Cover
Cover | 12 Months Ended |
Jun. 30, 2024 | |
Entity Addresses [Line Items] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | PROPANC BIOPHARMA, INC. |
Entity Central Index Key | 0001517681 |
Entity Primary SIC Number | 2834 |
Entity Tax Identification Number | 33-0662986 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 302 |
Entity Address, Address Line Two | 6 Butler Street |
Entity Address, City or Town | Camberwell, VIC |
Entity Address, 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 |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 302 |
Entity Address, Address Line Two | 6 Butler Street |
Entity Address, City or Town | Camberwell, VIC |
Entity Address, Postal Zip Code | 3124 |
Contact Personnel Name | James Nathanielsz |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
CURRENT ASSETS: | ||
Cash | $ 21,085 | $ 10,047 |
GST tax receivable | 2,950 | 2,867 |
Prepaid expenses and other current assets | 1,406 | 6,125 |
TOTAL CURRENT ASSETS | 25,441 | 19,039 |
Deferred Offering Costs | 27,117 | |
Security deposit - related party | 2,008 | 1,999 |
Property and equipment, net | 302 | |
TOTAL ASSETS | 72,365 | 60,328 |
CURRENT LIABILITIES: | ||
Accounts payable | 1,213,335 | 966,718 |
Accrued expenses and other payables | 792,190 | 579,707 |
Accrued interest | 94,612 | 44,709 |
Note payable, net of discount | 204,694 | |
Convertible notes, net of discounts and including put premiums | 399,325 | 390,539 |
Embedded conversion option liabilities | 133,886 | 423,209 |
Employee benefit liability | 639,371 | 587,618 |
TOTAL CURRENT LIABILITIES | 3,792,782 | 3,158,229 |
NON-CURRENT LIABILITIES: | ||
TOTAL NON-CURRENT LIABILITIES | 58,642 | 19,278 |
TOTAL LIABILITIES | 3,851,424 | 3,177,507 |
Commitments and Contingencies (See Note 9) | ||
STOCKHOLDERS’ DEFICIT: | ||
Common stock, $0.001 par value; 10,000,000,000 shares authorized; 478,802,488 and 6,031,250 shares issued and outstanding as of June 30, 2024 and 2023, respectively | 478,802 | 6,031 |
Common stock issuable (0 and 1,621,653 shares as of June 30, 2024 and 2023, respectively) | 0 | 1,621 |
Additional paid-in capital | 61,217,255 | 60,311,502 |
Accumulated other comprehensive income | 1,269,581 | 1,294,876 |
Accumulated deficit | (66,698,220) | (64,684,732) |
Treasury stock (0.001 share) | (46,477) | (46,477) |
TOTAL STOCKHOLDERS’ DEFICIT | (3,779,059) | (3,117,179) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 72,365 | 60,328 |
Series B Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIT: | ||
Preferred stock, value | ||
Related Party [Member] | ||
CURRENT ASSETS: | ||
Operating lease right-of-use assets, net - related party | 17,799 | 38,988 |
CURRENT LIABILITIES: | ||
Loan from former director - related party | 71,629 | |
Operating lease liability - related party, current portion | 19,362 | 21,505 |
NON-CURRENT LIABILITIES: | ||
Loan payable - long-term - related party, net of discount | 58,642 | |
Operating lease liability - long-term portion - related party | 19,278 | |
Nonrelated Party [Member] | ||
CURRENT LIABILITIES: | ||
Loan from former director - related party | 145,091 | 65,280 |
Former Director [Member] | ||
CURRENT LIABILITIES: | ||
Loan from former director - related party | 49,528 | 49,314 |
Due to former director - related party | $ 29,759 | $ 29,630 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Jun. 30, 2023 |
Preferred stock, shares authorized | 1,500,005 | 1,500,005 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 478,802,488 | 6,031,250 |
Common stock, shares outstanding | 478,802,488 | 6,031,250 |
Common stock, shares issuable | 0 | 1,621,653 |
Treasury stock price per share | $ 0.001 | $ 0.001 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 5 | 5 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
REVENUE | ||
Revenue | ||
OPERATING EXPENSES | ||
Administration expenses | 1,253,797 | 1,499,885 |
Occupancy expenses - related party | 34,150 | 28,841 |
Research and development | 248,102 | 247,919 |
TOTAL OPERATING EXPENSES | 1,536,049 | 1,776,645 |
LOSS FROM OPERATIONS | (1,536,049) | (1,776,645) |
OTHER INCOME (EXPENSE) | ||
Interest expense | (665,841) | (532,821) |
Interest income | 60 | 36 |
Derivative expense | (141,012) | |
Change in fair value of derivative liabilities | 316,537 | (530,330) |
Gain from settlement of accounts payable | 17,499 | |
Gain on extinguishment of debt, net | 54,565 | 25,969 |
Foreign currency transaction gain | 22,080 | 5,885 |
TOTAL OTHER EXPENSE, NET | (413,611) | (1,013,762) |
LOSS BEFORE TAXES | (1,949,660) | (2,790,407) |
Tax benefit | 129,132 | 129,841 |
NET LOSS | (1,820,528) | (2,660,566) |
Deemed Dividend | (192,960) | (466,273) |
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS | $ (2,013,488) | $ (3,126,839) |
BASIC NET LOSS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS | $ (0.02) | $ (1.80) |
DILUTED NET LOSS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS | $ (0.02) | $ (1.80) |
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING | 85,045,339 | 1,738,802 |
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 85,045,339 | 1,738,802 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Unrealized foreign currency translation gain (loss) | $ (25,295) | $ 60,327 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (25,295) | 60,327 |
TOTAL COMPREHENSIVE LOSS | $ (2,038,783) | $ (3,066,512) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Deficit - USD ($) | Preferred Stock [Member] Series A Preferred Stock [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] | Common Stock [Member] | Common Stock Issuable [Member] | Additional Paid-in Capital [Member] | Subscription Receivable [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Total |
Balance at Jun. 30, 2022 | $ 5,000 | $ 220 | $ 20 | $ 57,364,690 | $ (23,758) | $ (61,557,893) | $ 1,234,549 | $ (46,477) | $ (3,023,649) | |
Balance, shares at Jun. 30, 2022 | 500,000 | 1 | 220,351 | 19,598 | ||||||
Issuance of common stock for cash | $ 14 | 24,697 | 23,758 | 48,469 | ||||||
Issuance of common stock for cash, shares | 14,337 | |||||||||
Retirement of Series A Preferred Stock | $ (5,000) | 5,000 | ||||||||
Retirement of Series A Preferred Stock, shares | (500,000) | |||||||||
Issuance of common stock for conversion of convertible debt and accrued interest | $ 5,061 | $ 807 | 1,381,855 | 1,387,723 | ||||||
Issuance of common stock for conversion of convertible debt and accrued interest, shares | 5,061,180 | 807,230 | ||||||||
Issuance of common stock for services | $ 79 | $ 608 | 138,260 | 138,947 | ||||||
Issuance of common stock for services, shares | 79,412 | 608,423 | ||||||||
Issuance of common stock for exercise of Series B warrants | 475,000 | 475,000 | ||||||||
Issuance of common stock for exercise of Series B warrants, shares | 12 | |||||||||
Issuance of common stock for alternate cashless exercise of warrants | $ 560 | $ 206 | (766) | |||||||
Issuance of common stock for alternate cashless exercise of warrants, shares | 559,999 | 206,000 | ||||||||
Issuance of common stock in connection with a note payable | $ 75 | 37,425 | 37,500 | |||||||
Issuance of common stock in connection with a note payable, shares | 75,000 | |||||||||
Issuance of common stock for issuable shares | $ 20 | $ (20) | ||||||||
Issuance of common stock for issuable shares, shares | 19,598 | (19,598) | ||||||||
Reclassification of put premium upon debt conversion | 411,111 | 411,111 | ||||||||
Warrant grant for settlement of accounts payable | 5,551 | 5,551 | ||||||||
Stock based compensation in connection with stock warrant grant | 2,408 | 2,408 | ||||||||
Foreign currency translation loss | 60,327 | 60,327 | ||||||||
Deemed dividend upon alternate cashless exercise of warrants | 466,273 | (466,273) | ||||||||
Fractional shares due to reverse split | $ 2 | (2) | ||||||||
Fractional shares due to reverse split, shares | 1,361 | |||||||||
Net loss | (2,660,566) | (2,660,566) | ||||||||
Balance at Jun. 30, 2023 | $ 6,031 | $ 1,621 | 60,311,502 | (64,684,732) | 1,294,876 | (46,477) | (3,117,179) | |||
Balance, shares at Jun. 30, 2023 | 1 | 6,031,250 | 1,621,653 | |||||||
Issuance of common stock for cash | $ 18,914 | 4,143 | 23,057 | |||||||
Issuance of common stock for cash, shares | 18,913,648 | |||||||||
Issuance of common stock for conversion of convertible debt and accrued interest | $ 445,964 | 327,584 | 773,548 | |||||||
Issuance of common stock for conversion of convertible debt and accrued interest, shares | 445,963,937 | |||||||||
Issuance of common stock for alternate cashless exercise of warrants | $ 6,272 | (6,272) | ||||||||
Issuance of common stock for alternate cashless exercise of warrants, shares | 6,272,000 | |||||||||
Issuance of common stock for issuable shares | $ 1,621 | $ (1,621) | ||||||||
Issuance of common stock for issuable shares, shares | 1,621,653 | (1,621,653) | ||||||||
Reclassification of put premium upon debt conversion | 246,254 | 246,254 | ||||||||
Foreign currency translation loss | (25,295) | (25,295) | ||||||||
Deemed dividend upon alternate cashless exercise of warrants | 192,960 | (192,960) | ||||||||
Net loss | (1,820,528) | (1,820,528) | ||||||||
Relative fair value of warrant granted in connection with a loan payable - related party | 141,084 | 141,084 | ||||||||
Balance at Jun. 30, 2024 | $ 478,802 | $ 61,217,255 | $ (66,698,220) | $ 1,269,581 | $ (46,477) | $ (3,779,059) | ||||
Balance, shares at Jun. 30, 2024 | 1 | 478,802,488 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,820,528) | $ (2,660,566) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Issuance and amortization of common stock for services | 138,948 | |
Stock option, stock warrants and restricted stock expense | 2,408 | |
Foreign currency transaction gain | (22,080) | (5,885) |
Depreciation expense | 297 | 1,665 |
Allowance on refundable advance deposit | 120,958 | |
Amortization of debt discounts | 294,005 | 202,952 |
Amortization of right-of-use assets | 21,359 | 21,266 |
Change in fair value of derivative liabilities | (316,537) | 530,330 |
Derivative expense | 141,012 | |
Gain on extinguishment of debt, net | (54,565) | (25,969) |
Gain from settlement of accounts payable | (17,499) | |
Non-cash interest expense | 3,832 | 1,838 |
Accretion of put premium | 279,711 | 232,674 |
Changes in Assets and Liabilities: | ||
GST receivable | (71) | (610) |
Prepaid expenses and other assets | 4,746 | 2,182 |
Refundable advance deposit | (120,958) | |
Deferred offering costs | (25,000) | |
Accounts payable | 242,408 | 80,975 |
Employee benefit liability | 49,196 | 186,912 |
Accrued expenses and other payables | 209,962 | 130,511 |
Accrued interest | 78,733 | 92,474 |
Operating lease liability | (21,598) | (19,857) |
NET CASH USED IN OPERATING ACTIVITIES | (935,118) | (1,105,251) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from convertible promissory notes, net of original issue discounts and issue costs | 567,050 | 590,250 |
Repayment of convertible note | (142,909) | |
Proceeds from the sale of common stock | 23,057 | 24,711 |
Proceeds from note payable | 190,000 | |
Proceeds from loans payable | 79,811 | |
Proceeds from loans payable - related party | 224,885 | |
Collection of subscription receivable | 23,758 | |
Proceeds from the exercise of warrants | 475,000 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 941,894 | 1,113,719 |
Effect of exchange rate changes on cash | 4,262 | (2,488) |
NET INCREASE IN CASH | 11,038 | 5,980 |
CASH AT BEGINNING OF YEAR | 10,047 | 4,067 |
CASH AT END OF YEAR | 21,085 | 10,047 |
Supplemental Disclosure of Cash Flow Information | ||
Interest | 9,491 | 2,883 |
Income Tax | ||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Reduction of put premium related to conversions of convertible notes | 246,254 | 411,111 |
Conversion of convertible notes and accrued interest to common stock | 560,483 | 1,016,285 |
Debt discounts related to derivative liability | 150,000 | 93,668 |
Relative fair value of warrant granted in connection with a loan payable - related party | 141,084 | |
Warrant grant for settlement of accounts payable | 37,500 | |
Warrants issued for accrued services | 5,551 | |
Deemed dividend upon alternate cashless exercise of warrants | $ 192,960 | $ 466,273 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES | 12 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES | NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES Nature of Operations Propanc Biopharma, Inc. (the “Company,” “we,” “us” or “our”) is based in Camberwell, Victoria Australia. Since its inception, substantially all of the operations of the Company have been focused on the development of new cancer treatments targeting high-risk patients, particularly cancer survivors, who need a follow-up, non-toxic, long-term therapy designed to prevent the cancer from returning and spreading. The Company anticipates establishing global markets for its technologies. Our lead product candidate, which we refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes acting synergistically. It is currently in the preclinical phase of development. The Company was originally formed in Melbourne, Victoria, Australia on October 15, 2007 as Propanc PTY LTD. On November 23, 2010, Propanc Health Group Corporation was incorporated in the State of Delaware, and in January 2011, to reorganize the Company, all of the outstanding shares of Propanc PTY LTD were acquired on a one-for-one basis by Propanc Health Group Corporation, with Propanc PTY LTD becoming a wholly-owned subsidiary of the Company. On July 22, 2016, the Company formed another wholly-owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose of submitting an orphan drug application to the European Medicines Agency as a small and medium-sized enterprise. As of June 30, 2024, there has been no activity within this entity. Effective April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to reflect the Company’s stage of operations and development better. In July 2020, a world-first patent was granted in Australia for the cancer treatment method patent family. Presently, there are 84 granted, allowed, or accepted patents and 6 patents filed, or under examination in key global jurisdictions relating to the use of proenzymes against solid tumors, covering the lead product candidate PRP. On May 1, 2023, the Company filed a certificate of amendment to its certificate of incorporation, as amended, to effect a one-for-one thousand (1:1,000) 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. 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, 2024 and remains inactive. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates in the accompanying consolidated financial statements include the estimates of useful lives of long-lived assets, valuation of the collectability of a refundable advance deposit, present value of the operating lease liability and related right-of-use asset, valuation of derivatives, 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 translations 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. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 Other Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses). Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the consolidated balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the consolidated results of operations as incurred. Effective fiscal year 2021, the parent company determined that the intercompany loans will not be repaid in the foreseeable future and thus, per Accounting Standards Codification (“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). As of June 30, 2024 and 2023, the Company recognized a cumulative exchange gain of approximately $ 90,000 648,000 As of June 30, 2024 and 2023, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the consolidated financial statements were as follows: SCHEDULE OF TRANSACTION EXCHANGE RATES June 30, 2024 June 30, 2023 Exchange rate on balance sheet dates USD : AUD exchange rate 0.6693 0.6664 Average exchange rate for the period USD : AUD exchange rate 0.6557 0.6732 Change in Accumulated Other Comprehensive Income (Loss) by component during the years ended June 30, 2024 and 2023 were as follows: SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS Foreign Currency Items: Beginning balance, June 30, 2022 $ 1,234,549 Foreign currency translation gain 60,327 Balance, June 30, 2023 1,294,876 Foreign currency translation loss (25,295 ) Ending balance, June 30, 2024 $ 1,269,581 Fair Value of Financial Instruments and Fair Value Measurements The Company measures its financial assets and liabilities in accordance with US GAAP. For certain financial instruments, including cash and cash equivalents, receivables, accounts payable and accrued liabilities, the carrying amounts approximate fair value due to their short maturities. Amounts recorded for notes payable, net of discount, and loans payable also approximate fair value because current interest rates available for debt with similar terms and maturities are substantially the same. The Company follows accounting guidance for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 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 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 Refundable Advance Deposit In August 2023, the Company paid a refundable advance deposit of $ 120,958 120,958 Deferred Offering Costs The Company complies with the requirements of ASC 340, Other Assets and Deferred Costs, with regards to offering costs. Prior to the completion of an offering, offering costs are capitalized and consist principally of professional, underwriting and other expenses incurred through the balance sheet date that are directly related to the Company’s proposed public offering. The deferred offering costs are charged to additional paid-in capital or as a discount to debt, as applicable, upon the completion of an offering or to expense if the offering is not completed. As of June 30, 2024 and 2023 the Company had recorded $ 27,117 0 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, 2024 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. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 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, 2024 and 2023, the Company was owed $ 2,950 2,867 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 shares of the Company’s common stock, par value $ 0.001 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,” 248,102 247,919 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 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 a tax benefit, in operations, upon receipt. During each of the fiscal years ended June 30, 2024 and 2023, the Company applied for, and received from the Australian Taxation Office, a research and development tax credit in the amount of $ 129,132 129,841 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. Revenue Recognition The Company applies ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. Subject to these criteria, the Company intends to recognize revenue relating to royalties on product sales in the period in which the sale occurs and the royalty term has begun. Legal Expenses All legal costs for litigation are charged to expense as incurred. Leases The Company follows ASC Topic 842, Leases (Topic 842) and applies the package of practical expedients, which permit it not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elected not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less. Operating lease right of use assets (“ROU”) represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses. Basic and Diluted Net Loss Per Common Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. As a result, the basic and diluted per share amounts for all periods presented are identical. Each holder of the convertible notes has agreed to a 4.99 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS June 30, 2024 June 30, 2023 Stock Options 0.06 0.06 Warrants with no designations 15,003,396 90 Series A Warrants as if converted at alternate cashless exercise prices 1,990,353,990 1,996,625,990 Series B Warrants 16 16 Series C Warrants as if converted at alternate cashless exercise prices * 9,175,999,954 9,473,999,953 Unvested restricted stock units 0.06 0.06 Convertible Debt 393,727,811 5,991,195 Total 11,575,085,167.12 11,476,617,244.12 * Only convertible ratably upon exercise of Series B Warrants Recent Accounting Pronouncements We have reviewed the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. We have carefully considered the new pronouncements that alter previous generally accepted accounting principles and do not believe that any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term 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 Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40), which eliminates the beneficial conversion and cash conversion accounting models for convertible instruments, amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions, and modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS calculation. The standard is effective for annual periods beginning after December 15, 2023 for smaller reporting companies, and interim periods within those reporting periods. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those reporting periods. The Company is currently assessing the impact the new guidance will have on its consolidated financial statements. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 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, 2024, the Company had no revenues, had a net loss of $ 1,820,528 935,118 3,767,341 3,779,059 66,698,220 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 its business plan. However, there can be no assurances that any or all of these endeavors will be successful. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 3 – PROPERTY AND EQUIPMENT Property and equipment consist of the following as of June 30: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT 2024 2023 Office equipment at cost $ 25,543 $ 25,432 Less: Accumulated depreciation (25,543 ) (25,130 ) Total property, plant, and equipment $ - $ 302 Depreciation expense for the years ended June 30, 2024 and 2023 was $ 297 1,665 |
DUE TO FORMER DIRECTOR - RELATE
DUE TO FORMER DIRECTOR - RELATED PARTY | 12 Months Ended |
Jun. 30, 2024 | |
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 amounts owed to the former director at June 30, 2024 and 2023 were $ 29,759 29,630 |
LOANS
LOANS | 12 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
LOANS | NOTE 5 – LOANS Loan from Former Director - Related Party Loan from the Company’s former director at June 30, 2024 and 2023 was $ 49,528 49,314 Loans payable - Related Party Between November 2023 and May 2024, an institutional investor affiliated with one of our directors, Josef Zelinger, loaned the Company an aggregate of $ 71,629 71,629 0 Loan payable -long-term- Related Party On July 5, 2023, the Company and an institutional investor affiliated with one of our directors, Josef Zelinger, entered into a letter agreement, pursuant to which such investor loaned the Company an aggregate of $ 230,000 153,256 three July 5, 2026 10 15,000,000 0.01 15,000,000 141,084 0.119 0.01 zero 3.00 4.59 268 A portion of the proceeds of such loan were used to repay an outstanding balance of approximately $ 143,000 Accrued interest from this loan amounted to $ 15,158 46,470 153,256 94,614 58,642 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 Loans Payable Crown Bridge Securities Purchase Agreement Effective October 3, 2019, the Company entered into a securities purchase agreement with Crown Bridge Partners, LLC (“Crown Bridge”), pursuant to which Crown Bridge purchased a convertible promissory note from the Company (the “Crown Bridge Note”), which had a remaining principal balance of $ 65,280 October 3, 2020 15 65,280 43,520 45,541 35,722 Loans Payable - others In June 2024, the Company entered into loan agreements with two investors who loaned the Company an aggregate of $ 120,000 79,811 June 2025 12 79,811 665 The aggregate principal outstanding on the above loans was $ 145,091 65,280 Loan in default The Crown Bridge Note is currently past due and in default, consisting of $ 65,280 45,541 15 |
NOTE PAYABLE AND CONVERTIBLE NO
NOTE PAYABLE AND CONVERTIBLE NOTES | 12 Months Ended |
Jun. 30, 2024 | |
Note Payable And Convertible Notes | |
NOTE PAYABLE AND CONVERTIBLE NOTES | NOTE 6 – NOTE PAYABLE AND CONVERTIBLE NOTES Promissory Note On August 15, 2023, the Company issued to an institutional investor (the “August 2023 Lender”) a 10 120,000 132,000 November 15, 2023 10 18 The Company had the right to prepay the principal and accrued but unpaid interest due under the Promissory Note, together with any other amounts that the Company may owe the August 2023 Lender under the terms of the Promissory Note, on or before September 14, 2023 at a 110% premium of the face amount plus accrued and unpaid interest and any other amounts owed to the August 2023 Lender, which increases to (i) 120% if prepaid after such date, but on or before October 14, 2023, and (ii) 130% if prepaid after October 14, 2023 (including on the maturity date), unless the Company and the Lender agree to otherwise effect repayment 130 Accrued interest from this note amounted to $ 15,536 12,000 132,000 0 132,000 1800 Diagonal Lending Promissory Notes On May 24, 2024, the Company entered into a 15 49,200 8,200 6,000 35,000 22 28,290 7,072.50 56,580 7,072.50 On June 10, 2024, the Company entered into a 15 49,200 8,200 6,000 35,000 22 28,290 7,072.50 56,580 7,072.50 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 The Company has right to accelerate payments or prepay in full at any time with no prepayment penalty. At any time following an event of default, the noteholder shall have the right, to convert all or any part of the outstanding and unpaid amount of these notes into shares of common stock. The conversion price of the above notes shall mean 65 35 4.99 150 The total balance of these 1800 Diagonal Lending promissory notes amounted to $ 98,400 1,193 The total balance of the above three promissory notes, net of unamortized discount of $ 25,706 204,694 Convertible Notes The Company’s convertible notes outstanding at June 30, 2024 and 2023 were as follows: SCHEDULE OF CONVERTIBLE NOTES June 30, 2024 June 30, 2023 Convertible notes and debenture $ 313,550 $ 338,362 Unamortized discounts (38,854 ) (38,994 ) Premium, net 124,629 91,171 Convertible notes, net $ 399,325 $ 390,539 Crown Bridge Securities Purchase Agreements Effective October 3, 2019, the Company entered into a securities purchase agreement with Crown Bridge, pursuant to which Crown Bridge purchased the Crown Bridge Note from the Company in the aggregate principal amount of $ 108,000 3,000 5,000 100,000 October 3, 2020 15 Additionally, Crown Bridge had the option to convert all or any amount of the Crown Bridge Note at any time after issuance until the later of such note’s maturity date or the date on which the default amount was paid if an event of default occurs, which would be between 110 150 The conversion price of the Crown Bridge Note was equal to 60% (representing a 40% discount) of the lowest closing bid price of the common stock for the ten trading days immediately prior to the delivery of a notice of conversion under such note, including the day upon which such notice was received subject to 4.99 9.99 72,000 The Crown Bridge Note contained certain events of default, upon which principal and accrued interest would become immediately due and payable. In addition, upon an event of default, interest on the outstanding principal accrued at a default interest rate of 15 The total principal amount outstanding under the Crown Bridge Note was $ 65,280 7,232 42,720 28,480 There were 15 st 9,600 6,400 16,000 The total principal amount outstanding under the Crown Bridge Note was $ 65,280 25,930 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 In August 2022, the SEC filed a complaint against Crown Bridge due to its violation of Section 15(a)(1) of the Exchange Act. Crown Bridge agreed to surrender all conversion rights in its currently held convertible notes, including the Crown Bridge Note. Consequently, during fiscal year 2023, the Company reclassified the remaining principal balance of $ 65,280 43,520 0 1800 Diagonal Lending (formerly known as Sixth Street Lending) Securities Purchase Agreements June 30, 2022 Securities Purchase Agreement On June 30, 2022, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC (“1800 Diagonal”), which closed on July 11, 2022, pursuant to which 1800 Diagonal purchased a convertible promissory note (the “July 11, 2022 1800 Diagonal Note”) from the Company in the aggregate principal amount of $ 105,000 3,750 June 30, 2023 8 June 29, 2023 Securities Purchase Agreement On June 29, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal, which closed on July 6, 2023, pursuant to which 1800 Diagonal purchased a convertible promissory note (the “July 6, 2023 1800 Diagonal Note”) from the Company in the aggregate principal amount of $ 65,000 5,000 June 29, 2024 July 19, 2023 Securities Purchase Agreement On July 19, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC pursuant to which 1800 Diagonal purchased a convertible promissory note (the “July 19, 2023 1800 Diagonal Note”) from the Company in the aggregate principal amount of $ 45,000 5,000 July 19, 2024 August 16, 2023 Securities Purchase Agreement On August 16, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC pursuant to which 1800 Diagonal purchased a convertible promissory note (the “August 16, 2023 1800 Diagonal Note”) from the Company in the aggregate principal amount of $ 55,000 5,000 August 16, 2024 October 20, 2023 Securities Purchase Agreement On October 20, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC pursuant to which 1800 Diagonal purchased a convertible promissory note (the “October 20, 2023 1800 Diagonal Note”) from the Company in the aggregate principal amount of $ 40,000 5,000 October 20, 2024 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 November 29, 2023 Securities Purchase Agreement On November 29, 2023, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC pursuant to which 1800 Diagonal purchased a convertible promissory note (the “November 29, 2023 1800 Diagonal Note”) from the Company in the aggregate principal amount of $ 45,000 5,000 September 15, 2024 The following terms shall apply to all the above 1800 Diagonal notes: The 1800 Diagonal Notes bore interest at a rate of 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 note, together with any other amounts that the Company may owe the holder under the terms of the note, at a premium ranging from 110 129 The conversion price for the above notes was equal to a 35 9.99 134,615 The above notes 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 shall accrue at a default interest rate of 22 Failure to deliver shares of common stock upon conversion of the above 1800 Diagonal notes within three business days of notice of conversion will result in the Company paying a penalty of $ 1,000 Upon certain events of default, the above 1800 Diagonal notes will become immediately due and payable and the Company must pay 1800 Diagonal 150 The total principal amount outstanding under the above 1800 Diagonal financing agreements was $ 0 250,000 9,863 134,615 ONE44 Capital Securities Purchase Agreements August 15, 2022 Securities Purchase Agreement On August 15, 2022, the Company entered into a securities purchase agreement with ONE44, pursuant to which ONE44 purchased a convertible redeemable note (the “August 15, 2022 ONE44 Note”) from the Company in the aggregate principal amount of $ 110,000 10,000 5,500 August 15, 2022 10 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 February 14, 2023 Securities Purchase Agreement On February 14, 2023, the Company entered into a securities purchase agreement with ONE44, pursuant to which ONE44 purchased a convertible redeemable note (the “February 14, 2023 ONE44 Note”) from the Company in the aggregate principal amount of $ 111,111 11,111 5,500 10 December 8, 2023 Securities Purchase Agreement On December 8, 2023, the Company entered into a securities purchase agreement with ONE44, pursuant to which ONE44 purchased a convertible redeemable note (the “December 8, 2023 ONE44 Note”) from the Company in the aggregate principal amount of $ 150,000 15,000 7,500 10 The following terms shall apply to all of the above ONE44 note: During the first 60 to 180 days following the date of these notes, the Company has the right to prepay the principal and accrued but unpaid interest due under the above notes issued to ONE44, together with any other amounts that the Company may owe ONE44 under the terms of the note, at a premium ranging from 120 135 The conversion price for the above ONE44 notes ranges from 60 65 35 40 4.99 133,305 100,000 The above ONE44 notes contain certain events of default, upon which principal and accrued interest will become immediately due and payable. In addition, upon an event of default, interest on the outstanding principal shall accrue at a default interest rate of 24 250 th 500 th 20 The total principal amount outstanding under the above ONE44 notes was $ 118,111 4,726 338,700 24,255 182,376 The total