General form for registration of securities under the Securities Act of 1933

INCOME TAXES (Tables)

v3.25.2
INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
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

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
    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   $ -     $ -  
SCHEDULE OF LOSS PER SHARE BASIS OF REVERSE STOCK SPLIT

The unaudited pro forma tables below show the losses per share prior to the reverse split and following the reverse split. A key assumption to the loss per share calculation is that post-reverse split price is equal to the pre-reverse split times the number of shares from the ratio.

 

Historical per share data – (Pre- Split basis)  

Year Ended

June 30, 2024

   

Year Ended

June 30, 2023

 
             
Net loss available to Common Stockholders   $ 2,013,488     $ 3,126,839  
Basic and diluted weighted average shares outstanding     85,045,339       1,738,802  
Basic and diluted net loss per share   $ 0.02     $ 1.80  

 

The assumption inherent in the table below is a reverse split of 1:100,000.

 

Historical per share data – (Post- Split basis)  

Year Ended

June 30, 2024

   

Year Ended

June 30, 2023

 
             
Net loss available to Common Stockholders   $ 2,013,488     $ 3,126,839  
Basic and diluted weighted average shares outstanding     850       17  
Basic and diluted net loss per share   $ 2,368.81     $ 183,931.71  

 

The table below shows the loss per share effect of reverse stock splits at 1:10,000, 1:50,000 and 1:100,000:

 

    Year Ended
June 30, 2024
    Year Ended
June 30, 2023
    Year Ended
June 30, 2024
    Year Ended
June 30, 2023
    Year Ended
June 30, 2024
    Year Ended
June 30, 2023
 
Split Ratio   1:10,000     1:50,000     1:100,000  
    Year Ended
June 30, 2024
    Year Ended
June 30, 2023
    Year Ended
June 30, 2024
    Year Ended
June 30, 2023
    Year Ended
June 30, 2024
    Year Ended
June 30, 2023
 
Net losses available to common stockholders   $ 2,013,488     $ 3,126,839     $ 2,013,488     $ 3,126,839     $ 2,013,488     $ 3,126,839  
Weighted Average Shares Outstanding     8,505       174       1,701       35       850       17  
Loss per share   $ 236.74     $ 17,970     $ 1,183.71     $ 89,338.26     $ 2,368.81     $ 183,931.71