Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2022 | Nov. 10, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 001-39825 | |
Entity Registrant Name | Intelligent Bio Solutions Inc. | |
Entity Central Index Key | 0001725430 | |
Entity Tax Identification Number | 82-1512711 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | Intelligent Bio Solutions Inc | |
Entity Address, Address Line Two | 142 West, 57th Street | |
Entity Address, Address Line Three | 11th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | (646) | |
Local Phone Number | 828-8258 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | INBS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,352,995 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 5,742,626 | $ 8,238,301 |
Deferred charges | 300,000 | |
Grant receivable, current portion | 1,443,939 | 1,529,882 |
Research and development tax incentive receivable | 571,860 | 353,048 |
Other current assets | 148,927 | 746,761 |
Total current assets | 8,207,352 | 10,867,992 |
Long-term grant receivable | 1,031,384 | 1,092,773 |
Construction in progress | 416,029 | 391,408 |
Other non-current assets | 504,938 | |
TOTAL ASSETS | 10,159,703 | 12,352,173 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,038,545 | 1,625,089 |
Current portion of deferred grant income | 1,018,918 | 2,836,582 |
Current employee benefit liabilities | 299,686 | 201,332 |
Total current liabilities | 2,357,149 | 4,663,003 |
Employee benefit liabilities | 20,791 | 50,626 |
Long-term deferred grant income | 2,585,629 | 1,092,773 |
Total liabilities | 4,963,569 | 5,806,402 |
Commitments and contingencies (Note 11) | ||
Shareholders’ equity: | ||
Common stock, $0.01 par value, 100,000,000 shares authorized, 14,889,904 shares issued and outstanding at September 30, 2022 and June 30, 2022, respectively | 148,899 | 148,899 |
Additional paid-in capital | 38,440,011 | 38,440,011 |
Accumulated deficit | (32,384,146) | (31,175,853) |
Accumulated other comprehensive loss | (923,694) | (788,135) |
Total consolidated Intelligent Bio Solutions Inc. equity | 5,281,070 | 6,624,922 |
Non-controlling interest | (84,936) | (79,151) |
Total shareholders’ equity | 5,196,134 | 6,545,771 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 10,159,703 | $ 12,352,173 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2022 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 14,889,904 | 14,889,904 |
Common stock, shares outstanding | 14,889,904 | 14,889,904 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Other income: | ||
Government support income | $ 311,320 | |
Total revenue and other income | 311,320 | |
Operating expenses: | ||
General and administrative expenses | 1,450,418 | 1,332,520 |
Development and regulatory approval expenses | 79,274 | 106,799 |
Total operating expenses | 1,529,692 | 1,439,319 |
Loss from operations | (1,218,372) | (1,439,319) |
Other income (expense): | ||
Interest expense | (1,065) | |
Realized foreign exchange loss | (2,247) | (3,118) |
Interest income | 7,606 | 4,597 |
Total other income (expense) | 4,294 | 1,479 |
Net loss | (1,214,078) | (1,437,840) |
Net loss attributable to non-controlling interest | (5,785) | (5,188) |
Net loss attributable to Intelligent Bio Solutions Inc. | (1,208,293) | (1,432,652) |
Other comprehensive loss, net of tax: | ||
Foreign currency translation loss | (135,559) | (67,482) |
Total other comprehensive loss | (135,559) | (67,482) |
Comprehensive loss | (1,349,637) | (1,505,322) |
Comprehensive loss attributable to non-controlling interest | (5,785) | (5,188) |
Comprehensive loss attributable to Intelligent Bio Solutions Inc. | $ (1,343,852) | $ (1,500,134) |
Net loss per share, basic and diluted | $ (0.08) | $ (0.10) |
Weighted average shares outstanding, basic and diluted | 14,889,904 | 14,006,127 |
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] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Jun. 30, 2021 | $ 13,000 | $ 135,821 | $ 38,440,089 | $ (22,869,803) | $ (661,260) | $ (51,226) | $ 15,006,621 |
Balance, shares at Jun. 30, 2021 | 1,300,000 | 13,582,122 | |||||
Foreign currency translation loss | (67,482) | (67,482) | |||||
Net loss | (1,432,652) | (5,188) | (1,437,840) | ||||
Series B warrants exercised to purchase common shares | $ 4 | (4) | |||||
Series B warrants exercised to purchase common shares, shares | 400 | ||||||
Conversion of convertible preferred shares into common shares | $ (13,000) | $ 13,000 | |||||
Conversion of convertible preferred shares into common shares at initial public offering shares, shares | (1,300,000) | 1,300,000 | |||||
Balance at Sep. 30, 2021 | $ 148,825 | 38,440,085 | (24,302,455) | (728,742) | (56,414) | 13,501,299 | |
Balance, shares at Sep. 30, 2021 | 14,882,522 | ||||||
Balance at Jun. 30, 2022 | $ 148,899 | 38,440,011 | (31,175,853) | (788,135) | (79,151) | 6,545,771 | |
Balance, shares at Jun. 30, 2022 | 14,889,904 | ||||||
Foreign currency translation loss | (135,559) | (135,559) | |||||
Net loss | (1,208,293) | (5,785) | (1,214,078) | ||||
Balance at Sep. 30, 2022 | $ 148,899 | $ 38,440,011 | $ (32,384,146) | $ (923,694) | $ (84,936) | $ 5,196,134 | |
Balance, shares at Sep. 30, 2022 | 14,889,904 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (1,214,078) | $ (1,437,840) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss/ (gain) on foreign currency translation, net | 2,247 | 3,118 |
Non-cash refund of R&D expenditure claims | (60,413) | |
Non-cash other operating activities | 25,035 | 20,136 |
Changes in assets and liabilities: | ||
