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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended September 30, 2023
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from _____ to _____
Commission
File Number 001-39825
Intelligent
Bio Solutions Inc.
(Exact
name of Registrant as specified in its Charter)
Delaware |
|
82-1512711 |
(State
or other jurisdiction of |
|
(I.R.S.
Employer |
incorporation
or organization) |
|
Identification
No.) |
|
|
|
Intelligent
Bio Solutions Inc., |
|
|
142
West, 57th Street, 11th
Floor, New York, NY |
|
10019 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (646) 828-8258
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.01 per share |
|
INBS |
|
The
Nasdaq Stock Market LLC |
Securities
registered pursuant to Section 12(g) of the Act: 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 Securities Exchange
Act of 1934 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 (§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, a 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 check mark 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 Act). YES ☐ NO ☒
As
of November 3, 2023, there were 8,734,381
shares of the registrant’s Common Stock issued and outstanding.
Table
of Contents
PART
I. FINANCIAL INFORMATION
Intelligent
Bio Solutions Inc.
Condensed
Consolidated Balance Sheets
| |
| September 30, 2023 (Unaudited) | | |
| June 30, 2023 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 186,401 | | |
$ | 1,537,244 | |
Accounts receivable, net | |
| 567,510 | | |
| 293,861 | |
Inventories, net | |
| 965,091 | | |
| 979,907 | |
Research and development tax incentive receivable | |
| 559,588 | | |
| 498,758 | |
Other current assets | |
| 413,305 | | |
| 552,791 | |
Total current assets | |
| 2,691,895 | | |
| 3,862,561 | |
Property and equipment, net | |
| 664,922 | | |
| 690,175 | |
Operating lease right-of-use assets | |
| 471,532 | | |
| 546,475 | |
Intangible assets, net | |
| 4,872,141 | | |
| 5,255,401 | |
TOTAL ASSETS | |
$ | 8,700,490 | | |
$ | 10,354,612 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 3,628,797 | | |
$ | 2,610,028 | |
Current portion of operating lease liabilities | |
| 227,414 | | |
| 223,447 | |
Current portion of deferred grant income | |
| 2,240,929 | | |
| 2,338,057 | |
Current employee benefit liabilities | |
| 406,964 | | |
| 358,942 | |
Current portion of notes payable | |
| 341,834 | | |
| 353,211 | |
Total current liabilities | |
| 6,845,938 | | |
| 5,883,685 | |
Employee benefit liabilities, less current portion | |
| 27,732 | | |
| 24,902 | |
Operating lease liabilities, less current portion | |
| 284,028 | | |
| 356,165 | |
Notes payable, less current portion | |
| 306,234 | | |
| 402,862 | |
Total liabilities | |
| 7,463,932 | | |
| 6,667,614 | |
Commitments and contingencies (Note 13) | |
| - | | |
| | |
| |
| | | |
| | |
Shareholders’ equity: | |
| | | |
| | |
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,330,399 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively | |
| 23,304 | | |
| 23,304 | |
Treasury stock, at cost, 1,386 shares as of September 30, 2023 and June 30, 2023, respectively | |
| (14 | ) | |
| (14 | ) |
Additional paid-in capital | |
| 46,158,763 | | |
| 46,158,763 | |
Accumulated deficit | |
| (44,232,777 | ) | |
| (41,807,573 | ) |
Accumulated other comprehensive loss | |
| (593,512 | ) | |
| (575,496 | ) |
Total consolidated Intelligent Bio Solutions Inc. equity | |
| 1,355,764 | | |
| 3,798,984 | |
Non-controlling interest | |
| (119,206 | ) | |
| (111,986 | ) |
Total shareholders’ equity | |
| 1,236,558 | | |
| 3,686,998 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
$ | 8,700,490 | | |
$ | 10,354,612 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Intelligent
Bio Solutions Inc.
Condensed
Consolidated Statements of Operations and Other Comprehensive Loss*
(Unaudited)
| |
| | |
| |
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Revenue | |
$ | 796,094 | | |
$ | - | |
Cost of revenue (exclusive of amortization shown separately below) | |
| (563,763 | ) | |
| - | |
Gross profit | |
| 232,331 | | |
| - | |
| |
| | | |
| | |
Other income: | |
| | | |
| | |
Government support income | |
| 109,871 | | |
| 311,320 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Selling, general and administrative expenses | |
| (2,457,060 | ) | |
| (1,450,418 | ) |
Development and regulatory approval expenses | |
| (103,947 | ) | |
| (79,274 | ) |
Depreciation and amortization | |
| (307,560 | ) | |
| - | |
Total operating expenses | |
| (2,868,567 | ) | |
| (1,529,692 | ) |
Loss from operations | |
| (2,526,365 | ) | |
| (1,218,372 | ) |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Interest expense | |
| (37,448 | ) | |
| (1,065 | ) |
Realized foreign exchange loss | |
| - | | |
| (2,247 | ) |
Fair value gain on revaluation of financial instrument | |
| 131,250 | | |
| - | |
Interest income | |
| 139 | | |
| 7,606 | |
Total other income | |
| 93,941 | | |
| 4,294 | |
Net loss | |
| (2,432,424 | ) | |
| (1,214,078 | ) |
Net loss attributable to non-controlling interest | |
| (7,220 | ) | |
| (5,785 | ) |
Net loss attributable to Intelligent Bio Solutions Inc. | |
$ | (2,425,204 | ) | |
$ | (1,208,293 | ) |
| |
| | | |
| | |
Other comprehensive loss, net of tax: | |
| | | |
| | |
Foreign currency translation loss | |
$ | (18,016 | ) | |
$ | (135,559 | ) |
Total other comprehensive loss | |
| (18,016 | ) | |
| (135,559 | ) |
Comprehensive loss | |
| (2,450,440 | ) | |
| (1,349,637 | ) |
Comprehensive loss attributable to non-controlling interest | |
| (7,220 | ) | |
| (5,785 | ) |
Comprehensive loss attributable to Intelligent Bio Solutions Inc. | |
$ | (2,443,220 | ) | |
$ | (1,343,852 | ) |
| |
| | | |
| | |
Net loss per share, basic and diluted* | |
$ | (1.04 | ) | |
$ | (1.62 | ) |
Weighted average shares outstanding, basic and diluted* | |
| 2,330,399 | | |
| 744,495 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Intelligent
Bio Solutions Inc.
