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