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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 December 31, 2023

 

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 February 20, 2024, there were 52,144,948 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 9
Item 4. Controls and Procedures 9
     
PART II - OTHER INFORMATION  
     
Item 1. Legal Proceedings 11
Item 1A. Risk Factors 11
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 11
Item 3. Defaults Upon Senior Securities 11
Item 4. Mine Safety Disclosures 12
Item 5. Other Information 12
Item 6. Exhibits 12
  Signatures 13

 

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 December 31, 2023 (unaudited) and June 30, 2023 F-2
   
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended December 31, 2023 and 2022 (unaudited) F-3
   
Condensed Consolidated Statements of Changes in Stockholders’ Deficit for each of the three and six months in the periods ended December 31, 2023 and 2022 (unaudited) F-4
   
Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2023 and 2022 (unaudited) F-5
   
Notes to the Condensed Consolidated Financial Statements (unaudited) F-6

 

F-1
 

 

PROPANC BIOPHARMA, INC. AND SUBSIDIARY

 

PROPANC BIOPHARMA, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   December 31, 2023   June 30, 2023 
   (Unaudited)     
ASSETS          
           
CURRENT ASSETS:          
Cash  $71,650   $10,047 
GST tax receivable   3,908    2,867 
Prepaid expenses and other current assets   12,139    6,125 
Refundable advance deposit   123,127    - 
           
TOTAL CURRENT ASSETS   210,824    19,039 
           
Security deposit - related party   2,044    1,999 
Operating lease right-of-use assets, net - related party   28,989    38,988 
Property and equipment, net   50    302 
           
TOTAL ASSETS  $241,907   $60,328 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
           
CURRENT LIABILITIES:          
Accounts payable  $1,157,691   $966,718 
Accrued expenses and other payables   689,594    579,707 
Accrued interest   66,319    44,709 
Loan payable   65,280    65,280 
Loans payable - related party   16,429    - 
Note payable, net of discount   132,000    - 
Convertible notes, net of discounts and including put premiums   687,650    390,539 
Operating lease liability - related party, current portion   22,880    21,505 
Embedded conversion option liabilities   219,045    423,209 
Due to former director - related party   30,293    29,630 
Loan from former director - related party   50,416    49,314 
Employee benefit liability   624,654    587,618 
           
TOTAL CURRENT LIABILITIES   3,762,251    3,158,229 
           
NON-CURRENT LIABILITIES:          
Loan payable - long-term - related party, net of discount   35,214    - 
Operating lease liability - long-term portion - related party   8,041    19,278 
           
TOTAL NON-CURRENT LIABILITIES   43,255    19,278 
           
TOTAL LIABILITIES  $3,805,506   $3,177,507 
           
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 previously authorized; 0 shares issued and outstanding as of December 31, 2023 and June 30, 2023  $-   $- 
Series B preferred stock, $0.01 par value; 5 shares authorized; 1 share issued and outstanding as of December 31, 2023 and June 30, 2023   -    - 
Common stock, $0.001 par value; 10,000,000,000 shares authorized; 36,169,023 and 6,031,250 shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively   36,169    6,031 
Common stock issuable (0 and 1,621,653 shares as of December 31, 2023 and June 30, 2023, respectively)   -    1,621 
Additional paid-in capital   61,018,603    60,311,502 
Subscription receivable   (8,822)   - 
Accumulated other comprehensive income   1,234,070    1,294,876 
Accumulated deficit   (65,797,142)   (64,684,732)
Treasury stock ($0.001 share)   (46,477)   (46,477)
           
TOTAL STOCKHOLDERS’ DEFICIT   (3,563,599)   (3,117,179)
           
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $241,907   $60,328 

 

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)

 

   2023   2022   2023   2022 
   For the three months ended December 31,   For the six months ended December 31, 
   2023   2022   2023   2022 
                 
REVENUE                    
Revenue  $-   $-   $-   $- 
                     
OPERATING EXPENSES                    
Administration expenses   318,185    525,620    712,013    990,752 
Occupancy expenses - related party   5,857    7,506    13,006    13,879 
Research and development   114,022    74,878    130,264    176,203 
TOTAL OPERATING EXPENSES   438,064    608,004    855,283    1,180,834 
                     
LOSS FROM OPERATIONS   (438,064)   (608,004)   (855,283)   (1,180,834)
                     
OTHER INCOME (EXPENSE)                    
Interest expense   (264,462)   (98,619)   (442,696)   (261,371)
Interest income   16    17    33    19 
Derivative expense   (45,658)   -    (123,379)   - 
Change in fair value of derivative liabilities   (1,771)   62,335    302,158    127,508 
Gain from settlement of accounts payable   -    -    -    17,499 
Gain (loss) on extinguishment of debt, net   (211)   43,520    34,099    42,910 
Foreign currency transaction gain (loss)   37,146    (13,988)   21,198    22,235 
TOTAL OTHER INCOME (EXPENSE), NET   (274,940)   (6,735)   (208,587)   (51,200)
                     
LOSS BEFORE TAXES   (713,004)   (614,739)   (1,063,870)   (1,232,034)
                     
Tax benefit   128,620    129,321    128,620    129,321 
                     
NET LOSS  $(584,384)  $(485,418)  $(935,250)  $(1,102,713)
                     
Deemed Dividend   (34,585)   (19,322)   (177,160)   (408,557)
                     
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS  $(618,969)  $(504,740)  $(1,112,410)  $(1,511,270)
                     
BASIC AND DILUTED NET LOSS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS  $(0.03)  $(0.53)  $(0.06)  $(2.10)
                     
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING   23,813,436    960,471    17,401,558    718,360 
                     
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS  $(618,969)  $(504,740)  $(1,112,410)  $(1,511,270)
                     
OTHER COMPREHENSIVE INCOME (LOSS)                    
Unrealized foreign currency translation gain (loss)   (134,480)   (107,812)   (60,806)   18,584 
                     
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)   (134,480)   (107,812)   (60,806)   18,584 
                     
TOTAL COMPREHENSIVE LOSS  $(753,449)  $(612,552)  $(1,173,216)  $(1,492,686)

 

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 SIX MONTHS ENDED DECEMBER 31, 2023 AND 2022

(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, 2022   500,000   $5,000    1   $-    220,351   $220    19,598   $20   $57,364,690   $(23,758)  $(61,557,893)  $1,234,549   $(46,477)  $(3,023,649)
                                                                       
Issuance of common stock for cash   -    -    -    -    14,337    14    -    -    24,697    23,758    -    -    -    48,469 
                                                                       
Issuance of common stock for conversion of convertible debt, conversion fee and accrued interest   -    -    -    -    264,493    264    -    -    456,675    -    -    -    -    456,939 
                                                                       
Issuance of common stock for issuable shares   -    -    -         -    19,597    20    (19,598)   (20)   -    -    -    -    -    - 
                                                                       
Issuance of common stock for exercise of warrants   -    -    -    -    1    -    1    -    100,000    -    -    -    -    100,000 
                                                                       
Issuance of common stock for alternate cashless exercise of warrants   -    -    -    -    158,399    158    -    -    (158)   -    -    -    -    - 
                                                                       
Reclassification of put premium upon debt conversion   -    -    -    -    -    -    -    -    133,646    -    -    -    -    133,646 
                                                                       
Stock based compensation in connection with stock warrant grant   -    -    -    -    -    -    -    -    2,408    -    -    -    -    2,408 
                                                                       
Warrant grant for settlement of accounts payable   -    -    -    -    -    -    -    -    5,551    -    -    -    -    5,551 
                                                                       
Foreign currency translation gain   -    -    -    -    -    -    -    -    -    -    -    126,396    -    126,396 
                                                                       
Deemed dividend upon alternate cashless exercise of warrants   -    -    -    -    -    -    -    -    389,235    -    (389,235)   -    -    - 
                                                                       
Net loss for the three months ended September 30, 2022   -    -    -    -    -    -    -    -    -    -    (617,295)   -    -    (617,295)
                                                                       
Balance at September 30, 2022   500,000    5,000    1    -    677,178    677    1    (0)   58,476,743    -    (62,564,423)   1,360,945    (46,477)   (2,767,535)
                                                                       
Issuance of common stock for conversion of convertible debt, conversion fee and accrued interest   -    -    -    -    380,506    381    -    -    165,310    -    -    -    -    165,691 
                                                                       
Issuance of common stock for issuable shares   -    -    -    -    1    -    (1)   -    -    -    -    -    -    - 
                                                                       
Issuance of common stock for exercise of warrants   -    -    -    -    3    -    -    -    100,000    -    -    -    -    100,000 
                                                                       
Issuance of common stock for alternate cashless exercise of warrants   -    -    -    -    33,600    34    -    -    (34)   -    -    -    -    - 
                                                                       
Issuance of common stock for services   -    -    -    -    79,412    79    -    -    56,732    -    -    -    -    56,811 
                                                                       
Issuance of common stock in connection with a note payable   -    -    -    -    75,000    75    -    -    37,425    -    -    -    -    37,500 
                                                                       
Reclassification of put premium upon debt conversion   -    -    -    -    -    -    -    -    85,346    -    -    -    -    85,346 
                                                                       
Foreign currency translation loss   -    -    -    -    -    -    -    -    -    -    -    (107,812)   -    (107,812)
                                                                       
Deemed dividend upon alternate cashless exercise of warrants   -    -    -    -    -    -    -    -    19,322    -    (19,322)   -    -    - 
                                                                       
Net loss for the three months ended December 31, 2022   -    -    -    -    -    -    -    -    -    -    (485,418)   -    -    (485,418)
                                                                       
Balance at December 31, 2022   500,000   $5,000    1   $-    1,245,699   $1,246    -   $(0)  $58,940,845   $-   $(63,069,163)  $1,253,133   $(46,477)  $(2,915,417)

 

   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, 2023   -   $-    1   $-    6,031,250   $6,031    1,621,653   $1,621   $60,311,502   $-   $(64,684,732)  $1,294,876   $(46,477)  $(3,117,179)
                                                                       
Issuance of common stock for conversion of convertible debt, conversion fee and accrued interest   -    -    -    -    4,898,307    4,899    626,229    626    223,665    -    -    -    -    229,190 
                                                                       
Issuance of common stock for alternate cashless exercise of warrants   -    -    -    -    2,282,000    2,282    -    -    (2,282)   -    -    -    -    - 
                                                                       
Issuance of common stock for issuable shares   -    -    -    -    1,621,653    1,621    (1,621,653)   (1,621)   -    -