Intelligent Bio Solutions (INBS) 10-Q 13 May 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2021	May 12, 2021
Cover [Abstract]
Entity Registrant Name	GBS Inc.
Entity Central Index Key	0001725430
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex-Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,382,122
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 14,261,622	$ 427,273
Deferred charges		1,863,613
Other current assets	2,324,389	49,062
Total current assets	16,586,011	2,339,948
Investment in affiliate		135,692
Other non-current assets	866,667
TOTAL ASSETS	17,452,678	2,475,640
Current liabilities:
Accounts payable and accrued expenses	1,521,899	787,469
Related party payables	37,235	1,769,293
Convertible notes payable		5,133,706
Total current liabilities	1,559,134	7,690,468
Employee benefit liabilities	18,128
Total liabilities	1,577,262	7,690,468
Commitments and contingencies - Note 10
Shareholders' equity (deficit):
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 3,000,000 and 2,370,891 shares issued and outstanding at March 31, 2021 and June 30, 2020, respectively	30,000	23,709
Common stock, $0.01 par value, 100,000,000 shares authorized, 11,881,322 and 8,630,000 shares issued and outstanding at March 31, 2021 and June 30, 2020, respectively	118,813	86,300
Additional paid-in capital	38,440,097	10,899,942
Accumulated deficit	(22,016,804)	(15,832,517)
Accumulated other comprehensive loss	(642,695)	(363,951)
Total consolidated group equity (deficit)	15,929,411	(5,186,517)
Non-controlling interests	(53,995)	(28,311)
Total shareholders' equity (deficit)	15,875,416	(5,214,828)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 17,452,678	$ 2,475,640

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Jun. 30, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	3,000,000	2,370,891
Preferred stock, shares outstanding	3,000,000	2,370,891
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	11,881,322	8,630,000
Common stock, shares outstanding	11,881,322	8,630,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Other income:
Government support income	$ 34,290		$ 372,754
Shared services		(1,533)		119,744
Total revenues and other income	34,290	(1,533)	372,754	119,744
Operating expenses:
General and administrative expenses	1,013,389	53,842	2,205,842	1,752,182
Development and regulatory approval expenses	2,156,316	(58,825)	2,529,074	541,023
Prospectus and capital raising expenses	5,100	32,274	358,674	174,639
Total operating expenses	3,174,805	27,291	5,093,590	2,467,844
Loss from operations	(3,140,515)	(28,824)	(4,720,836)	(2,348,100)
Other (expense) income:
Interest expense	(18,561)	(82,305)	(1,091,249)	(380,961)
Loss from unconsolidated equity method investment			(135,692)
Realized foreign exchange gain/(loss)	8,774		(270,333)
Interest income	7,635	22	8,139	91
Total other expense	(2,152)	(82,283)	(1,489,135)	(380,870)
Loss before income taxes	(3,142,667)	(111,107)	(6,209,971)	(2,728,970)
Income tax (expense)/benefit
Current
Deferred
Total income tax (expense)/benefit
Net loss	(3,142,667)	(111,107)	(6,209,971)	(2,728,970)
Net (loss) income attributable to non-controlling interest	(14,854)	1,485	(25,684)	(22,210)
Net loss attributable to GBS, Inc.	(3,127,813)	(112,592)	(6,184,287)	(2,706,760)
Other comprehensive income
Foreign currency translation gain/(loss) attributable to non-controlling interest
Foreign currency translation gain/(loss) attributable to GBS, Inc.	(262,032)	100,921	(278,744)	(28,129)
Total other comprehensive income	(262,032)	100,921	(278,744)	(28,129)
Comprehensive net loss attributable to GBS, Inc	$ (3,389,845)	$ (11,671)	$ (6,463,031)	$ (2,734,889)
Net loss per share, basic and diluted	$ (0.27)	$ (0.01)	$ (0.64)	$ (0.32)
Weighted average number of shares outstanding, basic and diluted	11,795,741	8,510,000	9,667,399	8,510,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Deficit [Member]	Other Comprehensive (Loss) Income [Member]	Noncontrolling Interest [Member]	Total
Balance, Beginning at Jun. 30, 2019			$ 637,056			$ (637,056)
Balance, Beginning at Jun. 30, 2019	$ 20,649	$ 85,100	8,801,860	(12,668,741)	(216,870)	863	(3,977,139)
Balance, Beginning, shares at Jun. 30, 2019	2,064,884	8,510,000
Deemed dividend			(976,308)				(976,308)
Issuance of convertible preferred shares	$ 2,590		1,939,964				1,942,554
Issuance of convertible preferred shares, shares	259,007
Issuance costs for common and preferred shares			(116,402)				(116,402)
Foreign currency translation loss					4,234		4,234
Net loss				(757,850)		(6,980)	(764,830)
Balance, Ending at Sep. 30, 2019	$ 23,239	$ 85,100	9,649,114	(13,426,591)	(212,636)	(6,117)	(3,887,891)
Balance, Ending, shares at Sep. 30, 2019	2,323,891	8,510,000
Balance, Beginning at Jun. 30, 2019			637,056			(637,056)
Balance, Beginning at Jun. 30, 2019	$ 20,649	$ 85,100	8,801,860	(12,668,741)	(216,870)	863	(3,977,139)
Balance, Beginning, shares at Jun. 30, 2019	2,064,884	8,510,000
Foreign currency translation loss							(28,129)
Net loss							(2,728,970)
Balance, Ending at Mar. 31, 2020	$ 23,239	$ 85,100	9,649,114	(15,375,501)	(244,999)	(21,347)	(5,884,394)
Balance, Ending, shares at Mar. 31, 2020	2,323,891	8,510,000
Balance, Beginning at Sep. 30, 2019	$ 23,239	$ 85,100	9,649,114	(13,426,591)	(212,636)	(6,117)	(3,887,891)
Balance, Beginning, shares at Sep. 30, 2019	2,323,891	8,510,000
Foreign currency translation loss					(133,284)		(133,284)
Net loss				(1,836,318)		(16,715)	(1,853,033)
Balance, Ending at Dec. 31, 2019	$ 23,239	$ 85,100	9,649,114	(15,262,909)	(345,920)	(22,832)	(5,874,208)
Balance, Ending, shares at Dec. 31, 2019	2,323,891	8,510,000
Foreign currency translation loss					100,921		100,921
Net loss				(112,592)		1,485	(111,107)
Balance, Ending at Mar. 31, 2020	$ 23,239	$ 85,100	9,649,114	(15,375,501)	(244,999)	(21,347)	(5,884,394)
Balance, Ending, shares at Mar. 31, 2020	2,323,891	8,510,000
Balance, Beginning at Jun. 30, 2020							(5,186,517)
Reclassification of noncontrolling interest at Jun. 30, 2020							(28,311)
Balance, Beginning at Jun. 30, 2020	$ 23,709	$ 86,300	10,899,942	(15,832,517)	(363,951)	(28,311)	(5,214,828)
Balance, Beginning, shares at Jun. 30, 2020	2,370,891	8,630,000
Issuance of convertible preferred shares	$ 4,393		3,290,352				3,294,745
Issuance of convertible preferred shares, shares	439,299
Foreign currency translation loss					(50,568)		(50,568)
Net loss				(1,072,510)		(4,405)	(1,076,915)
Balance, Ending at Sep. 30, 2020	$ 28,102	$ 86,300	14,190,294	(16,905,027)	(414,519)	(32,716)	(3,047,566)
Balance, Ending, shares at Sep. 30, 2020	2,810,190	8,630,000
Balance, Beginning at Jun. 30, 2020							(5,186,517)
Reclassification of noncontrolling interest at Jun. 30, 2020							(28,311)
Balance, Beginning at Jun. 30, 2020	$ 23,709	$ 86,300	10,899,942	(15,832,517)	(363,951)	(28,311)	(5,214,828)
Balance, Beginning, shares at Jun. 30, 2020	2,370,891	8,630,000
Foreign currency translation loss							(278,744)
Net loss							(6,209,971)
Balance, Ending at Mar. 31, 2021	$ 30,000	$ 118,813	38,440,097	(22,016,804)	(642,695)	(53,995)	15,875,416
Balance, Ending, shares at Mar. 31, 2021	3,000,000	11,881,322
Balance, Beginning at Sep. 30, 2020	$ 28,102	$ 86,300	14,190,294	(16,905,027)	(414,519)	(32,716)	(3,047,566)
Balance, Beginning, shares at Sep. 30, 2020	2,810,190	8,630,000
Issuance of common stock at initial public offering		$ 12,706	21,587,307				21,600,013
Issuance of common stock at initial public offering, shares		1,270,589
Issuance cost of common stock at initial public offering			(3,867,565)				(3,867,565)
Cancellation of common stock in exchange for preferred shares	$ 30,000	$ (30,000)
Cancellation of common stock in exchange for preferred shares, shares	3,000,000	(3,000,000)
Conversion of convertible notes into common shares at initial public offering		$ 7,105	5,126,601				5,133,706
Conversion of convertible notes into common shares at initial public offering, shares		710,548
Conversion of convertible preferred shares into common shares at initial public offering	$ (28,102)	$ 28,102
Conversion of convertible preferred shares into common shares at initial public offering, shares	(2,810,190)	2,810,190
Beneficial conversion feature			905,948				905,948
Series A warrants exercised to purchase common shares		$ 12	10,188				10,200
Series A warrants exercised to purchase common shares, shares		1,200
Series A and B warrants acquired			3,812				3,812
Foreign currency translation loss					33,856		33,856
Net loss				(1,983,964)		(6,425)	(1,990,389)
Balance, Ending at Dec. 31, 2020	$ 30,000	$ 104,225	37,956,585	(18,888,991)	(380,663)	(39,141)	18,782,015
Balance, Ending, shares at Dec. 31, 2020	3,000,000	10,422,527
Series A warrants exercised to purchase common shares		$ 586	497,514				498,100
Series A warrants exercised to purchase common shares, shares		58,600
Series B warrants exercised to purchase common shares		$ 14,002	(14,002)
Series B warrants exercised to purchase common shares, shares		1,400,195
Foreign currency translation loss					(262,032)		(262,032)
Net loss				(3,127,813)		(14,854)	(3,142,667)
Balance, Ending at Mar. 31, 2021	$ 30,000	$ 118,813	$ 38,440,097	$ (22,016,804)	$ (642,695)	$ (53,995)	$ 15,875,416
Balance, Ending, shares at Mar. 31, 2021	3,000,000	11,881,322

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (6,209,971)	$ (2,728,970)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on foreign currency translations (net)	(270,333)
Loss on investment in affiliate	135,692
Amortization of debt discount and issuance costs		2,359
Contingent beneficial conversion feature on convertible notes	905,948
Changes in operating assets and liabilities:
Other receivables		118,056
Other current assets	(2,275,327)	94,274
Other non-current assets	(866,667)
Accounts payable	680,922	(403,305)
Accounts payable - related party	(1,732,058)	2,223,993
Other long-term liabilities	18,128
Net cash used in operating activities	(9,613,666)	(693,593)
Cash flows from investing activities:
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from issuance of warrants	3,812
Proceeds from warrant holders for common shares	508,300
Proceeds from issuance of preferred stock	3,294,745	648,750
Proceeds from initial public offering	21,600,013
Payment of equity issuance costs	(2,003,952)	(116,402)
Net cash provided by financing activities	23,402,918	532,348
Effect of foreign exchange rates on cash and cash equivalents	45,097	(18,624)
Increase in cash and cash equivalents	13,834,349	(179,869)
Cash and cash equivalents, beginning of period	427,273	197,940
Cash and cash equivalents, end of period	14,261,622	18,071
Non-cash investing and financing activities
Reclassification of deferred charges to additional paid in capital upon completion of initial public offering	1,863,613
Conversion of notes to common shares at initial public offering	5,133,706
Conversion of preferred shares into common shares	28,102
Supplemental disclosure of cash flow information:
Cash paid for income taxes
Cash paid for interest	$ 185,301	$ 249,627

