| SUBSEQUENT EVENTS |
NOTE
12 – SUBSEQUENT EVENTS
Shares
issued for conversion of convertible debt
Between
April 2023 and May 2023, the Company issued an aggregate of 667,102,561
shares of its common stock at a contractual conversion price of $0.0002
per share, as a result of the conversion of principal of $112,750
and accrued interest of $6,433
underlying certain outstanding convertible notes converted during such period. The Company reclassified $48,865
from put premium liabilities to additional paid in capital following conversions.
Reverse
Stock Split
On
May 1, 2023, the Company effected a one-for-one
thousand (1:1,000) reverse stock split of
the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”). No fractional
shares of Common Stock will be issued in connection with the Reverse Stock Split, all of which were rounded up to the nearest whole
number. Proportional adjustments for the Reverse Stock Split will be made to the Company’s outstanding stock options,
warrants and equity incentive plans. The Company is awaiting the approval of FINRA for the OTC market effectiveness of the Reverse
Stock Split.
The
following is the unaudited pro-forma effect of the 1:1000 Reverse Stock Split on the basic and diluted net loss per share:
SCHEDULE
OF REVERSE STOCK SPLIT
| Historical
per share data – (Pre- Split basis) |
|
Three
Months Ended
March 31, 2023
|
|
|
Three
Months Ended
March 31, 2022
|
|
|
Nine
Months Ended
March 31, 2023
|
|
|
Nine
Months Ended
March 31, 2022
|
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| Net loss available to Common Stockholders |
|
$ |
809,809 |
|
|
$ |
700,076 |
|
|
$ |
2,321,079 |
|
|
$ |
2,198,953 |
|
| Basic and diluted weighted average shares
outstanding |
|
|
1,924,073,522 |
|
|
|
66,353,881 |
|
|
|
1,115,848,071 |
|
|
|
47,561,123 |
|
| Basic
and diluted net loss per share |
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.00 |
|
|
$ |
0.05 |
|
| Historical
per share data – (Post- Split basis) (Unaudited) |
|
Three
Months Ended
March 31, 2023
|
|
|
Three
Months Ended
March 31, 2022
|
|
|
Nine
Months Ended
March 31, 2023
|
|
|
Nine
Months Ended
March 31, 2022
|
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| Net loss available to Common Stockholders |
|
$ |
809,809 |
|
|
$ |
700,076 |
|
|
$ |
2,321,079 |
|
|
$ |
2,198,953 |
|
| Basic and diluted weighted average shares
outstanding |
|
|
1,924,074 |
|
|
|
66,354 |
|
|
|
1,115,848 |
|
|
|
47,561 |
|
| Basic
and diluted net loss per share |
|
$ |
0.42 |
|
|
$ |
10.55 |
|
|
$ |
2.08 |
|
|
$ |
46.23 |
|
PROPANC
BIOPHARMA, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2023
(Unaudited)
The
following is the unaudited pro-forma effect of the 1:1000 Reverse Stock Split on the condensed consolidated balance sheets:
SCHEDULE
OF PRO FORMA EFFECT OF REVERSE STOCK SPLIT
| |
|
March
31, 2023 |
|
|
1:1000
adjustment |
|
|
Pro-Forma
Effect
March 31, 2023
|
|
| |
|
|
|
|
|
|
|
(Unaudited) |
|
| Total Assets |
|
$ |
143,742 |
|
|
$ |
- |
|
|
$ |
143,742 |
|
| Total Liabilities |
|
|
3,085,156 |
|
|
|
- |
|
|
|
3,085,156 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’ Deficit: |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stock |
|
|
2,621,298 |
|
|
|
(2,618,677 |
) |
|
|
2,621 |
|
| Common Stock Issuable |
|
|
4 |
|
|
|
(4 |
) |
|
|
- |
|
| Additional Paid In Capital |
|
|
57,068,986 |
|
|
|
2,618,681 |
|
|
|
59,687,667 |
|
| Subscription Receivable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Accumulated Other Comprehensive
Income |
|
|
1,293,747 |
|
|
|
- |
|
|
|
1,293,747 |
|
| Accumulated Deficit |
|
|
(63,878,972 |
) |
|
|
- |
|
|
|
(63,878,972 |
) |
| Treasury
Stock |
|
|
(46,477 |
) |
|
|
- |
|
|
|
(46,477 |
) |
| Total Stockholders’
deficit |
|
|
(2,941,414 |
) |
|
|
- |
|
|
|
(2,941,414 |
) |
| Total Liabilities and
Basic and Stockholders’ deficit |
|
$ |
143,742 |
|
|
$ |
- |
|
|
$ |
143,742 |
|
| |
|
June
30, 2022 |
|
|
1:1000
adjustment |
|
|
Pro-Forma
Effect June 30, 2022
|
|
| |
|
|
|
|
|
|
|
(Unaudited) |
|
| Total Assets |
|
$ |
81,651 |
|
|
$ |
- |
|
|
$ |
81,651 |
|
| Total Liabilities |
|
|
3,105,300 |
|
|
|
- |
|
|
|
3,105,300 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’ Deficit: |
|
|
|
|
|
|
|
|
|
|
|
|
| Series A Preferred Stock |
|
|
5,000 |
|
|
|
- |
|
|
|
5,000 |
|
| Common Stock |
|
|
220,351 |
|
|
|
(220,131 |
) |
|
|
220 |
|
| Common Stock Issuable |
|
|
19,597 |
|
|
|
(19,577 |
) |
|
|
20 |
|
| Additional Paid In Capital |
|
|
57,124,982 |
|
|
|
239,708 |
|
|
|
57,364,690 |
|
| Subscription Receivable |
|
|
(23,758 |
) |
|
|
- |
|
|
|
(23,758 |
) |
| Accumulated Other Comprehensive
Income |
|
|
1,234,549 |
|
|
|
- |
|
|
|
1,234,549 |
|
| Accumulated Deficit |
|
|
(61,557,893 |
) |
|
|
- |
|
|
|
(61,557,893 |
) |
| Treasury
Stock |
|
|
(46,477 |
) |
|
|
- |
|
|
|
(46,477 |
) |
| Total Stockholders’
deficit |
|
|
(3,023,649 |
) |
|
|
- |
|
|
|
(3,023,649 |
) |
| Total Liabilities and
Basic and Stockholders’ deficit |
|
$ |
81,651 |
|
|
$ |
- |
|
|
$ |
81,651 |
|
|