097 0.01 25,000 1,726 0 16,667 Common Stock Issuable The 2,002,490 Consulting Agreement On October 1, 2021, the Company entered int a consulting agreement (the “Consulting Agreement”) with a consultant who will assist in the development of the Company’s business and financing activities. The consultant will serve initially as an independent contractor, and upon certain mutually agreed upon conditions being met, will be appointed Vice Chairman, President and Interim CFO. The term of the Consulting Agreement shall be for three years commencing on October 1, 2021, and can be terminated by either party upon 30 day written notice. The monthly payment per the Consulting Agreement is $ 7,000 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) October 21, 2021 Securities Purchase Agreement Effective October 21, 2021, the Company entered into a securities purchase agreement with Sixth Street Lending LLC (“Sixth Street”), pursuant to which Sixth Street purchased a convertible promissory note (the “October 21, 2021 Sixth Street”) from the Company in the aggregate principal amount of $ 63,750 3,750 October 21, 2022 8% 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 Sixth Street, 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 notes. The conversion price for the above Sixth Street notes shall be equal to a 35% 9.99% 34,327 The above Sixth Street 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 | NOTE 13 – SUBSEQUENT EVENTS Exercise of Warrants From July 9, 2021 through September 7, 2021, the Company received aggregate gross proceeds of $ 275,000 from the exercise of 6,875 Series B Warrants and issued 6,875 2,399,988 shares of common stock from the alternate cashless exercise of 12 Series A warrants. Note Conversions From July 1, 2021 through September 20, 2021, the Company issued an aggregate of 6,702,152 shares of its common stock at an average contractual conversion price of $ 0.02 , ranging from $ 0.01 to $ 0.04 , as a result of the conversion of principal of $ 146,348 , interest of $ 4,887 and conversion fees $ 2,250 underlying certain outstanding convertible notes converted during such period. The Company reclassified $ 86,219 in put premiums to additional paid in capital following conversions between July 2021 and September 2021. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 Nathanielsz Cancellation Agreement On August 12, 2021, the Company entered into a Cancellation Agreement with James Nathanielsz (“Nathanielsz”), Chief Executive Officer and Director of the Company, whereby Nathanielsz agreed to cancel his cash compensation bonus award for fiscal year 2021, ended June 30, 2021, in exchange for common stock of the Company. The Company and Nathanielsz entered into an Amended and Restated Employment Agreement dated May 14, 2019 (the “Agreement”). Pursuant to the terms of the Agreement, Nathanielsz was eligible to earn an annual fiscal year cash performance bonus for each fiscal year of his employment period with the Company with a target performance bonus of 200% 78% 177,840 5,928,000 0.03 Kenyon Cancellation Agreement On August 12, 2021, the Company entered into a Cancellation Agreement with Dr. Julian Kenyon (“Kenyon”), Chief Scientific Officer and Director of the Company, whereby Kenyon agreed to cancel of $ 102,600 3,420,000 0.03 Zelinger Amended and Restated Director Agreement On August 12, 2021, the Company entered into an Amended and Restated Director Agreement (the “Director Agreement”) with Josef Zelinger (“Zelinger”). Pursuant to the terms of the Director Agreement, the Company shall pay Zelinger a base salary of $250.00 AUD per month, payable on the first day of each month. In addition, the Company may compensate Zelinger additional consideration for advisory services performed by the Director, either in the form of cash or common stock, at the discretion of the Board. The Company issued 2,800,000 84,000 2,800,000 0.03 Common Stock Issued for Services On August 12, 2021, the Board approved the issuance of 2,800,000 84,000 2,800,000 0.03 On August 12, 2021, the Board approved the issuance of 166,667 5,000 5,000 0.03 In September 2021, the Company issued 2,819,712 2,819,712 0.04 113,000 August 19, 2021 and September 22, 2021 Securities Purchase Agreement Effective August 19, 2021, the Company entered into a securities purchase agreement with Geneva Roth Remark Holdings, Inc., pursuant to which Geneva Roth purchased a convertible promissory note (the “August 19, 2021 Geneva Roth”) from the Company in the aggregate principal amount of $ 103,750 , such principal and the interest thereon convertible into shares of the Company’s common stock at the option of Geneva Roth any time after the six-month anniversary of the August 19, 2021 Geneva Roth. The August 19, 2021 Geneva Roth contains an original discount of $ 3,750 . The Company intends to use the net proceeds from the August 19, 2021 Geneva Roth for general working capital purposes. August 19, 2022 8% Additionally, effective September 22, 2021, the Company entered into a securities purchase agreement with Geneva Roth Remark Holdings, Inc., pursuant to which Geneva Roth purchased a convertible promissory note (the “September 22, 2021 Geneva Roth”) from the Company in the aggregate principal amount of $ 63,750 3,750 September 22, 2021 8 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 Geneva Roth, 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 notes. The conversion price for the above Geneva Roth 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, Geneva Roth shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Geneva Roth and its affiliates, exceeds 9.99% of the outstanding shares of the Company’s common stock. These notes are treated as stock settled debt under ASC 480 and accordingly the Company recorded a total of $ 90,192 put premium. The above Geneva Roth 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 |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
Nature of Operations | Nature of Operations Propanc Biopharma, Inc. (the “Company,” “we,” “us” or “our”) was originally incorporated in Melbourne, Victoria Australia on October 15, 2007 as Propanc PTY LTD, and continues to be 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. On November 23, 2010 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 to the European Medicines Agency as a small and medium-sized enterprise. As of September 30, 2021, there has been no activity within this entity. Effective April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to better reflect the Company’s stage of operations and development. In July 2020, a world first patent was granted in Australia for the cancer treatment method patent family. Presently, there are 29 granted patents and 33 patents under examination in key global jurisdictions relating to the use of proenzymes against solid tumors, covering the lead product candidate PRP. 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. On November 17, 2020, the Company effected a one-for-one thousand (1:1,000) | Nature of Operations Propanc Biopharma, Inc. (the “Company,” “we,” “us” or “our”) was originally incorporated in Melbourne, Victoria Australia on October 15, 2007 as Propanc PTY LTD, and continues to be 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. On November 23, 2010 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 to the European Medicines Agency as a small and medium-sized enterprise. As of June 30, 2021, there has been no activity within this entity. Effective April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to better reflect the Company’s stage of operations and development. In July 2020, a world first patent was granted in Australia for the cancer treatment method patent family. Presently, there are 29 granted patents and 33 patents under examination in key global jurisdictions relating to the use of proenzymes against solid tumors, covering the lead product candidate PRP. 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. On November 17, 2020, the Company effected a one-for-one thousand (1:1,000) |
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 subsidiary at September 30, 2021. PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) | Principles of Consolidation The 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 June 30, 2021. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“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, valuation of beneficial conversion features on convertible debt, 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. | Use of Estimates The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“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, valuation of beneficial conversion features on convertible debt, 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. |
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 these 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). For the three months ended September 30, 2021 and 2020, the Company recognized an exchange gain (loss) of approximately $ 619,000 583,000 As of September 30, 2021 and June 30, 2021, 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 TRANSLATION EXCHANGE RATES September 30, 2021 June 30, 2021 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7214 0.7500 Average exchange rate for the period USD : AUD exchange rate 0.7350 0.7473 The change in Accumulated Other Comprehensive Income (Loss) by component during the three months ended September 30, 2021 was as follows: SCHEDULE OF CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Foreign Balance, June 30, 2021 $ 1,085,204 Unrealized foreign currency translation gain 64,193 Ending balance, September 30, 2021 $ 1,149,397 PROPANC BIOPHARMA, INC. AND SUBSIDIARY (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 these 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). For the year ended June 30, 2021 and 2020, the Company recognized an exchange gain (loss) of approximately $ 1,005,000 and ($ 133,000 ), on intercompany loans made by the parent to the subsidiary which have not been repaid as of June 30, 2021. As of June 30, 2021 and 2020, 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 TRANSLATION EXCHANGE RATES June 30, 2021 June 30, 2020 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7500 0.6891 Average exchange rate for the period USD : AUD exchange rate 0.7473 0.6742 Change in Accumulated Other Comprehensive Income (Loss) by component during the years ended June 30, 2021 and 2020 were as follows: SCHEDULE OF CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Foreign Beginning balance, June 30, 2019 $ 1,066,998 Foreign currency translation gain 200,673 Balance, June 30, 2020 1,267,671 Foreign currency translation gain 182,467 Ending balance, June 30, 2021 $ 1,085,204 |
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, accounts receivable, 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. 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. | 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, accounts receivable, 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. 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 12 - 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 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, as applicable, are reflected as a current liability on the balance sheets. There were no cash equivalents as of June 30, 2021 or June 30, 2020. |
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 LIVES Machinery and equipment - 5 Furniture - 7 | 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 LIVES Machinery and equipment - 5 Furniture - 7 |
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, 2021 were expensed immediately. This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency. | 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 June 30, 2021 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,” PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) | 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. | 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, 2021, and June 30, 2021, the Company was owed $ 2,238 4,341 | 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 June 30, 2021 and 2020, the Company was owed $ 4,341 2,015 |
Derivative Instruments | Derivative Instruments ASC Topic 815, Derivatives and Hedging | Derivative Instruments ASC Topic 815, Derivatives and Hedging |
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 common shares 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 | 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 common shares 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 |
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 The Company follows ASC 740, Sections 25 through 60, “ Accounting for Uncertainty in 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 The Company follows ASC 740, Sections 25 through 60, “ Accounting for Uncertainty in Income Taxes |
Research and Development Costs and Tax Credits | Research and Development Costs and Tax Credits In accordance with ASC 730-10, “Research and Development-Overall,” 46,554 50,846 PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) 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. During each of the three months ended September 30, 2021 and 2020, the Company applied for, and received from the Australian Taxation Office, a research and development tax credit in the amount of $ 0 | Research and Development Costs and Tax Credits In accordance with ASC 730-10, “Research and Development-Overall,” 230,956 179,987 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. During each of the fiscal years ended June 30, 2021 and 2020, the Company applied for, and received from the Australian Taxation Office, a research and development tax credit in the amount of $ 113,415 134,728 |
Stock Based Compensation | Stock Based Compensation The Company records stock-based compensation in accordance with ASC 718, “ Stock Compensation 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. There was no cumulative effect of adoption on July 1, 2019. | Stock Based Compensation The Company records stock-based compensation in accordance with ASC 718, “ Stock Compensation PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 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. There was no cumulative effect of adoption on July 1, 2019. |
Revenue Recognition | Revenue Recognition The Company adopted and implemented on July 1, 2018, ASC 606 – Revenue from Contracts with Customers (“ASC 606”). ASC 606 did not have a material impact on the consolidated financial statements. Upon implementation of ASC 606, the Company recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. 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. | Revenue Recognition The Company adopted and implemented on July 1, 2018, ASC 606 – Revenue from Contracts with Customers (“ASC 606”). ASC 606 did not have a material impact on the consolidated financial statements. Upon implementation of ASC 606, the Company recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. 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. | Legal Expenses All legal costs for litigation are charged to expense as incurred. |