Organization and Description of

Organization and Description of the Business	9 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	NOTE 1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS GBS Inc. and its wholly owned subsidiary, GBS Operations Inc. were formed on December 5, 2016 under the laws of the state of Delaware. Glucose Biosensor Systems (Greater China) Pty Ltd (“GBSPL”) was formed on August 4, 2016 under the laws of New South Wales, Australia and was renamed to GBS (APAC) Pty Ltd on October 14, 2020. Glucose Biosensor Systems (Japan) Pty Ltd and GBS (APAC) Pty Ltd were formed under the laws of New South Wales, Australia on February 22, 2017 and February 23, 2017 respectively. These companies (collectively, the “Company” or “Group”) were formed to provide a non-invasive, pain free innovation to make it easier for people to manage diabetes using the Company’s Saliva Glucose Biosensor (“SGB” and, together with the software app that interfaces the SGB with the Company’s digital information system, the “SGT”). GBS Inc. is a 48.7% owned (by voting rights) affiliate of Life Science Biosensor Diagnostics Pty Ltd (“LSBD”), an Australian company that owns the worldwide intellectual property rights to the biosensor platform from University of Newcastle, Australia. LSBD has licensed to the Company that technology to introduce and launch the platform in the Asia-Pacific Region (“APAC”). The Company will commence this process with the SGT. On May 29, 2020 a research agreement was executed between LSBD and the Wyss Institute for Biologically Inspired Engineering at Harvard University (Wyss). The Company is not a legal party to the agreement but is expecting to derive a benefit through the Technology Transfer Agreement executed with LSBD and the Company on June 23, 2020, further details which are provided below. The Company has transferred biosensors (research materials) to the Wyss Institute where its research and development scientists have commenced a pilot research program. Since the biosensor architecture is complete and given the pre-existing plans to develop immunology diagnostic tests, it is therefore relatively straightforward and expeditious to develop the SARS-CoV-2 test. SARS-CoV-2 antibody testing in saliva can play a critically important role in large-scale ‘sero’-surveillance to address key public health priorities and guide policy and decision-making for COVID-19. It is anticipated that FDA review will be under the Emergency Use Authorization program, which means expedited time to market. On June 23, 2020, the Company entered into a Technology Transfer Agreement global license with LSBD. The significant terms of the license agreement are: ● The Company has the exclusive worldwide rights to a biosensor strip for antibodies against SARS-CoV-2 and associated application for reading devices to: ○ act as the authorized party for the purpose of processing the application of, and obtaining any, regulatory approval for the Licensed Product, including being authorized to process the approval for an investigational device required for the purpose of carrying out clinical studies; ○ manufacture, promote, market, import, offer, sell, and distribute the Licensed Products; ○ provide reasonable customer support services on the use of the Licensed Products to end users of, and health care practitioners referring end users to, the Licensed Products; ○ use the Licensed Products only for the purposes identified and permitted pursuant to regulatory approval; and ○ collect data acquired from the Licensed Products ● The royalty rate is 13%, based upon mutually agreed sales projections on the net sales of the commercial units and dedicated reading devices. This serves as the minimum royalty and falls to 3% at the expiry of the relevant patent(s) ● Each additional year, the sales upon which the minimum royalty is calculated on is increased by the mutually agreed Expected Market Growth rate plus an Additional Growth Percentage rate up to 7% annually. The Additional Growth Percentage Rate is calculated and applied for 10 years ● In the event of a dispute, in relation to the expected market growth or additional percentage, the agreement provides for a dispute resolution by an independent third party. There are no milestone payments. Initial public offering On December 28, 2020, the Company closed its initial public offering (“IPO”) and sold 1,270,589 units, consisting of (a) one share of the Company’s common stock (or, at the purchaser’s election, one share of Series B Convertible Preferred Stock), (b) one Series A warrant (the “Series A Warrants”) to purchase one share of the Company’s common stock at an exercise price equal to $8.50 per share, exercisable until the fifth anniversary of the issuance date, and (c) one Series B warrant (the “Series B Warrants”) to purchase one share of the Company’s common stock at an exercise price equal to $17.00 per share, exercisable until the fifth anniversary of the issuance date and subject to certain adjustment and cashless exercise provisions. The public offering price of the shares sold in the IPO was $17.00 per unit. In aggregate, the units issued in the offering generated $17,732,448 in net proceeds, which amount is net of $1,714,001 in underwriters’ discount and commissions, and $2,153,564 in offering costs. Offering costs include underwriters’ warrants to acquire up to 63,529 shares with an exercise price of $18.70 per share, exercisable until the fifth anniversary of the issuance date. The Company also issued to the underwriter an option, exercisable one or more times in whole or in part. If, and to the extent, the Over Allotment Option was exercised, the underwriter may purchase up to 190,588 additional shares of common stock and/or Series A Warrants to purchase up to an aggregate of 190,588 shares of common stock and/or Series B Warrants to purchase up to an aggregate of 190,588 shares of common stock, in any combinations thereof, from us at the public offering price per security, less the underwriting discounts and commissions, for 45 days after the date of the IPO to cover over-allotments, if any (the “Over-Allotment Option”). Upon the closing of the IPO, all shares of preferred stock then outstanding were automatically converted into 2,810,190 shares of common stock, and all convertible notes then outstanding were automatically converted into 710,548 shares of common stock. Pre-IPO preferred shareholders were issued warrants following the Company’s completed IPO, that allow the holder to acquire 2,736,675 shares of common stock at the IPO price during year two through to year three following the completion of the IPO. At exercise date, the shareholder must hold, for each warrant to be exercised, the underlying common share to exercise the warrant. The warrants are not transferable and apply to the number of shares that were subscribed for.