Grant receivable, current and non-current | 147,332 | 2,503,875 |
Research and development tax incentive receivable, current | (218,812) | |
Deferred charges | (300,000) | |
Other assets, current and non-current | 92,896 | 240,246 |
Accounts and other payables | (13,299) | (635,568) |
Accounts payable - related party | 55,485 | |
Deferred grant income, current and non-current | (324,808) | (674,984) |
Other long-term liabilities | (29,835) | 8,494 |
Net cash (used in) provided by operating activities | (1,893,735) | 82,962 |
Cash flows from investing activities: | ||
Amount invested on construction in progress | (474,891) | |
Net cash used in investing activities | (474,891) | |
Effect of foreign exchange rates on cash and cash equivalents | (127,049) | (48,179) |
(Decrease) increase in cash and cash equivalents | (2,495,675) | 34,783 |
Cash and cash equivalents, beginning of period | 8,238,301 | 12,573,685 |
Cash and cash equivalents, end of period | 5,742,626 | 12,608,468 |
Non-cash investing and financing activities | ||
Conversion of preferred shares into common shares | $ 13,000 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | 3 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | NOTE 1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS Intelligent Bio Solutions Inc. (formerly, GBS Inc.) (“INBS”) and its wholly owned subsidiary, GBS Operations Inc. were each formed on December 5, 2016, under the laws of the state of Delaware. Glucose Biosensor Systems (Greater China) Pty Ltd 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 Glucose Biosensor Systems (APAC) Pty Ltd were formed under the laws of New South Wales, Australia on February 22, 2017 and February 23, 2017 respectively. On October 26, 2022, the Company changed its corporate name (the “Name Change”) from “GBS Inc.” to “Intelligent Bio Solutions Inc.” For purpose of the Quarterly Report on Form 10-Q, the terms “Company”, “we,” “us” and “our” refer to INBS and its consolidated subsidiaries unless context indicates otherwise. We are a medical technology company operating across the Asia-Pacific region (the “APAC Region”) with an objective to introduce and deliver intelligent pain free diagnostic tests. We also have an interest in the North America region. Our goal is to expand the global footprint of our drug screening tests following our recent acquisition of Intelligent Fingerprinting Limited, while continuing to develop our Biosensor Platform that we license from Life Science Biosensor Diagnostics Pty Ltd (“LSBD” or the “Licensor”). This will be followed by developing both of our platforms to their full capacity across multiple diagnostic modalities of immunology, hormones, chemistry, tumor markers and nucleic acid tests. |
LIQUIDITY
LIQUIDITY | 3 Months Ended |
Sep. 30, 2022 | |
Liquidity | |
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 $ 1,208,293 1,432,652 5,196,134 5,850,203 32,384,146 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 has evaluated whether there are conditions and events, considered in the aggregate, that raise a substantial doubt about its ability to continue as going concern within one year after the date of release of the condensed consolidated financial statements. The Company expects that its cash and cash equivalents as of September 30, 2022, of $ 5,742,626 The Company’s unaudited condensed 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 unaudited condensed 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2022 | |
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 of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements. Normal and recurring adjustments considered necessary for a fair statement of the results for the interim periods, in the opinion of the Company’s management, have been included. Operating results for the three months ended September 30, 2022, are not necessarily indicative of the results that may be expected for the year ending June 30, 2023. The accompanying unaudited condensed consolidated financial statements and related footnote disclosures should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K and 10-K/A for the year ended June 30, 2022, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 22, 2022 and amended on Form 10-K/A filed with the SEC on October 7, 2022 (as amended, the “2022 Form 10-K”). Principles of consolidation These unaudited condensed consolidated financial statements include the accounts of the Company, all wholly owned and majority-owned subsidiaries in which the Company has a controlling voting interest and, when applicable, variable interest entities in which the Company has a controlling financial interest or is the primary beneficiary. Investments in affiliates where the Company does not exert a controlling financial interest are not consolidated . All significant intercompany transactions and balances have been eliminated upon consolidation. Equity offering costs The Company complies with the requirements of ASC 340, Other Assets and Deferred Costs 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. 