Leases | Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases On July 1, 2019, the Company adopted ASU No. 2016-02, applying the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following: (i) whether any expired or existing contracts contain leases and; (ii) initial direct costs for any existing leases. For contracts entered into on or after the effective date, at the inception of a contract the Company assessed whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. In addition, the Company elected not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less. Operating lease ROU assets 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 use 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 will be included in general and administrative expenses. PROPANC BIOPHARMA, INC. AND SUBSIDIARY (Unaudited) | Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases On July 1, 2019, the Company adopted ASU No. 2016-02, applying the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following: (i) whether any expired or existing contracts contain leases and; (ii) initial direct costs for any existing leases. For contracts entered into on or after the effective date, at the inception of a contract the Company assessed whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. Operating lease ROU assets 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 use 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 in the consolidated statements of operations. |
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 9.99 SCHEDULE OF DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION September 30, 2021 September 30, 2020 (Unaudited) (Unaudited) Stock Options 59 60 Stock Warrants 111,932 135,725 Unvested restricted stock 59 117 Convertible Debt 23,293,971 510,674 Total 23,406,021 646,576 | 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 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 SCHEDULE OF DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION June 30, 2021 June 30, 2020 Stock Options 59 60 Stock Warrants 121,329 151,171 Unvested restricted stock 59 59 Convertible Debt 12,416,972 439,113 Total 12,538,419 590,403 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed the FASB issued 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 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)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock. As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on July 1, 2022, including interim periods within those fiscal years. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company is currently assessing the impact the new guidance will have on our consolidated financial statements. | Recent Accounting Pronouncements We have reviewed the FASB issued 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 with the exception of those disclosed below. The applicability of any standard is subject to the formal review of the Company’s financial management. In August 2020, the FASB issued 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)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock. As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on July 1, 2022, including interim periods within those fiscal years. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company is currently assessing the impact the new guidance will have on our consolidated financial statements. |
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 results of operations for the three months ended September 30, 2021 and 2020 and cash flows for the three months ended September 30, 2021 and 2020 and our financial position at September 30, 2021 have been made. The Company’s results of operations for the three months ended September 30, 2021 are not necessarily indicative of the operating results to be expected for the full fiscal year ending June 30, 2022. 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, 2021. The June 30, 2021 balance sheet is derived from those statements. |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||
SCHEDULE OF TRANSLATION EXCHANGE RATES | As of September 30, 2021 and June 30, 2021, 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 TRANSLATION EXCHANGE RATES September 30, 2021 June 30, 2021 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7214 0.7500 Average exchange rate for the period USD : AUD exchange rate 0.7350 0.7473 | As of June 30, 2021 and 2020, 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 TRANSLATION EXCHANGE RATES June 30, 2021 June 30, 2020 Exchange rate on balance sheet dates USD : AUD exchange rate 0.7500 0.6891 Average exchange rate for the period USD : AUD exchange rate 0.7473 0.6742 |
SCHEDULE OF CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | The change in Accumulated Other Comprehensive Income (Loss) by component during the three months ended September 30, 2021 was as follows: SCHEDULE OF CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Foreign Balance, June 30, 2021 $ 1,085,204 Unrealized foreign currency translation gain 64,193 Ending balance, September 30, 2021 $ 1,149,397 | Change in Accumulated Other Comprehensive Income (Loss) by component during the years ended June 30, 2021 and 2020 were as follows: SCHEDULE OF CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Foreign Beginning balance, June 30, 2019 $ 1,066,998 Foreign currency translation gain 200,673 Balance, June 30, 2020 1,267,671 Foreign currency translation gain 182,467 Ending balance, June 30, 2021 $ 1,085,204 |
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES | The estimated useful lives are as follows: SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES Machinery and equipment - 5 Furniture - 7 | The estimated useful lives are as follows: SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES Machinery and equipment - 5 Furniture - 7 |
SCHEDULE OF DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION | SCHEDULE OF DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION September 30, 2021 September 30, 2020 (Unaudited) (Unaudited) Stock Options 59 60 Stock Warrants 111,932 135,725 Unvested restricted stock 59 117 Convertible Debt 23,293,971 510,674 Total 23,406,021 646,576 | SCHEDULE OF DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION June 30, 2021 June 30, 2020 Stock Options 59 60 Stock Warrants 121,329 151,171 Unvested restricted stock 59 59 Convertible Debt 12,416,972 439,113 Total 12,538,419 590,403 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
SCHEDULE OF PROPERTY AND EQUIPMENT | Property and equipment consist of the following as of September 30, 2021 and June 30, 2021. SCHEDULE OF PROPERTY AND EQUIPMENT September 30, 2021 June 30, 2021 (Unaudited) Office equipment at cost $ 27,532 $ 28,623 Less: Accumulated depreciation (23,939 ) (24,368 ) Total property, plant, and equipment $ 3,593 $ 4,255 | Property and equipment consist of the following as of June 30, SCHEDULE OF PROPERTY AND EQUIPMENT 2021 2020 Office equipment at cost $ 28,623 $ 26,299 Less: Accumulated depreciation (24,368 ) (20,552 ) Total property, plant, and equipment $ 4,255 $ 5,747 Depreciation expense for the years ended June 30, 2021 and 2020 were $ 1,993 2,473 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2021 and 2020 |
CONVERTIBLE NOTES (Tables)
CONVERTIBLE NOTES (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||
SCHEDULE OF CONVERTIBLE NOTES | The Company’s convertible notes outstanding at September 30, 2021 and June 30, 2021 were as follows: SCHEDULE OF CONVERTIBLE NOTES September 30, 2021 June 30, 2021 (Unaudited) Convertible notes and debenture $ 377,780 $ 400,128 Unamortized discounts (7,565 ) (6,139 ) Accrued interest 37,348 34,098 Premium, net 177,045 196,496 Convertible notes, net $ 584,608 $ 624,583 | The Company’s convertible notes outstanding at June 30, 2021 and 2020 were as follows: SCHEDULE OF CONVERTIBLE NOTES June 30, 2021 June 30, 2020 Convertible notes and debenture $ 400,128 $ 1,029,496 Unamortized discounts (6,139 ) (126,667 ) Accrued interest 34,098 80,101 Premium, net 196,496 574,804 Convertible notes, net $ 624,583 $ 1,557,734 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAX PROVISION | The reconciliation of income tax expense computed at the U.S. federal statutory rate of 21 SCHEDULE OF INCOME TAX PROVISION US June 30, 2021 June 30, 2020 Year Ended US June 30, 2021 June 30, 2020 Loss before Income taxes $ (2,025,947 ) $ (4,740,723 ) Taxes under statutory US tax rates $ (425,449 ) $ (995,552 ) Increase (decrease) in valuation allowance 1,146,001 1,137,716 Prior period adjustment (1,063,710 ) (14,624 Foreign tax rate differential (51,169 ) (128,492 ) Income tax rate change 392,767 - Other 1,559 952 Income tax (expense) benefit $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES June 30, 2021 June 30, 2020 Year Ended June 30, 2021 June 30, 2020 Deferred tax assets Warrant Derivative Liability $ 7,403 $ 7,403 Accrued Expenses 342,464 297,086 Prepaid Investor Services 444,411 470,050 Non-cash interest 687,529 596,004 Intangibles (Intellectual Property and Patent Cost) 259,743 240,428 Deferred Rent 4,262 1,969 Formation Expense 6,815 7,208 Net Operating Loss CF 8,546,920 7,438,911 Foreign Exchange Loss (OCI) (39,379 ) (39,379 ) Revalue of derivative liability 439,958 438,239 Stock Based Compensation 51,481 51,481 Total Deferred tax assets $ 10,751,607 $ 9,509,400 Deferred tax liabilities R&D $ (197,604 ) $ (177,702 ) Gain on extinguishment of debt (277,614 ) 266,987 Capital Raising Costs (321,291 ) (255,614 ) Total deferred tax liabilities $ (796,509 ) $ (700,303 ) Net deferred tax assets (liabilities) $ 9,955,098 $ 8,809,097 Valuation allowance (9,955,098 ) (8,809,097 ) Net deferred tax assets (liabilities) $ - $ - |
STOCKHOLDERS_ DEFICIT (Tables)
STOCKHOLDERS’ DEFICIT (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Equity [Abstract] | ||
SCHEDULE OF STOCK OPTION ACTIVITY | A summary of the Company’s option activity during the three months ended September 30, 2021 is presented below: SCHEDULE OF STOCK OPTION ACTIVITY Weighted Number of Average Exercise Shares Price Per Share Outstanding at June 30, 2021 59 $ 13,730 Issued - - Exercised - - Forfeited - - Expired - - Outstanding at September 30, 2021 59 $ 4,533.33 Exercisable at September 30, 2021 39 $ 4,530.93 Outstanding and Exercisable: Weighted average remaining contractual term 7.62 Weighted average fair value of options granted during the period $ - Aggregate intrinsic value $ - | A summary of the Company’s option activity during the years ended June 30, 2021 and 2020 is presented below: SCHEDULE OF STOCK OPTION ACTIVITY Number of Weighted Average Options Price Per Share Outstanding at June 30, 2019 60 $ 76,370 Issued - - Exercised - - Expired - - Outstanding at June 30, 2020 60 $ 76,370 Issued - - Exercised - - Expired (1 ) 3,750,000 Outstanding at June 30, 2021 59 $ 13,730 Exercisable at June 30, 2021 40 $ 18,193 Outstanding and Exercisable: Weighted average remaining contractual term 7.86 Weighted average fair value of options granted during the period $ - Aggregate intrinsic value $ - |
SCHEDULE OF WARRANT ACTIVITY | The following table summarizes warrant activity for the three months ended September 30, 2021: SCHEDULE OF WARRANT ACTIVITY Weighted Number of Average Shares Price Per Share Outstanding at June 30, 2021 121,329 $ 179.63 Issued - - Exercised (9,397 ) 40.37 Forfeited - - Expired - - Outstanding at September 30, 2021 111,932 $ 191.32 Exercisable at September 30, 2021 76,933 $ 278.36 Outstanding and Exercisable: Weighted average remaining contractual term 1.52 Aggregate intrinsic value $ - | The following table summarizes warrant activity for the years ended June 30, 2021 and 2020: SCHEDULE OF WARRANT ACTIVITY Number of Weighted Average Warrants Price Per Share Outstanding at June 30, 2019 - $ - Issued 151,170 150.00 Exercised - - Forfeited - - Expired - - Outstanding at June 30, 2020 151,170 $ 150.00 Issued - - Exercised (29,841 ) 26.15 Forfeited - - Expired - - Outstanding at June 30, 2021 121,329 $ 179.63 Exercisable at June 30, 2021 76,955 $ 283.21 Outstanding and Exercisable: Weighted average remaining contractual term 1.77 Aggregate intrinsic value $ - |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF RIGHT USE OF ASSET | ROU is summarized below: SCHEDULE OF RIGHT USE OF ASSET June 30, 2021 June 30, 2020 Office lease (24 months) $ 48,662 $ 48,662 Less accumulated amortization (48,662 ) (26,980 ) Right-of-use asset, net $ - $ 21,682 |
SCHEDULE OF OPERATING LEASE LIABILITY | Operating Lease liabilities are summarized below: SCHEDULE OF OPERATING LEASE LIABILITY June 30, 2021 June 30, 2020 Office lease $ 48,662 $ 48,662 Reduction of lease liability (48,662 ) (23,590 ) Long term portion of lease liability $ - $ 25,072 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
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 into during the three September 30, 2021 Volatility - 206.00 % Expected Remaining Term (in years) - 0.01 Risk Free Interest Rate - 0.07 % Expected dividend yield None None | SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING, VALUATION TECHNIQUES Convertible Debt Initial Valuations during the year ended June 30, 2021 Initial during the year ended June 30, 2020 June 30, 2021 June 30, 2020 Volatility N/A 227 279 % 222 % 264 % Expected remaining term N/A 1.00 0.01 0.01 0.70 Risk-free interest rate N/A 1.53 1.59 % 0.05 % 0.13 0.18 % Expected dividend yield N/A None None None |
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS | 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, 2021 and June 30, 2021: SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Balance at Quoted Prices in Active Markets for Identical Significant Other Observable Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Embedded conversion option liabilities $ 58,124 $ — $ — $ 58,124 Total $ 58,124 $ — $ — $ 58,124 Balance at Quoted Prices in Active Markets for Identical Significant Other Observable Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Embedded conversion option liabilities $ 54,220 $ — $ — $ 54,220 Total $ 54,220 $ — $ — $ 54,220 | SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Balance at 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 $ 54,220 $ — $ — $ 54,220 Total $ 54,220 $ — $ — $ 54,220 The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020: Balance at 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 $ 177,009 $ — $ — $ 177,009 Total $ 177,009 $ — $ — $ 177,009 |
SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE | The following is a roll forward for the three months ended September 30, 2021 of the fair value liability of price adjustable derivative instruments: SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE Fair Value of Liability for Derivative Instruments Balance at June 30, 2021 $ 54,220 Change in fair value included in statements of operations 3,904 Balance at September 30, 2021 $ 58,124 | The following is a roll forward for the years ended June 30, 2021 and 2020 of the fair value liability of price adjustable derivative instruments: SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE Fair Value of Liability for Derivative Instruments Balance at June 30, 2019 $ 698,264 Reductions due to conversions (362,962 ) Initial fair value of embedded conversion option derivative liability recorded as debt discount 227,000 Initial fair value of embedded conversion option derivative liability recorded as expense 351,461 Change in fair value included in statements of operations (736,754 ) Balance at June 30, 2020 177,009 Gain on debt extinguishment (130,975 ) Change in fair value included in statements of operations 8,186 Balance at June 30, 2021 $ 54,220 |
SCHEDULE OF TRANSLATION EXCHANG
SCHEDULE OF TRANSLATION EXCHANGE RATES (Details) | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Property, Plant and Equipment [Line Items] | |||
Foreign Currency Exchange Rate, Translation | 0.7214 | 0.7500 | 0.6891 |
Weighted Average [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Foreign Currency Exchange Rate, Translation | 0.7350 | 0.7473 | 0.6742 |
SCHEDULE OF CHANGE IN ACCUMULAT
SCHEDULE OF CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | |||
Beginning balance | $ 1,085,204 | $ 1,267,671 | $ 1,066,998 |
Foreign currency translation gain | 64,193 | 182,467 | 200,673 |