Liquidity

Liquidity	9 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity	NOTE 2. LIQUIDITY The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements - Going Concern The Company is an emerging growth company and has not generated any revenues to date. As such, the Company is subject to all of the risks associated with emerging growth companies. Since inception, the Company has incurred losses and negative cash flows from operating activities. The Company does not expect to generate positive cash flows from operating activities in the near future until such time, if at all, the Company completes the development process of its products, including regulatory approvals, and thereafter, begins to commercialize and achieve substantial acceptance in the marketplace for the first of a series of products in its medical device portfolio. The Company incurred a net loss of $6,209,971 for the nine months ended March 31, 2021 (Net loss $2,728,970 for the nine months ended March 31, 2020). As at March 31, 2021, the Company has shareholders’ equity of $15,875,416, working capital of $15,026,877, and an accumulated deficit of $(22,016,804). On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (the “WHO”) declared the novel coronavirus disease 2019 (“COVID-19”) outbreak a public health emergency of international concern and on March 12, 2020 the WHO announced the outbreak was a pandemic. The COVID-19 pandemic is having a negative impact on global markets and business activity, which has had a limited impact on our core business operations. However, due to the nature of our platform technology we are able to quickly adapt to this rapidly evolving environment. As part of the immunology modality of the biosensor platform, LSBD executed an agreement on May 29, 2020 with the Wyss Institute for Biologically Inspired Engineering at Harvard University to use the biosensor platform to develop a COVID-19 rapid diagnostic test. The Company has the rights to the technology from this agreement under a Technology Transfer Agreement global license with LSBD entered into on June 23, 2020. GBS Inc. is the global licensee and intends to commercialize COVID-19 diagnostic tests across the US, Europe, APAC and the rest of the world through appropriately qualified distributors. In the near future, the Company anticipates incurring operating losses and does not expect to experience positive cash flows from operating activities and may continue to incur operating losses until it completes the development of its products and seeks regulatory approvals to market such products. The Company’s consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities should the Company be unable to continue as a going concern. As a result of the Company’s initial public offering (see Note 1), the Company believes it has sufficient working capital to finance its operations for the next twelve months as such these consolidated financial statements are prepared on the going concern basis.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“ These condensed consolidated financial statements have been derived from, and should be read in conjunction with, the Company’s audited consolidated financial statements and notes thereto as of and for the year ended June 30, 2020 included in the Company’s Registration Statement on Form S-1, File No. 333-252277 on file with the U.S. Securities and Exchange Commission (the “SEC”). There have not been any significant changes to the Company’s significant accounting policies during the nine months ended March 31, 2021. Use of estimates The preparation of consolidated financial statements in conformity with 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 revenue and expenses during the reporting period. Actual results could materially differ from those estimates. Reclassifications Certain reclassifications have been made to prior periods to conform to current period presentation as described below. In the comparative period (FY 2020), management determined that certain transactions involving the issuance of shares of its subsidiary that occurred during the prior year should have resulted in an adjustment to non-controlling interest (“NCI”) and Additional Paid-in-Capital (“APIC”) to reflect the difference between the fair value of the consideration received and the book value of NCI involving these changes in ownership. As a result, the Company increased its prior year APIC with an offsetting reduction to NCI of $637,056. Management concluded that this reclassification was not meaningful to the Company’s financial position for the prior year, and as such, this change was recorded in the consolidated balance sheets and statements of shareholder’s equity in the first quarter of the comparative period (FY 2020) as an out-of-period adjustment. For the three months ended March 31, 2020, amounts presented in the income statement reflect the difference between the nine months ended March 31, 2020 and the previously reported six months ended December 31, 2019 (Form 10Q for the quarter ended December 31, 2019). These quarterly balances was mainly impacted by a reclassification of $268,457 in overhead reimbursements that has been reclassified from other income to general and administrative expenses for comparative reasons. The Company currently does not generate any revenue. The foreign currency translation gain was also adjusted by $165,230 to total operating expenses for the same reason. Revenue recognition Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by delivering the promised goods or service deliverables to the customers. A good or service deliverable is transferred to a customer when, or as, the customer obtains control of that good or service deliverable. Foreign currency translation Assets and liabilities of foreign subsidiaries are translated from local (functional) currency to reporting currency (U.S. dollar) at the rate of exchange in effect on the consolidated balance sheets date; income and expenses are translated at the average rate of exchange prevailing during the year. The functional currency of GBS Inc. is the United States dollar. Foreign currency movements resulted in a gain/(loss) of ($262,032) and ($278,744) for the three and nine months ended March 31, 2021, respectively and $100,921 and ($28,129) for the three and nine months ended March 31, 2020, respectively. Income taxes In accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 740, Income Taxes As of March 31, 2021, the Company had no uncertain tax positions that qualified for either recognition or disclosure in the consolidated financial statements. Additionally, the Company had no interest and penalties related to income taxes. The Company accounts for current and deferred income taxes and, when appropriate, deferred tax assets and liabilities are recorded with respect to temporary differences in the accounting treatment of items for financial reporting purposes and for income tax purposes. Where, based on the weight of all available evidence, it is more likely than not that some amount of the recorded deferred tax assets will not be realized, a valuation allowance is established for that amount that, in management’s judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. Debt issuance cost Debt issuance costs are amortized using the effective interest rate method over the term of the loan and the amortization expense is recorded as part of interest expense of the consolidated statements of operations. Licensing rights During the first quarter of the fiscal year ended June 30 2020, the Company purchased the license right procurement assets from LSBD for an amount of $976,308 (June 30, 2019: $ nil) in relation to the development and approval process for the Glucose Biosensor Technology. The Company recorded the license at the historical carrying value in the books of LSBD which was $ nil and recorded the amount paid as a deemed dividend. The Company has agreed to pay royalties of sales & milestones payments as defined. On July 3, 2019, the Company entered into an amended and restated license agreement. There is no set expiration date for the license. However, the exclusivity of the license granted under the license agreement runs until the expiration of the patent portfolio covered by the agreement which is currently until 2033. No royalties have been incurred through to March 31, 2021 (March 31, 2020: $ nil). On March 31, 2021, GBS entered into an agreement with LSBD to provide GBS an option to acquire an exclusive license to use LSBD’s intellectual property in the Saliva Glucose Biosensor in North America (the “Option Agreement”). The Option Agreement has a term of two years and the exercise price for the option is $5 million. The fee of $0.5 million incurred for the option has been recognized as an expense and included within ‘Development and regulatory approval expenses in the consolidated statements of operations. Research and development costs During the quarter ended March 31, 2021, the Company contributed a total of $2,600,000 towards budgeted development and commercialization costs to be incurred by BiosensX (North America) Inc. in which the Company has a 50% interest. This represents the Company’s contribution towards budgeted development and commercialization costs included in total costs budgeted in the Form S-1. This funding relates to the development and preparation for submission of the Saliva Glucose Biosensor connected with regulatory approval for the U.S market by the U.S Food & Drug Administration. This amount is recognized as a prepayment and will be expensed as incurred over an estimated 18 month period in which the costs are expected to be incurred. Net loss per share attributable to common shareholders (“EPS”) The Company calculates earnings per share attributable to common shareholders in accordance with ASC Topic 260, Earning Per Share Potentially dilutive common shares shall be calculated in accordance with the treasury share method, which assumes that proceeds from the exercise of all warrants are used to repurchase common share at market value. The number of shares remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities. As the Company has incurred net losses in all periods, certain potentially dilutive securities, including convertible preferred stock, warrants to acquire common stock, and convertible notes payable have been excluded in the computation of diluted loss per share as the effects are antidilutive. Recently issued but not yet effective accounting pronouncements As the Company is an emerging growth company, it has elected to defer the adoption of new accounting pronouncements until they would apply to private companies. In August 2020, the FASB issued ASU 2020-06, which simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that is within the scope of ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and treasury stock method will be no longer available. ASU 2020-06 is applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company does not intend to early adopt and continues to evaluate the impact of the provisions of ASU 2020-06 on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). This update requires all leases with a term greater than 12 months to be recognized on the balance sheet through a right-of-use asset and a lease liability and the disclosure of key information pertaining to leasing arrangements. This new guidance is effective for fiscal years beginning after December 15, 2021, and interim period within fiscal years beginning after December 15, 2022 as amended by ASU 2020-05 with early adoption permitted. The Company has not early adopted the standard and continues to evaluate the impact. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects of the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company has not early adopted the standard and continues to evaluate the impact. Concentration of credit risk The Company places its cash and cash equivalents, which may at times be in excess of the Australia Financial Claims Scheme or the United States’ Federal Deposit Insurance Corporation insurance limits, with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution. Related parties The Company has related party transactions with LSBD. See Notes 7 and 8. Fair value of financial instruments The carrying value of financial instruments classified as current assets and current liabilities approximate fair value due to their liquidity and short-term nature.

Other Assets

Other Assets	9 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	NOTE 4. OTHER ASSETS Other current assets consist of the following: March 31, 2021 June 30, 2020 Goods and services tax receivable $ 89,566 $ 7,509 Prepayments 2,227,221 29,469 Other receivables 7,602 12,084 Total $ 2,324,389 $ 49,062 During the three months ended March 31, 2021, the Company made $2,600,000 in prepayments relating to research and development contributions. Of the total prepayments, $866,667 was recorded as a non-current asset as of March 31, 2021 based on the expected outflow of the budgeted research and development costs.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	NOTE 5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES March 31, 2021 June 30, 2020 Accounts and other payables $ 1,355,530 $ 483,576 Accruals 41,810 56,894 Related party payables 37,235 1,769,293 Employee liabilities (current and non-current) 142,687 246,999 Total $ 1,577,262 $ 2,556,762

