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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended December 31, 2022
or
☐ |
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ___________ to ___________
Commission
File Number: 000-54878
PROPANC
BIOPHARMA, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
33-0662986 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
302,
6 Butler Street
Camberwell,
VIC, 3124
Australia
(Address
of principal executive offices) (Zip Code)
+61-03-
9882-0780
(Registrant’s
telephone number, including area code)
n/a
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
None |
|
None |
|
None |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of February 9, 2023, there were 1,763,908,545 shares of the registrant’s common stock, $0.001 par value per share, issued and outstanding.
PROPANC
BIOPHARMA INC.
Table
of Contents
PART
I — FINANCIAL INFORMATION
Item
1. Financial Statements.
The
following unaudited interim condensed consolidated financial statements of Propanc Biopharma, Inc. are included in this Quarterly Report
on Form 10-Q:
INDEX
TO FINANCIAL STATEMENTS
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
December
31, 2022 | | |
June
30, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
CURRENT
ASSETS: | |
| | | |
| | |
Cash | |
$ | 24,476 | | |
$ | 4,067 | |
GST
tax receivable | |
| 4,543 | | |
| 2,342 | |
Prepaid
expenses and other current assets | |
| 25,207 | | |
| 8,621 | |
| |
| | | |
| | |
TOTAL
CURRENT ASSETS | |
| 54,226 | | |
| 15,030 | |
| |
| | | |
| | |
Security
deposit - related party | |
| 2,042 | | |
| 2,075 | |
Operating
lease right-of-use assets, net - related party | |
| 50,671 | | |
| 62,523 | |
Property
and equipment, net | |
| 1,083 | | |
| 2,023 | |
| |
| | | |
| | |
TOTAL
ASSETS | |
$ | 108,022 | | |
$ | 81,651 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
CURRENT
LIABILITIES: | |
| | | |
| | |
Accounts
payable | |
$ | 914,491 | | |
$ | 943,023 | |
Accrued
expenses and other payables | |
| 556,114 | | |
| 466,115 | |
Accrued
interest | |
| 59,733 | | |
| 57,822 | |
Loan
payable | |
| 65,280 | | |
| - | |
Note
payable, net of debt discount | |
| 72,404 | | |
| - | |
Convertible
notes, net of discounts and including premiums | |
| 633,740 | | |
| 926,438 | |
Operating
lease liability - related party, current portion | |
| 21,102 | | |
| 20,605 | |
Embedded
conversion option liabilities | |
| 10,623 | | |
| 151,262 | |
Due
to former director - related party | |
| 30,257 | | |
| 30,746 | |
Loan
from former director - related party | |
| 50,357 | | |
| 51,171 | |
Employee
benefit liability | |
| 578,453 | | |
| 415,799 | |
| |
| | | |
| | |
TOTAL
CURRENT LIABILITIES | |
| 2,992,554 | | |
| 3,062,981 | |
| |
| | | |
| | |
NON-CURRENT
LIABILITIES: | |
| | | |
| | |
Operating
lease liability - long-term portion - related party | |
| 30,885 | | |
| 42,319 | |
| |
| | | |
| | |
TOTAL
NON-CURRENT LIABILITIES | |
| 30,885 | | |
| 42,319 | |
| |
| | | |
| | |
TOTAL
LIABILITIES | |
$ | 3,023,439 | | |
$ | 3,105,300 | |
| |
| | | |
| | |
Commitments
and Contingencies (See Note 8) | |
| - | | |
| - | |
| |
| | | |
| | |
STOCKHOLDERS’
DEFICIT: | |
| | | |
| | |
Preferred stock,
1,500,005 shares authorized, $0.01 par value: | |
| | | |
| | |
Series
A preferred stock, $0.01 par value; 500,000 shares authorized; 500,000 shares issued and outstanding as of December 31, 2022 and
June 30, 2022 | |
$ | 5,000 | | |
$ | 5,000 | |
Series
B preferred stock, $0.01 par value; 5 shares authorized; 1 share issued and outstanding as of December 31, 2022 and June 30, 2022 | |
| - | | |
| - | |
Preferred stock value | |
| | | |
| | |
Common
stock, $0.001 par value; 10,000,000,000 shares authorized; 1,245,699,501 and 220,350,921 shares issued and outstanding as of December
31, 2022 and June 30, 2022, respectively | |
| 1,245,700 | | |
| 220,351 | |
Common
stock issuable (59 and 19,597,024 shares as of December 31, 2022 and June 30, 2022, respectively) | |
| - | | |
| 19,597 | |
Additional
paid-in capital | |
| 57,696,390 | | |
| 57,124,982 | |
Subscription
receivable | |
| - | | |
| (23,758 | ) |
Accumulated
other comprehensive income | |
| 1,253,133 | | |