Condensed
Consolidated Statements of Changes in Shareholders’ Equity*
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Common stock | | |
Treasury stock | | |
Additional | | |
| | |
Other | | |
Non- | | |
Total | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
paid in capital | | |
Accumulated deficit | | |
comprehensive loss | | |
controlling interest | | |
shareholders’ equity | |
Balance, June 30, 2023* | |
| 2,330,399 | | |
$ | 23,304 | | |
| (1,386 | ) | |
$ | (14 | ) | |
$ | 46,158,763 | | |
$ | (41,807,573 | ) | |
$ | (575,496 | ) | |
$ | (111,986 | ) | |
$ | 3,686,998 | |
Foreign currency translation loss* | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (18,016 | ) | |
| - | | |
| (18,016 | ) |
Net loss* | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,425,204 | ) | |
| - | | |
| (7,220 | ) | |
| (2,432,424 | ) |
Balance, September 30, 2023* | |
| 2,330,399 | | |
$ | 23,304 | | |
| (1,386 | ) | |
$ | (14 | ) | |
$ | 46,158,763 | | |
$ | (44,232,777 | ) | |
$ | (593,512 | ) | |
$ | (119,206 | ) | |
$ | 1,236,558 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2022* | |
| 744,495 | | |
$ | 7,445 | | |
| - | | |
$ | - | | |
$ | 38,581,465 | | |
$ | (31,175,853 | ) | |
$ | (788,135 | ) | |
$ | (79,151 | ) | |
$ | 6,545,771 | |
Balance | |
| 744,495 | | |
$ | 7,445 | | |
| - | | |
$ | - | | |
$ | 38,581,465 | | |
$ | (31,175,853 | ) | |
$ | (788,135 | ) | |
$ | (79,151 | ) | |
$ | 6,545,771 | |
Foreign currency translation loss* | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (135,559 | ) | |
| - | | |
| (135,559 | ) |
Net loss* | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,208,293 | ) | |
| - | | |
| (5,785 | ) | |
| (1,214,078 | ) |
Balance, September 30, 2022* | |
| 744,495 | | |
$ | 7,445 | | |
| - | | |
$ | - | | |
$ | 38,581,465 | | |
$ | (32,384,146 | ) | |
$ | (923,694 | ) | |
$ | (84,936 | ) | |
$ | 5,196,134 | |
Balance | |
| 744,495 | | |
$ | 7,445 | | |
| - | | |
$ | - | | |
$ | 38,581,465 | | |
$ | (32,384,146 | ) | |
$ | (923,694 | ) | |
$ | (84,936 | ) | |
$ | 5,196,134 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Intelligent
Bio Solutions Inc.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
| |
| | |
| |
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (2,432,424 | ) | |
$ | (1,214,078 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 247,598 | | |
| - | |
Amortization of right-of-use assets | |
| 59,962 | | |
| - | |
Non-cash loss on foreign currency translation, net | |
| - | | |
| 2,247 | |
Provision for inventory obsolescence | |
| 67,851 | | |
| - | |
Non-cash refund of R&D expenditure claims | |
| (33,523 | ) | |
| (60,413 | ) |
Fair value gain on revaluation of holdback Series C preferred stock | |
| (131,250 | ) | |
| - | |
Non-cash other operating activities | |
| 104,485 | | |
| 25,035 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (273,649 | ) | |
| - | |
Inventories | |
| (53,035 | ) | |
| - | |
Grant receivable / deferred grant income | |
| (97,128 | ) | |
| (177,476 | ) |
Research and development tax incentive receivable | |
| (60,830 | ) | |
| (218,812 | ) |
Other current assets | |
| 139,486 | | |
| (207,104 | ) |
Accounts and other payables | |
| 1,215,964 | | |
| (13,299 | ) |
Other long-term liabilities | |
| 2,830 | | |
| (29,835 | ) |
Net cash used in operating activities | |
| (1,311,833 | ) | |
| (1,893,735 | ) |
Cash flows from investing activities: | |
| | | |
| | |
Amount invested on construction in progress | |
| - | | |
| (474,891 | ) |
Net cash used in investing activities | |
| - | | |
| (474,891 | ) |
| |
| | | |
| | |
Effect of foreign exchange rates on cash and cash equivalents | |
| (39,010 | ) | |
| (127,049 | ) |
| |
| | | |
| | |
Decrease in cash and cash equivalents | |
| (1,350,843 | ) | |
| (2,495,675 | ) |
Cash and cash equivalents, beginning of period | |
| 1,537,244 | | |
| 8,238,301 | |
Cash and cash equivalents, end of period | |
$ | 186,401 | | |
$ | 5,742,626 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Intelligent
Bio Solutions Inc.
Notes
to the Condensed Consolidated Financial Statements
(Unaudited)
NOTE
1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS
Business
Intelligent
Bio Solutions Inc. (formerly known as GBS Inc.), and its wholly owned Delaware subsidiary, GBS Operations Inc. were each formed on December
5, 2016, under the laws of the state of Delaware. Our Australian subsidiary Intelligent Bio Solutions (APAC) Pty Ltd (formerly known
as Glucose Biosensor Systems (Greater China) Pty Ltd) was formed on August 4, 2016, under the laws of New South Wales, Australia and
was renamed to Intelligent Bio Solutions (APAC) Pty Ltd on January 6, 2023. On October 4, 2022, INBS acquired Intelligent Fingerprinting
Limited (“IFP”), a company registered in England and Wales (the “IFP Acquisition”). INBS and its subsidiaries (collectively, “we,” “us,” “our,” “INBS” or the “Company,”
unless context requires or indicates otherwise) were formed to provide a non-invasive, pain free innovative medical devices and screening
devices. Our headquarters are in New
York, New York.
We are a medical technology company focused on developing and delivering intelligent, rapid, non-invasive testing and screening solutions.
We operate globally with the objective of providing innovative and accessible solutions that improve the quality
of life.
Reverse
Stock Split
On
February 9, 2023, the Company filed a certificate of amendment (the “Certificate of Amendment”) to its amended and restated
certificate of incorporation to effect, as of February 9, 2023, a 1-for-20
reverse split of the Company’s common stock
(the “Reverse Stock Split”).
NOTE
2. LIQUIDITY AND GOING CONCERN
The
Company incurred net losses of $2,425,204
(after losses attributable to non-controlling interest) for the three months ended September 30, 2023 (net loss of $1,208,293
for the three months ended September 30, 2022). As of September 30, 2023, the Company has shareholders’ equity of $1,236,558,
a working capital deficit of $4,154,043,
and an accumulated deficit of $44,232,777.
The
Company anticipates operating losses for the foreseeable future. The Company does not expect to generate positive cash flows from operating
activities and may continue to incur operating losses until it completes the development of its products and seek regulatory approvals
to market such products.
The
Company has evaluated whether there are conditions and events, considered in the aggregate, that raise a substantial doubt about its
ability to continue as going concern within one year after the date of release of the unaudited condensed consolidated financial statements.
The Company expects that its cash and cash equivalents as of September 30, 2023, of $186,401, will be insufficient to allow the Company
to fund its current operating plan through at least the next twelve months from the issuance of these unaudited condensed consolidated
financial statements. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a
period of at least one year from the date these unaudited condensed consolidated financial statements are issued. Accordingly, the Company
will be required to raise additional funds during the next 12 months. However, there can be no assurance that when the Company requires additional financing,
such financing will be available on terms which are favorable to the Company, or at all. If the Company is unable to raise additional
funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or
limit or cease its operations. In addition, the Company may be unable to realize its assets and discharge its liabilities in the normal
course of business.
Accordingly, these factors raise substantial doubt
about the Company’s ability to continue as a going concern unless it can successfully raise additional capital.
On
October 4, 2023, subsequent to the quarter ended September 30, 2023, the Company raised approximately $4.378
million prior to deducting underwriting discounts and commissions and offering expenses via a registered underwritten public offering of the Company’s securities. Net proceeds to the Company, after deducting the underwriting discounts
and commissions and estimated offering expenses payable by the Company, were approximately $3.35 million. Refer to Note 15 for
details.
The
Company’s unaudited condensed consolidated financial statements have been prepared on a going concern basis which contemplates
the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The unaudited condensed consolidated
financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the
amounts and classification of liabilities should the Company be unable to continue as a going concern.
NOTE
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation
The
unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles
generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to
Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited condensed consolidated financial statements do not include
all the information and footnotes required by GAAP for complete financial statements. Normal and recurring adjustments considered
necessary for a fair statement of the results for the interim periods, in the opinion of the Company’s management, have been
included. Operating results for the three months ended September 30, 2023, are not necessarily indicative of the results that may be
expected for the year ending June 30, 2024. The accompanying unaudited condensed consolidated financial statements and related
footnote disclosures should be read in conjunction with the consolidated financial statements and notes thereto included in our Form
10-K for the fiscal year ended June 30, 2023, which was filed with the U.S. Securities and Exchange Commission (the
“SEC”) on August 23, 2023 (the “2023 Form 10-K”).
The
unaudited condensed consolidated financial statements and notes thereto give retrospective effect to the Reverse Stock Split for all
periods presented. All common stock, options exercisable for common stock, restricted stock units, warrants and per share amounts contained
in the unaudited condensed consolidated financial statements have been retrospectively adjusted to reflect the Reverse Stock Split for
all periods presented.
Principles
of consolidation
These
unaudited condensed consolidated financial statements include the accounts of the Company, all wholly owned and majority-owned subsidiaries
in which the Company has a controlling voting interest and, when applicable, variable interest entities in which the Company has a controlling
financial interest or is the primary beneficiary. Investments in affiliates where the Company does not exert a controlling financial
interest are not consolidated.
All
significant intercompany transactions and balances have been eliminated upon consolidation.
Equity
offering costs
The
Company complies with the requirements of Accounting Standards Codification (“ASC 340”), Other Assets and Deferred Costs, with regards to offering costs. Prior to the
completion of an offering, offering costs are capitalized as deferred offering costs on the consolidated balance sheets. The deferred
offering costs will be charged to shareholders’ equity upon the completion of an offering.
Use
of estimates
The
preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from
those estimates.
Business
combinations
The
results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the
date of the acquisition. The Company uses the acquisition method of accounting and allocates the purchase price to the identifiable assets
and liabilities of the relevant acquired business at their acquisition date fair values. Any excess consideration over the fair value
of assets acquired and liabilities assumed is recognized as goodwill. The allocation of the purchase price in a business combination
requires the Company to perform valuations with significant judgment and estimates, including the selection of valuation methodologies,
estimates of future revenue, costs and cash flows, discount rates and selection of comparable companies. The Company engages the assistance
of valuation specialists in concluding on fair value measurements in connection with determining fair values of assets acquired and liabilities
assumed in a business combination. As a result, during the measurement period, which may be up to one year from the acquisition date,
the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion
of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any
subsequent adjustments are recorded to the consolidated statements of operations. Transaction costs associated with business combinations
are expensed as incurred and are included in selling, general and administrative expense in the consolidated statements of operations.
Revenue
recognition
Revenue
is accounted for under ASC 606 Revenue from Contracts with Customers through the following steps:
|
● |
Identify
the contract with a customer; |
|
● |
Identify
the performance obligations in the contract; |
|
● |
Determine
the transaction price; |
|
● |
Allocate
the transaction price to performance obligations in the contract; and |
|
● |
Recognize
revenue when or as the Company satisfies a performance obligation. |
The
Company recognized revenue from contracts with customers it satisfies its performance obligations by delivering the promised goods or
service deliverables to the customers. A good or service deliverable is transferred to a customer when, or as, the customer obtains control
of that good or service deliverable.
Financial
information presented on a consolidated basis accompanied by disaggregated information about revenue and other income by product types
for the purpose of allocating resources and evaluating financial performance. Currently, the Company has two products offerings. Accordingly,
the Company has determined the following reporting segments (refer to Note 4, Segment Information):
|
1) |
Commercially
available Intelligent Fingerprinting Products (IFPG) |
|
2) |
Development
Stage Saliva Glucose Biosensor Platform (SGBP) |
Revenues
are used to evaluate the performance of the Company’s segments, the progress of major initiatives and the allocation of resources.
All of the Company’s revenues are attributable to the IFPG segment during the quarter ended September 30, 2023. There were no revenues
during the three months ended September 30, 2022.
Revenue
from the IFPG segment relates to the sale of readers, cartridges and accessories and is summarized as follows:
SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND ACCESSORIES
| |
| | |
| |
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Sales of goods - cartridges | |
$ | 380,059 | | |
$ | — | |
Sales of goods - readers | |
| 238,802 | | |
| — | |
Other sales | |
| 177,233 | | |
| — | |
Total revenue | |
$ | 796,094 | | |
$ | — | |
Other
income
The
other income is mainly comprised of grant income and research and development (“R&D”) tax refund.
a)
Grant income
On
June 30, 2021, the Company executed a definitive grant agreement with the Australian Government to assist with building a manufacturing
facility. The grant has a total value of up to $4.7 million upon the achievement of certain milestones until March 28, 2024. Proceeds
from the grant will be used primarily to reimburse the Company for costs incurred in the construction of the manufacturing facility.
Accounting
for the grant does not fall under ASC 606, Revenue from Contracts with Customers, as the Australian Government will not benefit
directly from our manufacturing facility. As there is no authoritative guidance under U.S. GAAP on accounting for grants to for-profit
business entities, we applied International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure
of Government Assistance by analogy when accounting for the Australian Government grant to the Company. Furthermore, disclosures
made below are in accordance with the disclosure requirements of Accounting Standards Update (“ASU”) 2021-10 (see recently issued accounting pronouncements below for
more information).
The
Australian Government grant proceeds, which will be used to reimburse construction costs incurred, meet the definition of grants related
to assets as the primary purpose for the payments is to fund the construction of a capital asset. Under IAS 20, government grants related
to assets are presented in the statement of financial position either by setting up the grant as deferred income that is recognized in
the statement of operation on a systematic basis over the useful life of the asset or by deducting the grant in arriving at the carrying
amount of the asset. Either of these two methods of presentation of grants related to assets in financial statements are regarded as
acceptable alternatives under IAS 20. The Company has elected to record the grants received initially as deferred income and deducting
the grant proceeds received from the gross costs of the assets or construction in progress (“CIP”) and the deferred grant
income liability. A total of $629,354 and $646,116 was recognized as a reduction to the CIP asset on the consolidated balance sheets
as of September 30, 2023 and June 30, 2023, respectively.
Under
IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met, and the
grant will be received. As of June 30, 2021, management concluded that there was reasonable assurance the grant conditions will be met,
and all milestone payment received. The total grant value of $4.7 million was recognized as both a grant receivable and deferred grant
income on the grant effective date. The project has been delayed due to global shortages of semiconductors that are used in manufacturing
equipment and global supply chain disruption due to the coronavirus pandemic in the preceding year. The Company has only completed 4
of the 8 milestones in the grant agreement. As of September 30, 2023, there was uncertainty regarding the potential extension of the
grant agreement past its original end of March 28, 2024. Therefore, management concluded that there was no reasonable assurance that
the remaining grant receivable will be received.
After
initial recognition, under IAS 20, government grants are recognized in earnings on a systematic basis in a manner that mirrors the manner
in which the Company recognizes the underlying costs for which the grant is intended to compensate. Further, IAS 20 permits for recognition
in earnings either separately under a general heading such as other income, or as a reduction of the cost of the asset. The Company has
elected to recognize government grant income separately within other income for operating expenditures. Similarly, for capital expenditures,
the carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting the grant proceeds received
from the gross costs of the assets or CIP and deferred grant income liability. A total of $33,523 and $60,413 deferred grant income was
recognized within other income during the three months ended September 30, 2023 and 2022, respectively.
b)
R&D tax refund
The
Company measures the R&D grant income and receivable by considering the time spent by employees on eligible R&D activities and
R&D costs incurred to external service providers. The R&D tax refund receivable is recognized as the Company believes that it
is probable that the amount will be recovered in full through a future claim. A total of $76,348 and $250,907 of R&D tax refund income
is recognized in other income during the three months ended September 30, 2023, and 2022, respectively.
