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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 March 31, 2023
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, a 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 May 12, 2023, there were 3,288,404,722 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 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PROPANC
BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
March
31, 2023 | | |
June
30, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Cash | |
$ | 93,241 | | |
$ | 4,067 | |
GST tax receivable | |
| 3,334 | | |
| 2,342 | |
Prepaid
expenses and other current assets | |
| - | | |
| 8,621 | |
| |
| | | |
| | |
TOTAL CURRENT ASSETS | |
| 96,575 | | |
| 15,030 | |
| |
| | | |
| | |
Security deposit - related
party | |
| 2,009 | | |
| 2,075 | |
Operating lease right-of-use
assets, net - related party | |
| 44,524 | | |
| 62,523 | |
Property
and equipment, net | |
| 634 | | |
| 2,023 | |
| |
| | | |
| | |
TOTAL
ASSETS | |
$ | 143,742 | | |
$ | 81,651 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable | |
$ | 918,195 | | |
$ | 943,023 | |
Accrued expenses and other
payables | |
| 687,454 | | |
| 466,115 | |
Accrued interest | |
| 56,661 | | |
| 57,822 | |
Loan payable | |
| 65,280 | | |
| - | |
Convertible notes, net
of discounts and including put premiums | |
| 519,718 | | |
| 926,438 | |
Operating lease liability
- related party, current portion | |
| 21,185 | | |
| 20,605 | |
Embedded conversion option
liabilities | |
| 132,501 | | |
| 151,262 | |
Due to former director
- related party | |
| 29,777 | | |
| 30,746 | |
Loan from former director
- related party | |
| 49,558 | | |
| 51,171 | |
Employee
benefit liability | |
| 579,888 | | |
| 415,799 | |
| |
| | | |
| | |
TOTAL CURRENT LIABILITIES | |
| 3,060,217 | | |
| 3,062,981 | |
| |
| | | |
| | |
NON-CURRENT LIABILITIES: | |
| | | |
| | |
Operating
lease liability - long-term portion - related party | |
| 24,939 | | |
| 42,319 | |
| |
| | | |
| | |
TOTAL
NON-CURRENT LIABILITIES | |
| 24,939 | | |
| 42,319 | |
| |
| | | |
| | |
TOTAL
LIABILITIES | |
$ | 3,085,156 | | |
$ | 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 previously authorized; 0 and 500,000 shares issued and outstanding as of March 31, 2023 and June
30, 2022, respectively | |
$ | - | | |
$ | 5,000 | |
Series B preferred stock, $0.01 par value;
5 shares authorized; 1 share issued and outstanding as of March 31, 2023 and June 30, 2022 | |
| - | | |
| - | |
Preferred stock value | |
| | | |
| | |
Common stock, $0.001 par value; 10,000,000,000
shares authorized; 2,621,297,786 and 220,350,921 shares issued and outstanding as of March 31, 2023 and June
30, 2022, respectively | |
| 2,621,298 | | |
| 220,351 | |
Common stock issuable (4,434 and 19,597,024
shares as of March 31, 2023 and June 30, 2022, respectively) | |
| 4 | | |
| 19,597 | |
Additional paid-in capital | |
| 57,068,986 | | |
| 57,124,982 | |
Subscription receivable | |
| - | | |
| (23,758 | ) |
Accumulated other comprehensive
income | |
| 1,293,747 | | |
| 1,234,549 | |
Accumulated deficit | |
| (63,878,972 | ) | |
| (61,557,893 | ) |
Treasury stock (1
share) | |
| (46,477 | ) | |
| (46,477 | ) |
| |
| | | |
| | |
TOTAL
STOCKHOLDERS’ DEFICIT | |
| (2,941,414 | ) | |
| (3,023,649 | ) |
| |
| | | |
| | |
TOTAL
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
$ | 143,742 | | |
$ | 81,651 | |
The
accompanying unaudited condensed consolidated notes are an integral part of these unaudited condensed consolidated financial
statements.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three
Months Ended
March 31, | | |
Nine
months ended
March 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
REVENUE | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING
EXPENSES | |
| | | |
| | | |
| | | |
| | |
Administration