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. Deferred grant income On June 30, 2021, the Company executed a definitive grant agreement with the Australian Government to assist with building a manufacturing facility. The grant has a total value of up to $ 4.7 Accounting for the grant does not fall under ASC 606, Revenue from Contracts with Customers Accounting for Government Grants and Disclosure of Government Assistance The Australian Government grant proceeds, which will be used to reimburse construction costs incurred, meet the definition of grants related to assets as the primary purpose for the payments is to fund the construction of a capital asset. Under IAS 20, government grants related to assets are presented in the statement of financial position either by setting up the grant as deferred income that is recognized in the statement of operation on a systematic basis over the useful life of the asset or by deducting the grant in arriving at the carrying amount of the asset. Either of these two methods of presentation of grants related to assets in financial statements are regarded as acceptable alternatives under IAS 20. The Company has elected to record the grants received initially as deferred income and deducting the grant proceeds received from the gross costs of the assets or construction in progress (“CIP”) and the deferred grant income liability. Under IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met and the grant will be received. As of June 30, 2021, management concluded that there was reasonable assurance the grant conditions will be met and all milestone payment received. The total grant value of $ 4.7 2.1 no 2.5 After initial recognition, under IAS 20, government grants are recognized in earnings on a systematic basis in a manner that mirrors the manner in which the Company recognizes the underlying costs for which the grant is intended to compensate. Further, IAS 20 permits for recognition in earnings either separately under a general heading such as other income, or as a reduction of the cost of the asset. The Company has elected to recognize government grant income separately within other income for operating expenditures. Similarly, for capital expenditures, the carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting the grant proceeds received from the gross costs of the assets or CIP and deferred grant income liability. A total of $ 60,413 Development and regulatory approval costs Expenditures relating to research and development (“R&D”) are expensed as incurred and recorded in development and regulatory approval in the Condensed Consolidated Statements of Operations and Other Comprehensive Loss. R&D expenses include external expenses incurred under arrangements with third parties; salaries and personnel-related costs; license fees to acquire in-process technology and other expenses. The Company recognizes the benefit of refundable R&D tax refunds as a R&D tax refund income when there is reasonable assurance that the amount claimed will be recovered (refer to the R&D tax refund discussion below). Intellectual property acquired for a particular research and development project and that have no alternative future uses (in other research and development projects or otherwise) are expensed in research and development costs at the time the costs are incurred. In certain circumstances, the Company may be required to make advance payments to vendors for goods or services that will be received in the future for use in R&D activities. In such circumstances, the non-refundable advance payments are deferred and capitalized, even when there is no alternative future use for the R&D, until the related goods or services are provided. In circumstances where amounts have been paid in excess of costs incurred, the Company records a prepaid expense. R&D tax refund The Company measures the R&D grant income and receivable by considering the time spent by employees on eligible R&D activities and R&D costs incurred to external service providers. The R&D tax refund receivable is recognized as the Company believes that it is probable that the amount will be recovered in full through a future claim. A total of $ 250,907 nil 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 INBS is the United States dollar. Foreign currency movements resulted in a loss of $ 135,559 67,482 Income taxes In accordance with the provisions of FASB ASC 740, Income Taxes As of September 30, 2022, 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. 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 On September 12, 2019, the Company entered into an amended and restated license agreement for Saliva Biosensor Technology. On June 23, 2020, the Company entered into a license agreement with LSBD for the worldwide rights to SARS-CoV-2 application of the Saliva Glucose Biosensor. In relation to these licenses, 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 September 30, 2022. On March 31, 2021, the Company entered into an agreement with LSBD to provide the Company 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 5,000,000 500,000 Trade, note and other receivables Trade, note and other receivables are recorded net of allowances for uncollectible accounts. The Company evaluates the collectability of its accounts receivable based on various factors including historical experience, the length of time the receivables are past due and the financial health of the customer. The Company reserves specific receivables if collectability is no longer reasonably assured. Based upon the assessment of these factors, the Company did not record an allowance for uncollectible accounts as of September 30, 2022, or 2021. Net loss per share attributable to common shareholders The Company calculates earnings per share attributable to common shareholders in accordance with ASC 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. Property, Plant and Equipment (PPE) & Construction in Progress In accordance with the ASC 360, Property, Plant, and Equipment Recently issued accounting pronouncements As the Company is an emerging