CONCENTRATIONS AND RISKS |
3 Months Ended | |
|---|---|---|
Sep. 30, 2016 | ||
| Risks and Uncertainties [Abstract] | ||
| Concentration Risk Disclosure [Text Block] |
NOTE 9 – CONCENTRATIONS AND RISKS Concentration of Credit Risk The Company maintains its cash in banks and financial institutions in Australia. Bank deposits in Australian banks are uninsured. The Company has not experienced any losses in such accounts through September 30, 2016. Receivable Concentration As of September 30, 2016 and June 30, 2016, the Company’s receivables were 100% related to reimbursements on GST taxes paid. Product and Patent Concentration As of September 30, 2016, the Company was undertaking preclinical activities for their lead product. The Company was also undertaking research to uncover the mechanism of action of their lead product in order to screen new compounds for development. The Company previously expanded by the filing of an international PCT patent application (No. PCT/AU2010/001403) directed to enhanced pro-enzyme formulations and combination therapies. The international PCT application has been based on previous provisional patent applications capturing the Company’s ongoing research and development in this area. The Company received grant status in South Africa and more recently in Australia, Japan, Indonesia, Singapore and New Zealand. In addition, the United States Patent and Trademark Office or USPTO and European Patent Office or EPO have made preliminary indications that key features of our technology are patentable. The Company is presently working towards securing a patent in each region, covering as many aspects of its technology as possible, while also actively seeking protection throughout Eastern Europe, Asia and South America. Individual countries and regions, include the United States, Canada, Brazil, China, Mexico, Hong Kong, Israel, Chile, Peru, Malaysia, Vietnam, Europe, Russia, India and South Korea. The patent is granted in South Africa, Australia and New Zealand. In addition to the Company’s lead patent, another four applications have been filed and are presently under examination. Two patents applications have been filed in the United States, one patent application has been filed in Spain and another in Australia. Further provisional patent filings are also expected to be filed to document and protect additional patentable subject matter that is identified, namely further enhanced formulations, combination treatments, use of recombinant products, modes of action and molecular targets. Foreign Operations As of September 30, 2016 and June 30, 2016, the Company's operations are based in Australia. On July 22, 2016, the Company formed a wholly owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose of submitting an orphan drug application to the European Medicines Agency as a small and medium-sized enterprise. As of September 30, 2016, there has been no activity within this entity. |