principal amount outstanding under the above ONE44 financing agreements was $ 119,300 6,726 148,811 9,909 98,311 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 GS Capital Partners Securities Purchase Agreements August 12, 2022 Securities Purchase Agreement On August 12, 2022, the Company entered into a securities purchase agreement (the “GS Capital Purchase Agreement”) with GS Capital Partners, LLC (“GS Capital”), pursuant to which GS Capital purchased a convertible redeemable note (the “GS Capital Note”) from the Company in the aggregate principal amount of $ 93,000 5,000 3,000 85,000 The maturity date of the GS Capital Note was April 12, 2023 8 The GS Capital Note was exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital by surrendering the same. GS Capital was entitled, at its option, at any time after cash payment, to convert all or any amount of the principal face amount of the GS Capital Note then outstanding into shares of common stock at a price per share equal to $2.80 per share (the “Fixed Price”). However, in the event the common stock trades below $2 per share for more than five consecutive trading days, then the Fixed Price becomes $1.30 per share 65 4.99 September 21, 2022 Securities Purchase Agreement On September 21, 2022, the Company entered into a securities purchase agreement with GS Capital, pursuant to which GS Capital purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 71,500 4,000 2,500 65,000 The maturity date of such note was March 21, 2023 8 Such note was exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. GS Capital was entitled, at its option, at any time after cash payment, to convert all or any amount of the principal face amount of the GS Capital Note then outstanding into shares of common stock at a price per share equal to $2 (the “September Fixed Price”). However, in the event the common stock trades below $1.40 per share for more than five consecutive trading days, then the September Fixed Price becomes $0.90 per share 65 4.99 August 23, 2023 Securities Purchase Agreement On August 23, 2023, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 77,500 5,000 2,500 The maturity date of the GS Capital Note was February 23, 2024 8 The GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price for the GS Capital Note is equal to $0.04 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to $0.02 per share in the event that the market price of the Common Stock trades below $0.03 per share for five consecutive trading days. In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest trading price of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment every thirty calendar days during the period in which the Company remains in default October 12, 2023 Securities Purchase Agreement On October 12, 2023, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 61,000 3,500 2,500 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 The maturity date of the GS Capital Note was April 12, 2024 8 The GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price for the GS Capital Note is equal to $0.015 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to $0.01 per share in the event that the market price of the Common Stock trades below $0.0075 per share for ten consecutive trading days. In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest trading price of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment every thirty calendar days during the period in which the Company remains in default April 12, 2024 Securities Purchase Agreement On April 12, 2024, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 27,500 2,500 The maturity date of the GS Capital Note is October 12, 2024 8 The GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price for the GS Capital Note is equal to $0.0017 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to $0.001 per share in the event that the market price of the Common Stock trades below $0.0014 per share for five consecutive trading days The following terms shall apply to all of the above GS Capital notes: Pursuant to the above GS Capital notes, in the event that such conversion price is below the par value of the Common Stock, the Company has agreed to take all steps to reduce such par value or conduct a reverse split of its Common Stock, as applicable. Notwithstanding the foregoing, such conversion price and lookback periods are subject to adjustment in favor of the Investor in the event the Company issues securities to another party with more favorable conversion terms, and such conversions are subject to a 4.99 Additionally, the conversion prices of the above GS Capital notes will be adjusted in favor of the note holder if the Company issues securities with more favorable conversion terms. The effective conversion price of the outstanding GS Capital notes are 60 40 The above GS Capital notes were bifurcated from the embedded conversion option which was recorded as derivative liabilities at fair value. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 During the first 60 to 180 days following the date of the above GS Capital notes, the Company has the right to prepay the principal and accrued but unpaid interest due under the above notes issued to GS Capital, together with any other amounts that the Company may owe GS Capital under the terms of the notes, at a premium ranging from 110 125 Upon the occurrence and during the continuation of certain events of default, interest accrues at a default interest rate of 24 250 th 500 th 20 The total principal outstanding and accrued interest under the above GS Capital notes were $ 75,300 4,263 89,200 2,945 75,300 The total principal outstanding and accrued interest under the above GS Capital notes were $ 110,500 8,364 130,800 8,700 1,254 3,832 83,000 24 110,500 Red Road Holdings Securities Purchase Agreement On October 6, 2022, the Company entered into a securities purchase agreement (the “Red Road Purchase Agreement”) with Red Road Holdings Corporation, a Virginia corporation (“Red Road”), pursuant to which Red Road purchased a convertible promissory note (the “Red Road Note”) from the Company in the aggregate principal amount of $ 53,750 50,000 8 22 3,750 The conversion price for the Red Road Note was equal to the Variable Conversion Price (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the Company’s securities or the securities of any subsidiary of the Company, combinations, recapitalization, reclassifications, extraordinary distributions and similar events), which was defined as 65 35 4.99 28,942 The Red Road Note may be prepaid until 180 days from its issuance date, subject to the following: if prepaid within 60 days of the issuance date, the prepayment premium is 110% of the face amount of such note plus any accrued interest, if prepaid after 60 days but less than 91 days from the issuance date, then the prepayment premium is 115% of the face amount plus any accrued interest of such note., if prepaid after 90 days but less than 121 days from the issuance date, then the prepayment premium is 120% of the face amount plus any accrued interest of such note, if prepaid after 120 days but less than 151 days from the issuance date, then the prepayment premium shall be 125% of the face amount plus any accrued interest of such note, and if prepaid after 150 days but less than 181 days from the issuance date, then the prepayment premium shall be 129% of the face amount plus any accrued interest of such note In the event that the Company failed to deliver to Red Road shares of common stock upon conversion of the Red Road Note within three business days of a notice of conversion by Red Road, the Company would incur a penalty of $ 1,000 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 The total principal amount outstanding and accrued interest under the above Red Road notes was $ 0 53,750 2,150 28,942 Coventry Enterprises, LLC Securities Purchase Agreement On November 3, 2022, the Company entered into a Securities Purchase Agreement with Coventry Enterprises, LLC (“Coventry”), pursuant to which the Company issued Coventry a promissory note from the Company in the aggregate principal amount of $ 125,000 25,000 100,000 The Coventry Note bears interest at a rate of 10 12,500 19,643 Additionally, in the event that the Company files with the SEC a qualified offering statement on Form 1-A and such note has been outstanding for four months since its issuance, Coventry has the right to convert all or portion of such note, including guaranteed interest, into shares of common stock at the offering price used in connection with such offering. At any time following an event of default under the Coventry Note, it becomes convertible, in whole or in part, into shares of Common Stock at the option of Coventry, at any time and from time to time thereafter (subject to the beneficial ownership limitations set forth therein). The conversion price of the Coventry Note is ninety percent (90%) per share of the lowest per-share VWAP during the twenty (20) trading-day period before the conversion (each, a “Calculated Conversion Price”). In the event that, within 30 calendar days either before or after any conversion, the conversion price of which is based upon a Calculated Conversion Price, the Company consummates (in whole or in part) any financing (whether such financing is equity, equity-equivalent, or debt or any combination thereof) or for any other reason issues any shares of common stock or any common stock equivalents at a price less than the most recent Calculated Conversion Price (the “Alternative Conversion Price”), regardless of when that note or instrument was originated, then, at the option of Coventry, (i) if the conversion has not yet occurred, then the Alternative Conversion Price will be substituted for the Calculated Conversion Price and (ii) if the conversion has occurred, then, within two trading days following Coventry’s written request, the Company is required to issue to Coventry that number of shares of Common Stock equivalent to the difference between the number of shares of Common Stock that had been issued using the Calculated Conversion Price and the number of shares of Common Stock that would have been issued using the Alternative Conversion Price. Accordingly, the Coventry note is treated as stock settled debt under ASC 480 and the Company recorded a total of $ 13,889 Upon the occurrence and during the continuation of certain events of default, interest on the Coventry Note accrues at a default interest rate equal to the lesser of (i) 18% per annum or (ii) the maximum rate permitted by law. Subject to the beneficial ownership limitation in the Coventry Note, if any event of default occurs, then the outstanding principal amount guaranteed interest plus accrued but unpaid default rate interest, liquidated damages and other amounts owing on the Coventry Note through the date of acceleration becomes immediately due and payable at Coventry’s option, in cash or in shares of common stock at the mandatory default amount, which is equal to 120% of all such amounts due on the Coventry Note. If the Company fails to deliver to Coventry such shares, the Company is required to pay in cash an amount equal to the amount that the value of such shares exceeds the principal amount and interest of the attempted conversion. As an additional inducement to Coventry entering into such agreement, the Company issued to Coventry 75,000 37,500 The Company failed to make the first installment payment due in March 2023 which is considered an event of default. The Company recorded a default penalty of $ 25,000 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 The total principal amount outstanding and accrued interest under the above Coventry note was $ 144,951 5,049 22,749 561 In July 2023, the Company fully paid the remaining principal of $ 142,909 70 142,979 0 2,043 357 13,328 104 LLC Securities Purchase Agreement March 5, 2024 Securities Purchase Agreement Effective March 5, 2024, the Company entered into and closed a securities purchase agreement (the “Purchase Agreement”) with 104 LLC (“104”), pursuant to which 104 agreed to purchase a convertible promissory note from the Company in the aggregate principal amount of $ 50,000 46,875 3,125 7,500 March 1, 2025 8 16 June 20, 2024 Securities Purchase Agreement Effective June 20, 2024, Company entered into and closed a securities purchase agreement with 104 LLC, pursuant to which 104 agreed to purchase a convertible promissory note from the Company in the aggregate principal amount of $ 33,750 30,375 3,375 5,200 June 20, 2025 8 16 The principal and interest on the notes are convertible into shares of common stock of the Company at the option of 104 at any time following the issuance date of the notes (the “Conversion Shares”) at a price per share equal to 65 35 4.99 45,096 During the first 60 days following the date of the notes, the Company has the right to prepay the principal and accrued but unpaid interest due under the notes, at a one hundred ten percent (110%) premium of the face amount plus accrued and unpaid interest, which increases to (i) one hundred fifteen percent (115%) if prepaid after 60 days, but less than 91 days from the issuance date, (ii) one hundred twenty percent (120%) if prepaid after 90 days, but less than 121 days from the issuance date, (iii) one hundred twenty five percent (125%) if prepaid after 120 days, but less than 181 days from the issuance date. After this initial 180-day period, the Company does not have a right to prepay the notes PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 The 104 notes contain certain events of default, including failure to pay principal and interest when due, failure to timely issue the conversion shares, failure to maintain the listing of the common stock on at least one of the OTC markets (which specifically includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange, failure to comply with its reporting requirements with the U.S. Securities and Exchange Commission, a breach of certain covenants in the purchase agreement, default by the Company under any other note issued to the Investor, as well as certain customary events of default set forth in the notes, including, among others, breach of covenants, representations or warranties, insolvency, bankruptcy, and liquidation. Upon an event of default, the notes will become immediately due and payable by the Company. The total principal amount outstanding under the above 104 financing agreements was $ 83,750 1,429 Outstanding convertible notes in default Outstanding convertible notes for total principal amount of $ 83,000 maturity dates between February 23, 2024 and April 12, 2024 Amortization of debt discounts The Company recorded $ 232,700 210,278 279,711 232,674 Amortization of all debt discounts for the years ended June 30, 2024 and 2023 was $ 294,005 202,952 The Company reclassified $ 246,254 411,111 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2024 | |