growth company, we have elected to defer the adoption of new accounting pronouncements until they would apply to private companies. Adopted: In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt – Debt with Conversion and Other Options Pending adoption: In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-10, Government Assistance In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments – Credit Losses In February 2016, the FASB issued ASU No. 2016-02, Leases 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. Fair value of financial instruments The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3 Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The carrying amounts of cash equivalents, prepaid and other assets, accounts payable and accrued liabilities are representative of their respective fair values because of the short-term nature of those instruments. |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 3 Months Ended |
Sep. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT ASSETS | NOTE 4. OTHER CURRENT ASSETS Other current assets consist of the following: SCHEDULE OF OTHER CURRENT ASSETS September 30, 2022 June 30, 2022 Intelligent Fingerprinting Limited note receivable $ — $ 500,445 Prepayments 41,532 116,525 Goods and services tax receivable 55,852 57,746 Deposits 44,493 46,602 Other receivables 7,050 25,443 Total $ 148,927 $ 746,761 |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 3 Months Ended |
Sep. 30, 2022 | |
Other Non-current Assets | |
OTHER NON-CURRENT ASSETS | NOTE 5. OTHER NON-CURRENT ASSETS Other non-current assets consist of the following SCHEDULE OF OTHER NON-CURRENT ASSETS September 30, 2022 June 30, 2022 Intelligent Fingerprinting Limited note receivable $ 504,938 $ — Total $ 504,938 $ — On June 16, 2022, the Company entered into an agreement with Intelligent Fingerprinting Limited (“IFP”), providing the Company with the exclusive right, until December 31, 2022, to evaluate and negotiate a transaction to acquire IFP or its assets. In consideration for this exclusivity, on June 16, 2022, the Company provided IFP with an unsecured term loan facility in the amount of $ 500,000 500,000 2 Effective contemporaneously with the closing of the Company’s acquisition of IFP, the Company entered into an amendment to the bridge facility agreement between the Company and IFP, dated as of June 16, 2022, the $ 500,000 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 3 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | NOTE 6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES September 30, 2022 June 30, 2022 Accounts and other payables $ 379,912 $ 715,902 Accruals 658,633 909,187 Total $ 1,038,545 $ 1,625,089 As on September 30, 2022, the Company’s $ 658,633 415,350 135,615 80,363 27,305 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 3 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 7. SHAREHOLDERS’ EQUITY As of September 30, 2022, 1,401,377 52,400 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 8. RELATED PARTY TRANSACTIONS 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 occurred with LSBD during the comparative period July 1, 2021, to September 30, 2021: The Company incurred a total of $ nil during three months to September 2022 (September 2021: $ 119,652 ) 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. During the year ended June 30, 2021, the Company contributed a total of $ 2,600,000 As of September 30, 2022, $ 8,545 68,808 |
INVESTMENT IN AFFILIATE
INVESTMENT IN AFFILIATE | 3 Months Ended |
Sep. 30, 2022 | |
Investments in and Advances to Affiliates [Abstract] | |
INVESTMENT IN AFFILIATE | NOTE 9. INVESTMENT IN AFFILIATE On May 29, 2020, LSBD, issued 14,000,000 0.001 50 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. During the year ended June 30, 2022, LSBD sold all its shares in INBS. The Company determined whether it has a controlling financial interest in BiosensX (North America) Inc. by first evaluating whether the entity is a voting interest entity or a VIE under GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interests. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Company concluded that it does not have a controlling financial interest in BiosensX (North America) Inc., hence it continues to recognize its investments in BiosensX (North America) Inc. using the equity method. The carrying amount of investments in BiosensX (North America) Inc. was $ nil |
CONSTRUCTION IN PROGRESS
CONSTRUCTION IN PROGRESS | 3 Months Ended |
Sep. 30, 2022 | |
Construction In Progress | |
CONSTRUCTION IN PROGRESS | NOTE 10. CONSTRUCTION IN PROGRESS During the three months ended September 30, 2022, the Company incurred costs of $ 49,242 50 The following table summarizes the amount of CIP recorded in the Condensed Consolidated Balance Sheets: SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED BALANCE SHEETS September 30, 2022 June 30, 2022 Investments in construction in progress $ 832,058 $ 782,816 Less: 50 (416,029 ) (391,408 ) Carrying amount $ 416,029 $ 391,408 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 11. COMMITMENTS AND CONTINGENCIES During February 2021 the Company signed a deed of confirmation and variation with the University of Newcastle for the research and development of the Saliva Glucose Biosensor and the SARS-CoV-2 Antibody Biosensor. The Company agreed to pay the University of Newcastle $ 2,054,880 135,615 The Company has no 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. |
INCOME TAX
INCOME TAX | 3 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE 12. INCOME TAX The Company shall file its income tax returns with the Internal Revenue Service and Australian Taxation Office. The Company has operating losses carried forward of $ 28,443,205 The net operating loss carried forward gives rise to a deferred tax asset of approximately $ 6,325,630 6,325,630 |
LOSS PER SHARE
LOSS PER SHARE | 3 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
LOSS PER SHARE | NOTE 13. LOSS PER SHARE Basic loss per common share is computed by dividing net loss allocable to common shareholders 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. SCHEDULE OF BASIC LOSS PER COMMON SHARE POTENTIAL DILUTIVE SECURITIES 2022 2021 Three Months Ended September 30, 2022 2021 Net loss attributable to Intelligent Bio Solutions Inc. $ (1,208,293 ) $ (1,432,652 ) Basic and diluted net loss per share attributed to common shareholders $ (0.08 ) $ (0.10 ) Weighted-average number of shares outstanding 14,889,904 14,006,127 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: SCHEDULE OF ANTI-DILUTIVE WARRANTS Three Months Ended September 30, 2022 2021 Warrants - Series A 1,401,377 1,401,377 Warrants - Series B 52,400 59,782 Warrants issued to underwriters 63,529 63,529 Pre IPO warrants 2,736,675 2,736,675 Warrants issued to the licensor 3,000,000 3,000,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14. SUBSEQUENT EVENTS On August 5, 2022, the Company filed a registration statement on Form S-8 with the SEC to register 500,000 500,000 On October 4, 2022, the Company acquired Intelligent Fingerprinting Limited (“IFP”), a company registered in England and Wales, through a share exchange agreement with the shareholders of IFP (the “Sellers”). The Company purchased 100 2,963,091 2,363,003 1,649,273 500,000 1,149,273 350,150 239,707 83,043 In conjunction with the IFP acquisition, the Company has agreed to make a Company’s stock option plan available to IFP employees for up to 1,000,000 2,000,000 Due to the limited time between the transaction date and the Company’s filing of this Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, initial accounting for the business combination is incomplete and the Company is not yet able to disclose the provisional amounts to be recognized as of the acquisition date for assets acquired and liabilities assumed, and the pro forma revenues for the combined entity. Management is evaluating the transaction costs and the fair value of consideration transferred, assets acquired, and liabilities assumed. The Company expects to provide the preliminary purchase price allocation information in the Quarterly Report on Form 10-Q for the quarter ending December 31, 2022. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Sep. 30, 2022 | |
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 of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements. Normal and recurring adjustments considered necessary for a fair statement of the results for the interim periods, in the opinion of the Company’s management, have been included. Operating results for the three months ended September 30, 2022, are not necessarily indicative of the results that may be expected for the year ending June 30, 2023. The accompanying unaudited condensed consolidated financial statements and related footnote disclosures should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K and 10-K/A for the year ended June 30, 2022, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 22, 2022 and amended on Form 10-K/A filed with the SEC on October 7, 2022 (as amended, the “2022 Form 10-K”). |
Principles of consolidation | Principles of consolidation These unaudited condensed consolidated financial statements include the accounts of the Company, all wholly owned and majority-owned subsidiaries in which the Company has a controlling voting interest and, when applicable, variable interest entities in which the Company has a controlling financial interest or is the primary beneficiary. Investments in affiliates where the Company does not exert a controlling financial interest are not consolidated . All significant intercompany transactions and balances have been eliminated upon consolidation. |
Equity offering costs | Equity offering costs The Company complies with the requirements of ASC 340, Other Assets and Deferred Costs |
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. |
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. |
Deferred grant income | Deferred grant income On June 30, 2021, the Company executed a definitive grant agreement with the Australian Government to assist with building a manufacturing facility. The grant has a total value of up to $ 4.7 Accounting for the grant does not fall under ASC 606, Revenue from Contracts with Customers Accounting for Government Grants and Disclosure of Government Assistance The Australian Government grant proceeds, which will be used to reimburse construction costs incurred, meet the definition of grants related to assets as the primary purpose for the payments is to fund the construction of a capital asset. Under IAS 20, government grants related to assets are presented in the statement of financial position either by setting up the grant as deferred income that is recognized in the statement of operation on a systematic basis over the useful life of the asset or by deducting the grant in arriving at the carrying amount of the asset. Either of these two methods of presentation of grants related to assets in financial statements are regarded as acceptable alternatives under IAS 20. The Company has elected to record the grants received initially as deferred income and deducting the grant proceeds received from the gross costs of the assets or construction in progress (“CIP”) and the deferred grant income liability. Under IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met and the grant will be received. As of June 30, 2021, management concluded that there was reasonable assurance the grant conditions will be met and all milestone payment received. The total grant value of $ 4.7 2.1 no 2.5 After initial recognition, under IAS 20, government grants are recognized in earnings on a systematic basis in a manner that mirrors the manner in which the Company recognizes the underlying costs for which the grant is intended to compensate. Further, IAS 20 permits for recognition in earnings either separately under a general heading such as other income, or as a reduction of the cost of the asset. The Company has elected to recognize government grant income separately within other income for operating expenditures. Similarly, for capital expenditures, the carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting the grant proceeds received from the gross costs of the assets or CIP and deferred grant income liability. A total of $ 60,413 |
Development and regulatory approval costs | Development and regulatory approval costs Expenditures relating to research and development (“R&D”) are expensed as incurred and recorded in development and regulatory approval in the Condensed Consolidated Statements of Operations and Other Comprehensive Loss. R&D expenses include external expenses incurred under arrangements with third parties; salaries and personnel-related costs; license fees to acquire in-process technology and other expenses. The Company recognizes the benefit of refundable R&D tax refunds as a R&D tax refund income when there is reasonable assurance that the amount claimed will be recovered (refer to the R&D tax refund discussion below). Intellectual property acquired for a particular research and development project and that have no alternative future uses (in other research and development projects or otherwise) are expensed in research and development costs at the time the costs are incurred. In certain circumstances, the Company may be required to make advance payments to vendors for goods or services that will be received in the future for use in R&D activities. In such circumstances, the non-refundable advance payments are deferred and capitalized, even when there is no alternative future use for the R&D, until the related goods or services are provided. In circumstances where amounts have been paid in excess of costs incurred, the Company records a prepaid expense. |
R&D tax refund | R&D tax refund The Company measures the R&D grant income and receivable by considering the time spent by employees on eligible R&D activities and R&D costs incurred to external service providers. The R&D tax refund receivable is recognized as the Company believes that it is probable that the amount will be recovered in full through a future claim. A total of $ 250,907 nil |
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 INBS is the United States dollar. Foreign currency movements resulted in a loss of $ 135,559 67,482 |
Income taxes | Income taxes In accordance with the provisions of FASB ASC 740, Income Taxes As of September 30, 2022, 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. |
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 On September 12, 2019, the Company entered into an amended and restated license agreement for Saliva Biosensor Technology. On June 23, 2020, the Company entered into a license agreement with LSBD for the worldwide rights to SARS-CoV-2 application of the Saliva Glucose Biosensor. In relation to these licenses, 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 September 30, 2022. On March 31, 2021, the Company entered into an agreement with LSBD to provide the Company 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 5,000,000 500,000 |
Trade, note and other receivables | Trade, note and other receivables Trade, note and other receivables are recorded net of allowances for uncollectible accounts. The Company evaluates the collectability of its accounts receivable based on various factors including historical experience, the length of time the receivables are past due and the financial health of the customer. The Company reserves specific receivables if collectability is no longer reasonably assured. Based upon the assessment of these factors, the Company did not record an allowance for uncollectible accounts as of September 30, 2022, or 2021. |
Net loss per share attributable to common shareholders | Net loss per share attributable to common shareholders The Company calculates earnings per share attributable to common shareholders in accordance with ASC 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. |
Property, Plant and Equipment (PPE) & Construction in Progress | Property, Plant and Equipment (PPE) & Construction in Progress In accordance with the ASC 360, Property, Plant, and Equipment |
Recently issued accounting pronouncements | Recently issued accounting pronouncements As the Company is an emerging growth company, we have elected to defer the adoption of new accounting pronouncements until they would apply to private companies. Adopted: In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt – Debt with Conversion and Other Options Pending adoption: In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-10, Government Assistance In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments – Credit Losses In February 2016, the FASB issued ASU No. 2016-02, Leases |