expenses | |
| 311,824 | | |
| 443,629 | | |
| 1,302,576 | | |
| 1,221,533 | |
Occupancy
expenses - related party | |
| 8,365 | | |
| 8,157 | | |
| 22,244 | | |
| 22,443 | |
Research
and development | |
| 66,020 | | |
| 50,395 | | |
| 242,223 | | |
| 147,702 | |
TOTAL
OPERATING EXPENSES | |
| 386,209 | | |
| 502,181 | | |
| 1,567,043 | | |
| 1,391,678 | |
| |
| | | |
| | | |
| | | |
| | |
LOSS
FROM OPERATIONS | |
| (386,209 | ) | |
| (502,181 | ) | |
| (1,567,043 | ) | |
| (1,391,678 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER
INCOME (EXPENSE) | |
| | | |
| | | |
| | | |
| | |
Interest
expense | |
| (157,208 | ) | |
| (167,375 | ) | |
| (418,579 | ) | |
| (455,133 | ) |
Interest
income | |
| 8 | | |
| - | | |
| 27 | | |
| - | |
Change
in fair value of derivative liabilities | |
| (238,367 | ) | |
| 165,365 | | |
| (110,859 | ) | |
| (2,392 | ) |
Gain
from settlement of accounts payable | |
| - | | |
| - | | |
| 17,499 | | |
| - | |
Gain
on extinguishment of debt, net | |
| (10,724 | ) | |
| - | | |
| 32,186 | | |
| - | |
Foreign
currency transaction gain (loss) | |
| (19,025 | ) | |
| 41,717 | | |
| 3,210 | | |
| 40,631 | |
TOTAL
OTHER EXPENSE, NET | |
| (425,316 | ) | |
| 39,707 | | |
| (476,516 | ) | |
| (416,894 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Tax
benefit | |
| 1,716 | | |
| (213 | ) | |
| 131,037 | | |
| 55,250 | |
| |
| | | |
| | | |
| | | |
| | |
NET
LOSS | |
$ | (809,809 | ) | |
$ | (462,687 | ) | |
$ | (1,912,522 | ) | |
$ | (1,753,322 | ) |
| |
| | | |
| | | |
| | | |
| | |
Deemed
Dividend | |
| - | | |
| (237,389 | ) | |
| (408,557 | ) | |
| (445,631 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET
LOSS AVAILABLE TO COMMON STOCKHOLDERS | |
$ | (809,809 | ) | |
$ | (700,076 | ) | |
$ | (2,321,079 | ) | |
$ | (2,198,953 | ) |
| |
| | | |
| | | |
| | | |
| | |
BASIC
AND DILUTED NET LOSS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.00 | ) | |
$ | (0.05 | ) |
| |
| | | |
| | | |
| | | |
| | |
BASIC
AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | |
| 1,924,073,522 | | |
| 66,353,881 | | |
| 1,115,848,071 | | |
| 47,561,123 | |
| |
| | | |
| | | |
| | | |
| | |
NET
LOSS AVAILABLE TO COMMON STOCKHOLDERS | |
$ | (809,809 | ) | |
$ | (700,076 | ) | |
$ | (2,321,079 | ) | |
$ | (2,198,953 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER
COMPREHENSIVE INCOME (LOSS) | |
| | | |
| | | |
| | | |
| | |
Unrealized
foreign currency translation gain (loss) | |
| 40,614 | | |
| (55,096 | ) | |
| 59,198 | | |
| 1,400 | |
| |
| | | |
| | | |
| | | |
| | |
TOTAL
OTHER COMPREHENSIVE INCOME (LOSS) | |
| 40,614 | | |
| (55,096 | ) | |
| 59,198 | | |
| 1,400 | |
| |
| | | |
| | | |
| | | |
| | |
TOTAL
COMPREHENSIVE LOSS | |
$ | (769,195 | ) | |
$ | (755,172 | ) | |
$ | (2,261,881 | ) | |
$ | (2,197,553 | ) |
The
accompanying unaudited condensed consolidated notes are an integral part of these unaudited condensed consolidated financial
statements.
PROPANC
BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT FOR THE THREE AND NINE MONTHS ENDED
MARCH 31, 2023 AND 2022
(Unaudited)
| |
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 | |
| |
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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
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| | |
Issuance
of common stock for alternate cashless exercise of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 6,399,968 | | |
| 6,400 | | |
| (1,999,990 | ) | |
| (2,000 | ) | |
| (4,400 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
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| | | |
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| | | |
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| | |
Reclassification
of put premium upon debt conversion | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |