Propanc Biopharma, Inc 10-K for FY2024

Propanc Biopharma, Inc. (PPCB)

10-K 2024-09-30 For: 2024-06-30

Added on April 07, 2026

About this 10-K

Propanc Biopharma, Inc filed this 10-K on September 30, 2024, covering the fiscal year ended June 30, 2024 (FY2024).

Headline figures

Fiscal year ended June 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $1.82M; compared with a net loss of $2.66M a year earlier
Diluted EPS: -$0.02; compared with -$1.80 a year earlier

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Delaware		33-0662986
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		identification No.)

302, 6 Butler Street, Camberwell, VIC Australia		3124
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code		61 03 9882 0780

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

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

	Part I

Item 1.	Business	3
Item 1A.	Risk Factors	23
Item 1B.	Unresolved Staff Comments	23
Item 2.	Properties	23
Item 3.	Legal Proceedings	23
Item 4.	Mine Safety Disclosure	23

	Part II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	24
Item 6.	[Reserved]	25
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 8.	Financial Statements and Supplementary Data	30
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	31
Item 9A.	Controls and Procedures	31
Item 9B.	Other Information	33
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	33

	Part III

Item 10.	Directors, Executive Officers and Corporate Governance	33
Item 11.	Executive Compensation	37
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	42
Item 13.	Certain Relationships and Related Transactions, and Director Independence	44
Item 14.	Principal Accounting Fees and Services	45

	Part IV

Item 15.	Exhibits and Financial Statement Schedules	46

Signatures		52

	●	Reduces cancer cell growth via promotion of cell differentiation;

	●	Enhances cell adhesion and may suppress metastasis progression;

	●	Exhibits no observable serious side effects and improves patient survival;

	●	Alters the external microenvironment of malignant tumors, preventing tumors from returning and spreading.

Cancer Type	Life Expectation (months)	Survival (months)**
Pancreatic carcinoma (n = 4)	2	8
	4	*
	<3	7
	<3	4
Ovarian Cancer (n = 7)	4	11
	6	12
	6	11
	<12	38
	<1	1
	4	*
	3	*
Breast Cancer (n = 6)	6	9
	6	*
	2	*
	12	*
	<12	*
	12	*
Colon Rectal Cancer (n = 5)	6	*
	6	*
	12	*
	6	40
	12	*
Gastric Cancer (n = 2)	2	8
	<3	7
Prostate Cancer (n = 8)	4	*
	1	5
	4	*
	<12	*
	12	14
	12	*
	12	*
	12	*
Non-Hodgkin Lymphoma (n = 1)	2	9
Mesothelioma (n = 1)	3	9
Melanoma (n = 2)	6	*
	<3	4
Neuro-endocrine Tumor (n = 1)	10	24
Bladder (n = 2)	<3	*
	12	*
NSCLS (n = 2)	3	5
	6	*
Bowel (n = 2)	<12	*
	<3	3
Small Cell Carcinoma (n = 1)	<12	*
Renal Cancer (n = 1)	<3	*
Abdomen unknown primary (n = 1)	<12	*

	●	the type of tumor, usually defined by the tissue in the body from which it originated;

	●	the extent to which it has spread beyond its original location;

	●	the availability of treatments, driven by multiple factors including cost, drugs approved, local availability of suitable facilities, etc.;

	●	regional and geographic differences;

	●	whether the primary tumor is amenable to surgery, either as a potentially curative procedure, or as a palliative one; and

	●	the balance between potential risks and potential benefits from the various treatments and, probably most importantly, the patient’s wishes.

	1.	In the early-stage management of solid tumors, most likely as part of a multi-pronged treatment strategy in combination with existing therapeutic interventions;

	2.	As a product that can be administered long term for patients following standard treatment approaches, such as surgery, or chemotherapy, in order to prevent or delay recurrence; and

	3.	As a preventative measure for patients at risk of developing cancer based on genetic screening.

	●	Chemotherapeutics: Side effects from chemotherapy can include pain, diarrhea, constipation, mouth sores, hair loss, nausea and vomiting, as well as blood-related side effects, which may include a low cell count of infection fighting white blood cells (neutropenia), low red blood cell count (anemia), and low platelet count (thrombocytopenia). Our goal is to demonstrate that our treatment will be more effective than chemotherapeutic and hormonal therapies with fewer side effects.

	●	Targeted therapies: The most common type is multi-targeted kinase inhibitors (molecules which inhibit a specific class of enzymes called kinases). Common side effects include fatigue, rash, hand-foot reaction, diarrhea, hypertension and dyspnea (shortness of breath). Further, tyrosine kinases inhibited by these drugs appear to develop resistance to inhibitors. While the clinical findings with PRP are early and subject to confirmation in future clinical trials, no evidence has yet been observed of the development of resistance by the cancer to PRP.

	●	Monoclonal antibodies: Development of monoclonal antibodies is often difficult due to safety concerns. Side effects that are most common include skin and gastro-intestinal toxicities. For example, several serious side effects from Avastin, an anti-angiogenic cancer drug, include gastrointestinal perforation and dehiscence (e.g., rupture of the bowel), severe hypertension (often requiring emergency treatment) and nephrotic syndrome (protein leakage into the urine). Antibody therapy can be applied to various cancer types, but can also be limited to certain genetic sub-populations in many instances.

	●	Immunotherapy: There is a long history of attempts to develop therapeutic cancer vaccines to stimulate the body’s own immune system to attack cancer cells. While these products generally do not have the poor safety profile of standard therapeutic approaches, only a small number of them are FDA-approved and available compared to the number of patients diagnosed with cancer. Furthermore, only a relatively small number of the patient population is eligible to receive and subsequently respond to treatment, as defined by preventing tumor growth.

	●	continue research and development to build our existing intellectual property portfolio, and to seek new, patentable discoveries;

	●	seek to ensure all product development is undertaken in a manner that makes its products approvable in the major pharmaceutical markets, including the U.S., Europe, the UK, Australia and Japan;

	●	aggressively pursue the protection of our technology through all means possible, including patents in all major jurisdictions, and potentially trade secrets; and

	●	make strategic acquisitions to acquire new companies that have intellectual property or products that complement our future goals.

	●	obtaining regulatory and/or ethics approval to conduct a Phase Ib study; and

	●	conducting Phase IIa multiple escalating dose studies to investigate the safety, tolerability, and pharmacokinetics of PRP administered intravenously to patients.

Research Activity		Timeline
CTA		November 2024 – April 2025
Investigational Medicinal Product Dossier
Phase Ib Clinical Study Protocol
Investigator’s Brochure
CTA Compilation		March 2025 – June 2025
CTA Submission		June 2025
CTA Approval		July 2025
CTA Review		July 2025 – August 2025
Contract Research Organization and Contracts		February 2024 – June 2025
Analytical Laboratory Selection and Contracts
Trial Site Selection and Contracts
Preparation of Logistics		June 2025 – September 2025
Trial Site Initiation Visits
First Patient/First Visit		October 2025

	●	The world market for pancreatic cancer drugs is projected to grow to $6.93 billion by the year 2030, according to Brainy Insights. Major players operating in the pancreatic cancer therapy market include Eli Lilly and Company, Roche Holding AG, Celgene Corporation, Amgen Inc., Novartis AG, Pharmacyte Biotech Inc., Clovis Oncology, Inc., Teva Pharmaceutical Industries Ltd., Pfizer Inc., Merck & Co., Inc., among others. For instance, in May 2018, Eli Lilly and Company acquired AMRO BioSciences, Inc., which is engaged into number of drugs for cancer. developments performed by the companies are helping the market to grow in the coming years.

	●	The global market for ovarian cancer drugs expected to reach $13.9 billion by 2029, according to iHealthcareAnalyst. This will be driven by continued uptake and expected launches of the approved PARP (poly adenosine diphosphate-ribose polymerase) inhibitors. Major competitors operating in the global ovarian cancer treatment market include AbbVie Inc., AstraZeneca PLC (Acerta Pharma), Boehringer Ingelheim International GmbH, Chugai Pharmaceutical Co., Ltd., GSK plc (formerly, GlaxoSmithKline plc (Tesaro)), Gradalis, Inc., Incyte Corporation, MacroGenics, Inc., Oncotelic Therapeutics, Inc. (formerly, Mateon Therapeutics, Inc.), Merck & Co., Inc., Novartis AG, Kazia Therapeutics Limited (formerly, Novogen Limited), Vivesto AB (formerly, Oasmia Pharmaceutical AB), Pfizer Inc., Pharma Mar S.A., and Roche Holding AG.