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, 2024. The reconciliation of income tax expense computed at the U.S. federal statutory rate of 21% to the income tax provision for the years ended June 30, 2024 and 2023 is as follows: PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 SCHEDULE OF INCOME TAX PROVISION US June 30, 2024 June 30, 2023 Year Ended US June 30, 2024 June 30, 2023 Loss before Income taxes $ (1,874,914 ) $ (2,790,407 ) Taxes under statutory US tax rates $ (393,732 ) $ (585,986 ) Increase (decrease) in valuation allowance 306,682 556,521 Foreign tax rate differential (55,358 ) (60,316 ) Prior period adjustment 76,194 81,599 Other 66,214 8,182 Income tax (expense) benefit $ - $ - The Company reflects a tax benefit on its consolidated statement of operations and comprehensive income (loss) in 2024 and 2023 of $ 129,132 129,841 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, 2024 June 30, 2023 Year Ended June 30, 2024 June 30, 2023 Deferred tax assets Warrant Derivative Liability $ 513,071 $ 579,544 Accrued Expenses 559,723 478,273 Prepaid Investor Services 551,796 575,021 Non-cash interest 817,536 758,797 Intangibles (Intellectual Property and Patent Cost) 351,144 321,557 Deferred Rent 4,492 4,550 Formation Expense 6,553 6,553 Net Operating Loss carryforward 9,075,029 8,910,874 Gain on extinguishment of debt 97,992 47,393 Stock Based Compensation 84,028 84,028 Total Deferred tax assets $ 12,061,364 $ 11,766,590 Deferred tax liabilities Research and Development $ (170,435 ) $ (202,568 ) Foreign Exchange Loss (OCI) (39,379 ) (39,379 ) Capital Raising Costs (389,258 ) (369,033 ) Total deferred tax liabilities $ (599,072 ) $ (610,980 ) Net deferred tax assets $ 11,462,292 $ 11,155,610 Valuation allowance (11,462,292 ) (11,155,610 ) Net deferred tax assets $ - $ - PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 At June 30, 2024, the Company had U.S. net operating loss carry forwards of $ 10,601,740 10.6 7.2 3.4 25 27,394,654 No 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’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, 2024, 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 | 12 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE 8 – STOCKHOLDERS’ DEFICIT Increase in Authorized Shares of Common Stock and Reverse Stock Split On May 18, 2022, the board of directors of the Company approved and authorized, and the holders of a majority-in-interest of the Company’s voting capital stock approved by written consent for the Company to file a certificate of amendment to its certificate of incorporation, as amended (the “Certificate of Incorporation”), which increased the Company’s authorized capital stock. Such certificate of amendment increased the number of authorized shares of common stock from 1,000,000,000 3,000,000,000 1,500,005 3,001,500,005 On September 21, 2022, the board of directors of the Company approved and authorized, and the holders of a majority-in-interest of the Company’s voting capital stock approved by written consent for the Company to file a certificate of amendment to its Certificate of Incorporation, which increased the Company’s authorized capital stock. The Certificate increased the number of authorized shares of common stock from 3,000,000,000 10,000,000,000 1,500,005 10,001,500,005 On May 1, 2023, the Company filed a certificate of amendment to its certificate of incorporation, as amended, to effect a one-for-one thousand (1:1,000) PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 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 On March 15, 2023, the Company filed a certificate with the Secretary of State of Delaware (the “Certificate of Retirement”), effecting the retirement and cancellation of the Series A Preferred Stock to eliminate such Series A Preferred Stock. No Pursuant to a certificate of designation filed with the Secretary of State of the State of Delaware on June 16, 2015, five shares of preferred stock have been designated as Series B Preferred Stock, par value $ 0.01 One No Common Stock Shares issued under the Equity Lines Dutchess Capital Growth Fund LP On November 30, 2021, the Company entered into a Common Stock Purchase Agreement (the “Purchase Agreement”) with Dutchess Capital Growth Fund LP, a Delaware limited partnership, (“Dutchess”), providing for an equity financing facility (the “Equity Line”). The Purchase Agreement provides that upon the terms and subject to the conditions in the Purchase Agreement, Dutchess is committed to purchase up to Five Million Dollars ($ 5,000,000 36 Under the terms of the Purchase Agreement, Dutchess will not be obligated to purchase shares of Common Stock unless and until certain conditions are met, including but not limited to a Registration Statement on Form S-1 (the “Registration Statement”) becoming effective which registers Dutchess’ resale of any Common Stock purchased by Dutchess under the Equity Line. From time to time over the 36-month term of the Purchase Agreement, commencing on the trading day immediately following the date on which the Registration Statement becomes effective, the Company, in our sole discretion, may provide Dutchess with a draw down notice (each, a “Draw Down Notice”), to purchase a specified number of shares of Common Stock (each, a “Draw Down Amount Requested”), subject to the limitations discussed below. The actual amount of proceeds the Company will receive pursuant to each Draw Down Notice (each, a “Draw Down Amount”) is to be determined by multiplying the Draw Down Amount Requested by the applicable purchase price. The purchase price of each share of Common Stock equals 92 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 The maximum number of shares of Common Stock requested to be purchased pursuant to any single Draw Down Notice cannot exceed the lesser of (i) 300 250,000 On July 13, 2022, the Company issued 14,337 2 24,711 23,758 On July 20, 2023, the Company entered into a common stock purchase agreement (the “Equity Line Agreement”) with Dutchess Capital Growth Fund LP (the “Investor”) providing for an equity financing facility, pursuant to which Company has the option to request that the Investor commit to purchase up to $ 5,000,000 0.001 24 Pursuant to the Equity Line Agreement, purchases of Shares cannot occur unless and until certain conditions are met, including but not limited to, the SEC declaring the Registration Statement effective, and the maximum number of Shares that may be purchased pursuant to a Drawdown Notice cannot exceed the lesser of (i) 200% of the average daily traded value of the Common Stock during the five (5) business days immediately preceding a Drawdown Notice or (ii) $200,000; provided that in no event may a Drawdown Notice be for less than $5,000, exceed 52,500,000 Shares or cause the Investor’s ownership to exceed 4.99% of the outstanding number of shares of Common Stock immediately prior to the issuance of such Shares. The actual amount of proceeds that the Company will receive in connection with each Drawdown Notice is determined under the Equity Line Agreement by multiplying the number of Shares to be sold by the applicable purchase price per share, which is equal to 85% of the lowest traded price of the Common Stock during the 7 business days immediately following the Clearing Date, less Clearing Costs (as each such term is defined in the Equity Line Agreement) On December 13, 2023, the Company issued 1,390,008 0.006 8,822 8,822 On February 20, 2024, the Company issued 1,755,240 0.0013 2,260 On June 11, 2024, the Company issued 15,768,400 0.0008 11,975 Coventry Enterprises, LLC On November 3, 2022, the Company entered into a Common Stock Purchase Agreement (the “Coventry Purchase Agreement”) with Coventry providing for an equity financing facility (the “Coventry Equity Line”). The Purchase Agreement provides that, upon the terms and subject to the conditions in the Purchase Agreement, Coventry is committed to purchase up to Five Million Dollars ($ 5,000,000 36 Under the terms of the Coventry Purchase Agreement, Coventry will not be obligated to purchase shares of common stock unless and until certain conditions are met, including but not limited to a registration statement on Form S-1 becoming effective which registers Coventry’s resale of any common stock purchased by Coventry under the Coventry Equity Line. From time to time over the 36-month term of the Coventry Purchase Agreement, commencing on the trading day immediately following the date on which such registration statement becomes effective, the Company, in its sole discretion, may provide Coventry with a draw down notice (each, a “Coventry Draw Down Notice”), to purchase a specified number of shares of common stock (each, a “Coventry Draw Down Amount Requested”), subject to the limitations discussed below. The actual amount of proceeds the Company will receive pursuant to each Coventry Draw Down Notice (each, a “Coventry Draw Down Amount”) is to be determined by multiplying the Coventry Draw Down Amount Requested by the applicable purchase price. The purchase price of each share of common stock equals 80% of the lowest volume weighted average price of the Common Stock during the 10 business days immediately preceding the Coventry Drawdown Notice date. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 The maximum number of shares of common stock requested to be purchased pursuant to any single Coventry Draw Down Notice cannot exceed the lesser of (i) 200 250,000 9.99 Shares issued for conversion of convertible debt During the year ended June 30, 2023, the Company issued an aggregate of 5,061,180 807,230 0.17 935,699 80,586 1,838 807,230 Included in the above conversion during the year ended June 30, 2023 were principal aggregate amount of convertible notes of $ 168,200 16,632 1,838 556,272 369,602 352,051 17,551 During the year ended June 30, 2024, the Company issued an aggregate of 445,963,937 0.0013 531,654 28,829 3,832 Included in the above conversion during the year ended June 30, 2024 were aggregate principal amounts of convertible notes of $ 130,800 8,700 3,832 352,565 209,233 263,798 54,565 The Company has 6,973,534,490 Shares issued for services and accrued expenses On October 25, 2022, the Company issued 6,111 0.90 5,500 On November 16, 2022, the Company issued 73,301 0.07 51,311 51,311 On June 30, 2023, the Board approved the issuance of 608,423 608,423 0.135 82,137 82,137 608,423 Shares issued for exercise of warrants During the year ended June 30, 2023, the Company received aggregate gross proceeds of $ 475,000 12 40,000 12 During the year ended June 30, 2023, the Company issued an aggregate of 559,999 206,000 0.97 200,000 0.001 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 During the year ended June 30, 2024, the Company issued an aggregate of 6,272,000 0.0314 200,000 0.001 The Alternate Cashless Exercise provision, for a cashless conversion at the holder’s option, is available should the trading price of the Company’s common stock fall below $ 200,000 70 192,960 466,273 Shares issued in connection with a convertible note On November 3, 2022, the Company entered into a securities purchase agreement with Coventry, pursuant to which Coventry purchased a promissory note from the Company in the aggregate principal amount of $ 125,000 75,000 37,500 Restricted Stock Units Pursuant to employment agreements dated in May 2019, the Company granted an aggregate of 0.078 0.039 0.117 0.117 4,250,000 497,240 248,620 0.06 248,620 Stock Options A summary of the Company’s stock option activity during the years ended June 30, 2024 and 2023 is presented below: SCHEDULE OF SHARE BASED COMPENSATION STOCK OPTIONS ACTIVITY Weighted Number of Average Options Price Per Share Outstanding at June 30, 2022 0.059 $ 4,533,000 Issued - - Exercised - - Expired - - Outstanding at June 30, 2023 0.059 $ 4,533,000 Issued - - Exercised - - Expired - - Outstanding at June 30, 2024 0.059 $ 4,533,000 Exercisable at June 30, 2024 0.059 $ 4,533,000 Outstanding and Exercisable: Weighted average remaining contractual term 4.87 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 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 During the years ended June 30, 2024 and 2023, the Company recognized stock-based compensation of $ 0 0 No Stock Warrants The following table summarizes common stock warrant activity for the years ended June 30, 2024 and 2023: SCHEDULE OF WARRANT ACTIVITY Weighted Number of Average Warrants Price Per Share Outstanding at June 30, 2022 105 $ 200,270 Issued 3,305 10 Exercised (13 ) 52,081 Forfeited (1 ) 2,000,000 Expired - - Outstanding at June 30, 2023 3,396 $ 5,440 Issued 15,000,000 0.01 Exercised - - Forfeited - - Expired - - Outstanding at June 30, 2024 15,003,396 * $ 1.24 Exercisable at June 30, 2024 15,003,378 $ 1.24 Outstanding and Exercisable: Weighted average remaining contractual term 2.01 Aggregate intrinsic value $ - * The total warrants of 15,003,396 SCHEDULE OF WARRANT OUTSTANDING AND EXERCISABLE Number of Warrants Exercisable Series A warrants 10 10 Series B warrants 17 17 Series C warrants 64 46 Common stock warrants with no class designation 15,003,305 15,003,305 Total 15,003,396 15,003,378 In connection with the issuance of shares 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 purchased from the Company, 7.5 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”). 64 64 10 100 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 11 200,000 3 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 $200,000, 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”). The Alternate Cashless Exercise price is $0.001. See above “Shares issued for exercise of warrants” for discussion of deemed dividend related to alternate cashless exercise PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 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 64 38 10 4 4 40,000 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 64 3 200,000 Letter Agreement to Extend Termination Dates. On March 8, 2023, the Company agreed with the holder of Series B Warrants (the “Holder”) pursuant to a letter agreement to exercise up to $ 250 1. Effective upon the execution of such letter agreement, the Holder will exercise 4 150,000 4 2. Within 5 business days’ written notice to the Holder from the Company of receipt of approval by the Financial Industry Regulatory Authority, Inc. (“FINRA”) of the Company’s next anticipated reverse stock split, an additional $ 100,000 3 As an inducement to exercise the Existing Warrants, the Company agreed to extend the termination date of the Existing Warrants and the Series A Warrants held by the Holder to March 27, 2025, and to extend the termination date of the Series C Warrants held by the Holder to the third anniversary of the last vesting date of such warrants, effective upon the exercise of the first $ 150,000 In accordance with ASC 815-40-35-17(c), the effect of a modification or an exchange of an equity classified freestanding written call option shall be measured as the difference between the fair value of the modified instrument and the fair value of that instrument immediately before it is modified. The Company recognized the effect of the modifications of the warrants above that is directly attributable to an actual equity offering as an equity issuance cost which amount is not material. The modified warrants are determined to be equity classified, accordingly, the incremental fair value and equity issuance cost were both recognized in additional paid in capital and therefore, there was no effect in equity and such value is de minimis. Warrants Issued to Vendors On August 16, 2022, the Company entered into an agreement with a certain consultant to provide services over a three-month period in exchange for 1,000 10 August 16, 2025 2,408 2.60 10 zero 3.00 3.19 236 2,408 On August 16, 2022, the Company and a third-party investor relations consultant agreed to settle an outstanding payable of $ 23,050 2,305 10 5,551 2.60 10 zero 3.00 3.19 236 17,499 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 Warrants Granted to Lender – Related Party July 5, 2023, the Company and an institutional investor affiliated with one of our directors, Josef Zelinger, entered into a letter agreement, pursuant to which such investor loaned the Company an aggregate of $ 230,000 153,256 three 15,000,000 0.01 15,000,000 141,084 0.119 0.01 zero 3.00 4.59 268 Exercise of Warrants During the year ended June 30, 2023, the Company received aggregate gross proceeds of $ 475,000 12 40,000 12 During the year ended June 30, 2023, the Company issued an aggregate of 559,999 206,000 0.97 200,000 0.001 During the year ended June 30, 2024, the Company issued an aggregate of 6,272,000 0.0314 200,000 0.001 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9 – COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, the Company may be subject to litigation and claims arising in the ordinary course of business. The Company is not currently a party to any material legal proceedings and the Company is not aware of any pending or threatened legal proceeding against the Company that we believe could have a material adverse effect on our business, operating results, cash flows or financial condition. IRS Liability As part of its requirement for having a foreign operating subsidiary, the Company 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 “UK University”), whereby the Company and the UK University co-owned the intellectual property relating to the Company’s pro-enzyme formulations. In June 2012, the Company and the UK University entered into an assignment and amendment whereby the Company assumed full ownership of the intellectual property, while agreeing to pay royalties of 2 5 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 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 2 On October 1, 2020, the Company entered into another two-year collaboration agreement with the University to provide certain research services to the Company. In consideration of such services, the Company agreed to pay the University approximately 30,000 35,145 5,000 5,000 5,858 10,000 11,715 10,000 11,715 25,837 30,268 2 On July 27, 2022, the Company entered into a two-year research agreement with the University to provide certain research and experiment services