Development
and regulatory approval expenses
Expenditures
relating to R&D are expensed as incurred and recorded in development and regulatory approval
in the condensed consolidated statements of operations and Other Comprehensive Loss. R&D expenses include external expenses incurred
under arrangements with third parties; salaries and personnel-related costs; license fees to acquire in-process technology and other
expenses. The Company recognizes the benefit of refundable R&D tax refunds as a R&D tax refund income when there is reasonable
assurance that the amount claimed will be recovered (refer to the R&D tax refund discussion above).
Intellectual
property acquired for a particular research and development project and that have no alternative future uses (in other research and development
projects or otherwise) are expensed in research and development costs at the time the costs are incurred.
In
certain circumstances, the Company may be required to make advance payments to vendors for goods or services that will be received in
the future for use in R&D activities. In such circumstances, the non-refundable advance payments are deferred and capitalized, even
when there is no alternative future use for the R&D, until the related goods or services are provided. In circumstances where amounts
have been paid in excess of costs incurred, the Company records a prepaid expense.
Foreign
currency translation
Assets
and liabilities of foreign subsidiaries are translated from local (functional) currency to reporting currency (U.S. dollar) at the spot
rate on the consolidated balance sheets date; income and expenses are translated at the average rate of exchange prevailing during the
year. The functional currency of INBS is the United States dollar. Foreign currency movements resulted in a loss of $18,016 and $135,559
for the three months ended September 30, 2023 and 2022, respectively.
Income
taxes
In
accordance with the provisions of the Financial Accounting Standards Board (“FASB”) ASC 740, Income Taxes, tax positions initially need to be recognized in the consolidated
financial statements when it is more likely than not that the positions will be sustained upon examination by taxing authorities. It
also provides guidance for de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.
As
of September 30, 2023, the Company had no uncertain tax positions that qualified for either recognition or disclosure in the unaudited
condensed consolidated financial statements. Additionally, the Company had no interest and penalties related to income taxes.
The
Company accounts for current and deferred income taxes and, when appropriate, deferred tax assets and liabilities are recorded with respect
to temporary differences in the accounting treatment of items for financial reporting purposes and for income tax purposes. Where, based
on the weight of all available evidence, it is more likely than not that some amount of the recorded deferred tax assets will not be
realized, a valuation allowance is established for that amount that, in management’s judgment, is sufficient to reduce the deferred
tax asset to an amount that is more likely than not to be realized.
Cash
and Cash equivalent
The
Company considers all highly liquid investments with a maturity of 90 days or less at the time of purchase to be cash equivalents. The
carrying values of cash and cash equivalents approximate their fair values due to the short-term nature of these instruments. As of September
30, 2023 and June 30, 2023, there were no cash equivalents. The Company maintains cash accounts with financial institutions. At times,
balances in these accounts may exceed federally insured limits. The amounts over these insured limits as of September 30, 2023, and June
30, 2023, was $0 and $1,114,687, respectively. No losses have been incurred to date on any deposits.
Inventories
Inventories
are stated at the lower of cost or net realizable value. Cost comprises direct materials and, where applicable, other costs that have
been incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price
less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. General market conditions, as
well as the Company’s research activities, can cause certain of its products to become obsolete. The Company writes down excess
and obsolete inventories based upon a regular analysis of inventory on hand compared to historical and projected demand. The determination
of projected demand requires the use of estimates and assumptions related to projected sales for each product. These write downs can
influence results from operations.
Account
receivable, net and other receivables
Trade
receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of
recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Company, and a failure to make contractual
payments for a period of greater than 90 days past due.
Property,
Plant and Equipment (PPE) & Construction in Progress (CIP)
In
accordance with the ASC 360, Property, Plant, and Equipment, the Company’s PPE is stated at cost net of accumulated depreciation
and impairment losses, if any. Costs incurred to acquire, construct, or install PPE, before the assets are ready for use, are capitalized
in CIP at historical cost. The carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting
the grant proceeds received from the gross costs of the assets or CIP. CIP is not depreciated until such time when the asset is substantially
completed and ready for its intended use. Expenditures for maintenance and repairs are charged to operations in the period in which the
expense is incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following
terms:
|
● |
Other
equipment – 3 years |
|
● |
Production
equipment – 2-4 years |
|
● |
Leasehold
improvements – shorter of asset’s estimated useful life and the remaining term of the lease |
The
assets’ residual values, useful lives and methods of depreciation are reviewed periodically and adjusted prospectively, if appropriate.
Equipment is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising upon
de-recognition of the asset (calculated as the difference between the net disposal proceeds, if any, and the carrying value of the asset)
is included in gain or loss on sale of assets in the consolidated statements of operations in the period the asset is derecognized.
Impairment
of Long-lived Assets and Goodwill
Long-lived
assets consist of property and equipment, right-of-use assets and other intangible assets. We assess impairment of assets groups, including
intangible assets at least annually or more frequently if there are any indicators for impairment.
Goodwill
represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. We perform
an annual impairment test on goodwill in the fourth quarter of each fiscal year or when events occur or circumstances change that would,
more likely than not, reduce the fair value of a reporting unit below its carrying value. We may first assess qualitative factors, such
as general economic conditions, market capitalization, the Company’s outlook, market performance and forecasted financial performance
to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine
it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is not necessary.
If an impairment test is necessary, we estimate the fair value of a related reporting unit. If the carrying value of a reporting unit
exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and we will record an impairment charge equal
to the excess of the carrying value over the related fair value of the reporting unit. If we determine it is more likely than not that
goodwill is not impaired, a quantitative test is not necessary.
During
the fiscal year ended June 30, 2023, the Company’s market capitalization significantly declined and recurring
cash burn of the reporting unit and continuous cash support from the parent entity led management to reassess whether an
impairment had occurred considering these qualitative factors. Management’s evaluation indicated that the goodwill related to
its IFPG reporting unit was potentially impaired. The Company then performed a quantitative impairment test by calculating the fair
value of the reporting unit and comparing that amount to it’s carrying value. Significant assumptions inherent in the
valuation methodologies include, but were not limited to prospective financial information, growth rates, terminal value and
discount rate. The Company determined the fair value of the reporting unit utilizing the discounted cash flow model. The fair value
of the reporting unit was determined to be less than its carrying value. During the fiscal year ended June 30, 2023, the Company
recognized an impairment charge of $4.2
million in the IFPG segment, which is related to the goodwill associated with the IFP Acquisition. Following the impairment charge
the goodwill balance was zero.
Intangible
assets
Intangible
assets are considered long-lived assets and are recorded at cost, less accumulated amortization and impairment losses, if any. The definite
lived intangible assets are amortized over their estimated useful lives, which do not exceed any contractual periods. Certain
of our intangible assets have been assigned an indefinite life as we currently anticipate that these trade names and trademarks will
contribute cash flows to the Company indefinitely. Indefinite-lived intangible assets are not amortized, but are evaluated at least annually
to determine whether the indefinite useful life is appropriate. Amortization is recorded on a straight-line basis over their estimated
useful lives. Intangible assets acquired from a foreign operation are translated from the foreign entity’s functional currency
to the presentational currency based on the exchange rate at the reporting date.
Leases
The
Company determines if an arrangement is a lease at its inception. Lease arrangements are comprised primarily of real estate for which
the right-of-use (“ROU”) assets and the corresponding lease liabilities are presented separately on the consolidated balance
sheet.
ROU
assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease
payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated
present value of lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain
that the option will be exercised. Leases with a term of 12 months or less are not recorded on the unaudited condensed consolidated balance
sheet.