Ending balance | $ 1,149,397 | $ 1,085,204 | $ 1,267,671 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES (Details) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment estimated useful lives | 5 years | 5 years |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment estimated useful lives | 7 years | 7 years |
SCHEDULE OF DILUTIVE SECURITIES
SCHEDULE OF DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION (Details) - shares | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 23,406,021 | 646,576 | 12,538,419 | 590,403 |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 59 | 60 | 59 | 60 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 111,932 | 135,725 | 121,329 | 151,171 |
Unvested Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 59 | 117 | 59 | 59 |
Convertible Debt Securities [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 23,293,971 | 510,674 | 12,416,972 | 439,113 |
NATURE OF OPERATIONS AND SUMM_4
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Details Narrative) - USD ($) | Nov. 17, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Aug. 19, 2021 |
Short-term Debt [Line Items] | ||||||
Entity incorporation, date of incorporation | Nov. 23, 2010 | Nov. 23, 2010 | ||||
Reverse stock | one-for-one thousand (1:1,000) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Parent | $ 64,193 | $ (75,755) | $ (182,467) | $ 200,673 | ||
Cash Equivalents, at Carrying Value | 0 | 0 | ||||
Value added tax receivable | 2,238 | 4,341 | 4,341 | 2,015 | ||
Research and development costs | 46,554 | 50,846 | 230,956 | 179,987 | ||
Tax credits | $ 113,415 | 134,728 | ||||
Debt conversion percentage, 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. The securities for the period ended September 30, 2021 and 2020 were considered dilutive securities which were excluded from the computation since the effect is anti-dilutive. | 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) | ||||
Debt conversion percentage | 4.99% | |||||
2021 Securities Purchase Agreement [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 9.99% | |||||
Intercompany Loans [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Parent | $ 619,000 | $ 583,000 | $ 1,005,000 | $ 133,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 490,658 | 425,545 | 2,025,947 | 4,740,723 | |
Net Cash Provided by (Used in) Operating Activities | 486,758 | 179,949 | 1,145,264 | 1,849,589 | |
Working capital deficit | 2,312,387 | 3,074,078 | |||
Stockholders' Equity Attributable to Parent | 2,306,630 | $ 3,235,469 | 3,067,573 | 3,641,425 | $ 4,301,236 |
Retained Earnings (Accumulated Deficit) | $ 58,804,968 | $ 58,199,466 | $ 55,781,770 |
SCHEDULE OF PROPERTY AND EQUI_2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Property, Plant and Equipment [Abstract] | |||
Office equipment at cost | $ 27,532 | $ 28,623 | $ 26,299 |
Less: Accumulated depreciation | (23,939) | (24,368) | (20,552) |
Total property, plant, and equipment | $ 3,593 | $ 4,255 | $ 5,747 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 509 | $ 438 | $ 1,993 | $ 2,473 |
DUE TO FORMER DIRECTOR - RELA_2
DUE TO FORMER DIRECTOR - RELATED PARTY (Details Narrative) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Due To Former Director - Related Party | |||
Due to directors - related parties | $ 32,076 | $ 33,347 | $ 30,639 |
LOANS AND NOTES PAYABLE (Detail
LOANS AND NOTES PAYABLE (Details Narrative) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Directors and Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Loans payable | $ 53,384 | $ 55,500 | $ 50,993 |
SCHEDULE OF CONVERTIBLE NOTES (
SCHEDULE OF CONVERTIBLE NOTES (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Nov. 30, 2020 | Jun. 30, 2020 |
Debt Disclosure [Abstract] | ||||
Convertible notes and debenture | $ 377,780 | $ 400,128 | $ 1,029,496 | |
Unamortized discounts | (7,565) | (6,139) | (126,667) | |
Accrued interest | 37,348 | 34,098 | 80,101 | |
Premium, net | 177,045 | 196,496 | $ 11,785 | 574,804 |
Convertible notes, net | $ 584,608 | $ 624,583 | $ 1,557,734 |
CONVERTIBLE NOTES (Details Narr
CONVERTIBLE NOTES (Details Narrative) | Sep. 22, 2021USD ($) | Aug. 19, 2021USD ($) | Mar. 16, 2021USD ($) | Mar. 16, 2021USD ($) | Jan. 05, 2021USD ($) | Jan. 05, 2021USD ($) | Dec. 10, 2020USD ($) | Dec. 02, 2020USD ($) | Nov. 30, 2020USD ($) | Sep. 16, 2020shares | Sep. 09, 2020shares | Mar. 25, 2020USD ($) | Mar. 12, 2020USD ($)Integer | Mar. 05, 2020USD ($) | Feb. 19, 2020USD ($) | Jan. 22, 2020USD ($) | Jan. 13, 2020USD ($) | Jan. 07, 2020USD ($) | Nov. 26, 2019USD ($) | Nov. 22, 2019USD ($) | Oct. 03, 2019USD ($) | Oct. 02, 2019USD ($) | Sep. 10, 2019USD ($)$ / sharesshares | Sep. 04, 2019USD ($) | Aug. 30, 2019USD ($)$ / sharesshares | Aug. 01, 2019USD ($) | Jul. 30, 2019USD ($) | May 23, 2019USD ($) | Dec. 24, 2018USD ($) | Nov. 30, 2018USD ($) | Oct. 02, 2018USD ($) | Aug. 29, 2018USD ($) | Jul. 19, 2018USD ($) | Jul. 13, 2018USD ($) | Dec. 29, 2017USD ($) | Aug. 10, 2017USD ($)Integer | Apr. 30, 2020 | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Mar. 15, 2021USD ($) | Aug. 31, 2019$ / sharesshares | Oct. 03, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 19,600 | ||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 7,565 | $ 6,139 | $ 126,667 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 160,000 | $ 325,000 | 1,465,250 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 416 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 4.99% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | 11,785 | $ 177,045 | $ 196,496 | 574,804 | |||||||||||||||||||||||||||||||||||||||||||
Additional paid in capital | 55,444,574 | 54,074,110 | 50,913,893 | ||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | 58,124 | 54,220 | 177,009 | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities | 2,368,795 | 3,080,674 | 3,739,943 | ||||||||||||||||||||||||||||||||||||||||||||
Loss from settlement of debt | 49,985 | 50,607 | 67,123 | ||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | shares | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of warrants | $ 984,810 | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of debt discount | 6,074 | 121,281 | 136,527 | 734,130 | |||||||||||||||||||||||||||||||||||||||||||
Reclassified premium amount for additional paid in capital | 109,643 | 204,919 | 590,504 | 874,924 | |||||||||||||||||||||||||||||||||||||||||||
First Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | shares | 450 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 2,250 | ||||||||||||||||||||||||||||||||||||||||||||||
Second Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | shares | 300 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 3,330 | ||||||||||||||||||||||||||||||||||||||||||||||
Third Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | shares | 225 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 4,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Auctus Fund, LLC [Member] | August 2019 Auctus Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 32,848 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 716 | 0 | 43,176 | ||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 326,117 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | 217,411 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 39,536 | ||||||||||||||||||||||||||||||||||||||||||||||
December 29, 2017 Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 24,751 | ||||||||||||||||||||||||||||||||||||||||||||||
December 29, 2017 Securities Purchase Agreement [Member] | December 2017 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 0 | $ 43,535 | |||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 171,965 | 171,965 | |||||||||||||||||||||||||||||||||||||||||||||
December 29, 2017 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | December 2017 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 532,435 | ||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 25,354 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
December 21, 2016 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
December 21, 2016 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | December 2017 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 360,470 | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 507,081 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Dec. 29, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 20,065 | ||||||||||||||||||||||||||||||||||||||||||||||
July 13, 2018 Securities Purchase Agreement [Member] | July 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 75,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 5,786 | ||||||||||||||||||||||||||||||||||||||||||||||
July 13, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | July 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 75,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 71,250 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Jul. 13, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | $ 0 | 9,300 | |||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 75,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 3,750 | ||||||||||||||||||||||||||||||||||||||||||||||
June 14, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
August 29, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | August 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 105,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Aug. 29, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||||||||||||||
October 2, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||||||||||||||
October 2, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | October 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 210,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Oct. 2, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument principal payment | $ 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||
October 2, 2018 Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | October 2018 GS Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 212,000 | $ 106,000 | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 100,700 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Oct. 2, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 61.00% | ||||||||||||||||||||||||||||||||||||||||||||||
October 2, 2018 Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | October 2018 GS Note [Member] | First Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 106,000 | ||||||||||||||||||||||||||||||||||||||||||||||
October 2, 2018 Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | October 2018 GS Note [Member] | Second Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 106,000 | ||||||||||||||||||||||||||||||||||||||||||||||
November 30, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | November 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 105,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Nov. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument principal payment | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||||||||
December 24, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | December 2018 Eagle Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 126,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Dec. 24, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | 24.00% | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument principal payment | $ 6,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt original issue discount, rate | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | $ 357,688 | ||||||||||||||||||||||||||||||||||||||||||||||
Additional paid in capital | 224,131 | 133,557 | |||||||||||||||||||||||||||||||||||||||||||||
December 24, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | December 2018 Eagle Note [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 60.00% | ||||||||||||||||||||||||||||||||||||||||||||||
December 24, 2018 Securities Purchase Agreement [Member] | Eagle Equities, LLC [Member] | December 2018 Eagle Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 61.00% | ||||||||||||||||||||||||||||||||||||||||||||||
December 24, 2018 Securities Purchase Agreement [Member] | Depository Trust Company [Member] | December 2018 Eagle Note [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||||
December 24, 2018 Securities Purchase Agreement [Member] | Depository Trust Company [Member] | December 2018 Eagle Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 51.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement One [Member] | Eagle Equities, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 205,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 26,990 | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | 90,192 | 0 | 498,160 | 836,724 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of debt discount | 7,500 | 0 | 211,000 | 728,904 | |||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | December 10 2020 GW Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 25,000 | 41,000 | 41,000 | ||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 2,091 | 1,084 | |||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | January 13, 2020 Ader Alef Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 110,250 | 0 | 110,250 | ||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 5,250 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Jan. 13, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 0 | 4,073 | |||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | $ 100,000 | 110,250 | |||||||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | 59,365 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 7,493 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | January 13, 2020 Ader Alef Note [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 120.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 35.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | The conversion price for the January 13, 2020 Ader Alef Note during the first 6 months the January 13, 2020 Ader Alef Note was fixed at $2.50 and thereafter would be equal to a 35% discount of the lowest closing bid price (“Lowest Trading Price”) of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion was received. Notwithstanding the foregoing, Ader Alef was restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Ader Alef and its affiliates, exceeds 4.99% of the outstanding shares of the Company’s common stock which may be increased up to 9.99% upon 60 days prior written notice by the Ader Alef to the Company. | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | January 13, 2020 Ader Alef Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 150.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 9.99% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | December 02 2020 Geneva Roth [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 78,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 3,120 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | September Twenty Two Two Thousand Twenty Geneva Roth [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 3,120 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | January 22, 2020 GS Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 58,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 3,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Jan. 22, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 8,802 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 58,000 | 141,820 | |||||||||||||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | 0 | 58,000 | |||||||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 2,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 40.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | $ 106,438 | ||||||||||||||||||||||||||||||||||||||||||||||