to the Company. One of the Company’s Scientific Advisory Board is the lead joint researcher of the University. In exchange for full ownership of the intellectual property, the Company agreed to pay royalties of 1 53,200 53,806 - 18,200 18,407 - 8,000 8,091 - 7,000 7,080 - 10,000 10,114 - 10,000 10,114 The commencement date for the experiments was on September 1, 2022, and the estimated length of time for completion is 24 months. As of June 30, 2024 and 2023, the Company has $ 47,531 18,056 no Consulting Agreements On July 1, 2022, the Company and a consultant agreed to extend the term of a consulting agreement from July 1, 2022 to June 30, 2023 to provide media-related services for a monthly fee of $ 50,000 9.9 9.9 73,301 608,423 0 On May 4, 2024, the Company entered into an Engagement Agreement (the “Agreement”) with EF Hutton LLC (the “Consultant”) which will act as an exclusive lead underwriter, financial advisor, placement agent and investment banker of the Company, whereby the Consultant will assist the Company to a public offering and uplisting of the Company’s equity, debt or equity derivative instruments (“Offering”). The engagement period shall end on the earlier of i) 12 months from the date of this agreement or ii) the final closing if any of the Offering. The Consultant will prepare an Underwriting Agreement (the “Underwriting Agreement”) covering the sale of up to $ 15 (a) Financing Fees: (i) For private equity and equity-linked placements, pay the Consultant a cash fee of eight percent ( 8.0 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 (ii) For debt placements, pay the Consultant a cash fee of six percent ( 6.0 (iii) As additional compensation for EF Hutton’s services, the Company shall issue to the Consultant or its designees at the closing warrants (the “Warrants”) to purchase that number of shares of Common Stock equal to three percent ( 3.0 five years Additionally, the Consultant shall be entitled to a cash fee equal to eight percent ( 8.0 (b) Merger, acquisition or sale of stock or assets (the “M&A Transaction”) Fees: The M&A Transaction fees shall be payable to the Consultant in cash at the closing or closings of the M&A Transaction to which it relates and shall be equal to five percent ( 5.0 The Company will be responsible for and will pay all expenses relating to the Offering as defined in the Agreement. Additionally, the Company will provide an expense advance (the “Advance”) to the Consultant of $ 50,000 25,000 25,000 25,000 Operating Leases – Related Party On May 4, 2022, the Company entered in a three 3,000 2,176 66,201 66,201 8 ROU is summarized below: SCHEDULE OF RIGHT OF USE ASSET June 30, 2024 June 30, 2023 Office lease $ 66,201 $ 66,201 Less: accumulated amortization (48,402 ) (27,213 ) Right-of-use asset, net $ 17,799 $ 38,988 Operating Lease liabilities are summarized below: SCHEDULE OF OPERATING LEASE LIABILITY June 30, 2024 June 30, 2023 Office lease $ 66,201 $ 66,201 Reduction of lease liability (46,839 ) (25,418 ) Less: office lease, current portion (19,362 ) (21,505 ) Long term portion of lease liability $ - $ 19,278 Remaining future minimum lease payments under non-cancelable operating lease at June 30, 2024 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Fiscal Year 2025 $ 20,079 Imputed interest (717 ) Total operating lease liability $ 19,362 The weighted average remaining lease term for the operating lease is 0.76 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | NOTE 10 – RELATED PARTY TRANSACTIONS AND BALANCES 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, 2024 and 2023, the Company owed its former director a total of $ 29,759 29,630 As of June 30, 2024 and 2023, the Company owed its former director a total of $ 49,528 49,314 Effective May 5, 2016, the Company entered into an agreement for the lease of its principal executive offices with North Horizon Pty Ltd., a related party, of which Mr. Nathanielsz, our CEO, CFO and a director, and his wife are owners and directors. The lease had a five-year 39,600 28,325 3,600 2,575 198,000 141,629 Such lease expired in May 2021 and was renewed for another one-year term from May 2021 to May 2022. 3,000 2,176 194,129 129,930 158,129 105,377 34,150 28,841 Loans payable - Related Party In November 2023, an institutional investor affiliated with one of our directors, Josef Zelinger, loaned the Company an aggregate of $ 71,629 Loan payable -long-term- Related Party July 5, 2023, the Company and an institutional investor affiliated with one of our directors, Josef Zelinger, entered into a letter agreement, pursuant to which such investor loaned the Company an aggregate of $ 230,000 153,256 three July 5, 2026 10 15,000,000 0.01 Employment and Services Agreements with Management The Company and Mr. Nathanielsz entered into an employment agreement as of February 25, 2015 (the “Nathanielsz Employment Agreement”) setting forth the terms and conditions of Mr. Nathanielsz’s employment as the Company’s President and Chief Executive Officer. The Nathanielsz Employment Agreement was scheduled to expire on February 25, 2019 25,000 300,000 205,680 9.5 200 300,000 205,680 400,000 274,240 400,000 309,313 600,000 414,900 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 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 Pursuant to a February 25, 2016 board resolution, James Nathanielsz was paid $ 4,481 3,205 7,689 5,577 17,714 3,344 On August 12, 2021, the Board approved a bonus of $ 177,840 221,890 166,418 422,610 316,957 177,840 5,928,000 140,000 96,810 144,166 99,691 181,324 125,386 73,387 48,905 107,937 71,929 A total of $ 25,000 16,070 150,000 102,195 217,540 145,599 Amended and Restated Employment Agreement On May 14, 2019 (the “Effective Date”), the Company entered into an Amended and Restated Employment Agreement (the “Employment Agreement”) with Mr. Nathanielsz for a term of three years 400,000 309,313 0.04 4,675,000 110 4,250,000 0.04 0.04 10 0.04 0.04 On October 26, 2022, the Company entered into an Amended and Restated Employment Agreement (the “Amended Agreement”) with Mr. Nathanielsz, effective as of July 1, 2022, (the “2022 Effective Date”). The Amended Agreement provides Mr. Nathanielsz with a base salary of $ 600,000 414,900 100 200 Amended and Restated Employment Agreement On May 14, 2019, the Company entered into an Amended and Restated Services Agreement (the “Services Agreement”) with Dr. Kenyon, the Company’s Chief Scientific Officer and a director, for a term of three years 54,000 41,580 0.02 4,250,000 100 0.02 0.02 10 0.02 0.02 As of June 30, 2024 and 2023, total accrued salaries of $ 148,000 97,044 96,000 64,627 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 Intercompany Loans All intercompany loans were made by the parent to the Company’s subsidiary, Propanc PTY LTD, none of which has been repaid as of June 30, 2024. Effective fiscal year 2021, the parent company determined that intercompany loans will not be repaid in the foreseeable future and thus, per ASC 830-20-35-3, gains and losses from measuring the intercompany balances are recorded within cumulative translation adjustment on the consolidated balance sheet as accumulated other comprehensive income. |
CONCENTRATIONS AND RISKS
CONCENTRATIONS AND RISKS | 12 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS AND RISKS | 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, 2024. In fiscal 2023, the Company primarily relied on funding from five convertible debt lenders and received net proceeds after deductions of $ 79,111 101,250 189,000 150,000 50,000 100,000 17 32 25 8 18 In fiscal 2024, the Company primarily relied on funding from five convertible and non-convertible debt lenders and received net proceeds after deductions of $ 103,900 295,000 150,000 127,500 120,000 224,885 28 14 12 11 21 Receivable Concentration As of June 30, 2024 and 2023, 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, Republic of Korea, India and Brazil. In Canada and Mexico, the patent applications have been accepted as of fiscal year 2023. In 2016 and early 2017, the Company filed other patent applications. Three applications were filed under the Patent Cooperation Treaty (the “PCT”). The PCT assists applicants in seeking patent protection by filing one international patent application under the PCT, applicants can simultaneously seek protection for an invention in over 150 countries. Once filed, the application is placed under the control of the national or regional patent offices, as applicable, in what is called the national phase. One of the PCT applications filed in November 2016, entered national phase in July 2018 and another PCT application entered national phase in August 2018. A third PCT application entered the national phase in October 2018. In July 2020, a world-first patent was granted in Australia for the cancer treatment method patent family. Presently, there are 84 granted, allowed, or accepted patents and 6 patents filed, or under examination in key global jurisdictions relating to the use of proenzymes against solid tumors, covering the lead product candidate PRP. Further patent applications are expected to be filed to capture and protect additional patentable subject matter based on the Company’s field of technology relating to pharmaceutical compositions of proenzymes for treating cancer. Foreign Operations As of June 30, 2024 and 2023, the Company’s operations are based in Camberwell, Australia; however, the majority of research and development is being conducted in the European Union. On July 22, 2016, the Company formed a wholly-owned subsidiary, Propanc (UK) Limited under the laws of England and Wales, for the purpose of submitting an orphan drug application with the European Medicines Agency as a small and medium-sized enterprise. As of June 30, 2024 and 2023, there has been no activity within this entity. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 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 110,500 75,300 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 28, 2024, the last trading day of the period ended June 30, 2024, was $ 0.0013 Convertible Debt SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING, VALUATION TECHNIQUES Initial Valuations into during the year ended June 30, 2024) Volatility 323.40 333.45 % Expected Remaining Term (in years) 0.50 Risk Free Interest Rate 5.42 5.55 % Expected dividend yield None June 30, 2024 June 30, 2023 Volatility 323.40 % 334.56 % Expected remaining term 0.01 0.28 0.01 0.73 Risk-free interest rate 5.45 5.47 % 5.24 % Expected dividend yield None None Fair Value Measurements: The Company measures and reports at fair value the liability for derivative instruments. The fair value liabilities for price adjustable warrants and embedded conversion options have been recorded as determined utilizing the Binomial Trees model. The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024: 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 $ 133,886 $ — $ — $ 133,886 Total $ 133,886 $ — $ — $ 133,886 The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023: 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 $ 423,209 $ — $ — $ 423,209 Total $ 423,209 $ — $ — $ 423,209 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 The following is a roll forward for the years ended June 30, 2024 and 2023 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, 2022 $ 151,262 Initial fair value of embedded conversion option derivative liability recorded as debt discount 93,668 Gain on debt extinguishment (352,051 ) Change in fair value included in statements of operations 530,330 Balance at June 30, 2023 423,209 Initial fair value of embedded conversion option derivative liability recorded as debt discount 150,000 Initial fair value of embedded conversion option derivative liability recorded as derivative expense 141,012 Gain on debt extinguishment (263,798 ) Change in fair value included in statements of operations (316,537 ) Balance at June 30, 2024 $ 133,886 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 13 – SUBSEQUENT EVENTS Loans Payable – Related Party Effective August 1, 2024, the Company entered into and closed a loan agreement (the “Loan”) with an institutional investor affiliated with one of our directors, Josef Zelinger, pursuant to which the investor loaned the Company an aggregate principal amount of $ 150,000 97,649 November 1, 2024 12 18 35 Effective August 26, 2024, the Company entered into and closed a loan agreement with one of the members of the Board of Directors of the Company (the “Board Member”), pursuant to which the Board Member loaned the Company an aggregate principal amount of $ 85,000 57,638 Issuance of convertible notes GS Capital Partners, LLC Securities Purchase Agreement On August 2, 2024, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 33,000 3,000 The maturity date of the GS Capital Note is February 2, 2025 8 The GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price for the GS Capital Note is equal to $0.0017 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to $0.001 per share in the event that the market price of the Common Stock trades below $0.0014 per share for five consecutive trading days. In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest trading price of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment every thirty calendar days during the period in which the Company remains in default. Pursuant to the Note, in the event that such conversion price is below the par value of the Common Stock, the Company has agreed to take all steps to reduce such par value or conduct a reverse split of its Common Stock, as applicable. Notwithstanding the foregoing, such conversion price and lookback periods are subject to adjustment in favor of the investor in the event the Company issues securities to another party with more favorable conversion terms, and such conversions are subject to a 4.99% beneficial ownership limitation (which may be increased to 9.9% upon 60 days’ prior written notice from the holder of the Note). The GS Capital note shall be bifurcated from the embedded conversion option which was recorded as derivative liabilities at fair value. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 During the first 60 to 180 days following the date of the above GS Capital notes, the Company has the right to prepay the principal and accrued but unpaid interest due under the above notes issued to GS Capital, together with any other amounts that the Company may owe GS Capital under the terms of the notes, at a premium ranging from 110 125 Upon the occurrence and during the continuation of certain events of default, interest accrues at a default interest rate of 24 250 th 500 th 20 The above GS Capital note will be bifurcated from the embedded conversion option which shall be recorded as derivative liabilities at fair value. Shares issued for conversion of convertible debt From July 1, 2024 through September 19, 2024, the Company issued an aggregate of 209,219,529 0.0003 44,925 7,053 2,548 9,337 Consulting Agreement On August 12, 2024, the Company entered into a consulting agreement with two consultants to provide investor relation services from August 12, 2024 to October 12, 2024 for a total fee of $ 7,500 15,000,000 0.001 15,000 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 Proposed Reverse Stock Split (Unaudited) On August 7, 2024, the Company received written consent in lieu of a meeting by the holders of a majority of the voting power of the Company’s outstanding capital stock as of August 7, 2024 and the Company’s Board of Directors approving such actions as are necessary for the Company to proceed to, and the Company accordingly intends to, effectuate and execute a reverse stock split of the Company’s issued and outstanding shares of common stock at a ratio somewhere between one post-split share per ten thousand pre-split shares (1:10,000) and one post-split share per one hundred thousand pre-split shares (1:100,000) (the “Reverse Stock Split”) The unaudited pro forma tables below show the losses per share prior to the reverse split and following the reverse split. A key assumption to the loss per share calculation is that post-reverse split price is equal to the pre-reverse split times the number of shares from the ratio. SCHEDULE OF LOSS PER SHARE BASIS OF REVERSE STOCK SPLIT Historical per share data – (Pre- Split basis) Year Ended June 30, 2024 Year Ended June 30, 2023 Net loss available to Common Stockholders $ 2,013,488 $ 3,126,839 Basic and diluted weighted average shares outstanding 85,045,339 1,738,802 Basic and diluted net loss per share $ 0.02 $ 1.80 The assumption inherent in the table below is a reverse split of 1:100,000. Historical per share data – (Post- Split basis) Year Ended June 30, 2024 Year Ended June 30, 2023 Net loss available to Common Stockholders $ 2,013,488 $ 3,126,839 Basic and diluted weighted average shares outstanding 850 17 Basic and diluted net loss per share $ 2,368.81 $ 183,931.71 The table below shows the loss per share effect of reverse stock splits at 1:10,000, 1:50,000 and 1:100,000: Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Split Ratio 1:10,000 1:50,000 1:100,000 Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Net losses available to common stockholders $ 2,013,488 $ 3,126,839 $ 2,013,488 $ 3,126,839 $ 2,013,488 $ 3,126,839 Weighted Average Shares Outstanding 8,505 174 1,701 35 850 17 Loss per share $ 236.74 $ 17,970 $ 1,183.71 $ 89,338.26 $ 2,368.81 $ 183,931.71 |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Propanc Biopharma, Inc. (the “Company,” “we,” “us” or “our”) is based in Camberwell, Victoria Australia. Since its inception, substantially all of the operations of the Company have been focused on the development of new cancer treatments targeting high-risk patients, particularly cancer survivors, who need a follow-up, non-toxic, long-term therapy designed to prevent the cancer from returning and spreading. The Company anticipates establishing global markets for its technologies. Our lead product candidate, which we refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes acting synergistically. It is currently in the preclinical phase of development. The Company was originally formed in Melbourne, Victoria, Australia on October 15, 2007 as Propanc PTY LTD. On November 23, 2010, Propanc Health Group Corporation was incorporated in the State of Delaware, and in January 2011, to reorganize the Company, all of the outstanding shares of Propanc PTY LTD were acquired on a one-for-one basis by Propanc Health Group Corporation, with Propanc PTY LTD becoming a wholly-owned subsidiary of the Company. On July 22, 2016, the Company formed another wholly-owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose of submitting an orphan drug application to the European Medicines Agency as a small and medium-sized enterprise. As of June 30, 2024, there has been no activity within this entity. Effective April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to reflect the Company’s stage of operations and development better. In July 2020, a world-first patent was granted in Australia for the cancer treatment method patent family. Presently, there are 84 granted, allowed, or accepted patents and 6 patents filed, or under examination in key global jurisdictions relating to the use of proenzymes against solid tumors, covering the lead product candidate PRP. On May 1, 2023, the Company filed a certificate of amendment to its certificate of incorporation, as amended, to effect a one-for-one thousand (1:1,000) 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. |
Principles of Consolidation | 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, 2024 and remains inactive. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates in the accompanying consolidated financial statements include the estimates of useful lives of long-lived assets, valuation of the collectability of a refundable advance deposit, present value of the operating lease liability and related right-of-use asset, valuation of derivatives, 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 translations 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. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 Other Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses). Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the consolidated balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the consolidated results of operations as incurred. Effective fiscal year 2021, the parent company determined that the intercompany loans will not be repaid in the foreseeable future and thus, per Accounting Standards Codification (“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). As of June 30, 2024 and 2023, the Company recognized a cumulative exchange gain of approximately $ 90,000 648,000 As of June 30, 2024 and 2023, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the consolidated financial statements were as follows: SCHEDULE OF TRANSACTION EXCHANGE RATES June 30, 2024 June 30, 2023 Exchange rate on balance sheet dates USD : AUD exchange rate 0.6693 0.6664 Average exchange rate for the period USD : AUD exchange rate 0.6557 0.6732 Change in Accumulated Other Comprehensive Income (Loss) by component during the years ended June 30, 2024 and 2023 were as follows: SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS Foreign Currency Items: Beginning balance, June 30, 2022 $ 1,234,549 Foreign currency translation gain 60,327 Balance, June 30, 2023 1,294,876 Foreign currency translation loss (25,295 ) Ending balance, June 30, 2024 $ 1,269,581 |
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements The Company measures its financial assets and liabilities in accordance with US GAAP. For certain financial instruments, including cash and cash equivalents, receivables, accounts payable and accrued liabilities, the carrying amounts approximate fair value due to their short maturities. Amounts recorded for notes payable, net of discount, and loans payable also approximate fair value because current interest rates available for debt with similar terms and maturities are substantially the same. The Company follows accounting guidance for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 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, as applicable, are reflected as a current liability on the balance sheets. There were no |
Refundable Advance Deposit | Refundable Advance Deposit In August 2023, the Company paid a refundable advance deposit of $ 120,958 120,958 |
Deferred Offering Costs | Deferred Offering Costs The Company complies with the requirements of ASC 340, Other Assets and Deferred Costs, with regards to offering costs. Prior to the completion of an offering, offering costs are capitalized and consist principally of professional, underwriting and other expenses incurred through the balance sheet date that are directly related to the Company’s proposed public offering. The deferred offering costs are charged to additional paid-in capital or as a discount to debt, as applicable, upon the completion of an offering or to expense if the offering is not completed. As of June 30, 2024 and 2023 the Company had recorded $ 27,117 0 |
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 |
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 June 30, 2024 were expensed immediately. This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with ASC 360-10, “Long-lived assets,” which include property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 |
Employee Benefit/Liability | Employee Benefit/Liability Liabilities arising in respect of wages and salaries, accumulated annual leave, accumulated long service leave and any other employee benefits expected to be settled within twelve months of the reporting date are measured based on the employee’s remuneration rates applicable at the reporting date. All other employee benefit liabilities are measured at the present value of the estimated future cash outflow to be made in respect of services provided by employees up to the reporting date. All employee liabilities are owed within the next twelve months. |
Australian Goods and Services Tax (“GST”) | Australian Goods and Services Tax (“GST”) Revenues, expenses and balance sheet items are recognized net of the amount of GST, except payable and receivable balances which are shown inclusive of GST. The GST incurred is payable on revenues to, and recoverable on purchases from, the Australian Taxation Office. Cash flows are presented in the statements of cash flow on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. As of June 30, 2024 and 2023, the Company was owed $ 2,950 2,867 |
Derivative Instruments | 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 shares of the Company’s common stock, par value $ 0.001 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 |
Research and Development Costs and Tax Credits | Research and Development Costs and Tax Credits In accordance with ASC 730-10, “Research and Development-Overall,” 248,102 247,919 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 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 a tax benefit, in operations, upon receipt. During each of the fiscal years ended June 30, 2024 and 2023, the Company applied for, and received from the Australian Taxation Office, a research and development tax credit in the amount of $ 129,132 129,841 |
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. |
Revenue Recognition | Revenue Recognition The Company applies ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. Subject to these criteria, the Company intends to recognize revenue relating to royalties on product sales in the period in which the sale occurs and the royalty term has begun. |
Legal Expenses | Legal Expenses All legal costs for litigation are charged to expense as incurred. |
Leases | Leases The Company follows ASC Topic 842, Leases (Topic 842) and applies the package of practical expedients, which permit it not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elected not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less. Operating lease right of use assets (“ROU”) represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses. |
Basic and Diluted Net Loss Per Common Share | Basic and Diluted Net Loss Per Common Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. As a result, the basic and diluted per share amounts for all periods presented are identical. Each holder of the convertible notes has agreed to a 4.99 PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS June 30, 2024 June 30, 2023 Stock Options 0.06 0.06 Warrants with no designations 15,003,396 90 Series A Warrants as if converted at alternate cashless exercise prices 1,990,353,990 1,996,625,990 Series B Warrants 16 16 Series C Warrants as if converted at alternate cashless exercise prices * 9,175,999,954 9,473,999,953 Unvested restricted stock units 0.06 0.06 Convertible Debt 393,727,811 5,991,195 Total 11,575,085,167.12 11,476,617,244.12 * Only convertible ratably upon exercise of Series B Warrants |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. We have carefully considered the new pronouncements that alter previous generally accepted accounting principles and do not believe that any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term 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 Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40), which eliminates the beneficial conversion and cash conversion accounting models for convertible instruments, amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions, and modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS calculation. The standard is effective for annual periods beginning after December 15, 2023 for smaller reporting companies, and interim periods within those reporting periods. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those reporting periods. The Company is currently assessing the impact the new guidance will have on its consolidated financial statements. |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF TRANSACTION EXCHANGE RATES | As of June 30, 2024 and 2023, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the consolidated financial statements were as follows: SCHEDULE OF TRANSACTION EXCHANGE RATES June 30, 2024 June 30, 2023 Exchange rate on balance sheet dates USD : AUD exchange rate 0.6693 0.6664 Average exchange rate for the period USD : AUD exchange rate 0.6557 0.6732 |
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS | Change in Accumulated Other Comprehensive Income (Loss) by component during the years ended June 30, 2024 and 2023 were as follows: SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS Foreign Currency Items: Beginning balance, June 30, 2022 $ 1,234,549 Foreign currency translation gain 60,327 Balance, June 30, 2023 1,294,876 Foreign currency translation loss (25,295 ) Ending balance, June 30, 2024 $ 1,269,581 |
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 |
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS | SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS June 30, 2024 June 30, 2023 Stock Options 0.06 0.06 Warrants with no designations 15,003,396 90 Series A Warrants as if converted at alternate cashless exercise prices 1,990,353,990 1,996,625,990 Series B Warrants 16 16 Series C Warrants as if converted at alternate cashless exercise prices * 9,175,999,954 9,473,999,953 Unvested restricted stock units 0.06 0.06 Convertible Debt 393,727,811 5,991,195 Total 11,575,085,167.12 11,476,617,244.12 * Only convertible ratably upon exercise of Series B Warrants |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT | Property and equipment consist of the following as of June 30: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT 2024 2023 Office equipment at cost $ 25,543 $ 25,432 Less: Accumulated depreciation (25,543 ) (25,130 ) Total property, plant, and equipment $ - $ 302 |
NOTE PAYABLE AND CONVERTIBLE _2
NOTE PAYABLE AND CONVERTIBLE NOTES (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Note Payable And Convertible Notes | |
SCHEDULE OF CONVERTIBLE NOTES | The Company’s convertible notes outstanding at June 30, 2024 and 2023 were as follows: SCHEDULE OF CONVERTIBLE NOTES June 30, 2024 June 30, 2023 Convertible notes and debenture $ 313,550 $ 338,362 Unamortized discounts (38,854 ) (38,994 ) Premium, net 124,629 91,171 Convertible notes, net $ 399,325 $ 390,539 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
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% to the income tax provision for the years ended June 30, 2024 and 2023 is as follows: PROPANC BIOPHARMA, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 and 2023 SCHEDULE OF INCOME TAX PROVISION US June 30, 2024 June 30, 2023 Year Ended US June 30, 2024 June 30, 2023 Loss before Income taxes $ (1,874,914 ) $ (2,790,407 ) Taxes under statutory US tax rates $ (393,732 ) $ (585,986 ) Increase (decrease) in valuation allowance 306,682 556,521 Foreign tax rate differential (55,358 ) (60,316 ) Prior period adjustment 76,194 81,599 Other 66,214 8,182 Income tax (expense) benefit $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES June 30, 2024 June 30, 2023 Year Ended June 30, 2024 June 30, 2023 Deferred tax assets Warrant Derivative Liability $ 513,071 $ 579,544 Accrued Expenses 559,723 478,273 Prepaid Investor Services 551,796 575,021 Non-cash interest 817,536 758,797 Intangibles (Intellectual Property and Patent Cost) 351,144 321,557 Deferred Rent 4,492 4,550 Formation Expense 6,553 6,553 Net Operating Loss carryforward 9,075,029 8,910,874 Gain on extinguishment of debt 97,992 47,393 Stock Based Compensation 84,028 84,028 Total Deferred tax assets $ 12,061,364 $ 11,766,590 Deferred tax liabilities Research and Development $ (170,435 ) $ (202,568 ) Foreign Exchange Loss (OCI) (39,379 ) (39,379 ) Capital Raising Costs (389,258 ) (369,033 ) Total deferred tax liabilities $ (599,072 ) $ (610,980 ) Net deferred tax assets $ 11,462,292 $ 11,155,610 Valuation allowance (11,462,292 ) (11,155,610 ) Net deferred tax assets $ - $ - |
STOCKHOLDERS_ DEFICIT (Tables)
STOCKHOLDERS’ DEFICIT (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
SCHEDULE OF SHARE BASED COMPENSATION STOCK OPTIONS ACTIVITY | A summary of the Company’s stock option activity during the years ended June 30, 2024 and 2023 is presented below: SCHEDULE OF SHARE BASED COMPENSATION STOCK OPTIONS ACTIVITY Weighted Number of Average Options Price Per Share Outstanding at June 30, 2022 0.059 $ 4,533,000 Issued - - Exercised - - Expired - - Outstanding at June 30, 2023 0.059 $ 4,533,000 Issued - - Exercised - - Expired - - Outstanding at June 30, 2024 0.059 $ 4,533,000 Exercisable at June 30, 2024 0.059 $ 4,533,000 Outstanding and Exercisable: Weighted average remaining contractual term 4.87 Weighted average fair value of options granted during the period $ - Aggregate intrinsic value $ - |
