Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.24.3
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   $ -     $ -