	●	The University of Bath reserves for itself (and its employees and students and permitted academic sub-licensees with respect to research use) the non-exclusive, irrevocable, worldwide, royalty free right to use the patents for research use;

	●	The publication rights of the University of Bath specified in the contract relating to the original research made between the parties with an effective date of July 18, 2008 will continue in force;

	●	We agreed to pay to the University of Bath a royalty of two percent of any and all net revenues;

	●	We agreed to use all reasonable endeavors to develop and commercially exploit the patents for the mutual benefit of us and the University of Bath to the maximum extent throughout the covered territory and in any additional territory and to obtain, maintain and/or renew any licenses or authorizations that are necessary to enable such development and commercial exploitation. Without prejudice to the generality of the foregoing, we agreed to comply with all relevant regulatory requirements in respect of our sponsoring and/or performing clinical trials in humans involving the administration of a product or materials within a claim of the patents; and

	●	We agreed to take out with a reputable insurance company and maintain liability insurance coverage prior to the first human trials.

	●	completion of preclinical laboratory and animal testing in compliance with the FDA’s good laboratory practice, or GLP, regulations;

	●	submission to the FDA of an investigational new drug (“IND”) application for human clinical testing, which must become effective before human clinical trials may begin in the United States;

	●	performance of adequate and well-controlled human clinical trials to establish the safety, purity and potency of the proposed product for each intended use;

	●	satisfactory completion of an FDA pre-approval inspection of the facility or facilities at which the product is manufactured to assess compliance with the FDA’s “current good manufacturing practice” (“CGMP”) regulations; and

	●	submission to and approval by the FDA of an NDA.

	●	Phase I: Initially conducted in a limited population to test the product candidate for safety and dose tolerance;

	●	Phase II: Generally conducted in a limited patient population to identify possible adverse effects and safety risks, to determine the initial efficacy of the product for specific targeted indications and to determine optimal dosage. A Phase IIa trial is a non-pivotal, exploratory study that assesses biological activity as its primary endpoint. A Phase IIb trial is designed as a definite dose finding study with efficacy as the primary endpoint. Multiple Phase II clinical trials may be conducted by the sponsor to obtain information prior to beginning larger and more extensive Phase III clinical trials;

	●	Phase III: Commonly referred to as pivotal studies. When Phase II evaluations demonstrate that a dose range of the product is effective and has an acceptable safety profile, Phase III clinical trials are undertaken in large patient populations to further evaluate dosage, to provide substantial evidence of clinical efficacy and to further test for safety in an expanded and diverse patient population at multiple, geographically-dispersed clinical trial sites. Generally, replicate evidence of safety and effectiveness needs to be demonstrated in two adequate and well-controlled Phase III clinical trials of a product candidate for a specific indication. These studies are intended to establish the overall risk/benefit ratio of the product and provide adequate basis for product labelling; and

	●	Phase IV: In some cases, the FDA may condition approval of an NDA on the sponsor’s agreement to conduct additional clinical trials to further assess the product’s safety, purity and potency after NDA approval. Such post-approval trials are typically referred to as Phase IV clinical trials.

	●	Our ability to raise capital necessary to sustain our anticipated operations and implement our business plan;
	●	Our ability to implement our business plan;
	●	Our ability to generate sufficient cash to survive;
	●	The degree and nature of our competition;
	●	The lack of diversification of our business plan;
	●	The general volatility of the capital markets and the establishment of a market for our shares; and
	●	Disruption in the economic and financial conditions primarily from the impact of past terrorist attacks in the United States, threats of future attacks, police, and military activities overseas and other disruptive worldwide political and economic events and environmental weather conditions.

	For the years ended June 30,
	2024			2023
Net cash used in operating activities	$	(935,118	)	$	(1,105,251	)
Net cash provided by financing activities	$	941,894		$	1,113,719
Effect of exchange rate changes on cash	$	4,262		$	(2,488	)

		Page
Consolidated Financial Statements for the Fiscal Years Ended June 30, 2024 and 2023

Report of Independent Registered Public Accounting Firm (PCAOB Firm ID. 106)		F-1

Consolidated Balance Sheets as of June 30, 2024 and 2023		F-3

Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended June 30, 2024 and 2023		F-4

Consolidated Statements of Changes in Stockholders’ Deficit for the years ended June 30, 2024 and 2023		F-5

Consolidated Statements of Cash Flows for the years ended June 30, 2024 and 2023		F-6

Notes to Consolidated Financial Statements		F-7

/s/ Salberg & Company, P.A.

SALBERG & COMPANY, P.A.
We have served as the Company’s auditor since 2011
Boca Raton, Florida
September 30, 2024

	June 30, 2024			June 30, 2023

ASSETS

CURRENT ASSETS:
Cash	$	21,085		$	10,047
GST tax receivable		2,950			2,867
Prepaid expenses and other current assets		1,406			6,125

TOTAL CURRENT ASSETS		25,441			19,039

Deferred offering costs		27,117			-
Security deposit - related party		2,008			1,999
Operating lease right-of-use assets, net - related party		17,799			38,988
Property and equipment, net		-			302

TOTAL ASSETS	$	72,365		$	60,328

LIABILITIES AND STOCKHOLDERS’ DEFICIT

CURRENT LIABILITIES:
Accounts payable	$	1,213,335		$	966,718
Accrued expenses and other payables		792,190			579,707
Accrued interest		94,612			44,709
Loans payable		145,091			65,280
Loans payable - related party		71,629			-
Note payable, net of discount		204,694			-
Convertible notes, net of discounts and including put premiums		399,325			390,539
Operating lease liability - related party, current portion		19,362			21,505
Embedded conversion option liabilities		133,886			423,209
Due to former director - related party		29,759			29,630
Loan from former director - related party		49,528			49,314
Employee benefit liability		639,371			587,618

TOTAL CURRENT LIABILITIES		3,792,782			3,158,229

NON-CURRENT LIABILITIES:
Loan payable - long-term - related party, net of discount		58,642			-
Operating lease liability - long-term portion - related party		-			19,278

TOTAL NON-CURRENT LIABILITIES		58,642			19,278

TOTAL LIABILITIES	$	3,851,424		$	3,177,507

Commitments and Contingencies (See Note 9)		-			-

STOCKHOLDERS’ DEFICIT:
Preferred stock, 1,500,005 shares authorized, $0.01 par value:
Series B preferred stock, $0.01 par value; 5 shares authorized; 1 share issued and outstanding as of June 30, 2024 and 2023		-			-
Preferred stock, value		-			-
Common stock, $0.001 par value; 10,000,000,000 shares authorized; 478,802,488 and 6,031,250 shares issued and outstanding as of June 30, 2024 and 2023, respectively		478,802			6,031
Common stock issuable (0 and 1,621,653 shares as of June 30, 2024 and 2023, respectively)		-			1,621
Additional paid-in capital		61,217,255			60,311,502
Accumulated other comprehensive income		1,269,581			1,294,876
Accumulated deficit		(66,698,220	)		(64,684,732	)
Treasury stock ($0.001 share)		(46,477	)		(46,477	)

TOTAL STOCKHOLDERS’ DEFICIT		(3,779,059	)		(3,117,179	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	72,365		$	60,328

	2024			2023
	For the years ended June 30,
	2024			2023

REVENUE
Revenue	$	-		$	-

OPERATING EXPENSES
Administration expenses		1,253,797			1,499,885
Occupancy expenses - related party		34,150			28,841
Research and development		248,102			247,919
TOTAL OPERATING EXPENSES		1,536,049			1,776,645

LOSS FROM OPERATIONS		(1,536,049	)		(1,776,645	)

OTHER INCOME (EXPENSE)
Interest expense		(665,841	)		(532,821	)
Interest income		60			36
Derivative expense		(141,012	)		-
Change in fair value of derivative liabilities		316,537			(530,330	)
Gain from settlement of accounts payable		-			17,499
Gain on extinguishment of debt, net		54,565			25,969
Foreign currency transaction gain		22,080			5,885
TOTAL OTHER EXPENSE, NET		(413,611	)		(1,013,762	)

LOSS BEFORE TAXES		(1,949,660	)		(2,790,407	)

Tax benefit		129,132			129,841

NET LOSS	$	(1,820,528	)	$	(2,660,566	)

Deemed Dividend		(192,960	)		(466,273	)

NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$	(2,013,488	)	$	(3,126,839	)

BASIC AND DILUTED NET LOSS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS	$	(0.02	)	$	(1.80	)

BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING		85,045,339			1,738,802

NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$	(2,013,488	)	$	(3,126,839	)

OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized foreign currency translation gain (loss)		(25,295	)		60,327

TOTAL OTHER COMPREHENSIVE INCOME (LOSS)		(25,295	)		60,327

TOTAL COMPREHENSIVE LOSS	$	(2,038,783	)	$	(3,066,512	)

	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

Retirement of Series A Preferred Stock		(500,000	)		(5,000	)		-		-		-		-		-			-			5,000			-			-			-			-			-

Issuance of common stock for conversion of convertible debt, conversion fee and accrued interest		-			-			-		-		5,061,180		5,061		807,230			807			1,381,855			-			-			-			-			1,387,723

Issuance of common stock for services		-			-			-		-		79,412		79		608,423			608			138,260			-			-			-			-			138,947

Issuance of common stock for exercise of Series B warrants		-			-			-		-		12		-		-			-			475,000			-			-			-			-			475,000

Issuance of common stock for alternate cashless exercise of Series A warrants		-			-			-		-		559,999		560		206,000			206			(766	)		-			-			-			-			-

Issuance of common stock in connection with a note payable		-			-			-		-		75,000		75		-			-			37,425			-			-			-			-			37,500

Issuance of common stock for issuable shares		-			-			-		-		19,598		20		(19,598	)		(20	)		-			-			-			-			-			-

Reclassification of put premium upon debt conversion		-			-			-		-		-		-		-			-			411,111			-			-			-			-			411,111

Warrant grant for settlement of accounts payable		-			-			-		-		-		-		-			-			5,551			-			-			-			-			5,551

Stock based compensation in connection with stock warrant grant		-			-			-		-		-		-		-			-			2,408			-			-			-			-			2,408

Foreign currency translation gain		-			-			-		-		-		-		-			-			-			-			-			60,327			-			60,327

Deemed dividend upon alternate cashless exercise of warrants		-			-			-		-		-		-		-			-			466,273			-			(466,273	)		-			-			-

Fractional shares due to reverse split		-			-			-		-		1,361		2		-			-			(2	)		-			-			-			-			-

Net loss for the fiscal year ended June 30, 2023		-			-			-		-		-		-		-			-			-			-			(2,660,566	)		-			-			(2,660,566	)

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	)
Balance		-			-			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 and accrued interest		-			-			-		-		445,963,937		445,964		-			-			327,584			-			-			-			-			773,548

Issuance of common stock for cash		-			-			-		-		18,913,648		18,914		-			-			4,143			-			-			-			-			23,057

Issuance of common stock for alternate cashless exercise of warrants		-			-			-		-		6,272,000		6,272		-			-			(6,272	)		-			-			-			-			-

Issuance of common stock for issuable shares		-			-			-		-		1,621,653		1,621		(1,621,653	)		(1,621	)		-			-			-			-			-			-

Reclassification of put premium upon debt conversion		-			-			-		-		-		-		-			-			246,254			-			-			-			-			246,254

Relative fair value of warrant granted in connection with a loan payable - related party		-			-			-		-		-		-		-			-			141,084			-			-			-			-			141,084

Deemed dividend upon alternate cashless exercise of warrants		-			-			-		-		-		-		-			-			192,960			-			(192,960	)		-			-			-

Foreign currency translation loss		-			-			-		-		-		-		-			-			-			-			-			(25,295	)		-			(25,295	)

Net loss for the fiscal year ended June 30, 2024		-			-			-		-		-		-		-			-			-			-			(1,820,528	)		-			-			(1,820,528	)