| 1,234,549 | |
Accumulated
deficit | |
| (63,069,163 | ) | |
| (61,557,893 | ) |
Treasury
stock (1 share) | |
| (46,477 | ) | |
| (46,477 | ) |
| |
| | | |
| | |
TOTAL
STOCKHOLDERS’ DEFICIT | |
| (2,915,417 | ) | |
| (3,023,649 | ) |
| |
| | | |
| | |
TOTAL
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
$ | 108,022 | | |
$ | 81,651 | |
The
accompanying unaudited condensed notes are an integral part of these unaudited condensed consolidated financial statements.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
Three
Months Ended
December 31, | | |
For the six months ended
December 31, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
REVENUE | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING
EXPENSES | |
| | | |
| | | |
| | | |
| | |
Administration
expenses | |
| 525,620 | | |
| 346,164 | | |
| 990,752 | | |
| 777,904 | |
Occupancy
expenses - related party | |
| 7,506 | | |
| 6,550 | | |
| 13,879 | | |
| 14,286 | |
Research
and development | |
| 74,878 | | |
| 50,753 | | |
| 176,203 | | |
| 97,307 | |
TOTAL
OPERATING EXPENSES | |
| 608,004 | | |
| 403,467 | | |
| 1,180,834 | | |
| 889,497 | |
| |
| | | |
| | | |
| | | |
| | |
LOSS
FROM OPERATIONS | |
| (608,004 | ) | |
| (403,467 | ) | |
| (1,180,834 | ) | |
| (889,497 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER
INCOME (EXPENSE) | |
| | | |
| | | |
| | | |
| | |
Interest
expense | |
| (98,619 | ) | |
| (177,905 | ) | |
| (261,371 | ) | |
| (287,758 | ) |
Interest
income | |
| 17 | | |
| - | | |
| 19 | | |
| - | |
Change
in fair value of derivative liabilities | |
| 62,335 | | |
| (163,853 | ) | |
| 127,508 | | |
| (167,757 | ) |
Gain
from settlement of accounts payable | |
| - | | |
| - | | |
| 17,499 | | |
| - | |
Gain
on extinguishment of debt, net | |
| 43,520 | | |
| - | | |
| 42,910 | | |
| - | |
Foreign
currency transaction gain (loss) | |
| (13,988 | ) | |
| (110,215 | ) | |
| 22,235 | | |
| (1,086 | ) |
TOTAL
OTHER EXPENSE, NET | |
| (6,735 | ) | |
| (451,973 | ) | |
| (51,200 | ) | |
| (456,601 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Tax
benefit | |
| 129,321 | | |
| 55,463 | | |
| 129,321 | | |
| 55,463 | |
| |
| | | |
| | | |
| | | |
| | |
NET
LOSS | |
$ | (485,418 | ) | |
$ | (799,977 | ) | |
$ | (1,102,713 | ) | |
$ | (1,290,635 | ) |
| |
| | | |
| | | |
| | | |
| | |
Deemed
Dividend | |
| (19,322 | ) | |
| (93,398 | ) | |
| (408,557 | ) | |
| (208,242 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET
LOSS AVAILABLE TO COMMON STOCKHOLDERS | |
$ | (504,740 | ) | |
$ | (893,375 | ) | |
$ | (1,511,270 | ) | |
$ | (1,498,877 | ) |
| |
| | | |
| | | |
| | | |
| | |
BASIC
AND DILUTED NET LOSS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS | |
$ | (0.00 | ) | |
$ | (0.02 | ) | |
$ | (0.00 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | | |
| | | |
| | |
BASIC
AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | |
| 960,470,651 | | |
| 49,373,565 | | |
| 718,360,144 | | |
| 38,318,783 | |
| |
| | | |
| | | |
| | | |
| | |
NET
LOSS AVAILABLE TO COMMON STOCKHOLDERS | |
$ | (504,740 | ) | |
$ | (893,375 | ) | |
$ | (1,511,270 | ) | |
$ | (1,498,877 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER
COMPREHENSIVE INCOME (LOSS) | |
| | | |
| | | |
| | | |
| | |
Unrealized
foreign currency translation gain (loss) | |
| (107,812 | ) | |
| (7,697 | ) | |
| 18,584 | | |
| 56,496 | |
| |
| | | |
| | | |
| | | |
| | |
TOTAL
OTHER COMPREHENSIVE INCOME (LOSS) | |
| (107,812 | ) | |
| (7,697 | ) | |
| 18,584 | | |
| 56,496 | |
| |
| | | |
| | | |
| | | |
| | |
TOTAL
COMPREHENSIVE LOSS | |
$ | (612,552 | ) | |
$ | (901,072 | ) | |
$ | (1,492,686 | ) | |
$ | (1,442,381 | ) |
The
accompanying unaudited condensed notes are an integral part of these unaudited condensed consolidated financial statements.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
FOR
THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2022 AND 2021
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred
Stock | | |
| | |
Common
Stock | | |
| | |
| | |
| | |
Accumulated | | |
| | |
| |
| |
Series
A | | |
Series
B | | |
Common
Stock | | |
Issuable | | |
Additional | | |
| | |
| | |
Other | | |
| | |
Total | |
| |
No.