The
Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the
lease, which is derived from information available at the lease commencement date, considering publicly available data for instruments
with similar characteristics. The Company accounts for the lease and non-lease components as a single lease component.
Employee
benefits
The
costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized
as part of the cost of inventories or non-current assets. The cost of any unused holiday entitlement is recognized in the period in which
the employee’s services are received. Termination benefits are recognized immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.
Net
loss per share attributable to common shareholders (“EPS”)
The
Company calculates earnings per share attributable to common shareholders in accordance with ASC 260, Earning Per Share. Basic
net loss per share attributable to common shareholders is calculated by dividing net loss attributable to common shareholders by the
weighted average number of common shares outstanding during the period. Diluted net loss per common share is calculated by dividing net
loss attributable to common shareholders by weighted average common shares outstanding during the period plus potentially dilutive common
shares, such as share warrants.
Potentially
dilutive common shares are calculated in accordance with the treasury share method, which assumes that proceeds from the exercise of
all warrants are used to repurchase common share at market value. The number of shares remaining after the proceeds are exhausted represents
the potentially dilutive effect of the securities.
As
the Company has incurred net losses in all periods, certain potentially dilutive securities, including convertible preferred stock, warrants
to acquire common stock, and convertible notes payable have been excluded in the computation of diluted loss per share as the effects
are antidilutive.
Recent Accounting Pronouncements
The company assessed the adoption impacts of recently issued accounting
standards by the Financial Accounting Standards Board on the Company’s financial statements as well as material updates to previous
assessments, if any, from the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023. There were no new material
accounting standards issued in 2024 that impacted the Company.
Concentration
of credit risk
The
Company places its cash and cash equivalents, which may at times be in excess of the Australia Financial Claims Scheme or the United
States’ Federal Deposit Insurance Corporation insurance limits, with high credit quality financial institutions and attempts to
limit the amount of credit exposure with any one institution.
Fair
value of financial instruments
The
accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major
asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price,
representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants
would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier
fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level
1-Quoted prices in active markets for identical assets or liabilities.
Level
2-Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets
that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full
term of the assets or liabilities.
Level
3-Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities.
Assets
and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the
fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its
entirety requires management to make judgments and consider factors specific to the asset or liability.
The
carrying amounts of cash equivalents, prepaid and other assets, accounts payable and accrued liabilities are representative of their
respective fair values because of the short-term nature of those instruments.
NOTE
4. SEGMENT INFORMATION
FASB
ASC Topic 280, Segment Reporting, establishes standards for the manner in which companies report financial information about operating
segments, products, services, geographic areas and major customers.
Our
Segments
Operating
segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed
by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing
performance. The Company’s CODM is its Chief Executive Officer.
Following
the acquisition of IFP, we conduct our business through two operating segments:
|
1) |
Commercially
available Intelligent Fingerprinting Products (“IFPG” or “IFPG segment”) |
|
2) |
Development
Stage Saliva Glucose Biosensor Platform (“SGBP” or “SGBP segment”) |
The
Company has determined it operates in two operating and reportable segments, as the CODM reviews financial information presented on a
consolidated basis accompanied by disaggregated information about revenue and other income by product types for the purpose of allocating
resources and evaluating financial performance. Currently, the Company has two products offerings.
The
IFPG segment accounted for 100% of the Company’s revenue during the three months ended September 30, 2023. No revenue was recognized
during the three months ended September 30, 2022.
The
following table sets forth the Company’s revenue and other income by operating and reportable segment, disaggregated into geographic
locations based on sales billed from the respective county, for the three months ended September 30, 2023. No revenue was recognized
during the three months ended September 30, 2022.
SCHEDULE
OF REVENUE AND OTHER INCOME SEGMENT
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended September 30, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 755,150 | | |
$ | — | | |
$ | 755,150 | |
Australia | |
| 8,082 | | |
| — | | |
| 8,082 | |
Other | |
| 32,862 | | |
| — | | |
| 32,862 | |
Total Revenue | |
$ | 796,094 | | |
$ | — | | |
$ | 796,094 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended September 30, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 64,550 | | |
$ | 64,550 | |
United Kingdom | |
| 45,321 | | |
| — | | |
| 45,321 | |
Total Government Support Income | |
$ | 45,321 | | |
$ | 64,550 | | |
$ | 109,871 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended September 30, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 311,320 | | |
$ | 311,320 | |
United Kingdom | |
| — | | |
| — | | |
| — | |
Total Government Support Income | |
$ | — | | |
$ | 311,320 | | |
$ | 311,320 | |
The
Company operates in various geographic locations. The Company does not discretely allocate assets to its operating segments, nor does
management evaluate operating segments using discrete asset information. The Company’s consolidated assets are not specifically
ascribed to its individual reportable segments. Rather, assets used in operations are generally shared across the Company’s operating
and reportable segments.
Property
and equipment, net and operating lease right-of-use assets, by geographic location, are summarized as follows:
| |
September 30,
2023 | | |
June 30, 2023 (Audited) | |
Australia | |
$ | 731,579 | | |
$ | 761,220 | |
United Kingdom | |
| 404,875 | | |
| 475,430 | |
Total | |
$ | 1,136,454 | | |
$ | 1,236,650 | |
NOTE
5. INTELLIGENT FINGERPRINTING LIMITED ACQUISITION
On
October 4, 2022, INBS acquired 100% of the outstanding shares of Intelligent Fingerprinting Limited (IFP), a company registered in England
and Wales, pursuant to a Share Exchange Agreement, dated October 4, 2022 (the “Share Exchange Agreement”) by and among IFP,
the holders of all of the issued shares in the capital of IFP (the “IFP Sellers”) and a representative of the IFP Sellers.
IFP owns a portfolio of intellectual property for diagnostic tests and associated technologies, including drug testing through the analysis
of fingerprint sweat. The acquisition of IFP has expanded the Company’s platform of rapid, non-invasive diagnostic testing technologies.
The
table below summarizes the fair value of the consideration transferred in the acquisition (pre-Reverse Stock Split basis):
SCHEDULE
OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION
Purchase consideration | |
Amount | |
Cash | |
$ | 363,500 | |
Note receivable settled for business acquisition | |
| 504,938 | |
Common Stock - 2,963,091 shares @ $0.5502 / share | |
| 1,630,293 | |
Series C Preferred Stock (base) - 2,363,003 shares @ 3 x $0.5502 / share | |
| 3,900,373 | |
Series C Preferred Stock (holdback) - 500,000 shares @ 3 x $0.5502 / share | |
| 825,300 | |
Purchase Consideration of
Common Stock and Series C Preferred Stock | |
| 825,300 | |
Total purchase price | |
$ | 7,224,404 | |
Pursuant
to the Share Exchange Agreement, the Company acquired from the IFP Sellers all of the issued and outstanding shares in the capital stock
of IFP, and as consideration therefor, the Company issued and sold to the IFP Sellers upon the closing of the IFP Acquisition (the “IFP
Closing”) an aggregate number of 148,183 (as adjusted for reverse stock split) shares of the Company’s common stock, and
(ii) 2,363,003 shares of the Company’s Series C Convertible Preferred Stock, par value $0.01 per share (the “Series C Preferred
Stock”).
Up
to an additional 1,649,273 shares of Series C Preferred Stock have been reserved for potential future issuance by the Company, consisting
of (i) 500,000 shares of Series C Preferred Stock, that are being held back from the IFP Sellers for one year after the IFP Closing to
secure potential indemnification claims by the Company against the IFP Sellers and (ii) 1,149,273 shares of Series C Preferred Stock
to certain lenders to IFP (the “IFP Lenders”). Each share of Series C Preferred Stock is convertible into 0.15 shares of
Common Stock (subject to adjustment upon the occurrence of specified events), contingent upon approval by the Company’s stockholders.