SCHEDULE OF WARRANT ACTIVITY | The following table summarizes common stock warrant activity for the years ended June 30, 2024 and 2023: SCHEDULE OF WARRANT ACTIVITY Weighted Number of Average Warrants Price Per Share Outstanding at June 30, 2022 105 $ 200,270 Issued 3,305 10 Exercised (13 ) 52,081 Forfeited (1 ) 2,000,000 Expired - - Outstanding at June 30, 2023 3,396 $ 5,440 Issued 15,000,000 0.01 Exercised - - Forfeited - - Expired - - Outstanding at June 30, 2024 15,003,396 * $ 1.24 Exercisable at June 30, 2024 15,003,378 $ 1.24 Outstanding and Exercisable: Weighted average remaining contractual term 2.01 Aggregate intrinsic value $ - * The total warrants of 15,003,396 |
SCHEDULE OF WARRANT OUTSTANDING AND EXERCISABLE | SCHEDULE OF WARRANT OUTSTANDING AND EXERCISABLE Number of Warrants Exercisable Series A warrants 10 10 Series B warrants 17 17 Series C warrants 64 46 Common stock warrants with no class designation 15,003,305 15,003,305 Total 15,003,396 15,003,378 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF RIGHT OF USE ASSET | ROU is summarized below: SCHEDULE OF RIGHT OF USE ASSET June 30, 2024 June 30, 2023 Office lease $ 66,201 $ 66,201 Less: accumulated amortization (48,402 ) (27,213 ) Right-of-use asset, net $ 17,799 $ 38,988 |
SCHEDULE OF OPERATING LEASE LIABILITY | Operating Lease liabilities are summarized below: SCHEDULE OF OPERATING LEASE LIABILITY June 30, 2024 June 30, 2023 Office lease $ 66,201 $ 66,201 Reduction of lease liability (46,839 ) (25,418 ) Less: office lease, current portion (19,362 ) (21,505 ) Long term portion of lease liability $ - $ 19,278 |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS | Remaining future minimum lease payments under non-cancelable operating lease at June 30, 2024 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Fiscal Year 2025 $ 20,079 Imputed interest (717 ) Total operating lease liability $ 19,362 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
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 year ended June 30, 2024) Volatility 323.40 333.45 % Expected Remaining Term (in years) 0.50 Risk Free Interest Rate 5.42 5.55 % Expected dividend yield None June 30, 2024 June 30, 2023 Volatility 323.40 % 334.56 % Expected remaining term 0.01 0.28 0.01 0.73 Risk-free interest rate 5.45 5.47 % 5.24 % Expected dividend yield None None |
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS | SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Balance at 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 $ 133,886 $ — $ — $ 133,886 Total $ 133,886 $ — $ — $ 133,886 The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023: 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 $ 423,209 $ — $ — $ 423,209 Total $ 423,209 $ — $ — $ 423,209 |
SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE | The following is a roll forward for the years ended June 30, 2024 and 2023 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, 2022 $ 151,262 Initial fair value of embedded conversion option derivative liability recorded as debt discount 93,668 Gain on debt extinguishment (352,051 ) Change in fair value included in statements of operations 530,330 Balance at June 30, 2023 423,209 Initial fair value of embedded conversion option derivative liability recorded as debt discount 150,000 Initial fair value of embedded conversion option derivative liability recorded as derivative expense 141,012 Gain on debt extinguishment (263,798 ) Change in fair value included in statements of operations (316,537 ) Balance at June 30, 2024 $ 133,886 |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SCHEDULE OF LOSS PER SHARE BASIS OF REVERSE STOCK SPLIT | The unaudited pro forma tables below show the losses per share prior to the reverse split and following the reverse split. A key assumption to the loss per share calculation is that post-reverse split price is equal to the pre-reverse split times the number of shares from the ratio. SCHEDULE OF LOSS PER SHARE BASIS OF REVERSE STOCK SPLIT Historical per share data – (Pre- Split basis) Year Ended June 30, 2024 Year Ended June 30, 2023 Net loss available to Common Stockholders $ 2,013,488 $ 3,126,839 Basic and diluted weighted average shares outstanding 85,045,339 1,738,802 Basic and diluted net loss per share $ 0.02 $ 1.80 The assumption inherent in the table below is a reverse split of 1:100,000. Historical per share data – (Post- Split basis) Year Ended June 30, 2024 Year Ended June 30, 2023 Net loss available to Common Stockholders $ 2,013,488 $ 3,126,839 Basic and diluted weighted average shares outstanding 850 17 Basic and diluted net loss per share $ 2,368.81 $ 183,931.71 The table below shows the loss per share effect of reverse stock splits at 1:10,000, 1:50,000 and 1:100,000: Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Split Ratio 1:10,000 1:50,000 1:100,000 Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Net losses available to common stockholders $ 2,013,488 $ 3,126,839 $ 2,013,488 $ 3,126,839 $ 2,013,488 $ 3,126,839 Weighted Average Shares Outstanding 8,505 174 1,701 35 850 17 Loss per share $ 236.74 $ 17,970 $ 1,183.71 $ 89,338.26 $ 2,368.81 $ 183,931.71 |
SCHEDULE OF TRANSACTION EXCHANG
SCHEDULE OF TRANSACTION EXCHANGE RATES (Details) | Jun. 30, 2024 | Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] | ||
Foreign currency exchange rate, translation | 0.6693 | 0.6664 |
Weighted Average [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Foreign currency exchange rate, translation | 0.6557 | 0.6732 |
SCHEDULE OF ACCUMULATED OTHER C
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Accounting Policies [Abstract] | ||
Beginning balance | $ 1,294,876 | $ 1,234,549 |
Foreign currency translation, gain | (25,295) | 60,327 |
Ending balance | $ 1,269,581 | $ 1,294,876 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES (Details) | Jun. 30, 2024 |
Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment | 5 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment | 7 years |
SCHEDULE OF ANTI-DILUTIVE SECUR
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS (Details) - shares | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 11,575,085,167.12 | 11,476,617,244.12 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 0.06 | 0.06 | |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 15,003,396 | 90 | |
Series A Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 1,990,353,990 | 1,996,625,990 | |
Series B Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 16 | 16 | |
Series C Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | [1] | 9,175,999,954 | 9,473,999,953 |
Unvested Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 0.06 | 0.06 | |
Convertible Debt Securities [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 393,727,811 | 5,991,195 | |
[1]Only convertible ratably upon exercise of Series B Warrants |
NATURE OF OPERATIONS AND SUMM_4
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |||
May 01, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Aug. 31, 2023 | |
Accounting Policies [Abstract] | ||||
Reverse stock split | one-for-one thousand (1:1,000) | |||
Foreign currency transaction, gain | $ 90,000 | $ 648,000 | ||
Cash and cash equivalents | 0 | 0 | ||
Refundable advance deposit | $ 120,958 | |||
Allowance for recoverability of refundable advance deposit | 120,958 | |||
Deferred offering cost | 27,117 | |||
GST tax receivable | $ 2,950 | $ 2,867 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Research and development costs | $ 248,102 | $ 247,919 | ||
Research and development tax credit | $ 129,132 | $ 129,841 | ||
Beneficial ownership conversion description | Each holder of the convertible notes has agreed to a 4.99% beneficial ownership conversion limitation (subject to certain noteholders’ ability to increase such limitation to 9.99% upon 60 days’ notice to the Company), and each note may not be converted during the first six-month period from the date of issuance | |||
Beneficial ownership percentage | 4.99% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ 1,820,528 | $ 2,660,566 | |
Net cash used in operations | 935,118 | 1,105,251 | |
Working capital deficit | 3,767,341 | ||
Stockholders' deficit | 3,779,059 | 3,117,179 | $ 3,023,649 |
Accumulated deficit | $ 66,698,220 | $ 64,684,732 |
SCHEDULE OF PROPERTY PLANT AND
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] | ||
Office equipment at cost | $ 25,543 | $ 25,432 |
Less: Accumulated depreciation | (25,543) | (25,130) |
Total property, plant, and equipment | $ 302 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 297 | $ 1,665 |
DUE TO FORMER DIRECTOR - RELA_2
DUE TO FORMER DIRECTOR - RELATED PARTY (Details Narrative) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Former Director [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Due to related parties current | $ 29,759 | $ 29,630 |
LOANS (Details Narrative)
LOANS (Details Narrative) | 1 Months Ended | 12 Months Ended | |||||||||||||
Jul. 05, 2023 USD ($) $ / shares shares | Nov. 03, 2022 USD ($) | Nov. 03, 2022 USD ($) | Aug. 16, 2022 USD ($) $ / shares | Oct. 03, 2019 USD ($) | Jun. 30, 2024 USD ($) $ / shares | Jul. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) $ / shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 AUD ($) | May 31, 2024 USD ($) | Nov. 30, 2023 AUD ($) | Jul. 05, 2023 AUD ($) | Jun. 30, 2022 USD ($) | Nov. 30, 2020 USD ($) | |
Debt instrument face amount | $ 130,800 | $ 130,800 | $ 168,200 | $ 71,629 | |||||||||||
Debt instrument interest rate stated percentage | 10% | 10% | |||||||||||||
Settlement of convertible debt | 142,909 | ||||||||||||||
Interest payable current and non current | 8,700 | 8,700 | 16,632 | ||||||||||||
Amortization of debt discounts | 294,005 | 202,952 | |||||||||||||
Debt remaining | 313,550 | 313,550 | 338,362 | ||||||||||||
Remaining debt discount | 38,854 | 38,854 | 38,994 | ||||||||||||
Gain on extinguishment of debt | 54,565 | 25,969 | |||||||||||||
Crown Bridge Partners, LLC [Member] | |||||||||||||||
Debt instrument face amount | $ 65,280 | $ 65,280 | |||||||||||||
Debt instrument interest rate stated percentage | 15% | 15% | 15% | ||||||||||||
Interest payable current and non current | $ 45,541 | $ 45,541 | |||||||||||||
Warrant [Member] | |||||||||||||||
Fair value adjustment of warrants | $ 2,408 | ||||||||||||||
Stock valuation price per share | $ / shares | $ 2.60 | $ 0.119 | $ 0.119 | ||||||||||||
Warrant exercise price | $ / shares | $ 10 | $ 0.01 | |||||||||||||
Warrant [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||||||||
Measurement input | 0 | 0 | 0 | 0 | |||||||||||
Warrant [Member] | Measurement Input, Expected Term [Member] | |||||||||||||||
Maturity term | 3 years | ||||||||||||||
Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||
Measurement input | 3.19 | 4.59 | 4.59 | 4.59 | |||||||||||
Warrant [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||
Measurement input | 236 | 268 | 268 | 268 | |||||||||||
Letter Agreement [Member] | |||||||||||||||
Debt instrument face amount | $ 153,256 | $ 230,000 | |||||||||||||
Maturity term | 3 years | ||||||||||||||
Maturity date | Jul. 05, 2026 | ||||||||||||||
Debt instrument interest rate stated percentage | 10% | 10% | |||||||||||||
Issue of warrants | shares | 15,000,000 | ||||||||||||||
Share price | $ / shares | $ 0.01 | ||||||||||||||
Fair value adjustment of warrants | $ 141,084 | ||||||||||||||
Debt instrument maturity date | June 2025 | ||||||||||||||
Letter Agreement [Member] | Coventry Enterprises LLC Securities Purchase Agreement [Member] | |||||||||||||||
Settlement of convertible debt | $ 143,000 | ||||||||||||||
Letter Agreement [Member] | Warrant [Member] | |||||||||||||||
Stock valuation price per share | $ / shares | $ 0.119 | ||||||||||||||
Warrant exercise price | $ / shares | $ 0.01 | ||||||||||||||
Letter Agreement [Member] | Warrant [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||||||||
Measurement input | 0 | 0 | |||||||||||||
Letter Agreement [Member] | Warrant [Member] | Measurement Input, Expected Term [Member] | |||||||||||||||
Maturity term | 3 years | ||||||||||||||
Letter Agreement [Member] | Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||
Measurement input | 4.59 | 4.59 | |||||||||||||
Letter Agreement [Member] | Warrant [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||
Measurement input | 268 | 268 | |||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||
Debt instrument face amount | 65,280 | ||||||||||||||
Maturity date | Oct. 03, 2020 | ||||||||||||||
Amortization of debt discounts | 232,700 | 210,278 | |||||||||||||
Securities Purchase Agreement [Member] | Coventry Enterprises LLC Securities Purchase Agreement [Member] | |||||||||||||||
Debt instrument face amount | $ 125,000 | $ 125,000 | $ 142,909 | ||||||||||||
Debt instrument interest rate stated percentage | 10% | 10% | |||||||||||||
Settlement of convertible debt | 142,979 | ||||||||||||||
Interest payable current and non current | $ 70 | 22,749 | |||||||||||||
Amortization of debt discounts | $ 37,500 | $ 37,500 | |||||||||||||
Remaining debt discount | $ 25,000 | $ 25,000 | |||||||||||||
Securities Purchase Agreement [Member] | Crown Bridge Partners, LLC [Member] | |||||||||||||||
Debt instrument face amount | $ 65,280 | 65,280 | 65,280 | $ 65,280 | $ 9,600 | ||||||||||
Maturity date | Oct. 03, 2020 | ||||||||||||||
Debt instrument interest rate stated percentage | 15% | ||||||||||||||
Interest payable current and non current | 45,541 | 45,541 | 35,722 | $ 25,930 | |||||||||||
Remaining debt discount | $ 5,000 | ||||||||||||||
Convertible debt | 65,280 | 65,280 | |||||||||||||
Gain on extinguishment of debt | 43,520 | ||||||||||||||
Loan Agreement [Member] | |||||||||||||||
Loans payable | 145,091 | 145,091 | 65,280 | ||||||||||||
Debt instrument face amount | $ 79,811 | $ 79,811 | $ 120,000 | ||||||||||||
Debt instrument interest rate stated percentage | 12% | 12% | 12% | ||||||||||||
Interest payable current and non current | $ 665 | $ 665 | |||||||||||||
Debt remaining | 79,811 | 79,811 | |||||||||||||
Related Party [Member] | |||||||||||||||
Loans payable | 49,528 | 49,528 | 49,314 | ||||||||||||
Loan payable | 71,629 | 71,629 | $ 71,629 | ||||||||||||
Interest payable current and non current | 15,158 | 15,158 | |||||||||||||
Amortization of debt discounts | 46,470 | ||||||||||||||
Debt remaining | 153,256 | 153,256 | |||||||||||||
Remaining debt discount | 94,614 | 94,614 | |||||||||||||
Loan payable - long-term - related party, net of discount | $ 58,642 | $ 58,642 |
SCHEDULE OF CONVERTIBLE NOTES (
SCHEDULE OF CONVERTIBLE NOTES (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Note Payable And Convertible Notes | ||
Convertible notes and debenture | $ 313,550 | $ 338,362 |
Unamortized discounts | (38,854) | (38,994) |
Premium, net | 124,629 | 91,171 |
Convertible notes, net | $ 399,325 | $ 390,539 |
NOTE PAYABLE AND CONVERTIBLE _3
NOTE PAYABLE AND CONVERTIBLE NOTES (Details Narrative) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jan. 15, 2025 USD ($) | Dec. 30, 2024 USD ($) | Dec. 15, 2024 USD ($) | Nov. 30, 2024 USD ($) | Jun. 20, 2024 USD ($) | Jun. 10, 2024 USD ($) | May 24, 2024 USD ($) | Apr. 12, 2024 USD ($) | Mar. 05, 2024 USD ($) | Dec. 08, 2023 USD ($) | Nov. 29, 2023 USD ($) | Oct. 20, 2023 USD ($) | Oct. 12, 2023 USD ($) | Aug. 23, 2023 USD ($) | Aug. 16, 2023 USD ($) | Aug. 15, 2023 USD ($) | Jul. 19, 2023 USD ($) | Jul. 06, 2023 USD ($) | Feb. 14, 2023 USD ($) | Nov. 03, 2022 USD ($) shares | Nov. 03, 2022 USD ($) shares | Oct. 06, 2022 USD ($) | Sep. 21, 2022 USD ($) | Aug. 15, 2022 USD ($) | Aug. 12, 2022 USD ($) | Jul. 11, 2022 USD ($) | Sep. 16, 2020 shares | Oct. 03, 2019 USD ($) | Aug. 31, 2023 | Jul. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2020 USD ($) | Jun. 11, 2024 shares | May 04, 2024 | Feb. 20, 2024 shares | Dec. 13, 2023 shares | Nov. 30, 2023 AUD ($) | Jul. 05, 2023 | Jun. 30, 2022 USD ($) | Nov. 30, 2020 USD ($) | |
Principal amount | $ 130,800 | $ 168,200 | $ 71,629 | ||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate percentage | 10% | ||||||||||||||||||||||||||||||||||||||||
Accrued interest | 8,700 | 16,632 | |||||||||||||||||||||||||||||||||||||||
Amortization of debt discount | 294,005 | 202,952 | |||||||||||||||||||||||||||||||||||||||
Debt remaining | 313,550 | 338,362 | |||||||||||||||||||||||||||||||||||||||
Original issue discount | 38,854 | 38,994 | |||||||||||||||||||||||||||||||||||||||
Note payable, net of discount | 204,694 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | 567,050 | 590,250 | |||||||||||||||||||||||||||||||||||||||
Debt instrument default interest rate | 24% | ||||||||||||||||||||||||||||||||||||||||
Debt premium | 124,629 | 91,171 | |||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | 54,565 | 25,969 | |||||||||||||||||||||||||||||||||||||||
Penalty amount | $ 30,000 | ||||||||||||||||||||||||||||||||||||||||