Additional paid in capital | 22,901 | 38,667 | |||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 8,508 | 76,397 | |||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | January 22, 2020 GS Note [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 52,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt default amount percentage | 112.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GS Capital Partners, LLC [Member] | January 22, 2020 GS Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt default amount percentage | 130.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Odyssey Capital Funding LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Odyssey Capital Funding LLC [Member] | July 2019 Odyssey Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 295,000 | $ 320,000 | |||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | 285,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Jul. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 23,220 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 320,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 120.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | $ 172,308 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Auctus Fund, LLC [Member] | August 2019 Auctus Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 550,000 | $ 550,000 | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | 505,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Aug. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 0 | 0 | 486 | ||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 32,848 | 326,117 | $ 191,035 | ||||||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 60.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | 125.00% | 4.99% | ||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | $ 366,667 | 21,899 | 217,411 | $ 127,356 | |||||||||||||||||||||||||||||||||||||||||||
Diligence fees | $ 40,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | Upon the holder’s election to convert accrued interest, default interest or any penalty amounts as stipulated, the Company may elect to pay those amounts in cash. The note may also be prepaid by the Company at any time between the date of issuance and August 13, 2020 at 135% multiplied by the sum of (a) the then outstanding principal amount plus (b) accrued and unpaid interest plus (c) default interests | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of warrants | $ 375,905 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Auctus Fund, LLC [Member] | August 2019 Auctus Note [Member] | First Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | shares | 450 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 2,250 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Auctus Fund, LLC [Member] | August 2019 Auctus Note [Member] | Second Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | shares | 300 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 3,330 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Auctus Fund, LLC [Member] | August 2019 Auctus Note [Member] | Third Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase of common stock, shares | shares | 225 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 4,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GW Holdings Group, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 101,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 5,082 | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | $ 87,333 | 20,000 | 67,333 | ||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GW Holdings Group, LLC [Member] | October 1, 2019 GW Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 131,000 | 30,000 | 30,000 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 125,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Oct. 1, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 3,877 | 1,776 | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument principal payment | $ 6,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | 27,333 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GW Holdings Group, LLC [Member] | December 10 2020 GW Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 131,000 | 65,000 | 90,000 | 90,000 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 125,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Dec. 10, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 4,174 | $ 4,636 | 1,084 | 4,636 | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 24.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument principal payment | $ 6,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | $ 174,666 | 16,667 | 27,333 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | The conversion price for the above GW Holdings notes shall be equal to a 40% discount of the lowest closing bid price (“Lowest Trading Price”) of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion is received. Notwithstanding the foregoing, GW Holdings shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by GW Holdings and its affiliates, exceeds 4.99% of the outstanding shares of the Company’s common stock which may be increased up to 9.99% upon 60 days prior written notice by the GW Holdings to the Company. | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GW Holdings Group, LLC [Member] | December 10 2020 GW Note [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 110.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | GW Holdings Group, LLC [Member] | December 10 2020 GW Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 150.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 9,600 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | 6,400 | ||||||||||||||||||||||||||||||||||||||||||||||
Unissued shares conversion | shares | 15,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Due to equity conversion | 16,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] | October 3, 2019 GW Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 108,000 | 65,280 | 65,280 | 65,280 | |||||||||||||||||||||||||||||||||||||||||||
Original issue discount | 5,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Oct. 3, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 18,606 | 16,138 | 7,232 | ||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 42,720 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 15.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument principal payment | $ 3,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | $ 72,000 | 28,480 | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | The conversion price for the October 3, 2019 Crown Bridge Note shall be equal to a 40% discount of the lowest closing bid price (“Lowest Trading Price”) of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion is received. Notwithstanding the foregoing, Crown Bridge shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Crown Bridge and its affiliates, exceeds 4.99% of the outstanding shares of the Company’s common stock which may be increased up to 9.99% upon 60 days prior written notice by the Crown Bridge to the Company. The note is treated as stock settled debt under ASC 480 and accordingly the Company recorded a $72,000 put premium. | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] | October 3, 2019 GW Note [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 110.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] | October 3, 2019 GW Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 150.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 9.99% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | LG Capital Funding, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 40,385 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 416 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | 5,385 | ||||||||||||||||||||||||||||||||||||||||||||||
Unissued shares conversion | shares | 9,427 | ||||||||||||||||||||||||||||||||||||||||||||||
Due to equity conversion | $ 15,801 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | LG Capital Funding, LLC [Member] | February19 2020 LG Capital Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 75,000 | 0 | 75,000 | ||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 3,750 | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 71,250 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Feb. 19, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 0 | 2,164 | |||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 75,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 2,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 24.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | 40,385 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of accrued interest | 5,421 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | LG Capital Funding, LLC [Member] | February19 2020 LG Capital Note [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 112.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 999.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | The conversion price for the February 19, 2020 LG Capital Note during the first 6 months the February 19, 2020 LG Capital Note was fixed at $500 and thereafter was equal to a 35% discount of the lowest closing bid price (“Lowest Trading Price”) of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion, including the day upon which a Notice of Conversion was received. Notwithstanding the foregoing, LG Capital was restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by LG Capital and its affiliates, exceeds 9.99% of the outstanding shares of the Company’s common stock. | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | LG Capital Funding, LLC [Member] | February19 2020 LG Capital Note [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 135.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Geneva Roth Remark Holdings Inc [Member] | December 02 2020 Geneva Roth [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 78,000 | 132,000 | |||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 3,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 3,477 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 35.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | $ 113,077 | 42,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt default amount percentage | 22.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Geneva Roth Remark Holdings Inc [Member] | December 02 2020 Geneva Roth [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 110.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 9.99% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | The conversion price for the above Geneva Roth notes shall be equal to a | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Geneva Roth Remark Holdings Inc [Member] | December 02 2020 Geneva Roth [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 129.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Geneva Roth Remark Holdings Inc [Member] | January 05, 2021 One Geneva Roth [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 68,500 | $ 68,500 | |||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 3,500 | $ 3,500 | |||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Jan. 5, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | 8.00% | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||
Debt conversion, original debt amount | $ 3,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Geneva Roth Remark Holdings Inc [Member] | March 16, 2021 Geneva Roth [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 63,500 | $ 63,500 | |||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Mar. 16, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | 8.00% | 8.00% | 8.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt conversion, original debt amount | $ 3,500 | $ 3,500 | |||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Geneva Roth Remark Holdings Inc [Member] | August Nineteen Two Thousand Twenty One Geneva Roth [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 103,750 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion, original debt amount | $ 3,750 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Geneva Roth Remark Holdings Inc [Member] | September Twenty Two Two Thousand Twenty One Geneva Roth [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 63,750 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 35.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion, original debt amount | $ 3,750 | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Geneva Roth Remark Holdings Inc [Member] | September Twenty Two Two Thousand Twenty One Geneva Roth [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | The conversion price for the above Geneva Roth notes shall be equal to a 35% discount of the market price 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. Notwithstanding the foregoing, Geneva Roth shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Geneva Roth and its affiliates, exceeds 9.99% of the outstanding shares of the Company’s common stock. These notes are treated as stock settled debt under ASC 480 and accordingly the Company recorded a total of $161,269 put premium for the four notes. | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Geneva Roth Remark Holdings Inc [Member] | September Twenty Two Two Thousand Twenty Geneva Roth [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | $ 161,269 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt default amount percentage | 22.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Geneva Roth Remark Holdings Inc [Member] | September Twenty Two Two Thousand Twenty Geneva Roth [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 110.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 9.99% | ||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Geneva Roth Remark Holdings Inc [Member] | September Twenty Two Two Thousand Twenty Geneva Roth [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 129.00% | ||||||||||||||||||||||||||||||||||||||||||||||
August 10, 2017 Consulting Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 310,000 | 8,500 | 9,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Aug. 10, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 22,168 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | $ 750 | 500 | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 18.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | 5,248 | $ 155,000 | $ 155,000 | ||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 578,212 | ||||||||||||||||||||||||||||||||||||||||||||||
August 10, 2017 Consulting Agreement [Member] | Consultant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 161,000 | 140,000 | |||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 19,418 | $ 10,764 | |||||||||||||||||||||||||||||||||||||||||||||
August 10, 2017 Consulting Agreement [Member] | Settlement and Mutual Release Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | 8,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 7,381 | 3,738 | 23,262 | ||||||||||||||||||||||||||||||||||||||||||||
Debt conversion of converted amount | 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | 80,000 | 80,000 | |||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | $ 56,762 | ||||||||||||||||||||||||||||||||||||||||||||||
Loss from settlement of debt | 43,238 | ||||||||||||||||||||||||||||||||||||||||||||||
November 26, 2019 Securities Purchase Agreement [Member] | November 26, 2019 Power Up Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 43,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Nov. 26, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 2,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Prepayment penalty | 40,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Diligence fees | $ 500 | ||||||||||||||||||||||||||||||||||||||||||||||