Convertible Notes Payable

Convertible Notes Payable	9 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Convertible Notes Payable	NOTE 6 CONVERTIBLE NOTES PAYABLE The Company’s previously outstanding notes mandatorily converted, at a conversion price equal to 85% of 50% of the unit offering price of the IPO (or $7.23), for an aggregate of 710,548 shares based on $5,133,706 of principal and zero accrued interest outstanding at the date of conversion. The convertible notes had a contingent Beneficial Conversion Features (BCF), with the contingency being the event of IPO. As such, a financing cost of $905,948 was recognized as interest expense in the consolidated statements of operations and other comprehensive loss in relation to this contingent BCF during the nine months ended March 31, 2021.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Shareholders' Equity	NOTE 7. SHAREHOLDERS’ EQUITY December 2020 Transactions On December 14, 2020, the Company agreed to issue to LSBD, in consideration of LSBD’s contribution towards the research and development of applications other than glucose and COVID-19 applications to a maximum of $2 million over a 5-year period, a 5-year non-transferable warrant to purchase 3,000,000 shares of the Company’s common stock at the exercise price of $17.00 per share. As this was a transaction between entities under common control, the $2 million receivable due from LSBD has been recognized as contra-equity. On December 18, 2020, the Company entered into an Exchange Agreement (the “EA”) with LSBD to exchange 3,000,000 shares of its common stock held by LSBD for 3,000,000 shares of the Company’s Series B Convertible Preferred Stock (the “Exchange”). In addition, the parties to the Exchange Agreement entered into a Registration Rights Agreement (the “RRA”) pursuant to which the Company agreed to prepare and file within 30 days following the closing of the IPO with the Securities and Exchange Commission a registration statement to register for resale the shares of Common Stock issuable upon conversion of the Series B Convertible Preferred Stock. If and to the extent the Company fails to, among other things, file such resale registration statement or have it declared effective as required under the terms of the RRA, the Company will be required to pay to the holder of such registration rights partial liquidated damages payable in cash in the amount equal to the product of 1.0% multiplied by the aggregate purchase price paid by such holder pursuant to the EA. The EA and the RRA contain customary representations, warranties, agreements and, indemnification rights and obligations of the parties. The common stock acquired in the Exchange was immediately retired. Each share of Series B Convertible Preferred Stock is convertible into 1 share of the Company’s common stock, subject to proportional adjustment and beneficial ownership limitations. In the event of the Company’s liquidation, dissolution or winding up, holders of Series B Convertible Preferred Stock will participate pari passu with any distribution of proceeds to holders of the Company’s common stock. Holders of Series B Convertible Preferred Stock are entitled to receive dividends on shares of Series B Preferred equal (on an as converted to common stock basis) to and in the same form as dividends actually paid on the Company’s common stock. Shares of Series B Convertible Preferred Stock generally have no voting rights, except as required by law. Initial public offering In December 2020, the Company completed its initial public offering. For further details refer to Note 1. March 2021 Transactions During the quarter ended March 31, 2021, Series A and Series B warrants held by certain shareholders were exercised. Each warrant is convertible into 1 share of the Company’s common stock. A total of 58,600 Series A warrants and 1,400,195 Series B warrants were exercised and converted into common stock.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	NOTE 8. RELATED-PARTY TRANSACTIONS The Company completed certain financing transactions with LSBD as described in Note 7. Sales to and purchases from related parties are made in arm’s length transactions both at normal market prices and on normal commercial terms. The following transactions also occurred with LSBD during the period July 1, 2020 to March 31, 2021 (FY2020: July 1, 2019 to March 31, 2020): The Company incurred a total of $23,523 (FY2020: $541,023) towards the services in connection with development and regulatory approval pathway for the technology, including payments made or expenses incurred on behalf of the Company. The Company incurred a total of $nil (FY2020: $447,440) towards overhead cost reimbursement which includes salaries, rents and other related overheads directly attributable to the Company which are included in general and administration expenses. The Company recognized income of $nil (FY2020: $119,744) in relation to shared labour reimbursement which includes salaries directly attributable to the Company which are included in shared-services revenue. On March 31, 2021, GBS entered into an Option Agreement with LSBD to provide GBS the option to acquire an exclusive license for LSBD’s intellectual property. A fee of $500,000 was paid to acquire this option. For further details refer to Note 3. During the quarter ended March 31, 2021, the Company contributed a total of $2,600,000 towards budgeted development and commercialization costs to be incurred by BiosensX (North America) Inc. relating to the development and preparation for submission of the Saliva Glucose Biosensor connected with regulatory approval for the U.S market by the U.S Food & Drug Administration. For further details refer to Note 3.

Investment in Affiliate

Investment in Affiliate	9 Months Ended
	Mar. 31, 2021
Investments in and Advances to Affiliates [Abstract]
Investment in Affiliate	NOTE 9. INVESTMENT IN AFFILIATE On May 29, 2020 LSBD, issued 14,000,000 common shares of BiosensX (North America) Inc. to the Company at par value of $0.001 per share. This transaction provided the Company with a 50% interest in BiosensX (North America) Inc., the holder of the technology license for the North America region. The investment in BiosensX (North America) Inc. is accounted for by use of the equity method in accordance with ASC 323 Investments - Equity Method and Joint Ventures At the date of this transaction, LSBD was the parent of both the Company and BiosensX (North America) Inc., the transfer of BiosensX shares to the Company was deemed to be a common control transaction. As a result of the share transfer, the Company has significant influence over BiosensX (North America) Inc. but in accordance with ASC 810 Consolidation As of March 31, 2021, LSBD holds 48.7% of common Stock of GBS Inc. and therefore still has control over BiosensX (North America) Inc. The following table summarizes the amount recorded in the consolidated financial statements: March 31, 2021 June 30, 2020 Investment value $ 135,692 $ 14,000 (Loss) income from the affiliate (135,692 ) 121,692 Carrying amount $ - $ 135,692

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 10. COMMITMENTS AND CONTINGENCIES On January 5, 2021, the Company entered into a certain Research Collaboration Agreement with Harvard College for the purposes of facilitating mutual collaboration in scientific research in connection with the Company’s non-exclusive royalty free license to combat COVID-19 coronavirus. The contemplated collaboration includes research teams from the Company and Harvard and will include, among others, exchange of materials and research data, to now progress with the milestone of integrating the Harvard technology with the Company’s biosensor with applications for SARS-Cov-2 antibody test for COVID-19. The Company agreed to pay Harvard a total amount of $609,375 payable in 3 instalments of which $304,686 remains payable as of March 31, 2021. On January 21, 2021, the Company entered into a sponsored research agreement with Johns Hopkins Bloomberg School of Public Health to accelerate the development of next-generation saliva-based diagnostic tests. The Company is collaborating with the Bloomberg School of Public Health to optimise the collection of saliva and monitoring of diverse biomarkers across a number of modalities including clinical chemistry and infectious diseases. Johns Hopkins intend to utilise biosensor products to conduct in-field epidemiological studies. The Company agreed to pay Johns Hopkins a total amount of $423,589 as a part of this sponsored research agreement of which all remains payable as of March 31, 2021. The Company has no other material future minimum lease commitments or purchase commitments. From time to time, the Company may become a party to various legal proceedings arising in the ordinary course of business. Based on information currently available, the Company is not involved in any pending or threatened legal proceedings that it believes could reasonably be expected to have a material adverse effect on its financial condition, results of operations or liquidity. However, legal matters are inherently uncertain, and the Company cannot guarantee that the outcome of any potential legal matter will be favorable to the Company.

Loss Per Share

Loss Per Share	9 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Loss Per Share	NOTE 11. LOSS PER SHARE Basic loss per common share is computed by dividing net loss allocable to common stockholders by the weighted average number of shares of common stock or common stock equivalents outstanding. Diluted loss per common share is computed similar to basic loss per common share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. Three Months Ended Nine Months Ended March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Net loss attributable to GBS, Inc. $ (3,127,813 ) $ (112,592 ) $ (6,184,287 ) $ (2,706,760 ) Basic and diluted net loss per share attributed to common shareholders $ (0.27 ) $ (0.01 ) $ (0.64 ) $ (0.32 ) Weighted-average number of ordinary shares 11,795,741 8,510,000 9,667,399 8,510,000 The following outstanding warrants, options and preferred shares were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended Nine Months Ended March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Warrants - Series A 1,401,377 - 1,401,377 - Warrants - Series B 60,982 - 60,982 - Warrants issued to underwriters 63,529 - 63,529 - Pre IPO warrants 2,736,675 2,250,376 2,736,675 2,250,376 Warrants issued to parent entity 3,000,000 - 3,000,000 - Preferred stock - Series A - 2,323,891 - 2,323,891 Preferred stock - Series B 3,000,000 - 3,000,000 -

