Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

v3.23.1
SUBSEQUENT EVENTS
9 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS

 

Shares issued for conversion of convertible debt

 

Between April 2023 and May 2023, the Company issued an aggregate of 667,102,561 shares of its common stock at a contractual conversion price of $0.0002 per share, as a result of the conversion of principal of $112,750 and accrued interest of $6,433 underlying certain outstanding convertible notes converted during such period. The Company reclassified $48,865 from put premium liabilities to additional paid in capital following conversions.

 

Reverse Stock Split

 

On May 1, 2023, the Company effected a one-for-one thousand (1:1,000) reverse stock split of the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”). No fractional shares of Common Stock will be issued in connection with the Reverse Stock Split, all of which were rounded up to the nearest whole number. Proportional adjustments for the Reverse Stock Split will be made to the Company’s outstanding stock options, warrants and equity incentive plans. The Company is awaiting the approval of FINRA for the OTC market effectiveness of the Reverse Stock Split.

 

The following is the unaudited pro-forma effect of the 1:1000 Reverse Stock Split on the basic and diluted net loss per share:

 

 

Historical per share data – (Pre- Split basis)  

Three Months Ended
March 31, 2023

   

Three Months Ended
March 31, 2022

   

Nine Months Ended
March 31, 2023

   

Nine Months Ended
March 31, 2022

 
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Net loss available to Common Stockholders   $ 809,809     $ 700,076     $ 2,321,079     $ 2,198,953  
Basic and diluted weighted average shares outstanding     1,924,073,522       66,353,881       1,115,848,071       47,561,123  
Basic and diluted net loss per share   $ 0.00     $ 0.01     $ 0.00     $ 0.05  

 

Historical per share data – (Post- Split basis) (Unaudited)  

Three Months Ended
March 31, 2023

   

Three Months Ended
March 31, 2022

   

Nine Months Ended
March 31, 2023

   

Nine Months Ended
March 31, 2022

 
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Net loss available to Common Stockholders   $ 809,809     $ 700,076     $ 2,321,079     $ 2,198,953  
Basic and diluted weighted average shares outstanding     1,924,074       66,354       1,115,848       47,561  
Basic and diluted net loss per share   $ 0.42     $ 10.55     $ 2.08     $ 46.23  

 

 

PROPANC BIOPHARMA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2023

(Unaudited)

 

The following is the unaudited pro-forma effect of the 1:1000 Reverse Stock Split on the condensed consolidated balance sheets:

 

 

    March 31, 2023     1:1000 adjustment    

Pro-Forma Effect
March 31, 2023

 
                (Unaudited)  
Total Assets   $ 143,742     $ -     $ 143,742  
Total Liabilities     3,085,156       -       3,085,156  
                         
Stockholders’ Deficit:                        
Common Stock     2,621,298       (2,618,677 )     2,621  
Common Stock Issuable     4       (4 )     -  
Additional Paid In Capital     57,068,986       2,618,681       59,687,667  
Subscription Receivable     -       -       -  
Accumulated Other Comprehensive Income     1,293,747       -       1,293,747  
Accumulated Deficit     (63,878,972 )     -       (63,878,972 )
Treasury Stock     (46,477 )     -       (46,477 )
Total Stockholders’ deficit     (2,941,414 )     -       (2,941,414 )
Total Liabilities and Basic and Stockholders’ deficit   $ 143,742     $ -     $ 143,742  

 

    June 30, 2022     1:1000 adjustment    

Pro-Forma Effect June 30, 2022

 
                (Unaudited)  
Total Assets   $ 81,651     $ -     $ 81,651  
Total Liabilities     3,105,300       -       3,105,300  
                         
Stockholders’ Deficit:                        
Series A Preferred Stock     5,000       -       5,000  
Common Stock     220,351       (220,131 )     220  
Common Stock Issuable     19,597       (19,577 )     20  
Additional Paid In Capital     57,124,982       239,708       57,364,690  
Subscription Receivable     (23,758 )     -       (23,758 )
Accumulated Other Comprehensive Income     1,234,549       -       1,234,549  
Accumulated Deficit     (61,557,893 )     -       (61,557,893 )
Treasury Stock     (46,477 )     -       (46,477 )
Total Stockholders’ deficit     (3,023,649 )     -       (3,023,649 )
Total Liabilities and Basic and Stockholders’ deficit   $ 81,651     $ -     $ 81,651