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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

 

    Page
PART I - FINANCIAL INFORMATION  
     
Item 1. Financial Statements F-1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 3
Item 3. Quantitative and Qualitative Disclosures About Market Risk 8
Item 4. Controls and Procedures 8
     
PART II - OTHER INFORMATION  
     
Item 1. Legal Proceedings 9
Item 1A. Risk Factors 9
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 9
Item 3. Defaults Upon Senior Securities 9
Item 4. Mine Safety Disclosures 9
Item 5. Other Information 9
Item 6. Exhibits 9
  Signatures 10

 

2
 

 

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

 

  Page
Condensed Consolidated Balance Sheets at December 31, 2022 (unaudited) and June 30, 2022 F-2
   
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended December 31, 2022 and 2021 (unaudited) F-3
   
Condensed Consolidated Statements of Changes in Stockholders’ Deficit for each of the three and six months in the periods ended December 31, 2022 and 2021 (unaudited) F-4
   
Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2022 and 2021 (unaudited) F-5
   
Notes to the Condensed Consolidated Financial Statements (unaudited) F-6

 

F-1
 

 

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   -    - 
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.

 

F-2
 

 

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)
                     
LOSS BEFORE TAXES   (614,739)   (855,440)   (1,232,034)   (1,346,098)
                     
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.

 

F-3
 

 

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)