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. |
Fair value of financial instruments | Fair value of financial instruments The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3 Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The carrying amounts of cash equivalents, prepaid and other assets, accounts payable and accrued liabilities are representative of their respective fair values because of the short-term nature of those instruments. |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
SCHEDULE OF OTHER CURRENT ASSETS | Other current assets consist of the following: SCHEDULE OF OTHER CURRENT ASSETS September 30, 2022 June 30, 2022 Intelligent Fingerprinting Limited note receivable $ — $ 500,445 Prepayments 41,532 116,525 Goods and services tax receivable 55,852 57,746 Deposits 44,493 46,602 Other receivables 7,050 25,443 Total $ 148,927 $ 746,761 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Other Non-current Assets | |
SCHEDULE OF OTHER NON-CURRENT ASSETS | Other non-current assets consist of the following SCHEDULE OF OTHER NON-CURRENT ASSETS September 30, 2022 June 30, 2022 Intelligent Fingerprinting Limited note receivable $ 504,938 $ — Total $ 504,938 $ — |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES | Accounts payable and accrued expenses consist of the following: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES September 30, 2022 June 30, 2022 Accounts and other payables $ 379,912 $ 715,902 Accruals 658,633 909,187 Total $ 1,038,545 $ 1,625,089 |
CONSTRUCTION IN PROGRESS (Table
CONSTRUCTION IN PROGRESS (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Construction In Progress | |
SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED BALANCE SHEETS | The following table summarizes the amount of CIP recorded in the Condensed Consolidated Balance Sheets: SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED BALANCE SHEETS September 30, 2022 June 30, 2022 Investments in construction in progress $ 832,058 $ 782,816 Less: 50 (416,029 ) (391,408 ) Carrying amount $ 416,029 $ 391,408 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF BASIC LOSS PER COMMON SHARE POTENTIAL DILUTIVE SECURITIES | SCHEDULE OF BASIC LOSS PER COMMON SHARE POTENTIAL DILUTIVE SECURITIES 2022 2021 Three Months Ended September 30, 2022 2021 Net loss attributable to Intelligent Bio Solutions Inc. $ (1,208,293 ) $ (1,432,652 ) Basic and diluted net loss per share attributed to common shareholders $ (0.08 ) $ (0.10 ) Weighted-average number of shares outstanding 14,889,904 14,006,127 |
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: SCHEDULE OF ANTI-DILUTIVE WARRANTS Three Months Ended September 30, 2022 2021 Warrants - Series A 1,401,377 1,401,377 Warrants - Series B 52,400 59,782 Warrants issued to underwriters 63,529 63,529 Pre IPO warrants 2,736,675 2,736,675 Warrants issued to the licensor 3,000,000 3,000,000 |
LIQUIDITY (Details Narrative)
LIQUIDITY (Details Narrative) - USD ($) | 3 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Liquidity | ||||
Net loss | $ 1,208,293 | $ 1,432,652 | ||
Shareholders' equity | 5,196,134 | $ 13,501,299 | $ 6,545,771 | $ 15,006,621 |
Working capital | 5,850,203 | |||
Accumulated deficit | 32,384,146 | $ 31,175,853 | ||
Cash and cash equivalents | $ 5,742,626 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2020 | Jun. 30, 2021 | |
Deferred income | $ 4,700,000 | |||||
Grant received | $ 0 | $ 2,100,000 | ||||
Grants receivable | $ 2,500,000 | |||||
Research and development tax refund | 250,907 | |||||
Foreign currency translation loss | 135,559 | 67,482 | ||||
Expenses | 79,274 | $ 106,799 | ||||
Option Agreement [Member] | Life Science Biosensor Diagnostics Pty Ltd [Member] | ||||||
Option to acquire north american region option term | 2 years | |||||
Exercise price | $ 5,000,000 | |||||
Expenses | $ 500,000 | |||||
Glucose Biosensor Technology [Member] | ||||||
Purchase of license right | $ 976,308 | |||||
Other Income [Member] | ||||||
Deferred income | $ 60,413 |
SCHEDULE OF OTHER CURRENT ASSET
SCHEDULE OF OTHER CURRENT ASSETS (Details) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Intelligent Fingerprinting Limited note receivable | $ 500,445 | |
Prepayments | 41,532 | 116,525 |
Goods and services tax receivable | 55,852 | 57,746 |
Deposits | 44,493 | 46,602 |
Other receivables | 7,050 | 25,443 |
Total | $ 148,927 | $ 746,761 |
SCHEDULE OF OTHER NON-CURRENT A
SCHEDULE OF OTHER NON-CURRENT ASSETS (Details) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Other Non-current Assets | ||
Intelligent Fingerprinting Limited note receivable | $ 504,938 | |
Total | $ 504,938 |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details Narrative) | Jun. 16, 2022 USD ($) |
Other Non-current Assets | |
Note receivable, face amount | $ 500,000 |
Interest rate | 2% |
Loans payable | $ 500,000 |
SCHEDULE OF ACCOUNTS PAYABLE AN
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Payables and Accruals [Abstract] | ||
Accounts and other payables | $ 379,912 | $ 715,902 |
Accruals | 658,633 | 909,187 |
Total | $ 1,038,545 | $ 1,625,089 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Jun. 30, 2022 | |
Payables and Accruals [Abstract] | ||
Accruals | $ 658,633 | $ 909,187 |
Legal and consulting fees | 415,350 | |
Related expense to development and regulatory | 135,615 | |
Audit and accounting service fees | 80,363 | |
Other general and administrative expenses | $ 27,305 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) | Sep. 30, 2022 shares |