Effective
contemporaneously with the IFP Closing, the Company entered into an amendment to the bridge facility agreement between the Company and
IFP, dated as of June 16, 2022, pursuant to which, among other things, the $504,938 (including accrued interest) loan from the Company
to IFP that will remain outstanding following the date of the IFP Closing until the second anniversary of the date of the IFP Closing
(the “Company-IFP Loan Agreement”).
The
loan receivable from IFP of $504,938 as of October 4, 2022, was treated as a cash consideration in accordance with ASC 805, Business
Combinations (“ASC 805”).
The
Company entered into various loan agreements in the aggregate amount of $1,425,307 (£1,254,270), including accrued interest, pursuant
to which IFP is the borrower and the Company became a guarantor of IFP’s obligations thereunder (the “IFP Loan Agreements”
and, together with the Company-IFP Loan Agreement, the “Loan Agreements”). Under the Loan Agreements, the loans thereunder
remained outstanding following the IFP Closing and (x) the loans and certain accrued interest will convert into shares of IFP, which
shares of IFP will be immediately transferred to the Company in exchange for shares of Series C Preferred Stock that are convertible
into common stock (as set forth in the Share Exchange Agreement) following approval of the Company Stockholder Approval Matters (defined
below) or (y) the loans and certain accrued interest will become repayable on the second anniversary of the date of the IFP Closing.
The loans bear interest at 17% per annum on a compounded basis, increasing to 22% per annum on a compounded basis with effect from the
date that falls 12 months following the date of the IFP Closing, if the Company Stockholder Approval Matters have not been approved by
the Company’s stockholders by such date. The “Company Stockholder Approval Matters” means the approval by the Company’s
stockholders of (i) the conversion of the Series C Preferred Stock into common stock and (ii) any amendments to, or adoption of, any
option or warrant plans to give effect to the transactions contemplated under the Share Exchange Agreement.
Each
share of Series C Preferred Stock (other than the IFP Lender Preferred Shares) would automatically convert into common stock upon approval
of the Company’s stockholders of the conversion of Series C Preferred Stock into common stock, and each IFP Lender Preferred Share
would convert into common stock at the option of the applicable holder of such IFP Lender Preferred Shares following approval of the
Company’s stockholders of the conversion of Series C Preferred Stock into common stock. In the event Company stockholder approval
is not received, the convertible notes and accrued interest would remain outstanding. The number of shares of common stock into which
the Series C Preferred Stock is convertible is subject to adjustment in the case of any stock dividend, stock split, combinations, or
other similar recapitalization with respect to the common stock.
The
rights, preferences and privileges of the Series C Preferred Stock are set forth in the Certificate of Designation of Preferences, Rights
and Limitations of Series C Convertible Preferred Stock that the Company filed with the Secretary of State of the State of Delaware on
October 4, 2022, as further described below (the “Series C Certificate of Designation”).
The
Series C Preferred Stock does not have any voting rights (other than as required by law) and does not carry dividends or a liquidation
preference. Each share of Series C Preferred Stock was initially convertible into 3 shares of common stock, subject to adjustment as
noted above. Following the effectiveness of the 1-for-20 Reverse Stock Split effective on February 9, 2023, each share of Series C Preferred
Stock is convertible into 0.15 shares of common stock. The loan receivable from IFP of $504,938 as of October 4, 2022, was treated as
a cash consideration in accordance with ASC 805. See Note 11 for further information and disclosures relating to the conversion of the
Series C Preferred Stock.
The
Company incurred $806,397 of equity issuance costs in relation to issuing common and Series C Preferred Stock to acquire IFP. These costs
were recognized as a reduction to additional paid-in capital on the condensed consolidated balance sheets.
On
May 8, 2023, at a special meeting of the Company’s stockholders (the “Special Meeting”), the last of the remaining
Company Stockholder Approval Matters were approved when the Company’s stockholders approved the full conversion of all Series C
Preferred Stock and an increase in the number of shares authorized for issuance under the 2019 Long Term Incentive Plan (“2019
Plan” or the “Plan”). Subsequently, effective as of May 10, 2023, all 3,512,277 shares of outstanding Series C Preferred
Stock (which included the 1,149,273 Lender Preferred Shares, but not the 500,000 Closing Holdback Shares (which are not deemed outstanding))
were converted into an aggregate of 526,818 shares of common stock.
The
500,000 Closing Holdback Shares (consisting of Series C Preferred Stock) are being held back from issuance to the IFP Sellers for one
year after the IFP Closing in order to secure potential indemnification claims by the Company against the IFP Sellers. These Closing
Holdback Shares, which are not deemed outstanding, are currently convertible into approximately 75,000 shares of common stock (subject
to rounding for fractional shares).
The
final allocation of the purchase price of IFP to the assets acquired and liabilities assumed, based on their relative fair values,
is as follows:
SCHEDULE
OF ASSETS ACQUIRED AND LIABILITIES ASSUMED, BASED ON THEIR RELATIVE FAIR VALUES
Allocation of purchase consideration | |
Amount | |
Assets: | |
| | |
Cash and cash equivalents | |
$ | 174,481 | |
Inventory | |
| 774,625 | |
Other current assets | |
| 345,038 | |
Property and Equipment | |
| 52,170 | |
Intangible assets | |
| 5,463,000 | |
Goodwill | |
| 3,803,293 | |
Total assets acquired | |
| 10,612,607 | |
Liabilities: | |
| | |
Accounts payable and accrued expenses | |
| (1,027,302 | ) |
Notes payable | |
| (677,137 | ) |
Convertible notes payable | |
| (1,683,764 | ) |
Total liabilities assumed | |
| (3,388,203 | ) |
Net assets | |
$ | 7,224,404 | |
Acquired
intangible assets of $5,463,000 include technology of $5,119,000 (which is estimated to have a useful life of 7 years), customer relationships
of $252,000 (which are estimated to have a useful life of 3 years), and trade names and trademarks of $92,000 (which are estimated to
have an indefinite useful life). The value assigned to technology was determined using the multi-period excess earnings methodology under
the income approach, the customer relationships was valued using the distributor method under the income approach, and the trade name
and trademarks was valued using the relief from royalty method.
The
acquisition produced $3,803,293
of goodwill, which has been assigned to the IFPG reporting unit. The goodwill is attributable to a combination of IFP’s
assembled workforce and other product and operating synergies. Goodwill arising from the IFP Acquisition is not deductible for tax
purposes. During the fiscal year ended June 30, 2023, the full amount of goodwill was impaired. Refer to Note 3, summary of
significant accounting policies, and Note 7, intangible assets for further information.
Transaction
costs, except for the equity issuance costs discussed above, were not material and are included in selling, general and administrative
expenses on the Company’s condensed consolidated statement of operations.
Intangible
assets acquired from IFP were remeasured at September 30, 2023 and June 30, 2023 using the applicable spot rate.