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 12. SUBSEQUENT EVENTS Subsequent to March 31, 2021 and through to the date of this filing, a total of 500,000 Series B Convertible Preferred Stock was converted into common stock. Each share of Series B Convertible Preferred Stock is convertible into 1 share of the Company’s common stock. Subsequent to March 31, 2021 and through to the date of this filing, a total of 800 Series B Warrants were exercised to purchase one Common Stock per Warrant in a cashless exercise provision as described in Company’s Registration Statement on Form S-1, File No. 333-252277 on file with the U.S. Securities and Exchange Commission (the “SEC”).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“ These condensed consolidated financial statements have been derived from, and should be read in conjunction with, the Company’s audited consolidated financial statements and notes thereto as of and for the year ended June 30, 2020 included in the Company’s Registration Statement on Form S-1, File No. 333-252277 on file with the U.S. Securities and Exchange Commission (the “SEC”). There have not been any significant changes to the Company’s significant accounting policies during the nine months ended March 31, 2021.
Use of Estimates	Use of estimates The preparation of consolidated financial statements in conformity with 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 revenue and expenses during the reporting period. Actual results could materially differ from those estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to prior periods to conform to current period presentation as described below. In the comparative period (FY 2020), management determined that certain transactions involving the issuance of shares of its subsidiary that occurred during the prior year should have resulted in an adjustment to non-controlling interest (“NCI”) and Additional Paid-in-Capital (“APIC”) to reflect the difference between the fair value of the consideration received and the book value of NCI involving these changes in ownership. As a result, the Company increased its prior year APIC with an offsetting reduction to NCI of $637,056. Management concluded that this reclassification was not meaningful to the Company’s financial position for the prior year, and as such, this change was recorded in the consolidated balance sheets and statements of shareholder’s equity in the first quarter of the comparative period (FY 2020) as an out-of-period adjustment. For the three months ended March 31, 2020, amounts presented in the income statement reflect the difference between the nine months ended March 31, 2020 and the previously reported six months ended December 31, 2019 (Form 10Q for the quarter ended December 31, 2019). These quarterly balances was mainly impacted by a reclassification of $268,457 in overhead reimbursements that has been reclassified from other income to general and administrative expenses for comparative reasons. The Company currently does not generate any revenue. The foreign currency translation gain was also adjusted by $165,230 to total operating expenses for the same reason.
Revenue Recognition	Revenue recognition Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by delivering the promised goods or service deliverables to the customers. A good or service deliverable is transferred to a customer when, or as, the customer obtains control of that good or service deliverable.
Foreign Currency Translation	Foreign currency translation Assets and liabilities of foreign subsidiaries are translated from local (functional) currency to reporting currency (U.S. dollar) at the rate of exchange in effect on the consolidated balance sheets date; income and expenses are translated at the average rate of exchange prevailing during the year. The functional currency of GBS Inc. is the United States dollar. Foreign currency movements resulted in a gain/(loss) of ($262,032) and ($278,744) for the three and nine months ended March 31, 2021, respectively and $100,921 and ($28,129) for the three and nine months ended March 31, 2020, respectively.
Income Taxes	Income taxes In accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 740, Income Taxes As of March 31, 2021, the Company had no uncertain tax positions that qualified for either recognition or disclosure in the consolidated financial statements. Additionally, the Company had no interest and penalties related to income taxes. The Company accounts for current and deferred income taxes and, when appropriate, deferred tax assets and liabilities are recorded with respect to temporary differences in the accounting treatment of items for financial reporting purposes and for income tax purposes. Where, based on the weight of all available evidence, it is more likely than not that some amount of the recorded deferred tax assets will not be realized, a valuation allowance is established for that amount that, in management’s judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized.
Debt Issuance Cost	Debt issuance cost Debt issuance costs are amortized using the effective interest rate method over the term of the loan and the amortization expense is recorded as part of interest expense of the consolidated statements of operations.
Licensing Rights	Licensing rights During the first quarter of the fiscal year ended June 30 2020, the Company purchased the license right procurement assets from LSBD for an amount of $976,308 (June 30, 2019: $ nil) in relation to the development and approval process for the Glucose Biosensor Technology. The Company recorded the license at the historical carrying value in the books of LSBD which was $ nil and recorded the amount paid as a deemed dividend. The Company has agreed to pay royalties of sales & milestones payments as defined. On July 3, 2019, the Company entered into an amended and restated license agreement. There is no set expiration date for the license. However, the exclusivity of the license granted under the license agreement runs until the expiration of the patent portfolio covered by the agreement which is currently until 2033. No royalties have been incurred through to March 31, 2021 (March 31, 2020: $ nil). On March 31, 2021, GBS entered into an agreement with LSBD to provide GBS an option to acquire an exclusive license to use LSBD’s intellectual property in the Saliva Glucose Biosensor in North America (the “Option Agreement”). The Option Agreement has a term of two years and the exercise price for the option is $5 million. The fee of $0.5 million incurred for the option has been recognized as an expense and included within ‘Development and regulatory approval expenses in the consolidated statements of operations.
Research and Development Costs	Research and development costs During the quarter ended March 31, 2021, the Company contributed a total of $2,600,000 towards budgeted development and commercialization costs to be incurred by BiosensX (North America) Inc. in which the Company has a 50% interest. This represents the Company’s contribution towards budgeted development and commercialization costs included in total costs budgeted in the Form S-1. This funding relates to the development and preparation for submission of the Saliva Glucose Biosensor connected with regulatory approval for the U.S market by the U.S Food & Drug Administration. This amount is recognized as a prepayment and will be expensed as incurred over an estimated 18 month period in which the costs are expected to be incurred.
Net Loss Per Share Attributable to Common Shareholders ("EPS")	Net loss per share attributable to common shareholders (“EPS”) The Company calculates earnings per share attributable to common shareholders in accordance with ASC Topic 260, Earning Per Share Potentially dilutive common shares shall be calculated in accordance with the treasury share method, which assumes that proceeds from the exercise of all warrants are used to repurchase common share at market value. The number of shares remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities. As the Company has incurred net losses in all periods, certain potentially dilutive securities, including convertible preferred stock, warrants to acquire common stock, and convertible notes payable have been excluded in the computation of diluted loss per share as the effects are antidilutive.
Recently Issued But Not Yet Effective Accounting Pronouncements	Recently issued but not yet effective accounting pronouncements As the Company is an emerging growth company, it has elected to defer the adoption of new accounting pronouncements until they would apply to private companies. In August 2020, the FASB issued ASU 2020-06, which simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that is within the scope of ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and treasury stock method will be no longer available. ASU 2020-06 is applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company does not intend to early adopt and continues to evaluate the impact of the provisions of ASU 2020-06 on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). This update requires all leases with a term greater than 12 months to be recognized on the balance sheet through a right-of-use asset and a lease liability and the disclosure of key information pertaining to leasing arrangements. This new guidance is effective for fiscal years beginning after December 15, 2021, and interim period within fiscal years beginning after December 15, 2022 as amended by ASU 2020-05 with early adoption permitted. The Company has not early adopted the standard and continues to evaluate the impact. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects of the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company has not early adopted the standard and continues to evaluate the impact.
Concentration of Credit Risk	Concentration of credit risk The Company places its cash and cash equivalents, which may at times be in excess of the Australia Financial Claims Scheme or the United States’ Federal Deposit Insurance Corporation insurance limits, with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution.
Related Parties	Related parties The Company has related party transactions with LSBD. See Notes 7 and 8.
Fair Value of Financial Instruments	Fair value of financial instruments The carrying value of financial instruments classified as current assets and current liabilities approximate fair value due to their liquidity and short-term nature.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Other current assets consist of the following: March 31, 2021 June 30, 2020 Goods and services tax receivable $ 89,566 $ 7,509 Prepayments 2,227,221 29,469 Other receivables 7,602 12,084 Total $ 2,324,389 $ 49,062

