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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2022

 

or

 

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ___________ to ___________

 

Commission File Number: 000-54878

 

PROPANC BIOPHARMA, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   33-0662986

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

302, 6 Butler Street

Camberwell, VIC, 3124 Australia

(Address of principal executive offices) (Zip Code)

 

+61-03- 9882-0780

(Registrant’s telephone number, including area code)

 

n/a

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
None   None   None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
    Emerging growth company

 

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

As of May 16, 2022, there were 122,193,541 shares of the registrant’s common stock, $0.001 par value per share, issued and outstanding.

 

 

 

 

 

 

PROPANC BIOPHARMA INC.

 

Table of Contents

 

    Page
PART I - FINANCIAL INFORMATION  
     
Item 1. Financial Statements F-1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 3
Item 3. Quantitative and Qualitative Disclosures About Market Risk 8
Item 4. Controls and Procedures 9
     
PART II - OTHER INFORMATION  
     
Item 1. Legal Proceedings 10
Item 1A. Risk Factors 10
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 10
Item 3. Defaults Upon Senior Securities 10
Item 4. Mine Safety Disclosures 10
Item 5. Other Information 11
Item 6. Exhibits 11
  Signatures 12

 

2

 

 

PART I — FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

The following unaudited interim condensed consolidated financial statements of Propanc Biopharma, Inc. are included in this Quarterly Report on Form 10-Q:

 

INDEX TO FINANCIAL STATEMENTS

 

  Page
Condensed Consolidated Balance Sheets at March 31, 2022 (unaudited) and June 30, 2021 F-2
   
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended March 31, 2022 and 2021 (unaudited) F-3
   
Condensed Consolidated Statements of Changes in Stockholders’ Deficit for each of the three and nine months in the periods ended March 31, 2022 and 2021 (unaudited) F-4
   
Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2022 and 2021 (unaudited) F-5
   
Notes to the Condensed Consolidated Financial Statements (unaudited) F-6

 

F-1

 

 

PROPANC BIOPHARMA, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   March 31, 2022   June 30, 2021 
   (Unaudited)     
ASSETS          
           
CURRENT ASSETS:          
Cash  $133,885   $2,255 
GST tax receivable   2,216    4,341 
Prepaid expenses and other current assets   8,405    - 
           
TOTAL CURRENT ASSETS   144,506    6,596 
           
Deferred offering costs   20,000    - 
Security deposit - related party   2,248    2,250 
Property and equipment, net   2,706    4,255 
           
TOTAL ASSETS  $169,460   $13,101 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
           
CURRENT LIABILITIES:          
Accounts payable  $967,213   $1,002,335 
Accrued expenses and other payables   486,558    892,151 
Convertible notes and related accrued interest, net of discounts and premiums   1,075,702    624,583 
Embedded conversion option liabilities   56,612    54,220 
Due to former director - related party   33,321    33,347 
Loan from former director - related party   55,456    55,500 
Employee benefit liability   442,018    418,538 
           
TOTAL CURRENT LIABILITIES   3,116,880    3,080,674 
           
TOTAL LIABILITIES  $3,116,880   $3,080,674 
           
Commitments and Contingencies (See Note 8)   -       
           
STOCKHOLDERS’ DEFICIT:          
Preferred stock, 1,500,005 shares authorized, $0.01 par value:          
Series A preferred stock, $0.01 par value; 500,000 shares authorized; 500,000 shares issued and outstanding as of March 31, 2022 and June 30, 2021  $5,000   $5,000 
Series B preferred stock, $0.01 par value; 5 shares authorized; 1 share issued and outstanding as of March 31, 2022 and June 30, 2021   -    - 
Common stock, $0.001 par value; 1,000,000,000 shares authorized; 85,030,026 and 14,055,393 shares issued and outstanding as of March 31, 2022 and June 30, 2021, respectively   85,030    14,056 
Common stock issuable (1,149,635 and 59 shares as of March 31, 2022 and June 30, 2021, respectively)   1,149    - 
Additional paid-in capital   56,319,693    54,074,110 
Accumulated other comprehensive income   1,086,604    1,085,204 
Accumulated deficit   (60,398,419)   (58,199,466)
Treasury stock (1 share)   (46,477)   (46,477)
           
TOTAL STOCKHOLDERS’ DEFICIT   (2,947,420)   (3,067,573)
           
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $169,460   $13,101 

 

The accompanying unaudited condensed notes are an integral part of these unaudited condensed consolidated financial statements.