January 7, 2020 Power Up Lending Group Securities Purchase Agreement [Member] | January 7, 2020 Power Up Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 75,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Jan. 7, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 2,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Prepayment penalty | 72,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Diligence fees | $ 500 | ||||||||||||||||||||||||||||||||||||||||||||||
March 12, 2020 Power Up Lending Group Securities Purchase Agreement [Member] | March 12, 2020 Power Up Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 43,000 | $ 118,000 | 0 | 118,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Mar. 12, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | $ 3,903 | 0 | 3,903 | ||||||||||||||||||||||||||||||||||||||||||||
Convertible debt outstanding balance | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 2,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, default, interest rate | 150.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading volume, percent | 65.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 4.99% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt default amount percentage | 22.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock trading days | Integer | 10 | ||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 422,557 | ||||||||||||||||||||||||||||||||||||||||||||||
Prepayment penalty | 40,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Diligence fees | $ 500 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion, description | The conversion price for the above Power Up notes was $3,050, subject to certain Market Price (as defined below) adjustment. If the Market Price was greater than or equal to $5,000, the conversion price was to be the greater of 65% of the Market Price (“Variable Conversion Price”) and $3,050. In the event Market Price was less than $5,000, the conversion price was to be the Variable Conversion Price. As defined in the note agreements, the “Market Price” was the average of the lowest three closing bid prices during the ten day trading period prior to and including the day the Company receives a notice of conversion from Power Up on the electronic quotation system or applicable principal securities exchange or trading market or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets” during the ten prior trading days, including the day upon which the Company receives a notice of conversion from Power Up. Notwithstanding the foregoing, Power Up was restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by Power Up and its affiliates, exceeds 4.99% of the outstanding shares of the Company’s common stock. | ||||||||||||||||||||||||||||||||||||||||||||||
Repayment in cash | 43,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Repayment of interest | 1,816 | ||||||||||||||||||||||||||||||||||||||||||||||
Redstart Holdings Corp Financing Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 133,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 5,320 | ||||||||||||||||||||||||||||||||||||||||||||||
Redstart Holdings Corp Financing Agreement [Member] | Redstart Holdings Corp [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 133,000 | 0 | 133,000 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 130,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | May 23, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | $ 0 | 1,137 | |||||||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 3,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Auctus Financing Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 0 | 32,848 | $ 358,965 | ||||||||||||||||||||||||||||||||||||||||||||
Geneva Roth Financing Agreement Agreement [Member] | September Twenty Two Two Thousand Twenty Geneva Roth [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 132,000 | 78,000 | |||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 5,280 | ||||||||||||||||||||||||||||||||||||||||||||||
Geneva Roth Financing Agreement Agreement [Member] | Geneva Roth Remark Holdings Inc [Member] | September Twenty Two Two Thousand Twenty Geneva Roth [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 167,500 | 132,000 | |||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 1,081 | 3,477 | |||||||||||||||||||||||||||||||||||||||||||||
Debt premium amount | $ 71,077 | $ 42,000 |
SCHEDULE OF INCOME TAX PROVISIO
SCHEDULE OF INCOME TAX PROVISION (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income tax (expense) benefit | $ (113,415) | $ (134,728) | ||
UNITED STATES | ||||
Loss before Income taxes | (2,025,947) | (4,740,723) | ||
Taxes under statutory US tax rates | (425,449) | (995,552) | ||
Increase (decrease) in valuation allowance | 1,146,001 | 1,137,716 | ||
Prior period adjustment | (1,063,710) | (14,624) | ||
Foreign tax rate differential | (51,169) | (128,492) | ||
Income tax rate change | 392,767 | |||
Other | 1,559 | 952 | ||
Income tax (expense) benefit |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
Warrant Derivative Liability | $ 7,403 | $ 7,403 |
Accrued Expenses | 342,464 | 297,086 |
Prepaid Investor Services | 444,411 | 470,050 |
Non-cash interest | 687,529 | 596,004 |
Intangibles (Intellectual Property and Patent Cost) | 259,743 | 240,428 |
Deferred Rent | 4,262 | 1,969 |
Formation Expense | 6,815 | 7,208 |
Net Operating Loss CF | 8,546,920 | 7,438,911 |
Foreign Exchange Loss (OCI) | (39,379) | (39,379) |
Revalue of derivative liability | 439,958 | 438,239 |
Stock Based Compensation | 51,481 | 51,481 |
Total Deferred tax assets | 10,751,607 | 9,509,400 |
R&D | (197,604) | (177,702) |
Gain on extinguishment of debt | (277,614) | 266,987 |
Capital Raising Costs | (321,291) | (255,614) |
Total deferred tax liabilities | (796,509) | (700,303) |
Net deferred tax assets (liabilities) | 9,955,098 | 8,809,097 |
Valuation allowance | (9,955,098) | (8,809,097) |
Net deferred tax assets (liabilities) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | Mar. 27, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Tax benefit | $ 113,415 | $ 134,728 | |||
Operating loss carryforwards | 9,600,000 | ||||
Income Tax Expense (Benefit) | (113,415) | (134,728) | |||
Unrecognized tax benefits | 0 | 0 | |||
Changes in unrecognized tax benefits | 0 | 0 | |||
UNITED STATES | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Tax benefit | |||||
Operating loss carryforwards | 9,588,164 | ||||
Income Tax Expense (Benefit) | |||||
AUSTRALIA | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Tax benefit | 0 | ||||
Operating loss carryforwards | $ 25,128,485 | ||||
Income tax rate | 26.00% | 27.50% | |||
Income Tax Expense (Benefit) | $ 0 | ||||
AUSTRALIA | Expire in 2024 [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Operating loss carryforwards | 7,200,000 | ||||
AUSTRALIA | Not Expire [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Operating loss carryforwards | $ 2,400,000 | ||||
CARES Act [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Income Tax Examination, Description | The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [Abstract] | |||
Number of Shares, Outstanding, Beginning balance | 59 | 60 | 60 |
Weighted Average Price Per Share, Outstanding, Beginning balance | $ 13,730 | $ 76,370 | $ 76,370 |
Number of Shares, Issued | |||
Weighted Average Price Per Share, Issued | |||
Number of Shares, Exercised | |||
Weighted Average Price Per Share, Exercised | |||
Number of Shares, Expired | (1) | ||
Weighted Average Price Per Share, Expired | $ 3,750,000 | ||
Number of Shares, Outstanding, Ending balance | 59 | 59 | 60 |
Weighted Average Price Per Share, Outstanding, Ending balance | $ 4,533.33 | $ 13,730 | $ 76,370 |
Number of Shares, Exercisable, Ending balance | 39 | 40 | |
Weighted Average Price Per Share, Exercisable, Ending balance | $ 4,530.93 | $ 18,193 | |
Weighted average remaining contractual term | 7 years 7 months 13 days | 7 years 10 months 9 days | |
Weighted average fair value of options granted during the period | |||
Aggregate intrinsic value | |||
Weighted Average Price Per Share, Issued | |||
Number of Shares, Forfeited | |||
Weighted Average Price Per Share, Forfeited | |||
Number of Shares, Expired | 1 | ||
Number of Shares, Exercisable, Ending balance | 39 | 40 | |
Weighted Average Price Per Share, Exercisable, Ending balance | $ 4,530.93 | $ 18,193 | |
Aggregate intrinsic value |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [Abstract] | |||
Number of Shares, Outstanding, Beginning balance | 121,329 | 151,170 | |
Weighted Average Price Per Share, Outstanding, Beginning balance | $ 179.63 | $ 150 | |
Number of Shares, Issued | 151,170 | ||
Weighted Average Price Per Share, Issued | $ 150 | ||
Number of Shares, Exercised | (9,397) | (29,841) | |
Weighted Average Price Per Share, Exercised | $ 40.37 | $ 26.15 | |
Number of Shares, Forfeited | |||
Weighted Average Price Per Share, Forfeited | |||
Number of Shares, Expired | |||
Weighted Average Price Per Share, Expired | |||
Number of Shares, Outstanding, Ending balance | 111,932 | 121,329 | 151,170 |
Weighted Average Price Per Share, Outstanding, Ending balance | $ 191.32 | $ 179.63 | $ 150 |
Number of Shares, Exercisable, Ending balance | 76,933 | 76,955 | |
Weighted Average Price Per Share, Exercisable, Ending balance | $ 278.36 | $ 283.21 | |
Weighted average remaining contractual term | 1 year 6 months 7 days | 1 year 9 months 7 days | |
Aggregate intrinsic value | |||
Number of Shares, Exercisable, Ending balance | 76,933 | 76,955 | |
Weighted Average Price Per Share, Exercisable, Ending balance | $ 278.36 | $ 283.21 | |
Aggregate intrinsic value |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) | Sep. 30, 2021USD ($)$ / sharesshares | Aug. 17, 2021USD ($)$ / sharesshares | Aug. 12, 2021USD ($)$ / sharesshares | Jul. 20, 2021USD ($) | Mar. 22, 2021shares | Nov. 30, 2020USD ($) | Nov. 17, 2020 | Jul. 19, 2020USD ($)$ / sharesshares | Jun. 26, 2020USD ($)$ / sharesshares | Apr. 03, 2020USD ($)$ / sharesshares | Mar. 20, 2020Integer$ / sharesshares | Feb. 03, 2020USD ($)$ / sharesshares | Sep. 10, 2019USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | May 31, 2019USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 27, 2021USD ($)shares | Sep. 30, 2020USD ($)shares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Oct. 31, 2021USD ($)shares | Feb. 04, 2021shares | Feb. 03, 2021shares | Aug. 31, 2019$ / sharesshares |
Class of Stock [Line Items] | |||||||||||||||||||||||||
Common stock, shares authorized | shares | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 2,002,490 | 1,000,000,000 | 100,000,000 | |||||||||||||||||
Reverse stock split | one-for-one thousand (1:1,000) | ||||||||||||||||||||||||
Preferred stock, shares authorized | shares | 1,500,005 | 1,500,005 | 1,500,005 | 1,500,005 | 1,500,005 | ||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||
Warrants exercised | shares | 1,000 | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 2,000 | ||||||||||||||||||||||||
Fair value of warrants | $ 984,810 | ||||||||||||||||||||||||
Proceed from issuance of excercise of warrants | $ 275,000 | ||||||||||||||||||||||||
Issuance of common stock for cash, shares | shares | 2,399,988 | ||||||||||||||||||||||||
Number of restricted stock, shares | shares | 78 | ||||||||||||||||||||||||
Proceeds from issuance of common stock | $ 450,000 | ||||||||||||||||||||||||
Accrued interest | $ 416 | ||||||||||||||||||||||||
Loss on extinguishment | $ 49,985 | 50,607 | 67,123 | ||||||||||||||||||||||
Convertible debt principal amount | 19,600 | ||||||||||||||||||||||||
Common stock, unissued shares | shares | 24,427 | ||||||||||||||||||||||||
Debt premium amount | $ 177,045 | 11,785 | $ 196,496 | $ 177,045 | $ 196,496 | $ 574,804 | |||||||||||||||||||
Amount of decrease in equity | $ 31,801 | ||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||
Number of shares issued for services, value | $ 581,861 | $ 125,572 | $ 113,642 | ||||||||||||||||||||||
Proceeds from warrants exercise | $ 275,000 | $ 201,044 | $ 776,044 | ||||||||||||||||||||||
Common stock shares issued | shares | 43,841,644 | 14,055,393 | 43,841,644 | 14,055,393 | 258,120 | ||||||||||||||||||||
Deemed dividend | $ 114,844 | $ 391,749 | |||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | |||||||||||||||||||||||||
Share based compensation | $ 20,718 | $ 20,718 | $ 82,872 | $ 300,416 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 59 | ||||||||||||||||||||||||
Stock option expense | $ 51,796 | ||||||||||||||||||||||||
Vesting period | 10 months 13 days | ||||||||||||||||||||||||
Options granted | shares | 0 | 0 | |||||||||||||||||||||||
Warrant expiration date | Sep. 10, 2022 | ||||||||||||||||||||||||
Term of warrant | 7 months 13 days | ||||||||||||||||||||||||
Warrants exercisable | shares | 9,397 | 29,841 | |||||||||||||||||||||||
Common stock value issued | $ 43,842 | $ 14,056 | $ 43,842 | $ 14,056 | $ 258 | ||||||||||||||||||||
Share Price | $ / shares | $ 0.026 | $ 0.0517 | $ 0.026 | $ 0.0517 | |||||||||||||||||||||
Acccrued salary cancellation | $ 9,739 | $ 101,250 | $ 9,739 | $ 101,250 | |||||||||||||||||||||
Common stock, shares issuable | shares | 2,002,549 | 59 | 2,002,549 | 59 | 0 | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 424,990 | ||||||||||||||||||||||||
Stockholders' Equity Note, Subscriptions Receivable | $ 100,000 | $ 100,000 | 100,000 | $ 100,000 | |||||||||||||||||||||
Stock Issued During Period, Shares, Other | shares | 1,999,990 | ||||||||||||||||||||||||
Mr. Nathanielsz [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Share based compensation | $ 8,299 | ||||||||||||||||||||||||
Additional paid in capital upon issuance | $ 177,840 | ||||||||||||||||||||||||
Legal Services [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Shares issued, price per share | $ / shares | $ 0.05 | ||||||||||||||||||||||||
Share based compensation | $ 7,883 | ||||||||||||||||||||||||
Stock issued during the period for services, shares | shares | 166,667 | ||||||||||||||||||||||||
Common stock value issued | $ 7,883 | ||||||||||||||||||||||||
Consultant Services [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Shares issued, price per share | $ / shares | $ 0.04 | ||||||||||||||||||||||||
Share based compensation | 104,611 | ||||||||||||||||||||||||
Stock issued during the period for services, shares | shares | 2,819,712 | ||||||||||||||||||||||||
Common stock value issued | $ 104,611 | ||||||||||||||||||||||||
2019 Equity Incentive Plan [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Number of common shares reserved for future issuance | shares | 234 | 234 | |||||||||||||||||||||||
Consultant [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Number of shares issued for services | shares | 225,037 | ||||||||||||||||||||||||
Number of shares issued for services, value | $ 67,511 | ||||||||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Number of restricted stock, shares | shares | 39 | ||||||||||||||||||||||||
Chief Scientific Officerand Director [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Shares issued, price per share | $ / shares | $ 0.03 | ||||||||||||||||||||||||
Share based compensation | $ 4,788 | ||||||||||||||||||||||||
Stock issued during the period for services, shares | shares | 3,420,000 | ||||||||||||||||||||||||
Common stock value issued | $ 107,388 | ||||||||||||||||||||||||
Additional paid in capital upon issuance | 102,600 | ||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Number of restricted stock, shares | shares | 117 | ||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 4,250 | ||||||||||||||||||||||||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantDateFairvalue] | $ 497,240 | ||||||||||||||||||||||||
Share based compensation | 0 | $ 217,543 | |||||||||||||||||||||||