Series A Warrant [Member] | |
Class of Stock [Line Items] | |
Convertible of warrants | 1,401,377 |
Series B Warrant [Member] | |
Class of Stock [Line Items] | |
Convertible of warrants | 52,400 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | |||
Remaining amount payble to related party | $ 8,545 | $ 68,808 | |
Life Science Biosensor Diagnostics Pty Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Employees | $ 119,652 | ||
Saliva Glucose Biosens [Member] | |||
Related Party Transaction [Line Items] | |||
Related party costs | $ 2,600,000 |
INVESTMENT IN AFFILIATE (Detail
INVESTMENT IN AFFILIATE (Details Narrative) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 | May 29, 2020 |
Common stock, shares, issued | 14,889,904 | 14,889,904 | |
Common stock price per share | $ 0.01 | $ 0.01 | |
Investments | |||
BiosensX [Member] | |||
Common stock, shares, issued | 14,000,000 | ||
Common stock price per share | $ 0.001 | ||
Equity interest percentage | 50% |
SUMMARY OF AMOUNT RECORDED IN T
SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Construction In Progress | ||
Investments in construction in progress | $ 832,058 | $ 782,816 |
Less: 50% contributed under government grant | (416,029) | (391,408) |
Carrying amount | $ 416,029 | $ 391,408 |
SUMMARY OF AMOUNT RECORDED IN_2
SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED BALANCE SHEETS (Details) (Parenthetical) | Sep. 30, 2022 |
Construction In Progress | |
Percentage of reimbursement on construction cost | 50% |
CONSTRUCTION IN PROGRESS (Detai
CONSTRUCTION IN PROGRESS (Details Narrative) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Construction in progress gross | $ 832,058 | $ 782,816 |
Percentage of reimbursement on construction cost | 50% | |
Research and Development Expense [Member] | ||
Construction in progress gross | $ 49,242 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Feb. 28, 2021 | Sep. 30, 2022 |
Purchase commitments | $ 0 | |
University of Newcastle [Member] | ||
Research and development expense | $ 2,054,880 | |
Remaining payable amount | $ 135,615 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) | Sep. 30, 2022 USD ($) |
Income Tax Disclosure [Abstract] | |
Net operating loss carried forward | $ 28,443,205 |
Deferred tax asset | 6,325,630 |
Deferred tax asset gross | $ 6,325,630 |
SCHEDULE OF BASIC LOSS PER COMM
SCHEDULE OF BASIC LOSS PER COMMON SHARE POTENTIAL DILUTIVE SECURITIES (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Net loss attributable to Intelligent Bio Solutions Inc. | $ (1,208,293) | $ (1,432,652) |
Basic and diluted net loss per share attributed to common shareholders | $ (0.08) | $ (0.10) |
Weighted-average number of shares outstanding | 14,889,904 | 14,006,127 |
SCHEDULE OF ANTI-DILUTIVE WARRA
SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Warrants - Series A [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Warrants issued to the licensor | 1,401,377 | 1,401,377 |
Warrants - Series B [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Warrants issued to the licensor | 52,400 | 59,782 |
Warrants Issued To Underwriters [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Warrants issued to the licensor | 63,529 | 63,529 |
Pre IPO Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Warrants issued to the licensor | 2,736,675 | 2,736,675 |
Warrant Issued To LSBD [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Warrants issued to the licensor | 3,000,000 | 3,000,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Oct. 04, 2022 USD ($) shares | Oct. 06, 2022 shares | Oct. 04, 2022 GBP (£) shares | Aug. 05, 2022 shares |
Subsequent Event [Line Items] | ||||
Common stock registration of shares | 500,000 | |||
Subsequent Event [Member] | Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Reserved for future issuance | 1,649,273 | 1,649,273 | ||
Stock issued during period shares acquisitions | 500,000 | |||
Subsequent Event [Member] | Intelligent Fingerprinting Limited [Member] | ||||
Subsequent Event [Line Items] | ||||
Equity method ownership percentage | 100% | 100% | ||
Subsequent Event [Member] | Intelligent Fingerprinting Limited [Member] | Series C Convertible Preferred Stock [Member | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period shares new issues | 2,363,003 | |||
Subsequent Event [Member] | Intelligent Fingerprinting Limited [Member] | Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period shares new issues | 2,963,091 | |||
Subsequent Event [Member] | Employee [Member] | ||||
Subsequent Event [Line Items] | ||||
Company stock options granted | 2,000,000 | |||
Subsequent Event [Member] | Employee [Member] | Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period shares acquisitions | 1,000,000 | |||
Subsequent Event [Member] | Convertible Loan Holders [Member] | Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period shares new issues | 1,149,273 | |||
Subsequent Event [Member] | Employee And Director [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash bonuse | $ | $ 350,150 | |||
Subsequent Event [Member] | Employee And Director [Member] | G B P [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash bonuse | £ | £ 239,707 | |||
Subsequent Event [Member] | Employee And Director [Member] | U S D [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash bonuse | $ | $ 83,043 | |||
Subsequent Event [Member] | 2019 Long Term Incentive Plan [Member] | Employee [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock registration of shares | 500,000 |