Conversion price percentage | 4.99% | ||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | $ 133,886 | 423,209 | |||||||||||||||||||||||||||||||||||||||
Fee amount | 3,832 | 1,838 | |||||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 15,768,400 | 1,755,240 | 1,390,008 | ||||||||||||||||||||||||||||||||||||||
Additional debt issued | 773,548 | 1,387,723 | |||||||||||||||||||||||||||||||||||||||
Settlement of convertible debt | 142,909 | ||||||||||||||||||||||||||||||||||||||||
Conversion of stock amount converted | 246,254 | 411,111 | |||||||||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate percentage | 8% | ||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | 65,280 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument maturity date | Oct. 03, 2020 | ||||||||||||||||||||||||||||||||||||||||
Amortization of debt discount | 232,700 | 210,278 | |||||||||||||||||||||||||||||||||||||||
Debt premium | 279,711 | 232,674 | |||||||||||||||||||||||||||||||||||||||
Red Road Holdings Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 53,750 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate percentage | 8% | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument description | The Red Road Note may be prepaid until 180 days from its issuance date, subject to the following: if prepaid within 60 days of the issuance date, the prepayment premium is 110% of the face amount of such note plus any accrued interest, if prepaid after 60 days but less than 91 days from the issuance date, then the prepayment premium is 115% of the face amount plus any accrued interest of such note., if prepaid after 90 days but less than 121 days from the issuance date, then the prepayment premium is 120% of the face amount plus any accrued interest of such note, if prepaid after 120 days but less than 151 days from the issuance date, then the prepayment premium shall be 125% of the face amount plus any accrued interest of such note, and if prepaid after 150 days but less than 181 days from the issuance date, then the prepayment premium shall be 129% of the face amount plus any accrued interest of such note | ||||||||||||||||||||||||||||||||||||||||
Monthly payment amount | 0 | ||||||||||||||||||||||||||||||||||||||||
Principal amount | 2,150 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument conversion rate | 65% | ||||||||||||||||||||||||||||||||||||||||
Debt instrument discount rate | 35% | ||||||||||||||||||||||||||||||||||||||||
Ownership limitations | 4.99% | ||||||||||||||||||||||||||||||||||||||||
Principal amount | 53,750 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument default interest rate | 22% | ||||||||||||||||||||||||||||||||||||||||
Debt premium | $ 28,942 | 28,942 | |||||||||||||||||||||||||||||||||||||||
Penalty amount | 1,000 | ||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 3,750 | ||||||||||||||||||||||||||||||||||||||||
Convertible Notes One [Member] | |||||||||||||||||||||||||||||||||||||||||
Amortization of debt discount | $ 294,005 | 202,952 | |||||||||||||||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt instrument original issue discount rate | 15% | 15% | 150% | ||||||||||||||||||||||||||||||||||||||
Original issue discounts amount | $ 8,200 | $ 8,200 | |||||||||||||||||||||||||||||||||||||||
Principal amount | $ 49,200 | $ 49,200 | |||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate percentage | 22% | 22% | |||||||||||||||||||||||||||||||||||||||
Accrued interest | $ 1,193 | ||||||||||||||||||||||||||||||||||||||||
Debt remaining | $ 98,400 | ||||||||||||||||||||||||||||||||||||||||
Legal and financing costs | $ 6,000 | $ 6,000 | |||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 35,000 | $ 35,000 | |||||||||||||||||||||||||||||||||||||||
Debt instrument conversion rate | 65% | ||||||||||||||||||||||||||||||||||||||||
Debt instrument discount rate | 35% | ||||||||||||||||||||||||||||||||||||||||
Ownership limitations | 4.99% | ||||||||||||||||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 0 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate percentage | 8% | ||||||||||||||||||||||||||||||||||||||||
Debt instrument default interest rate | 35% | ||||||||||||||||||||||||||||||||||||||||
Debt premium | 134,615 | ||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 250,000 | ||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 150% | ||||||||||||||||||||||||||||||||||||||||
Debt instrument settlement debt amount | $ 134,615 | ||||||||||||||||||||||||||||||||||||||||
Debt outstanding principal percentage | 22% | ||||||||||||||||||||||||||||||||||||||||
Penalty amount | $ 1,000 | ||||||||||||||||||||||||||||||||||||||||
Accrued interest | 9,863 | ||||||||||||||||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | Securities Purchase Agreement [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt instrument default interest rate | 110% | ||||||||||||||||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | Securities Purchase Agreement [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt instrument default interest rate | 129% | ||||||||||||||||||||||||||||||||||||||||
Percentage of outstanding shares of common stock | 9.99% | ||||||||||||||||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | July11, 2022 1800 Diagonal Note [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 105,000 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument maturity date | Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate percentage | 8% | ||||||||||||||||||||||||||||||||||||||||
Debt issuance costs | $ 3,750 | ||||||||||||||||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | July 6, 2023 1800 Diagonal Note [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 65,000 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument maturity date | Jun. 29, 2024 | ||||||||||||||||||||||||||||||||||||||||
Debt issuance costs | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | July 19, 2023 1800 Diagonal Note [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 45,000 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument maturity date | Jul. 19, 2024 | ||||||||||||||||||||||||||||||||||||||||
Debt issuance costs | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | August 16, 2023 1800 Diagonal Note [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 55,000 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument maturity date | Aug. 16, 2024 | ||||||||||||||||||||||||||||||||||||||||
Debt issuance costs | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | October 20, 2023 1800 Diagonal Note [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 40,000 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument maturity date | Oct. 20, 2024 | ||||||||||||||||||||||||||||||||||||||||
Debt issuance costs | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | November 29, 2023 1800 Diagonal Note [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 45,000 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument maturity date | Sep. 15, 2024 | ||||||||||||||||||||||||||||||||||||||||
Debt issuance costs | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | Forecast [Member] | |||||||||||||||||||||||||||||||||||||||||
Monthly payment amount | $ 28,290 | ||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 7,072.50 | $ 7,072.50 | 7,072.50 | ||||||||||||||||||||||||||||||||||||||
Payment of debt | $ 56,580 | ||||||||||||||||||||||||||||||||||||||||
Crown Bridge Partners, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 65,280 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate percentage | 15% | ||||||||||||||||||||||||||||||||||||||||
Accrued interest | $ 45,541 | ||||||||||||||||||||||||||||||||||||||||
Crown Bridge Partners, LLC [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | 65,280 | 65,280 | $ 65,280 | $ 9,600 | |||||||||||||||||||||||||||||||||||||
Debt instrument maturity date | Oct. 03, 2020 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate percentage | 15% | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument description | The conversion price of the Crown Bridge Note was equal to 60% (representing a 40% discount) of the lowest closing bid price of the common stock for the ten trading days immediately prior to the delivery of a notice of conversion under such note, including the day upon which such notice was received subject to 4.99% or 9.99% beneficial ownership limitations | ||||||||||||||||||||||||||||||||||||||||
Accrued interest | 45,541 | 35,722 | $ 25,930 | ||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from convertible debt | 100,000 | ||||||||||||||||||||||||||||||||||||||||
Debt premium | $ 72,000 | 13,889 | 6,400 | ||||||||||||||||||||||||||||||||||||||
Unissued shares conversion | shares | 15 | ||||||||||||||||||||||||||||||||||||||||
Equity conversion | $ 16,000 | ||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | 43,520 | ||||||||||||||||||||||||||||||||||||||||
Crown Bridge Partners, LLC [Member] | Securities Purchase Agreement [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||
Ownership limitations | 4.99% | ||||||||||||||||||||||||||||||||||||||||
Debt instrument default interest rate | 110% | ||||||||||||||||||||||||||||||||||||||||
Crown Bridge Partners, LLC [Member] | Securities Purchase Agreement [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||
Ownership limitations | 9.99% | ||||||||||||||||||||||||||||||||||||||||
Debt instrument default interest rate | 150% | ||||||||||||||||||||||||||||||||||||||||
Crown Bridge Partners, LLC [Member] | Crown Bridge Financing Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt remaining | 0 | ||||||||||||||||||||||||||||||||||||||||
Crown Bridge Partners, LLC [Member] | October 3, 2019 GW Note [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 108,000 | ||||||||||||||||||||||||||||||||||||||||
Debt remaining | $ 65,280 | ||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 3,000 | ||||||||||||||||||||||||||||||||||||||||
Crown Bridge Partners, LLC [Member] | August 2019 Auctus Note [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Accrued interest | 7,232 | ||||||||||||||||||||||||||||||||||||||||
Debt premium | 28,480 | ||||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | $ 42,720 | ||||||||||||||||||||||||||||||||||||||||
ONE44 Capital LLC [Member] | |||||||||||||||||||||||||||||||||||||||||
Accrued interest | 9,909 | 24,255 | |||||||||||||||||||||||||||||||||||||||
Debt premium | 100,000 | 133,305 | |||||||||||||||||||||||||||||||||||||||
ONE44 Capital LLC [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 150,000 | $ 111,111 | $ 110,000 | 119,300 | 118,111 | ||||||||||||||||||||||||||||||||||||
Debt instrument maturity date | Aug. 15, 2022 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate percentage | 10% | 10% | 10% | ||||||||||||||||||||||||||||||||||||||
Accrued interest | 6,726 | 4,726 | |||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 15,000 | $ 11,111 | $ 10,000 | ||||||||||||||||||||||||||||||||||||||
Ownership limitations | 4.99% | ||||||||||||||||||||||||||||||||||||||||
Debt premium | 98,311 | 182,376 | |||||||||||||||||||||||||||||||||||||||
Convertible debt principal amount | 148,811 | 338,700 | |||||||||||||||||||||||||||||||||||||||
Debt outstanding principal percentage | 24% | ||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 7,500 | $ 5,500 | $ 5,500 | ||||||||||||||||||||||||||||||||||||||
Debt instrument increase principal percentage | 20% | ||||||||||||||||||||||||||||||||||||||||
ONE44 Capital LLC [Member] | Securities Purchase Agreement [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt instrument conversion rate | 60% | ||||||||||||||||||||||||||||||||||||||||
Debt instrument discount rate | 35% | ||||||||||||||||||||||||||||||||||||||||
Debt instrument default interest rate | 120% | ||||||||||||||||||||||||||||||||||||||||
Penalty amount | $ 250 | ||||||||||||||||||||||||||||||||||||||||
ONE44 Capital LLC [Member] | Securities Purchase Agreement [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt instrument conversion rate | 65% | ||||||||||||||||||||||||||||||||||||||||
Debt instrument discount rate | 40% | ||||||||||||||||||||||||||||||||||||||||
Debt instrument default interest rate | 135% | ||||||||||||||||||||||||||||||||||||||||
Penalty amount | $ 500 | ||||||||||||||||||||||||||||||||||||||||
GS Capital Partners, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||
Accrued interest | 8,700 | 2,945 | |||||||||||||||||||||||||||||||||||||||
Derivative fixed interest rate | 1,254 | ||||||||||||||||||||||||||||||||||||||||
GS Capital Partners, LLC [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 27,500 | $ 61,000 | $ 77,500 | $ 71,500 | $ 93,000 | 83,000 | |||||||||||||||||||||||||||||||||||
Debt instrument maturity date | Oct. 12, 2024 | Apr. 12, 2024 | Feb. 23, 2024 | Mar. 21, 2023 | Apr. 12, 2023 | ||||||||||||||||||||||||||||||||||||
Debt instrument interest rate percentage | 8% | 8% | 8% | 8% | 8% | ||||||||||||||||||||||||||||||||||||
Accrued interest | 8,364 | 4,263 | |||||||||||||||||||||||||||||||||||||||
Debt remaining | $ 110,500 | 75,300 | |||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 2,500 | $ 3,500 | $ 5,000 | $ 4,000 | $ 5,000 | ||||||||||||||||||||||||||||||||||||
Net proceeds | $ 65,000 | $ 85,000 | |||||||||||||||||||||||||||||||||||||||
Debt instrument conversion rate | 60% | ||||||||||||||||||||||||||||||||||||||||
Debt instrument discount rate | 40% | ||||||||||||||||||||||||||||||||||||||||
Ownership limitations | 4.99% | 4.99% | 4.99% | ||||||||||||||||||||||||||||||||||||||
Debt instrument default interest rate | 24% | ||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 2,500 | $ 2,500 | $ 2,500 | $ 3,000 | |||||||||||||||||||||||||||||||||||||
Debt instrument increase principal percentage | 20% | ||||||||||||||||||||||||||||||||||||||||
Conversion price, description | The GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price for the GS Capital Note is equal to $0.0017 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to $0.001 per share in the event that the market price of the Common Stock trades below $0.0014 per share for five consecutive trading days | The GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price for the GS Capital Note is equal to $0.015 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to $0.01 per share in the event that the market price of the Common Stock trades below $0.0075 per share for ten consecutive trading days. In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest trading price of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment every thirty calendar days during the period in which the Company remains in default | The GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. The initial conversion price for the GS Capital Note is equal to $0.04 per share (the “Fixed Price”), provided that the Fixed Price will be reduced to $0.02 per share in the event that the market price of the Common Stock trades below $0.03 per share for five consecutive trading days. In the event of a default under the Note and unless the Fixed Price is lower, such conversion price will equal the lowest trading price of the Common Stock for the ten trading days immediately preceding such default, which price is subject to re-adjustment every thirty calendar days during the period in which the Company remains in default | Such note was exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same. GS Capital was entitled, at its option, at any time after cash payment, to convert all or any amount of the principal face amount of the GS Capital Note then outstanding into shares of common stock at a price per share equal to $2 (the “September Fixed Price”). However, in the event the common stock trades below $1.40 per share for more than five consecutive trading days, then the September Fixed Price becomes $0.90 per share | The GS Capital Note was exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital by surrendering the same. GS Capital was entitled, at its option, at any time after cash payment, to convert all or any amount of the principal face amount of the GS Capital Note then outstanding into shares of common stock at a price per share equal to $2.80 per share (the “Fixed Price”). However, in the event the common stock trades below $2 per share for more than five consecutive trading days, then the Fixed Price becomes $1.30 per share | ||||||||||||||||||||||||||||||||||||
Conversion price percentage | 65% | 65% | |||||||||||||||||||||||||||||||||||||||
Derivative liabilities | $ 110,500 | 75,300 | |||||||||||||||||||||||||||||||||||||||
Fee amount |