[custom:UnrecognizedRestrictedStockUnitsExpense] | $ 248,620 | ||||||||||||||||||||||||
Number of shares not yet vested | shares | 248,620 | 248,620 | 248,620 | ||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Issuance of common stock for cash, shares | shares | 804 | ||||||||||||||||||||||||
Accrued interest | $ 3,000 | $ 3,000 | |||||||||||||||||||||||
Fair market value of the shares | 178,368 | ||||||||||||||||||||||||
Loss on extinguishment | 80,368 | ||||||||||||||||||||||||
Derivative fair value | 130,975 | 130,975 | |||||||||||||||||||||||
Premiums to additional paid in capital | $ 109,643 | 590,504 | |||||||||||||||||||||||
Convertible debt principal amount | $ 95,000 | $ 95,000 | |||||||||||||||||||||||
Number of shares issued for services | shares | 17,934,379 | 805,646 | 8,729 | ||||||||||||||||||||||
Number of shares issued for services, value | $ 17,934 | $ 806 | $ 8 | ||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 1 | ||||||||||||||||||||||||
Common Stock [Member] | Consultant [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Shares issued, price per share | $ / shares | $ 0.30 | $ 0.30 | |||||||||||||||||||||||
Number of shares issued for services | shares | 225,037 | ||||||||||||||||||||||||
Number of shares issued for services, value | $ 67,511 | ||||||||||||||||||||||||
First Warrant [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 450 | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 2,250 | ||||||||||||||||||||||||
Second Warrant [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 300 | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 3,330 | ||||||||||||||||||||||||
Third Warrant [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 225 | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 4,500 | ||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Share based compensation | $ 984,810 | ||||||||||||||||||||||||
Common Stock One [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Issuance of common stock for cash, shares | shares | 2,800,000 | ||||||||||||||||||||||||
Shares issued, price per share | $ / shares | $ 0.03 | ||||||||||||||||||||||||
Share based compensation | 3,920 | ||||||||||||||||||||||||
Stock issued during the period for services, shares | shares | 2,800,000 | ||||||||||||||||||||||||
Stock Issued During Period, Value, Employee Benefit Plan | $ 84,000 | ||||||||||||||||||||||||
Common stock value issued | $ 87,920 | ||||||||||||||||||||||||
Additional paid in capital upon issuance | $ 84,000 | ||||||||||||||||||||||||
Security Purchase Agreement [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Equity purchase agreement description | the Company closed on a transaction related to a Securities Purchase Agreement (the “Securities Purchase Agreement”) entered into on March 30, 2020, whereby an investor (the “Investor”) purchased from the Company, 7,500 units (the “Units”), each consisting of (i) 1.5 shares of the Company’s common stock (the “Common Stock”), or pre-funded warrants (the “Prefunded Warrants”) upon Investor’s election due to the 4.99% blocker provision as discussed below and (ii) 1.5 warrants to purchase one share of Common Stock (“Series A Warrants”, and collectively with the Common Stock the “Units”). | ||||||||||||||||||||||||
Fair value of warrants | $ 450,000 | ||||||||||||||||||||||||
Proceed from issuance of excercise of warrants | 424,990 | ||||||||||||||||||||||||
Offering cost | $ 25,010 | ||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 4.99% | ||||||||||||||||||||||||
Issuance of common stock for cash, shares | shares | 9,445,009 | 8,786,113 | 247,619 | ||||||||||||||||||||||
Conversion price | $ / shares | $ 0.02 | $ 0.13 | $ 0.02 | $ 0.13 | $ 7 | ||||||||||||||||||||
Conversion of principal and interest, aggregate amount | $ 1,814,336 | ||||||||||||||||||||||||
Conversion fees | $ 2,250 | $ 16,500 | 15,000 | ||||||||||||||||||||||
Proceeds from issuance of common stock | 200,186 | 1,239,075 | 2,125,174 | ||||||||||||||||||||||
Conversion option derivatives | 254,500 | ||||||||||||||||||||||||
Accrued interest | $ 8,087 | $ 103,321 | 8,087 | 103,321 | 15,408 | ||||||||||||||||||||
Fair market value of the shares | 565,746 | ||||||||||||||||||||||||
Loss on extinguishment | 295,838 | ||||||||||||||||||||||||
Derivative fair value | 362,961 | ||||||||||||||||||||||||
Premiums to additional paid in capital | $ 874,924 | ||||||||||||||||||||||||
Convertible debt principal amount | $ 189,849 | $ 1,018,867 | $ 189,849 | $ 1,018,867 | |||||||||||||||||||||
Security Purchase Agreement [Member] | Minimum [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.02 | $ 0.03 | $ 0.02 | $ 0.03 | $ 2 | ||||||||||||||||||||
Security Purchase Agreement [Member] | Maximum [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Conversion price | $ / shares | $ 0.04 | $ 2 | $ 0.04 | $ 2 | $ 910 | ||||||||||||||||||||
Security Purchase Agreement [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Number of restricted stock, shares | shares | 804 | ||||||||||||||||||||||||
Security Purchase Agreement [Member] | Common Stock [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Issuance of common stock for cash, shares | shares | 11,250 | ||||||||||||||||||||||||
Security Purchase Agreement [Member] | Prefunded Warrants [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 10,446 | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1 | ||||||||||||||||||||||||
Underlying Financing Agreements [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Issuance of common stock for cash, shares | shares | 197,308,116 | 197,308,116 | |||||||||||||||||||||||
Consulting Agreement [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Issuance of common stock for cash, shares | shares | 20 | ||||||||||||||||||||||||
Proceeds from issuance of common stock | $ 39,800 | ||||||||||||||||||||||||
Shares issued, price per share | $ / shares | $ 1,990 | ||||||||||||||||||||||||
Consulting expenses | $ 39,800 | ||||||||||||||||||||||||
Engagement Agreement [Member] | Consultant [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Consulting expenses | $ 73,842 | $ 73,842 | $ 58,061 | $ 58,061 | $ 58,061 | 73,842 | |||||||||||||||||||
Number of shares issued for services | shares | 8,709 | 8,709 | 580,609 | 580,609 | |||||||||||||||||||||
Common stock, par value | $ / shares | $ 8 | $ 8 | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||||||||||||||
Employment Agreements [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Stock option expense | $ 82,872 | $ 82,873 | |||||||||||||||||||||||
Unvested stock options expense | $ 72,514 | ||||||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Equity purchase agreement description | the Company closed on a transaction related to a Securities Purchase Agreement (the “Securities Purchase Agreement”) entered into on March 30, 2020, whereby an investor purchased from the Company, 7,500 units, each consisting of (i) 1.5 shares of the Company’s common stock, or pre-funded warrants upon Investor’s election due to the 4.99% blocker provision and (ii) 1.5 warrants to purchase one share of Common Stock (“Series A Warrants”, and collectively with the Common Stock the “Units”) | ||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Prefunded Warrants [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 10,445 | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.10 | ||||||||||||||||||||||||
Nathanielsz Cancellation Agreement [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Percentage of bonus of annual base salary | 200.00% | ||||||||||||||||||||||||
Nathanielsz Cancellation Agreement [Member] | Mr. Nathanielsz [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Common stock value issued | $ 186,139 | ||||||||||||||||||||||||
Percentage of bonus of annual base salary | 78.00% | ||||||||||||||||||||||||
Officer compensation | $ 177,840 | ||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 5,928,000 | ||||||||||||||||||||||||
Share Price | $ / shares | $ 0.03 | ||||||||||||||||||||||||
Cancellation Agreement [Member] | Deferred Salary [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Acccrued salary cancellation | $ 102,600 | ||||||||||||||||||||||||
Zelinger Amended And Restated Director Agreement [Member] | Josef Zelinger [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Issuance of common stock for cash, shares | shares | 2,800,000 | 2,800,000 | |||||||||||||||||||||||
Share based compensation | $ 3,920 | ||||||||||||||||||||||||
Common stock value issued | $ 87,920 | $ 87,920 | |||||||||||||||||||||||
Additional paid in capital upon issuance | $ 84,000 | ||||||||||||||||||||||||
Share Price | $ / shares | $ 0.03 | $ 0.03 | |||||||||||||||||||||||
Description Of Employment Benefits | Pursuant to the terms of the Director Agreement, the Company shall pay Zelinger a base salary of $250.00 AUD ($184 USD) per month, payable on the first day of each month. In addition, the Company may compensate Zelinger additional consideration for advisory services performed by the Director, either in the form of cash or common stock, at the discretion of the Board. The Company issued 2,800,000 shares of common stock of the Company for accrued director services of $84,000 as of June 30, 2021. | ||||||||||||||||||||||||
Common stock, shares issuable | shares | 2,800,000 | 2,800,000 | |||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 84,000 | ||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Preferred stock, shares authorized | shares | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | ||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||
Preferred stock, shares issued | shares | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | |||||||||||||||||||
Preferred stock, shares outstanding | shares | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | |||||||||||||||||||
Series B Warrants [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 19,375 | 19,375 | |||||||||||||||||||||||
Series B Warrants [Member] | Security Purchase Agreement [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 63,750 | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 40 | ||||||||||||||||||||||||
Series B Warrants [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 63,750 | 3,750 | |||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 40 | ||||||||||||||||||||||||
Term of warrant | 3 years | ||||||||||||||||||||||||
Series B Warrants [Member] | Securities Purchase Agreement [Member] | Investor [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 63,750 | ||||||||||||||||||||||||
Warrants exercisable | shares | 37,500 | ||||||||||||||||||||||||
Trading days | Integer | 10 | ||||||||||||||||||||||||
Series B Warrants [Member] | Securities Purchase Agreement [Member] | Holder [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Issuance of common stock for cash, shares | shares | 3,750 | ||||||||||||||||||||||||
Series C Warrants [Member] | Security Purchase Agreement [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 63,750 | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 200 | ||||||||||||||||||||||||
Series C Warrants [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 63,750 | ||||||||||||||||||||||||
Series C Warrants [Member] | Securities Purchase Agreement [Member] | Investor [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 63,750 | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 200 | ||||||||||||||||||||||||
Term of warrant | 3 years | ||||||||||||||||||||||||
Series A Warrants [Member] | Security Purchase Agreement [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 200 | ||||||||||||||||||||||||
Series A Warrants [Member] | Securities Purchase Agreement [Member] | Investor [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 11,250 | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 200 | ||||||||||||||||||||||||
Term of warrant | 3 years | ||||||||||||||||||||||||
Prefunded Warrants [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Warrants exercised | shares | 10,445 | 10,445 | |||||||||||||||||||||||
Issuance of common stock for cash, shares | shares | 29,820 | ||||||||||||||||||||||||
20 Series A and 1 Series C Warrants [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Common stock shares issued | shares | 4,199,979 | 4,199,979 | |||||||||||||||||||||||
Series B Warrant [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Common stock, shares authorized | shares | 2,500 | 2,500 | |||||||||||||||||||||||
Proceed from issuance of excercise of warrants | $ 9,375 | ||||||||||||||||||||||||
Common stock shares issued | shares | 6,875 |
SCHEDULE OF RIGHT USE OF ASSET
SCHEDULE OF RIGHT USE OF ASSET (Details) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Office lease (24 months) | $ 48,662 | $ 48,662 |
Less accumulated amortization | (48,662) | (26,980) |
Right-of-use asset, net | $ 21,682 |
SCHEDULE OF OPERATING LEASE LIA
SCHEDULE OF OPERATING LEASE LIABILITY (Details) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Office lease | $ 48,662 | $ 48,662 |
Reduction of lease liability | (48,662) | (23,590) |
Long term portion of lease liability | $ 25,072 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Mar. 22, 2021USD ($) | Oct. 02, 2020USD ($) | Oct. 02, 2020EUR (€) | Sep. 26, 2019USD ($) | Jul. 02, 2019USD ($) | Jul. 02, 2019AUD ($) | Sep. 13, 2018USD ($) | Sep. 13, 2018EUR (€) | May 05, 2016USD ($) | May 05, 2016AUD ($) | May 31, 2017USD ($) | Jun. 30, 2012 | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2021EUR (€)shares | Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) | Mar. 15, 2021USD ($) | Nov. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Aug. 10, 2017USD ($) |
Penalty amount | $ 30,000 | $ 30,000 | |||||||||||||||||||
Liabilities | 2,368,795 | 3,080,674 | $ 3,739,943 | ||||||||||||||||||
Accrued interest | $ 416 | ||||||||||||||||||||
Operating Lease, Right-of-Use Asset | 21,682 | ||||||||||||||||||||
Operating Lease, Liability | $ 25,072 | ||||||||||||||||||||
Payment for services | 24,043 | $ 36,117 | |||||||||||||||||||
Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member] | No Customer [Member] | |||||||||||||||||||||
Royalties percentage | 2.00% | 2.00% | |||||||||||||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||||||||||||||
Payments for Rent | $ 2,431 | ||||||||||||||||||||
Operating lease, description | 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 | |||||||||||||||||||
Operating Lease, Right-of-Use Asset | $ 48,662 | ||||||||||||||||||||
Operating Lease, Liability | $ 48,662 | ||||||||||||||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 6.00% | ||||||||||||||||||||
AUD Currency [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||||||||||
Payments for Rent | $ 3,606 | ||||||||||||||||||||
Euros [Member] | |||||||||||||||||||||
Payment for services | € | € 28,493 | € 31,754 | |||||||||||||||||||
From 2012 through the 2014 [Member] | |||||||||||||||||||||
Penalty amount | $ 10,000 | 10,000 | |||||||||||||||||||
Regal Consulting, LLC [Member] | |||||||||||||||||||||
Loss contingency amount | $ 400,000 | ||||||||||||||||||||
Number of shares issued for services | shares | 60 | 60 | |||||||||||||||||||
Regal Consulting, LLC [Member] | 2017 Note [Member] | |||||||||||||||||||||
Convertible note | $ 106,500 | ||||||||||||||||||||
Penalty amount | $ 100,000 | ||||||||||||||||||||
University of Jaen [Member] | |||||||||||||||||||||
Payment for services | $ 30,268 | ||||||||||||||||||||
University of Jaen [Member] | Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member] | No Customer [Member] | |||||||||||||||||||||
Royalties percentage | 2.00% | 2.00% | |||||||||||||||||||
University of Jaen [Member] | Euros [Member] | |||||||||||||||||||||
Payment for services | € | € 25,837 | ||||||||||||||||||||