of
Shares | | |
Value | | |
No.
of
Shares | | |
Value | | |
No.
of
Shares | | |
Value | | |
No.
of
Shares | | |
Value | | |
Paid-in
Capital | | |
Subscription
Receivable | | |
Accumulated
Deficit | | |
Comprehensive
Income | | |
Treasury
Stock | | |
Stockholders’
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance
at June 30, 2021 | |
| 500,000 | | |
$ | 5,000 | | |
| 1 | | |
$ | - | | |
| 14,055,393 | | |
$ | 14,056 | | |
| 59 | | |
$ | - | | |
$ | 54,074,110 | | |
$ | - | | |
$ | (58,199,466 | ) | |
$ | 1,085,204 | | |
$ | (46,477 | ) | |
$ | (3,067,573 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for conversion of convertible debt, conversion fee and accrued interest | |
| - | | |
| - | | |
| - | | |
| - | | |
| 9,445,009 | | |
| 9,445 | | |
| - | | |
| - | | |
| 190,741 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 200,186 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for services and accrued expenses | |
| - | | |
| - | | |
| - | | |
| - | | |
| 17,934,379 | | |
| 17,934 | | |
| - | | |
| - | | |
| 563,927 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 581,861 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for exercise of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 6,875 | | |
| 7 | | |
| 2,500 | | |
| 2 | | |
| 374,991 | | |
| (100,000 | ) | |
| - | | |
| - | | |
| - | | |
| 275,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for alternate cashless exercise of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,399,988 | | |
| 2,400 | | |
| 1,999,990 | | |
| 2,000 | | |
| (4,400 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Reclassification
of put premium upon debt conversion | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 109,643 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 109,643 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock
based compensation in connection with stock option grants | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 20,718 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 20,718 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Foreign
currency translation gain | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 64,193 | | |
| - | | |
| 64,193 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Deemed
dividend upon alternate cashless exercise of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 114,844 | | |
| - | | |
| (114,844 | ) | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss for the three months ended September 30, 2021 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (490,658 | ) | |
| - | | |
| - | | |
| (490,658 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
at September 30, 2021 | |
| 500,000 | | |
| 5,000 | | |
| 1 | | |
| - | | |
| 43,841,644 | | |
| 43,842 | | |
| 2,002,549 | | |
| 2,002 | | |
| 55,444,574 | | |
| (100,000 | ) | |
| (58,804,968 | ) | |
| 1,149,397 | | |
| (46,477 | ) | |
| (2,306,630 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for conversion of convertible debt and accrued interest | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,818,097 | | |
| 1,818 | | |
| - | | |
| - | | |
| 24,908 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 26,726 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for deferred offering cost | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,000,000 | | |
| 1,000 | | |
| - | | |
| - | | |
| 19,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 20,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for exercise of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,500 | | |
| 2 | | |
| (2,500 | ) | |
| (2 | ) | |
| - | | |
| 100,000 | | |
| - | | |
| - | | |
| - | | |
| 100,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for alternate cashless exercise of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 6,399,968 | | |
| 6,400 | | |
| (1,999,990 | ) | |
| (2,000 | ) | |
| (4,400 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Reclassification
of put premium upon debt conversion | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 16,667 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 16,667 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock
based compensation in connection with stock option grants | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 20,718 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 20,718 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Foreign
currency translation loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (7,697 | ) | |
| - | | |
| (7,697 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |