LOANS |
9 Months Ended |
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Mar. 31, 2023 | |
| Debt Disclosure [Abstract] | |
| LOANS |
NOTE 5 – LOANS
Loan from Former Director – Related Party
Loans from the Company’s former director at March 31, 2023 and June 30, 2022 were $49,558 and $51,171, respectively. The loans bear no interest and are payable on demand. The Company did not repay any amount on this loan during the nine months ended March 31, 2023 and 2022, respectively (see Note 9).
PROPANC BIOPHARMA, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2023 (Unaudited)
Loan Payable
Crown Bridge Securities Purchase Agreement
Effective October 3, 2019, the Company entered into a securities purchase agreement with Crown Bridge Partners, LLC (“Crown Bridge”), pursuant to which Crown Bridge purchased a convertible promissory note from the Company (the “Crown Bridge Note”), which had a remaining principal balance of $65,280 as of March 31, 2023 (see Note 6). The maturity date of the Crown Bridge Note was October 3, 2020 and is currently past due. The Crown Bridge Note bore interest at a default interest rate of 15% per annum. In August 2022, the SEC filed a complaint against Crown Bridge due to its violation of Section 15(a)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Crown Bridge agreed to surrender all conversion rights in its currently held convertible notes, including the Crown Bridge Note. Consequently, as of March 31, 2023, the Company reclassified the remaining principal balance of $65,280 from a convertible note into a loan payable. Additionally, the Company recorded the remaining put premium of $43,520 into gain on extinguishment of debt during the nine months ended March 31, 2023. The total accrued interest from this loan amounted to $33,281 as of March 31, 2023.
Loan in default
The Crown Bridge Note is currently past due and in default, consisting of $65,280 principal and $30,866 accrued interest, which includes interest accruing at the default interest rate at 15%.
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