Settlement Agreement [Member] | |||||||||||||||||||||
Gain loss from settlement of debt | $ 43,238 | ||||||||||||||||||||
Liabilities | $ 56,762 | ||||||||||||||||||||
Remaining principal amount | 8,500 | ||||||||||||||||||||
Accrued interest | 23,262 | ||||||||||||||||||||
Accrued expenses | $ 25,000 | ||||||||||||||||||||
Settlement and Mutual Release Agreement [Member] | Regal Consulting, LLC [Member] | |||||||||||||||||||||
Convertible note | $ 100,000 | ||||||||||||||||||||
Royalty Agreement Terms [Member] | |||||||||||||||||||||
Operating leases income statement revenue percentage | 2.00% | ||||||||||||||||||||
License Agreement Terms [Member] | |||||||||||||||||||||
Operating leases income statement revenue percentage | 5.00% | ||||||||||||||||||||
New Five-Year Operating Lease Agreement [Member] | |||||||||||||||||||||
Lessee, Operating Lease, Term of Contract | 5 years | 5 years | |||||||||||||||||||
Payments for Rent | $ 2,469 | ||||||||||||||||||||
Operating lease, description | The initial rental amount was $3,000 AUD and subject to 3% yearly escalation. | The initial rental amount was $3,000 AUD and subject to 3% yearly escalation. | |||||||||||||||||||
New Five-Year Operating Lease Agreement [Member] | AUD Currency [Member] | |||||||||||||||||||||
Payments for Rent | $ 3,606 | ||||||||||||||||||||
1-Year Collaboration Agreement [Member] | |||||||||||||||||||||
Payment for services | $ 59,508 | ||||||||||||||||||||
1-Year Collaboration Agreement [Member] | Euros [Member] | |||||||||||||||||||||
Payment for services | € | € 52,000 | ||||||||||||||||||||
2-Year Collaboration Agreement [Member] | |||||||||||||||||||||
Payment for services | $ 35,145 | $ 45,775 | |||||||||||||||||||
2-Year Collaboration Agreement [Member] | Euros [Member] | |||||||||||||||||||||
Payment for services | € | 30,000 | € 40,000 | |||||||||||||||||||
2-Year Collaboration Agreement [Member] | Installment 1 [Member] | Euros [Member] | |||||||||||||||||||||
Payment for services | € | 5,000 | ||||||||||||||||||||
2-Year Collaboration Agreement [Member] | Installment 2 [Member] | |||||||||||||||||||||
Payment for services | 5,858 | ||||||||||||||||||||
2-Year Collaboration Agreement [Member] | Installment 2 [Member] | Euros [Member] | |||||||||||||||||||||
Payment for services | € | 5,000 | ||||||||||||||||||||
2-Year Collaboration Agreement [Member] | Installment 3 [Member] | |||||||||||||||||||||
Payment for services | 11,715 | ||||||||||||||||||||
2-Year Collaboration Agreement [Member] | Installment 3 [Member] | Euros [Member] | |||||||||||||||||||||
Payment for services | € | 10,000 | ||||||||||||||||||||
2-Year Collaboration Agreement [Member] | Installment 4 [Member] | |||||||||||||||||||||
Payment for services | $ 11,715 | ||||||||||||||||||||
2-Year Collaboration Agreement [Member] | Installment 4 [Member] | Euros [Member] | |||||||||||||||||||||
Payment for services | € | € 10,000 | ||||||||||||||||||||
Foley Shechter [Member] | |||||||||||||||||||||
Legal Fees | $ 151,031 | ||||||||||||||||||||
Foley Shechter [Member] | Settlement Agreement [Member] | |||||||||||||||||||||
Professional Fees | $ 51,032 | ||||||||||||||||||||
[custom:SettlementAmount-0] | 51,032 | ||||||||||||||||||||
Accounts Payable and Accrued Liabilities | $ 142,660 | ||||||||||||||||||||
Gain loss from settlement of debt | $ 92,556 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Aug. 12, 2021USD ($)shares | May 06, 2021AUD ($) | May 06, 2021USD ($) | Jul. 13, 2020AUD ($) | Jul. 02, 2019USD ($) | Jul. 02, 2019AUD ($) | May 14, 2019USD ($)$ / sharesshares | May 14, 2019AUD ($)shares | Mar. 16, 2018USD ($) | Mar. 16, 2018AUD ($) | Feb. 01, 2018USD ($) | Feb. 01, 2018AUD ($) | May 05, 2016USD ($) | May 05, 2016AUD ($) | Feb. 25, 2016USD ($) | Feb. 25, 2016AUD ($) | Feb. 25, 2015AUD ($) | Oct. 31, 2021shares | May 31, 2019shares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021AUD ($)shares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021AUD ($)shares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2020AUD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019AUD ($) | Sep. 30, 2021AUD ($) | Sep. 30, 2021AUD ($) | Jun. 30, 2021AUD ($) | May 05, 2016AUD ($) |
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Due to related parties | $ 32,076 | $ 33,347 | $ 30,639 | ||||||||||||||||||||||||||||
Exercise price | $ / shares | |||||||||||||||||||||||||||||||
Granted exercise price | $ / shares | |||||||||||||||||||||||||||||||
Restricted stock shares of common stock | shares | 78 | ||||||||||||||||||||||||||||||
Accrued salaries | $ 9,739 | $ 101,250 | |||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 1,818,097 | ||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Payments form related party | 30,660 | $ 136,606 | $ 64,377 | ||||||||||||||||||||||||||||
Bonus payable amount | 137,120 | ||||||||||||||||||||||||||||||
[custom:RemainingBonusAmount] | $ 178,256 | ||||||||||||||||||||||||||||||
Bonus payable | $ 103,153 | 166,418 | 280,726 | ||||||||||||||||||||||||||||
Restricted stock shares of common stock | shares | 39 | ||||||||||||||||||||||||||||||
Nathanielsz Employment Agreement [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Expired date | Feb. 25, 2019 | ||||||||||||||||||||||||||||||
Annual salary | $ 205,680 | ||||||||||||||||||||||||||||||
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] | Minimum [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Annual salary | $ 205,680 | ||||||||||||||||||||||||||||||
Nathanielsz Employment Agreement [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Annual salary | $ 274,240 | ||||||||||||||||||||||||||||||
Mrs. Nathanielsz [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Bonus payable | $ 316,957 | ||||||||||||||||||||||||||||||
Employment Agreement [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Restricted stock unit issuable | shares | 39 | 39 | 39 | 39 | |||||||||||||||||||||||||||
Services Agreement [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Restricted stock unit issuable | shares | 20 | 20 | 20 | 20 | |||||||||||||||||||||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Payments for Rent | $ 2,431 | ||||||||||||||||||||||||||||||
Lessee, Operating Lease, Description | 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 | |||||||||||||||||||||||||||||
AUD Currency [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Payments for Rent | $ 3,606 | ||||||||||||||||||||||||||||||
AUD Currency [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Accrued salaries | $ 13,500 | $ 135,000 | |||||||||||||||||||||||||||||
AUD Currency [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Payments form related party | $ 42,500 | $ 221,890 | $ 202,620 | $ 90,000 | |||||||||||||||||||||||||||
Bonus payable amount | 200,000 | ||||||||||||||||||||||||||||||
[custom:RemainingBonusAmount] | $ 260,000 | ||||||||||||||||||||||||||||||
Bonus payable | 142,990 | 422,610 | 407,380 | ||||||||||||||||||||||||||||
AUD Currency [Member] | Nathanielsz Employment Agreement [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Annual salary | $ 25,000 | 300,000 | |||||||||||||||||||||||||||||
AUD Currency [Member] | Nathanielsz Employment Agreement [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Annual salary | $ 300,000 | ||||||||||||||||||||||||||||||
AUD Currency [Member] | Nathanielsz Employment Agreement [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Annual salary | $ 400,000 | ||||||||||||||||||||||||||||||
Initial Nathanielsz RSUs [Member] | Employment Agreement [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Restricted stock shares of common stock | shares | 39 | 39 | |||||||||||||||||||||||||||||
Additional Nathanielsz RSUs [Member] | Employment Agreement [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Rsus vest, shares | shares | 7.80 | 7.80 | |||||||||||||||||||||||||||||
Gross proceeds from equity financing | $ 4,000,000 | ||||||||||||||||||||||||||||||
Initial Kenyon RSUs [Member] | Services Agreement [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Restricted stock shares of common stock | shares | 20 | 20 | |||||||||||||||||||||||||||||
Additional Kenyon RSUs [Member] | Services Agreement [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Restricted stock shares of common stock | shares | 20 | 20 | |||||||||||||||||||||||||||||
Rsus vest, shares | shares | 5 | 5 | |||||||||||||||||||||||||||||
Gross proceeds from equity financing | $ 4,000,000 | ||||||||||||||||||||||||||||||
North Horizon Pty Ltd [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 5 years | 5 years | |||||||||||||||||||||||||||||
Operating Leases, Rent Expense, Minimum Rentals | $ 28,325 | ||||||||||||||||||||||||||||||
[custom:GoodsAndServiceTax] | 2,575 | ||||||||||||||||||||||||||||||
Payments for Rent | $ 60,598 | $ 64,597 | |||||||||||||||||||||||||||||
[custom:OperatingLeasesRentExpenseMinimumRentalsPayable] | $ 2,431 | ||||||||||||||||||||||||||||||
North Horizon Pty Ltd [Member] | AUD Currency [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Operating Leases, Rent Expense, Minimum Rentals | $ 39,600 | ||||||||||||||||||||||||||||||
[custom:GoodsAndServiceTax] | $ 3,600 | ||||||||||||||||||||||||||||||
[custom:OperatingLeasesRentExpenseMinimumRentalsPayable] | $ 3,606 | 7,735 | $ 9,204 | ||||||||||||||||||||||||||||
North Horizon Pty Ltd [Member] | AUD Currency [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Payments for Rent | 84,000 | 86,129 | |||||||||||||||||||||||||||||
Current and Former Director [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Loans from related party | 53,384 | 55,500 | 50,993 | ||||||||||||||||||||||||||||
Former Director [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Due to related parties | 32,076 | 33,347 | 30,639 | ||||||||||||||||||||||||||||
Nathanielsz [Member] | North Horizon Pty Ltd [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Operating Leases, Future Minimum Payments Due | $ 141,629 | ||||||||||||||||||||||||||||||
Nathanielsz [Member] | North Horizon Pty Ltd [Member] | AUD Currency [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Operating Leases, Future Minimum Payments Due | $ 198,000 | ||||||||||||||||||||||||||||||
Mrs. Nathanielsz [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Annual salary | $ 80,904 | ||||||||||||||||||||||||||||||
Payments form related party | $ 5,651 | $ 34,476 | $ 30,284 | ||||||||||||||||||||||||||||
Mrs. Nathanielsz [Member] | AUD Currency [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Annual salary | $ 120,000 | ||||||||||||||||||||||||||||||
Mrs. Nathanielsz [Member] | AUD Currency [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Payments form related party | $ 7,689 | $ 46,135 | $ 44,918 | ||||||||||||||||||||||||||||
James Nathanielsz [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Payments form related party | $ 3,205 | ||||||||||||||||||||||||||||||
James Nathanielsz [Member] | AUD Currency [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Payments form related party | $ 4,481 | ||||||||||||||||||||||||||||||
Mr. Nathanielsz [Member] | Board of Directors [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Officers' compensation | $ 177,840 | $ 315,376 | |||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 5,928,000 | ||||||||||||||||||||||||||||||
Mr. Nathanielsz [Member] | Board of Directors [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Officers' compensation | $ 177,840 | ||||||||||||||||||||||||||||||
Mr. Nathanielsz [Member] | Employment Agreement [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Agreement term | 3 years | 3 years | |||||||||||||||||||||||||||||
Agreement renewal term | 1 year | 1 year | |||||||||||||||||||||||||||||
Option purchase shares | shares | 39 | 39 | |||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 4,675 | ||||||||||||||||||||||||||||||
Market price | 110.00% | 110.00% | |||||||||||||||||||||||||||||
Granted exercise price | $ / shares | $ 4,250 | ||||||||||||||||||||||||||||||
Options vested, description | The Nathanielsz Options have a term of 10 years from the date of grant. 1/3rd of the Nathanielsz Options shall vest every successive one-year anniversary following the Effective Date, provided, that on each such vesting date Mr. Nathanielsz is employed by the Company and subject to the other provisions of the Employment Agreement. The Initial Nathanielsz RSUs shall vest on the one-year anniversary of the Effective Date, subject to Mr. Nathanielsz’s continued employment with the Company through such vesting date. The Additional Nathanielsz RSUs will vest as follows, subject to Mr. Nathanielsz’s continued employment with the Company through the applicable vesting date: (i) 7.80 of the Additional Nathanielsz RSUs shall vest upon the Company submitting Clinical Trial Application (the “CTA”) for PRP, the Company’s lead product candidate (“PRP”), for a First-In-Human study for PRP (the “Study”) in an applicable jurisdiction to be selected by the Company, (ii) 7.80 of the Additional Nathanielsz RSUs shall vest upon | The Nathanielsz Options have a term of 10 years from the date of grant. 1/3rd of the Nathanielsz Options shall vest every successive one-year anniversary following the Effective Date, provided, that on each such vesting date Mr. Nathanielsz is employed by the Company and subject to the other provisions of the Employment Agreement. The Initial Nathanielsz RSUs shall vest on the one-year anniversary of the Effective Date, subject to Mr. Nathanielsz’s continued employment with the Company through such vesting date. The Additional Nathanielsz RSUs will vest as follows, subject to Mr. Nathanielsz’s continued employment with the Company through the applicable vesting date: (i) 7.80 of the Additional Nathanielsz RSUs shall vest upon the Company submitting Clinical Trial Application (the “CTA”) for PRP, the Company’s lead product candidate (“PRP”), for a First-In-Human study for PRP (the “Study”) in an applicable jurisdiction to be selected by the Company, (ii) 7.80 of the Additional Nathanielsz RSUs shall vest upon | |||||||||||||||||||||||||||||
Option term | 10 years | 10 years | |||||||||||||||||||||||||||||
Mr. Nathanielsz [Member] | AUD Currency [Member] | Board of Directors [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Officers' compensation | $ 240,000 | $ 460,000 | |||||||||||||||||||||||||||||
Bonus granted percentage | 60.00% | ||||||||||||||||||||||||||||||
Mr. Nathanielsz [Member] | AUD Currency [Member] | Employment Agreement [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Annual salary | $ 400,000 | ||||||||||||||||||||||||||||||
Dr. Kenyon [Member] | Services Agreement [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 3,420,000 | ||||||||||||||||||||||||||||||
Agreement term | 3 years | 3 years | |||||||||||||||||||||||||||||
Agreement renewal term | 1 year | 1 year | |||||||||||||||||||||||||||||
Option purchase shares | shares | 20 | 20 | |||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 4,250 | ||||||||||||||||||||||||||||||
Market price | 100.00% | 100.00% | |||||||||||||||||||||||||||||