Balance at June 30, 2024		-		$	-			1	$	-		478,802,488	$	478,802		-		$	-		$	61,217,255		$	-		$	(66,698,220	)	$	1,269,581		$	(46,477	)	$	(3,779,059	)
Balance		-		$	-			1	$	-		478,802,488	$	478,802		-		$	-		$	61,217,255		$	-		$	(66,698,220	)	$	1,269,581		$	(46,477	)	$	(3,779,059	)

	June 30, 2024		June 30, 2023
Exchange rate on balance sheet dates
USD : AUD exchange rate		0.6693		0.6664

Average exchange rate for the period
USD : AUD exchange rate		0.6557		0.6732

	Foreign Currency Items:
Beginning balance, June 30, 2022	$	1,234,549
Foreign currency translation gain		60,327
Balance, June 30, 2023		1,294,876
Foreign currency translation loss		(25,295	)
Ending balance, June 30, 2024	$	1,269,581

	June 30, 2024		June 30, 2023

Stock Options		0.06		0.06
Warrants with no designations		15,003,396		90
Series A Warrants as if converted at alternate cashless exercise prices		1,990,353,990		1,996,625,990
Series B Warrants		16		16
Series C Warrants as if converted at alternate cashless exercise prices *		9,175,999,954		9,473,999,953
Unvested restricted stock units		0.06		0.06
Convertible Debt		393,727,811		5,991,195
Total		11,575,085,167.12		11,476,617,244.12

	2024			2023

Office equipment at cost	$	25,543		$	25,432
Less: Accumulated depreciation		(25,543	)		(25,130	)

Total property, plant, and equipment	$	-		$	302

	June 30, 2024			June 30, 2023
Convertible notes and debenture	$	313,550		$	338,362
Unamortized discounts		(38,854	)		(38,994	)
Premium, net		124,629			91,171
Convertible notes, net	$	399,325		$	390,539

US	June 30, 2024			June 30, 2023
	Year Ended
US	June 30, 2024			June 30, 2023
Loss before Income taxes	$	(1,874,914	)	$	(2,790,407	)

Taxes under statutory US tax rates	$	(393,732	)	$	(585,986	)
Increase (decrease) in valuation allowance		306,682			556,521
Foreign tax rate differential		(55,358	)		(60,316	)
Prior period adjustment		76,194			81,599
Other		66,214			8,182
Income tax (expense) benefit	$	-		$	-

			Weighted
	Number of		Average
	Options		Price Per Share
Outstanding at June 30, 2022		0.059	$	4,533,000
Issued		-		-
Exercised		-		-
Expired		-		-
Outstanding at June 30, 2023		0.059	$	4,533,000
Issued		-		-
Exercised		-		-
Expired		-		-
Outstanding at June 30, 2024		0.059	$	4,533,000

Exercisable at June 30, 2024		0.059	$	4,533,000
Outstanding and Exercisable:

Weighted average remaining contractual term		4.87
Weighted average fair value of options granted during the period	$	-
Aggregate intrinsic value	$	-

	Number of Warrants		Exercisable
Series A warrants		10		10
Series B warrants		17		17
Series C warrants		64		46
Common stock warrants with no class designation		15,003,305		15,003,305
Total		15,003,396		15,003,378

	June 30, 2024			June 30, 2023
Office lease	$	66,201		$	66,201
Less: accumulated amortization		(48,402	)		(27,213	)
Right-of-use asset, net	$	17,799		$	38,988


Fiscal Year 2025	$	20,079
Imputed interest		(717	)
Total operating lease liability	$	19,362

	Initial Valuations (on new derivative instruments entered into during the year ended June 30, 2024)
Volatility		323.40 – 333.45	%
Expected Remaining Term (in years)		0.50
Risk Free Interest Rate		5.42 - 5.55	%
Expected dividend yield		None

	Balance at June 30, 2024		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
Embedded conversion option liabilities	$	133,886	$	—	$	—	$	133,886
Total	$	133,886	$	—	$	—	$	133,886

	Balance at June 30, 2023		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
Embedded conversion option liabilities	$	423,209	$	—	$	—	$	423,209
Total	$	423,209	$	—	$	—	$	423,209