 

F-2

 

 

PROPANC BIOPHARMA, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

   2022   2021   2022   2021 
   Three Months Ended March 31,   Nine Months Ended March 31, 
   2022   2021   2022   2021 
REVENUE                    
Revenue  $-   $-   $-   $- 
                     
OPERATING EXPENSES                    
Administration expenses   443,629    373,834    1,221,533    913,124 
Occupancy expenses   8,157    9,231    22,443    26,185 
Research and development   50,395    44,887    147,702    145,898 
TOTAL OPERATING EXPENSES   502,181    427,952    1,391,678    1,085,207 
                     
LOSS FROM OPERATIONS   (502,181)   (427,952)   (1,391,678)   (1,085,207)
                     
OTHER INCOME (EXPENSE)                    
Interest expense   (167,375)   (102,901)   (455,133)   (420,017)
Interest income   -    -    -    1 
Change in fair value of derivative liabilities   165,365    (55,158)   (2,392)   (7,156)
Gain from settlement of debt, net   -    48,390    -    48,390 
Gain on extinguishment of debt, net   -    622    -    50,607 
Foreign currency transaction gain   41,717    6,984    40,631    54,179 
TOTAL OTHER INCOME (EXPENSE), NET   39,707    (102,063)   (416,894)   (273,996)
                     
LOSS BEFORE TAXES   (462,474)   (530,015)   (1,808,572)   (1,359,203)
                     
Tax (expense) benefit   (213)   112,277    55,250    112,277 
                     
NET LOSS  $(462,687)  $(417,738)  $(1,753,322)  $(1,246,926)
                     
Deemed Dividend   (237,389)   -    (445,631)   - 
                     
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS  $(700,076)  $(417,738)  $(2,198,953)  $(1,246,926)
                     
BASIC AND DILUTED NET LOSS PER SHARE  $(0.01)  $(0.12)  $(0.05)  $(0.76)
                     
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING   66,353,881    3,452,810    47,561,123    1,631,175 
                     
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS  $(700,076)  $(417,738)  $(2,198,953)  $(1,246,926)
                     
OTHER COMPREHENSIVE INCOME (LOSS)                    
Unrealized foreign currency translation gain (loss)   (55,096)   29,723    1,400    (213,797)
                     
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)   (55,096)   29,723    1,400    (213,797)
                     
TOTAL COMPREHENSIVE LOSS  $(755,172)  $(388,015)  $(2,197,553)  $(1,460,723)

 

The accompanying unaudited condensed notes are an integral part of these unaudited condensed consolidated financial statements.

 

F-3

 

 

PROPANC BIOPHARMA, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2022 AND 2021

(Unaudited)

 

   No. of Shares   Value   No. of Shares   Value   No. of Shares   Value    No. of Shares   Value    Paid-in Capital   Subscription Receivable   Accumulated Deficit    Comprehensive Income    Treasury Stock   Stockholders’ Deficit 
   Preferred Stock            Common Stock                 Accumulated          
   Series A   Series B   Common Stock    Issuable    Additional           Other        Total 
   No. of Shares   Value   No. of Shares   Value   No. of Shares   Value    No. of Shares   Value    Paid-in Capital   Subscription Receivable   Accumulated Deficit    Comprehensive Income    Treasury Stock   Stockholders’ Deficit 
                                                             
Balance at June 30, 2020   500,000   $5,000    1   $-    258,120   $258     -   $-    $50,913,893   $                       -   $(55,781,770)   $1,267,671    $(46,477)  $(3,641,425)
                                                                           
Issuance of common stock for conversion of convertible debt and accrued interest   -     -     -    -    442,031    442     -    -     480,133    -    -     -     -    480,575 
                                                                           
Reclassification of put premium upon debt conversion   -    -    -    -    -    -     -    -     204,919    -    -     -     -    204,919 
                                                                           
Issuance of common stock for exercise of warrants   -    -    -    -    15,445    15     -    -     201,029    -    -     -     -    201,044 
                                                                           
Stock based compensation in connection with fair value of warrants issued for services   -    -    -    -    -    -     -    -     20,718    -    -     -     -    20,718 
                                                                           
Foreign currency translation gain   -    -    -    -    -    -     -    -     -    -    -     (75,755)     -    (75,755)
                                                                           
Net loss for the three months ended September 30, 2020   -    -    -    -    -    -     -    -     -    -    (425,545)    -     -    (425,545)
                                                                           
Balance at September 30, 2020   500,000    5,000    1    -    715,596   715   -    -     51,820,692   -   (56,207,315) -  1,191,916     (46,477)   (3,235,469)
                                                                           
Issuance of common stock for conversion of convertible debt and accrued interest   -     -     -    -    702,623    703     -    -     141,126    -    -       -      -   141,829
                                                                           
Reversal of common stock issuable due to cancellation of conversions of convertible debt and accrued interest   -    -    -    -    (24,427)   (24)    -    -     (19,992)   -    -     -     -    (20,016)
                                                                           
Reversal of put premium upon cancellation of conversions of convertible debt   -    -    -    -    -    -     -    -     (11,785)   -    -     -     -    (11,785)
                                                                           
Reclassification of put premium upon debt conversion   -    -    -    -    -    -     -    -     68,090    -    -     -     -    68,090 
                                                                           
Issuance of common stock for cashless exercise of warrants   -    -    -    -    52,900    53     147,099    147     (200)   -    -     -     -    - 
                                                                           
Stock based compensation in connection with stock option grants   -    -    -    -    -    -     -    -     20,718    -    -     -     -    20,718 
                                                                           
Vested restricted stock units   -    -    -    -    -    -     59    -     -    -    -     -     -    - 
                                                                           
Foreign currency translation loss   -    -    -    -    -    -     -    -     -    -    -     (167,765)     -    (167,765)
                                                                           
Fractional difference due to the reverse stock-split   -    -    -    -    142    -     -    -     -    -    -     -     -    -