SCHEDULE OF INCOME TAX PROVISION |
The
reconciliation of income tax expense computed at the U.S. federal statutory rate of 21% to the income tax provision for the years ended
June 30, 2024 and 2023 is as follows:
PROPANC
BIOPHARMA, INC. AND SUBSIDIARY
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2024 and 2023
SCHEDULE OF INCOME TAX PROVISION
US |
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
|
Year Ended |
|
US |
|
June 30, 2024 |
|
|
June 30, 2023 |
|
Loss before Income taxes |
|
$ |
(1,874,914 |
) |
|
$ |
(2,790,407 |
) |
|
|
|
|
|
|
|
|
|
Taxes under statutory US tax rates |
|
$ |
(393,732 |
) |
|
$ |
(585,986 |
) |
Increase (decrease) in valuation allowance |
|
|
306,682 |
|
|
|
556,521 |
|
Foreign tax rate differential |
|
|
(55,358 |
) |
|
|
(60,316 |
) |
Prior period adjustment |
|
|
76,194 |
|
|
|
81,599 |
|
Other |
|
|
66,214 |
|
|
|
8,182 |
|
Income tax (expense) benefit |
|
$ |
- |
|
|
$ |
- |
|
|
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
|
Year Ended |
|
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
Deferred tax assets |
|
|
|
|
|
|
|
|
Warrant Derivative Liability |
|
$ |
513,071 |
|
|
$ |
579,544 |
|
Accrued Expenses |
|
|
559,723 |
|
|
|
478,273 |
|
Prepaid Investor Services |
|
|
551,796 |
|
|
|
575,021 |
|
Non-cash interest |
|
|
817,536 |
|
|
|
758,797 |
|
Intangibles (Intellectual Property and Patent Cost) |
|
|
351,144 |
|
|
|
321,557 |
|
Deferred Rent |
|
|
4,492 |
|
|
|
4,550 |
|
Formation Expense |
|
|
6,553 |
|
|
|
6,553 |
|
Net Operating Loss carryforward |
|
|
9,075,029 |
|
|
|
8,910,874 |
|
Gain on extinguishment of debt |
|
|
97,992 |
|
|
|
47,393 |
|
Stock Based Compensation |
|
|
84,028 |
|
|
|
84,028 |
|
Total Deferred tax assets |
|
$ |
12,061,364 |
|
|
$ |
11,766,590 |
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
|
|
|
|
|
|
Research and Development |
|
$ |
(170,435 |
) |
|
$ |
(202,568 |
) |
Foreign Exchange Loss (OCI) |
|
|
(39,379 |
) |
|
|
(39,379 |
) |
Capital Raising Costs |
|
|
(389,258 |
) |
|
|
(369,033 |
) |
Total deferred tax liabilities |
|
$ |
(599,072 |
) |
|
$ |
(610,980 |
) |
|
|
|
|
|
|
|
|
|
Net deferred tax assets |
|
$ |
11,462,292 |
|
|
$ |
11,155,610 |
|
Valuation allowance |
|
|
(11,462,292 |
) |
|
|
(11,155,610 |
) |
Net deferred tax assets |
|
$ |
- |
|
|
$ |
- |
|
|