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	March 31, 2021 June 30, 2020 Accounts and other payables $ 1,355,530 $ 483,576 Accruals 41,810 56,894 Related party payables 37,235 1,769,293 Employee liabilities (current and non-current) 142,687 246,999 Total $ 1,577,262 $ 2,556,762

Investment in Affiliate (Tables

Investment in Affiliate (Tables)	9 Months Ended
	Mar. 31, 2021
Investments in and Advances to Affiliates [Abstract]
Summary of Amount Recorded in the Consolidated Financial Statements	The following table summarizes the amount recorded in the consolidated financial statements: March 31, 2021 June 30, 2020 Investment value $ 135,692 $ 14,000 (Loss) income from the affiliate (135,692 ) 121,692 Carrying amount $ - $ 135,692

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Basic Loss Per Common Share Potential Dilutive Securities	Three Months Ended Nine Months Ended March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Net loss attributable to GBS, Inc. $ (3,127,813 ) $ (112,592 ) $ (6,184,287 ) $ (2,706,760 ) Basic and diluted net loss per share attributed to common shareholders $ (0.27 ) $ (0.01 ) $ (0.64 ) $ (0.32 ) Weighted-average number of ordinary shares 11,795,741 8,510,000 9,667,399 8,510,000
Schedule of Anti-Dilutive Warrants	The following outstanding warrants, options and preferred shares were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended Nine Months Ended March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Warrants - Series A 1,401,377 - 1,401,377 - Warrants - Series B 60,982 - 60,982 - Warrants issued to underwriters 63,529 - 63,529 - Pre IPO warrants 2,736,675 2,250,376 2,736,675 2,250,376 Warrants issued to parent entity 3,000,000 - 3,000,000 - Preferred stock - Series A - 2,323,891 - 2,323,891 Preferred stock - Series B 3,000,000 - 3,000,000 -

Organization and Description _2

Organization and Description of the Business (Details Narrative) - USD ($)	Dec. 28, 2020	Jun. 23, 2020	Mar. 31, 2021	Mar. 31, 2020	May 29, 2020
Ownership percentage			50.00%
Proceeds from issuance of ipo	$ 17,732,448		$ 21,600,013
IPO [Member]
Number of shares sold	1,270,589
Payment of underwriters' discount and commissions	$ 1,714,001
Payment of offering costs	$ 2,153,564
IPO [Member] | Common Stock [Member]
Sale of stock, price per share	$ 17
Preferred stock converted	2,810,190
Convertible note converted	710,548
IPO [Member] | Common Stock [Member] | Year Two [Member]
Number of shares sold	2,736,675
IPO [Member] | Common Stock [Member] | Year Three [Member]
Number of shares sold	2,736,675
IPO [Member] | Common Stock [Member] | Underwriter Option [Member]
Number of shares called by warrants	63,529
Exercise price	$ 18.70
IPO [Member] | Common Stock [Member] | Underwriter Option [Member] | Series A Warrants [Member]
Number of shares called by warrants	190,588
IPO [Member] | Common Stock [Member] | Underwriter Option [Member] | Series B Warrants [Member]
Number of shares called by warrants	190,588
IPO [Member] | Additional Common Stock [Member] | Underwriter Option [Member]
Number of shares called by warrants	190,588
IPO [Member] | Series B Convertible Preferred Stock and Series A Warrant [Member] | Common Stock [Member]
Sale of stock, price per share	$ 8.50
IPO [Member] | Series B Warrant [Member] | Common Stock [Member]
Sale of stock, price per share	$ 17
Life Science Biosensor Diagnostics Pty Ltd [Member]
Ownership percentage					50.00%
Technology Transfer Agreement Global License [Member] | Life Science Biosensor Diagnostics Pty Ltd [Member]
Royalty rate		13.00%
Expected growth percentage term		10 years
Technology Transfer Agreement Global License [Member] | Life Science Biosensor Diagnostics Pty Ltd [Member] | Minimum [Member]
Royalty rate		3.00%
Technology Transfer Agreement Global License [Member] | Life Science Biosensor Diagnostics Pty Ltd [Member] | Maximum [Member]
Expected growth percentage including additional growth percentage		7.00%
Life Science Biosensor Diagnostics Pty Ltd [Member]
Ownership percentage			48.70%

Liquidity (Details Narrative)

Liquidity (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (3,142,667)	$ (1,990,389)	$ (1,076,915)	$ (111,107)	$ (1,853,033)	$ (764,830)	$ (6,209,971)	$ (2,728,970)
Shareholders' equity	15,875,416	$ 18,782,015	$ (3,047,566)	$ (5,884,394)	$ (5,874,208)	$ (3,887,891)	15,875,416	$ (5,884,394)	$ (5,214,828)	$ (3,977,139)
Working capital	15,026,877						15,026,877
Accumulated deficit	$ (22,016,804)						$ (22,016,804)		$ (15,832,517)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	May 29, 2020
Reduction in non controlling interest			$ 637,056
Foreign currency movements gain/(loss)	$ 262,032	$ 100,921	(270,333)
Purchase of license right					$ 976,308
Royalties
Development and regulatory approval expenses	$ 2,156,316	$ (58,825)	$ 2,529,074	$ 541,023
Equity interest percentage	50.00%		50.00%
BiosensX [Member]
Development and regulatory approval expenses			$ 2,600,000
Equity interest percentage	48.70%		48.70%
Life Science Biosensor Diagnostics Pty Ltd [Member]
Development and regulatory approval expenses			$ 500,000
Equity interest percentage							50.00%
Option Agreement [Member]
Share based compensation option term			2 years
Share based compensation exercise price option	$ 5,000,000		$ 5,000,000
Revenue [Member]
Foreign currency movements gain/(loss)			165,230
General and Administrative Expenses [Member]
Reimbursements expenses			$ 268,457

Other Assets (Details Narrative

Other Assets (Details Narrative) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Prepayments	$ 2,227,221	$ 29,469
Research and Development Expense [Member]
Prepayments	2,600,000
Prepayments non-current asset	$ 866,667

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Current Assets (Details) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Goods and services tax receivable	$ 89,566	$ 7,509
Prepayments	2,227,221	29,469
Other receivables	7,602	12,084
Total	$ 2,324,389	$ 49,062

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Payables and Accruals [Abstract]
Accounts and other payables	$ 1,355,530	$ 483,576
Accruals	41,810	56,894
Related party payables	37,235	1,769,293
Employee liabilities (current and non-current)	142,687	246,999
Total	$ 1,577,262	$ 2,556,762