Options vested, description | The Kenyon Options have a term of 10 years from the date of grant. 1/3rd of the Kenyon Options shall vest every successive one-year anniversary following the Effective Date, provided, that on each such vesting date Dr. Kenyon is employed by the Company and subject to the other provisions of the Services Agreement. The Initial Kenyon RSUs shall vest on the one-year anniversary of the Effective Date, subject to Dr. Kenyon’s continued employment with the Company through such vesting date. The Additional Kenyon RSUs will vest as follows, subject to Dr. Kenyon’s continued employment with the Company through the applicable vesting date: (i) 5 of the Additional Kenyon RSUs shall vest upon the Company submitting the CTA for PRP for the Study in an applicable jurisdiction to be selected by the Company, (ii) 5 of the Additional Kenyon RSUs shall vest upon the Company completing an equity financing in the amount of at least $4,000,000 in gross proceeds, (iii) 5 of the Additional Kenyon RSUs shall vest upon the shares o | The Kenyon Options have a term of 10 years from the date of grant. 1/3rd of the Kenyon Options shall vest every successive one-year anniversary following the Effective Date, provided, that on each such vesting date Dr. Kenyon is employed by the Company and subject to the other provisions of the Services Agreement. The Initial Kenyon RSUs shall vest on the one-year anniversary of the Effective Date, subject to Dr. Kenyon’s continued employment with the Company through such vesting date. The Additional Kenyon RSUs will vest as follows, subject to Dr. Kenyon’s continued employment with the Company through the applicable vesting date: (i) 5 of the Additional Kenyon RSUs shall vest upon the Company submitting the CTA for PRP for the Study in an applicable jurisdiction to be selected by the Company, (ii) 5 of the Additional Kenyon RSUs shall vest upon the Company completing an equity financing in the amount of at least $4,000,000 in gross proceeds, (iii) 5 of the Additional Kenyon RSUs shall vest upon the shares o | |||||||||||||||||||||||||||||
Option term | 10 years | 10 years | |||||||||||||||||||||||||||||
Cancellation of accrued salary | $ 102,600 | ||||||||||||||||||||||||||||||
Dr Kenyon [Member] | AUD Currency [Member] | Services Agreement [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Annual salary | $ 54,000 | $ 54,000 |
CONCENTRATIONS AND RISKS (Detai
CONCENTRATIONS AND RISKS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Proceeds from Convertible Debt | $ 160,000 | $ 325,000 | $ 1,465,250 | |
Debt Instrument, Interest Rate, Stated Percentage | 100.00% | |||
Discounts and debt issuance cost | $ 7,500 | $ 16,000 | ||
Reimbursement on goods and service tax receivable percentage | 100.00% | 100.00% | 100.00% | |
Lender One [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Proceeds from Convertible Debt | $ 125,000 | $ 285,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 39.00% | 19.00% | ||
Lender Two [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Proceeds from Convertible Debt | $ 200,000 | $ 505,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 61.00% | 34.00% | ||
Lender Three [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Proceeds from Convertible Debt | $ 227,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% |
SCHEDULE OF FAIR VALUE MEASUREM
SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING, VALUATION TECHNIQUES (Details) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Measurement Input, Price Volatility [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, percentages | |||
Measurement Input, Price Volatility [Member] | Convertible Debt [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, percentages | 2.0600 | 222 | 264 |
Measurement Input, Price Volatility [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, percentages | 227 | ||
Measurement Input, Price Volatility [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, percentages | 279 | ||
Measurement Input, Expected Term [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, term | 1 year | ||
Measurement Input, Expected Term [Member] | Convertible Debt [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, term | 3 days | 3 days | |
Measurement Input, Expected Term [Member] | Minimum [Member] | Convertible Debt [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, term | 3 days | ||
Measurement Input, Expected Term [Member] | Maximum [Member] | Convertible Debt [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, term | 8 months 12 days | ||
Measurement Input, Risk Free Interest Rate [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, percentages | |||
Measurement Input, Risk Free Interest Rate [Member] | Convertible Debt [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, percentages | 0.0007 | 0.05 | |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, percentages | 1.53 | ||
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | Convertible Debt [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, percentages | 0.13 | ||
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, percentages | 1.59 | ||
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | Convertible Debt [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, percentages | 0.18 | ||
Measurement Input, Expected Dividend Rate [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, percentages | 0 | 0 | |
Measurement Input, Expected Dividend Rate [Member] | Convertible Debt [Member] | |||
Derivative [Line Items] | |||
Debt instrument, measurement input, percentages | 0 | 0 | 0 |
SCHEDULE OF FAIR VALUE, ASSETS
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Embedded conversion option liabilities | $ 58,124 | $ 54,220 | $ 177,009 | |
Total | 58,124 | 54,220 | 177,009 | $ 698,264 |
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Embedded conversion option liabilities | ||||
Total | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Embedded conversion option liabilities | ||||
Total | ||||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Embedded conversion option liabilities | 58,124 | 54,220 | 177,009 | |
Total | $ 58,124 | $ 54,220 | $ 177,009 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Balance at Beginning | $ 54,220 | $ 177,009 | $ 698,264 |
Reductions due to conversions | (362,962) | ||
Initial fair value of embedded conversion option derivative liability recorded as debt discount | 227,000 | ||
Initial fair value of embedded conversion option derivative liability recorded as expense | 351,461 | ||
Balance at Beginning | 3,904 | 8,186 | (736,754) |
Gain on debt extinguishment | (130,975) | ||
Balance at Ending | $ 58,124 | $ 54,220 | $ 177,009 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Share Price | $ 0.026 | $ 0.0517 | |
Convertible Debt [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Convertible debt | $ 80,000 | $ 80,000 | $ 126,500 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Oct. 21, 2021 | Sep. 22, 2021 | Aug. 19, 2021 | Aug. 17, 2021 | Aug. 12, 2021 | Jul. 20, 2021 | Oct. 31, 2021 | Sep. 30, 2021 | Sep. 07, 2021 | Sep. 30, 2021 | Sep. 20, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 23, 2021 | Nov. 30, 2020 |
Subsequent Event [Line Items] | ||||||||||||||||
Proceeds from Warrant Exercises | $ 275,000 | $ 201,044 | $ 776,044 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ||||||||||||||||
Common Stock, Shares, Issued | 43,841,644 | 43,841,644 | 14,055,393 | 258,120 | ||||||||||||
Debt Instrument, Face Amount | $ 19,600 | |||||||||||||||
Additional Paid in Capital | $ 55,444,574 | $ 55,444,574 | $ 54,074,110 | $ 50,913,893 | ||||||||||||
Share price | $ 0.026 | $ 0.026 | $ 0.0517 | |||||||||||||
Common Stock Issuable Shares | 2,002,549 | 2,002,549 | 59 | 0 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 424,990 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,399,988 | |||||||||||||||
Debt Instrument, Unamortized Discount | $ 7,565 | $ 7,565 | $ 6,139 | 126,667 | ||||||||||||
Gain from settlement of debt, net | $ 49,319 | |||||||||||||||
Nathanielsz Cancellation Agreement [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Percentage of bonus of annual base salary | 200.00% | |||||||||||||||
Nathanielsz Cancellation Agreement [Member] | Mr. Nathanielsz [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 5,928,000 | |||||||||||||||
Percentage of bonus of annual base salary | 78.00% | |||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 177,840 | |||||||||||||||
Share price | $ 0.03 | |||||||||||||||
Zelinger Amended And Restated Director Agreement [Member] | Josef Zelinger [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Share price | $ 0.03 | |||||||||||||||
Description of employment benefits | Pursuant to the terms of the Director Agreement, the Company shall pay Zelinger a base salary of $250.00 AUD ($184 USD) per month, payable on the first day of each month. In addition, the Company may compensate Zelinger additional consideration for advisory services performed by the Director, either in the form of cash or common stock, at the discretion of the Board. The Company issued 2,800,000 shares of common stock of the Company for accrued director services of $84,000 as of June 30, 2021. | |||||||||||||||
Common Stock Issuable Shares | 2,800,000 | |||||||||||||||
Stock Issued During Period, Value, New Issues | $ 84,000 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,800,000 | 2,800,000 | ||||||||||||||
2021 Securities Purchase Agreement [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 9.99% | |||||||||||||||
Common Stock [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 95,000 | |||||||||||||||
Stock Issued During Period, Value, New Issues | $ 1 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 804 | |||||||||||||||
Common Stock One [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Accrued Bonuses | $ 84,000 | |||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Proceeds from Warrant Exercises | $ 275,000 | |||||||||||||||
Common Stock, Shares, Issued | 2,002,490 | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,818,097 | |||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.01 | $ 0.02 | ||||||||||||||
Debt Instrument, Face Amount | $ 25,000 | $ 146,348 | ||||||||||||||
Interest Payable, Current | 1,726 | $ 4,887 | ||||||||||||||
Conversion fees | 0 | |||||||||||||||
Additional Paid in Capital | $ 16,667 | $ 86,219 | ||||||||||||||
Consulting agreement description | On October 1, 2021, the Company entered int a consulting agreement (the “Consulting Agreement”) with a consultant who will assist in the development of the Company’s business and financing activities. The consultant will serve initially as an independent contractor, and upon certain mutually agreed upon conditions being met, will be appointed Vice Chairman, President and Interim CFO. The term of the Consulting Agreement shall be for three years commencing on October 1, 2021, and can be terminated by either party upon 30 day written notice. The monthly payment per the Consulting Agreement is $7,000. The Company will also issue shares of common stock equal to 1% of the total issued and outstanding shares at the end of each year of service. | |||||||||||||||
Consulting agreement, monthly payment | $ 7,000 | |||||||||||||||
Subsequent Event [Member] | Nathanielsz Cancellation Agreement [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Percentage of bonus of annual base salary | 200.00% | |||||||||||||||
Subsequent Event [Member] | Nathanielsz Cancellation Agreement [Member] | Mr. Nathanielsz [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 5,928,000 | |||||||||||||||
Percentage of bonus of annual base salary | 78.00% | |||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 177,840 | |||||||||||||||
Share price | $ 0.03 | |||||||||||||||
Subsequent Event [Member] | Kenyon Cancellation Agreement [Member] | Dr. Kenyon [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 3,420,000 | |||||||||||||||
Share price | $ 0.03 | |||||||||||||||
Cancellation Of Accrued Salaries | $ 102,600 | |||||||||||||||
Subsequent Event [Member] | Zelinger Amended And Restated Director Agreement [Member] | Josef Zelinger [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Description of employment benefits | Pursuant to the terms of the Director Agreement, the Company shall pay Zelinger a base salary of $250.00 AUD per month, payable on the first day of each month. In addition, the Company may compensate Zelinger additional consideration for advisory services performed by the Director, either in the form of cash or common stock, at the discretion of the Board. The Company issued 2,800,000 shares of common stock of the Company for accrued director services of $84,000 as of June 30, 2021. The 2,800,000 shares of common stock was valued at approximately $0.03 per share, being the closing price of the stock on the date of grant. | |||||||||||||||
Subsequent Event [Member] | 2021 Securities Purchase Agreement [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 63,750 | $ 103,750 | ||||||||||||||
Debt Instrument, Unamortized Discount | $ 3,750 | $ 3,750 | ||||||||||||||
Debt Instrument, Maturity Date | Sep. 22, 2021 | Aug. 19, 2022 | ||||||||||||||
Debt Instrument, Interest Rate During Period | 8.00% | 8.00% | ||||||||||||||
Debt description | 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 Geneva Roth, 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 notes. | |||||||||||||||
Debt Coversion Percentage | 35.00% | |||||||||||||||
Equity Method Investment, Ownership Percentage | 9.99% | |||||||||||||||
Gain from settlement of debt, net | $ 90,192 | |||||||||||||||
Debt Instrument, Interest Rate Terms | interest on the outstanding principal shall accrue at a default interest rate of 22% per annum | |||||||||||||||
Subsequent Event [Member] | October Twenty One Two Thousand And Twenty One Securities Purchase Agreement [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 63,750 | |||||||||||||||
Debt Instrument, Unamortized Discount | $ 3,750 | |||||||||||||||
Debt Instrument, Maturity Date | Oct. 21, 2022 | |||||||||||||||
Debt Instrument, Interest Rate During Period | 8.00% | |||||||||||||||
Debt description | 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 Sixth Street, 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 notes. | |||||||||||||||
Debt Coversion Percentage | 35.00% | |||||||||||||||
Equity Method Investment, Ownership Percentage | 9.99% | |||||||||||||||
Gain from settlement of debt, net | $ 34,327 | |||||||||||||||
Debt Instrument, Interest Rate Terms | interest on the outstanding principal shall accrue at a default interest rate of 22% per annum | |||||||||||||||
Subsequent Event [Member] | Minimum [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.01 | |||||||||||||||
Subsequent Event [Member] | Maximum [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.04 | |||||||||||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 6,702,152 | |||||||||||||||
Conversion fees | $ 2,250 | |||||||||||||||
Subsequent Event [Member] | Series B Warrants [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 6,875 | |||||||||||||||
Common Stock, Shares, Issued | 6,875 | |||||||||||||||
Subsequent Event [Member] | 12 Series A and A Warrants [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Common Stock, Shares, Issued | 2,399,988 | |||||||||||||||
Subsequent Event [Member] | Common Stock One [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Share price | $ 0.03 | |||||||||||||||
Common Stock Issuable Shares | 2,800,000 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,800,000 | |||||||||||||||
Subsequent Event [Member] | Common Stock Two [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Share price | $ 0.03 | |||||||||||||||
Common Stock Issuable Shares | 166,667 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 5,000 | |||||||||||||||
Legal fees | $ 5,000 | |||||||||||||||
Subsequent Event [Member] | Common Stock Three [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Share price | $ 0.04 | $ 0.04 | ||||||||||||||
Common Stock Issuable Shares | 2,819,712 | 2,819,712 | ||||||||||||||
Stock Issued During Period, Value, New Issues | $ 113,000 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,819,712 | |||||||||||||||
Subsequent Event [Member] | Eleven Series A Warrants [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Common Stock, Shares, Issued | 2,199,989 |