Convertible Notes Payable (Deta

Convertible Notes Payable (Details Narrative) - Convertible Note [Member] - Glucose Biosensor Systems [Member]	9 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Debt conversion price | $ / shares	$ 7.23
Debt conversion number of shares converted | shares	710,548
Debt conversion converted amount	$ 5,133,706
Debt accrued interest	0
Financing cost	$ 905,948
Maximum [Member]
Debt conversion price percentage	0.85
Minimum [Member]
Debt conversion price percentage	0.50

Shareholders' Equity (Details N

Shareholders' Equity (Details Narrative) - USD ($)	Dec. 18, 2020	Dec. 14, 2020	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Series A and Series B Warrants [Member]
Conversion of convertible securities				1
Series A Warrant [Member]
Conversion of convertible securities					58,600
Series B Warrant [Member]
Conversion of convertible securities				1,400,195
Common Stock [Member]
Conversion of convertible securities			710,548
Life Science Biosensor Diagnostics Pty Ltd [Member]
Consideration period		5 years
Life Science Biosensor Diagnostics Pty Ltd [Member] | Exchange Agreement [Member]
Conversion of stock description	In addition, the parties to the Exchange Agreement entered into a Registration Rights Agreement (the "RRA") pursuant to which the Company agreed to prepare and file within 30 days following the closing of the IPO with the Securities and Exchange Commission a registration statement to register for resale the shares of Common Stock issuable upon conversion of the Series B Convertible Preferred Stock. If and to the extent the Company fails to, among other things, file such resale registration statement or have it declared effective as required under the terms of the RRA, the Company will be required to pay to the holder of such registration rights partial liquidated damages payable in cash in the amount equal to the product of 1.0% multiplied by the aggregate purchase price paid by such holder pursuant to the EA. The EA and the RRA contain customary representations, warranties, agreements and, indemnification rights and obligations of the parties. The common stock acquired in the Exchange was immediately retired. Each share of Series B Convertible Preferred Stock is convertible into 1 share of the Company's common stock, subject to proportional adjustment and beneficial ownership limitations.
Life Science Biosensor Diagnostics Pty Ltd [Member] | Exchange Agreement [Member] | Series B Convertible Preferred Stock [Member]
Number of shares on exchange	3,000,000
Life Science Biosensor Diagnostics Pty Ltd [Member] | Common Stock [Member] | Exchange Agreement [Member]
Shares issued upon conversion	3,000,000
Life Science Biosensor Diagnostics Pty Ltd [Member] | 5 Year Non-Transferrable Warrant [Member] | Common Stock [Member]
Number of warrant to purchase common stock		3,000,000
Exercise price		$ 17
Life Science Biosensor Diagnostics Pty Ltd [Member] | Maximum [Member]
Consideration contributed towards research and development expense		$ 2,000,000

Related-Party Transactions (Det

Related-Party Transactions (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Development and regulatory approval expenses	$ 2,156,316	$ (58,825)	$ 2,529,074	$ 541,023
BiosensX [Member]
Development and regulatory approval expenses			2,600,000
Life Science Biosensor Diagnostics Pty Ltd [Member]
Due to related party towards the services in connection with development	23,523	541,023	23,523	541,023
Due to related party towards overhead cost reimbursement which includes salaries, rents and other related overheads		447,440		447,440
Due from related party in relation to shared labor reimbursement		$ 119,744		$ 119,744
Development and regulatory approval expenses			$ 500,000

Investment in Affiliate (Detail

Investment in Affiliate (Details Narrative) - $ / shares	May 29, 2020	Mar. 31, 2021	Jun. 30, 2020
Common stock, shares, issued		11,881,322	8,630,000
Common stock price per share		$ 0.01	$ 0.01
Equity interest percentage		50.00%
BiosensX [Member]
Equity interest percentage		48.70%
Life Science Biosensor Diagnostics Pty Ltd [Member]
Equity interest percentage	50.00%
Life Science Biosensor Diagnostics Pty Ltd [Member] | BiosensX [Member]
Common stock, shares, issued	14,000,000
Common stock price per share	$ 0.001
Equity method investment, description	At the date of this transaction, LSBD was the parent of both the Company and BiosensX (North America) Inc., the transfer of BiosensX shares to the Company was deemed to be a common control transaction. As a result of the share transfer, the Company has significant influence over BiosensX (North America) Inc. but in accordance with ASC 810 Consolidation LSBD is deemed to have control over BiosensX (North America) Inc. due to its direct ownership of 50% in BiosensX (North America) Inc. and indirect ownership of 50% in BiosensX (North America) Inc. through GBS Inc.

Investment in Affiliate - Summa

Investment in Affiliate - Summary of Amount Recorded in the Consolidated Financial Statements (Details) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Investments in and Advances to Affiliates [Abstract]
Investment value	$ 135,692	$ 14,000
(Loss) income from the affiliate	(135,692)	121,692
Carrying amount		$ 135,692

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($)	Mar. 31, 2021	Jan. 21, 2021	Jan. 05, 2021
Future minimum lease commitments
Purchase commitments
Harvard College [Member]
Milestone payable			$ 609,375
Harvard College [Member] | Research Collaboration Agreement [Member] | Receipt of Initial Invoice [Member]
Milestone payable			$ 304,686
Johns Hopkins Bloomberg School [Member] | Sponsored Research Agreement [Member]
Milestone payable		$ 423,589

Loss Per Share - Schedule of Ba

Loss Per Share - Schedule of Basic Loss Per Common Share Potential Dilutive Securities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net loss attributable to GBS, Inc.	$ (3,127,813)	$ (112,592)	$ (6,184,287)	$ (2,706,760)
Basic and diluted net loss per share attributed to common shareholders	$ (0.27)	$ (0.01)	$ (0.64)	$ (0.32)
Weighted-average number of ordinary shares	11,795,741	8,510,000	9,667,399	8,510,000

Loss Per Share - Schedule of An

Loss Per Share - Schedule of Anti-Dilutive Warrants (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Warrants - Series A [Member]
Antidilutive securities excluded from computation of earnings per share, amount	1,401,377		1,401,377
Warrants - Series B [Member]
Antidilutive securities excluded from computation of earnings per share, amount	60,982		60,982
Warrants Issued to Underwriters [Member]
Antidilutive securities excluded from computation of earnings per share, amount	63,529		63,529
Pre IPO Warrants [Member]
Antidilutive securities excluded from computation of earnings per share, amount	2,736,675	2,250,376	2,736,675	2,250,376
Warrant [Member]
Antidilutive securities excluded from computation of earnings per share, amount	3,000,000		3,000,000
Preferred Stock - Series A [Member]
Antidilutive securities excluded from computation of earnings per share, amount		2,323,891		2,323,891
Preferred Stock - Series B [Member]
Antidilutive securities excluded from computation of earnings per share, amount	3,000,000		3,000,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member]	May 12, 2021shares
Series B Convertible Preferred Stock [Member]
Conversion of common stock shares converted	500,000
Preferred stock conversion basis	Each share of Series B Convertible Preferred Stock is convertible into 1 share of the Company's common stock
Series B Warrant [Member]
Series B warrants exercised to purchase common shares, shares	800