Pro-Forma
Results of Operations
Unaudited
pro-forma consolidated results of operations for the three months ended September 30, 2023 are not required because the results of the
acquired business are included in the Company’s results. The following unaudited pro-forma consolidated results of operations for
the three months ended September 30, 2022, has been prepared as if the acquisition of IFP had occurred on July 1, 2022 and includes adjustments
for amortization related to the valuation of acquired intangibles:
SCHEDULE
OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS
| |
As Reported | | |
Pro Forma | |
| |
Three Months Ended September 30, 2022 | |
| |
As Reported | | |
Pro Forma | |
Revenue | |
$ | — | | |
$ | 347,486 | |
Net loss | |
| (1,214,078 | ) | |
| (2,455,633 | ) |
Net loss attributable to Intelligent Bio Solutions Inc. | |
| (1,208,293 | ) | |
| (2,449,848 | ) |
Net loss per share, basic and diluted | |
| (1.62 | ) | |
| (2.74 | ) |
NOTE
6. INVENTORIES
Inventories
consist of the following:
SCHEDULE
OF INVENTORIES
| |
September 30,
2023 | | |
June 30, 2023 (Audited) | |
Raw material and work-in-progress | |
$ | — | | |
$ | 419,889 | |
Finished goods | |
| 1,221,689 | | |
| 757,518 | |
Less: provision for inventory obsolescence | |
| (256,598 | ) | |
| (197,500 | ) |
Inventory, net | |
$ | 965,091 | | |
$ | 979,907 | |
NOTE
7. INTANGIBLE ASSETS, NET
Intangible
assets, net consist of the following as of September 30, 2023:
SCHEDULE OF OTHER INTANGIBLE ASSETS
| |
Weighted
average useful lives (years) | | |
Acquisition
cost | | |
Effect
of foreign currency | | |
Accumulated
amortization | | |
Carrying
value | |
Technology | |
7
years | | |
$ | 5,119,000 | | |
$ | 407,724 | | |
$ | 935,292 | | |
$ | 4,591,432 | |
Customer
relationships | |
3
years | | |
| 252,000 | | |
| 20,072 | | |
| 90,691 | | |
| 181,381 | |
Trade
names and trademarks | |
Indefinite | | |
| 92,000 | | |
| 7,328 | | |
| — | | |
| 99,328 | |
Total
intangible assets | |
| | |
$ | 5,463,000 | | |
$ | 435,124 | | |
$ | 1,025,983 | | |
$ | 4,872,141 | |
Intangible
assets, net consist of the following as of June 30, 2023:
| |
Weighted
average useful lives (years) | | |
Acquisition
cost | | |
Effect
of foreign currency | | |
Accumulated
amortization | | |
Carrying
value | |
Technology | |
7
years | | |
$ | 5,119,000 | | |
$ | 603,422 | | |
$ | 780,500 | | |
$ | 4,941,922 | |
Customer
relationships | |
3
years | | |
| 252,000 | | |
| 29,127 | | |
| 70,282 | | |
| 210,845 | |
Trade
names and trademarks | |
Indefinite | | |
| 92,000 | | |
| 10,634 | | |
| — | | |
| 102,634 | |
Total
intangible assets | |
| | |
$ | 5,463,000 | | |
$ | 643,183 | | |
$ | 850,782 | | |
$ | 5,255,401 | |
Intangibles
assets recognized from the acquisition of IFP were allocated to the IFPG operating and reportable segment.
Expense
related to the amortization of intangible assets for the three months ended September 30, 2023, was $175,201. There was no amortization
of intangible assets during the three months ended September 30, 2022. Refer to Note 3, summary of significant accounting policies for
further information.
Amortization
expense for the intangible assets is expected to be as follows over the next five years, and thereafter:
SCHEDULE
OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS
| |
| | |
Remainder
of 2024 | |
$ | 641,947 | |
2025 | |
| 855,929 | |
2026 | |
| 787,911 | |
2027 | |
| 765,239 | |
2028 | |
| 765,239 | |
Thereafter | |
| 956,548 | |
Total | |
$ | 4,772,813 | |
There
were no impairment charges related to intangible assets incurred in the periods presented.
NOTE
8. NOTE PAYABLE
As
a result of the acquisition of IFP, the Company assumed a note payable due to a distributor of IFP. The unpaid principal balance of the
loan will accrue interest at a rate of 0.97% per annum. The balance is offset by:
|
● |
Payments
of 10% of the Company’s monthly worldwide gross revenue received in the preceding month; |
|
● |
50%
of sales by the company to the distributor. |
The
classification of the notes payables is based on sales forecast prepared by the management.
NOTE
9. LEASES
In
relation to the IFP Acquisition, the Company assumed a non-cancelable operating lease agreement. The Company entered into another non-cancelable
operating lease that commenced in May 2023. The leases have original lease periods expiring from August 2025 to April 2026. The lease
agreements do not contain any material residual value guarantees or material restrictive covenants. The Company did not have any lease
during the three months ended September 30, 2022.
The
components of lease expense are as follows:
SCHEDULE
OF FINANCE LEASE EXPENSES
| |
2023 | | |
2022 | |
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
Amortization
of operating lease right-of-use assets | |
$ | 59,962 | | |
$ | — | |
Interest
on operating lease liabilities | |
| 21,171 | | |
| — | |
Total
lease costs | |
$ | 81,133 | | |
$ | — | |
As
of September 30, 2023, the weighted average remaining lease-term and discount rate on the Company’s leases were 2.1 years and 13.2%,
respectively.
The
reconciliation of the maturities of the operating leases to the operating lease liabilities recorded in the consolidated balance sheet
as of September 30, 2023, is as follows:
SCHEDULE
OF MATURITIES OF THE FINANCE LEASE TO THE FINANCE LEASE LIABILITIES
| |
| | |
Remainder
of 2024 | |
$ | 215,434 | |
2025 | |
| 299,090 | |
2026 | |
| 81,091 | |
Total
lease payments | |
| 595,615 | |
Less:
present value discount | |
| (84,173 | ) |
Lease
liabilities | |
$ | 511,442 | |
NOTE
10. SHAREHOLDERS’ EQUITY
As
of September 30, 2023, there were warrants outstanding to purchase 426,521
shares of common stock, held by certain shareholders. Each warrant initially represented the right to purchase one share of the
Company’s common stock and was subject to adjustment upon the occurrence of specified events including reverse stock splits.
NOTE
11. FAIR VALUE MEASUREMENTS
The
Company has held back 500,000 Series
C Preferred Stock, from the IFP Sellers for one year after the IFP Closing to secure potential indemnification claims by the Company
against the IFP Sellers. Therefore, the final number of shares to be issued after the one-year measurement period is contingent on
any potential claims and can be variable. Each share of Series C Preferred Stock is convertible into 0.15
shares of Common Stock (subject to adjustment upon the occurrence of specified events), contingent upon approval by the
Company’s stockholders of the conversion of Series C Preferred Stock. These shares are reserved, not issued, or held in Escrow
account. See Note 5 for further information and disclosures relating to the conversion of the Series C Preferred Stock.
The
following table provides a reconciliation of the beginning and ending balance of the holdback Preferred Stock measured at fair value
on a recurring basis during the period:
SCHEDULE OF PREFERRED STOCK AT FAIR VALUE ON RECURRING BASIS
| |
Preferred
stock carried at fair value (Level 2) | |
Balance
at June 30, 2023 | |
$ | 208,500 | |
Fair
value gain on revaluation of holdback Series C Preferred Stock | |
| (131,250 | ) |
Balance
at September 30, 2023 | |
$ | 77,250 | |
The
Company did not have assets or liabilities carried at fair value using Level 1 inputs during the three months ended September 30, 2023
and 2022.
NOTE
12. RELATED PARTY TRANSACTIONS
LSBD
Sales
to and purchases from related parties are made in arm’s length transactions both at normal market prices and on normal commercial
terms.
As
of September 30, 2023 and June 30, 2023, $0 and $8,714, respectively, remains payable to LSBD in relation to overhead reimbursements.
NOTE
13. COMMITMENTS AND CONTINGENCIES
During
November 2022, the Company signed a deed of variation with the University of Newcastle for the research and development of the Saliva
Glucose Biosensor. The Company agreed to pay the University of Newcastle $847,021, of which $847,021 remains payable as of September
30, 2023.
The
Company has no material purchase commitments. For commitments under non-cancellable leases, refer to Note 9.
From
time to time, the Company may become a party to various legal proceedings arising in the ordinary course of business. Based on information
currently available, the Company is not involved in any pending or threatened legal proceedings that it believes could reasonably be
expected to have a material adverse effect on its financial condition, results of operations or liquidity. However, legal matters are
inherently uncertain, and the Company cannot guarantee that the outcome of any potential legal matter will be favorable to the Company.
NOTE
14. LOSS PER SHARE
Basic
loss per common share is computed by dividing net loss allocable to common shareholders by the weighted average number of shares of common
stock or common stock equivalents outstanding. Diluted loss per common share is computed similar to basic loss per common share except
that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised
or converted into common stock.
The
following outstanding warrants, options and preferred shares were excluded from the computation of diluted net loss per share for the
periods presented because their effect would have been anti-dilutive:
SCHEDULE
OF ANTI-DILUTIVE WARRANTS
| |
2023 | | |
2022 | |
| |
September
30, | |
| |
2023 | | |
2022 | |
Warrants
- Common stock (March 23 public raise) | |
| 3,270 | | |
| - | |
Warrants
- Series A | |
| 70,068 | | |
| 70,068 | |
Warrants
- Series B | |
| 2,620 | | |
| 2,620 | |
Private
placement warrants (Dec 2022) | |
| 26,478 | | |
| - | |
Warrants
issued to Winx Capital Pty Ltd | |
| 1,324 | | |
| - | |
Warrants
issued to underwriters (IPO) | |
| 3,177 | | |
| 3,177 | |
Warrants
issued to underwriters (March 23 public raise) | |
| 32,750 | | |
| - | |
Pre
IPO warrants | |
| 136,834 | | |
| 136,834 | |
Warrants
issued to licensor - LSBD | |
| 150,000 | | |
| 150,000 | |
Anti-dilutive | |
| 150,000 | | |
| 150,000 | |
NOTE
15. SUBSEQUENT EVENTS
Subsequent
to the quarter ended September 30, 2023, on October 4, 2023, the Company completed a capital raise consisting a total of 2,232,221
shares of common stock, 5,728,723
shares of the Company’s Series E Convertible Preferred Stock (“Preferred Stock”) that were issued in lieu of
Common Stock, 7,960,944
warrants to purchase shares of Common Stock that will expire on the five-and-a-half-year
anniversary of the original issuance date (the “Series E Warrants”), and 7,960,944
warrants to purchase shares of Common Stock that will expire on the one-and-a-half-year
anniversary of the original issuance date (the “Series F Warrants”, collectively with the Series E Warrants, the
“Warrants”). Each Unit consists of one share of Common Stock (or one share of Preferred Stock), one Series E Warrant and
one Series F Warrant. The Units were priced at a combined public offering price of $0.55
per Unit for initial gross proceeds of approximately $4.378
million. Net proceeds to the Company, after deducting the underwriting discounts
and commissions and estimated offering expenses payable by the Company, were approximately $3.35 million.
Subsequent
to the quarter ended September 30, 2023, through to November 7, 2023, a total of 4,571,761
Series E Convertible Preferred Stock were converted to common stock.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You
should read the following discussion in conjunction with our audited historical consolidated financial statements, which are included
in the 2023 Form 10-K and our unaudited condensed consolidated financial statements for the fiscal quarter ended September 30, 2023,
included elsewhere in this Quarterly Report on Form 10-Q. This Management’s Discussion and Analysis of Financial Condition and
Results of Operations contains statements that are forward-looking. These statements are based on current expectations and assumptions
that are subject to risks, uncertainties, and other factors. Actual results could differ materially because of the factors discussed
below or elsewhere in this Quarterly Report on Form 10-Q. See Part II, Item 1A. “Risk Factors” of this Quarterly Report on
Form 10-Q and Part I, Item 1A. “Risk Factors” of the 2023 Form 10-K.
Forward-Looking
Information
All
statements other than statements of historical fact or relating to present facts or current conditions included in this Quarterly Report
on Form 10-Q are forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding expectations,
hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These statements
may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,”
“intend,” “believe,” “may,” “should,” “can have,” “likely” and
the negative of such words and other words and terms of similar meaning, but the absence of these words does not mean that a statement
is not forward-looking.
The
forward-looking statements contained in this Quarterly Report on Form 10-Q are based on our current expectations and beliefs concerning
future developments and their potential effects on us. These forward-looking statements are subject to a number of risks, uncertainties
and assumptions, including those described in “Item 1A — Risk Factors” of this Quarterly Report on Form 10-Q and in
our 2023 Form 10-K. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time.
It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent
to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking
statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly
Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking
statements.
You
should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking
statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable,
we cannot guarantee future results, levels of activity, performance, or achievements. Except as required by the federal securities laws,
we are under no duty to update any of these forward-looking statements after the date of this Quarterly Report on Form 10-Q or to conform
these statements to actual results or revised expectations.
Overview
Intelligent
Bio Solutions Inc. (formerly known as GBS Inc.) and its wholly owned Delaware subsidiary, GBS Operations Inc. were each formed on December
5, 2016, under the laws of the state of Delaware. Our Australian subsidiary Intelligent Bio Solutions (APAC) Pty Ltd (formerly known
as Glucose Biosensor Systems (Greater China) Pty Ltd) was formed on August 4, 2016, under the laws of New South Wales, Australia and
was renamed to Intelligent Bio Solutions (APAC) Pty Ltd on January 6, 2023. On October 4, 2022, INBS acquired Intelligent Fingerprinting
Limited (IFP), a company registered in England and Wales (the IFP Acquisition). Our headquarters are in New York, New York.
We are a medical technology company focused on developing and delivering
intelligent, rapid, non-invasive testing and screening solutions. We operate globally with the objective of providing innovative and accessible solutions that improve the quality
of life.
Our
current product portfolio includes:
|
● |
Intelligent
Fingerprinting Platform - Our proprietary portable platform analyzes fingerprint sweat using a one-time (recyclable) cartridge
and portable handheld reader. Our flagship product from this platform, which is commercially available in certain countries outside
of the United States, is the Intelligent Fingerprinting Drug Screening System (the “IFP System” or “IFP Products”),
a two-part system that consists of non-invasive, sweat-based fingerprint diagnostic testing products designed to detect drugs of
abuse including opioids, cocaine, methamphetamines, benzodiazepines, cannabis, methadone, and buprenorphine. The system comprises
a small, tamper-evident drug screening cartridge onto which ten fingerprint sweat samples are collected in under a minute, before
the portable analysis unit provides an on-screen result in under ten minutes. Samples collected with our confirmatory kits can also
be sent to a third-party laboratory service provider to perform confirmation testing. Customers include safety-critical industries
such as construction, transportation and logistics firms, manufacturing, engineering, drug treatment organizations in the rehabilitation
sector, and judicial organizations. |
|
|
|
|
● |
The
Biosensor Platform – Our “Biosensor Platform” consists of a small, printable modified organic thin-film transistor
strip that we license across the Asia Pacific Region from Life Science Biosensor Diagnostics Pty Ltd (“LSBD” or “Licensor”).
The Biosensor Platform, which is designed to detect multiple biological analytes by substituting the Glucose Oxidase (“GOX”)
enzyme with a suitable alternative for each analyte, is currently in the development stage. Our flagship product candidate based
on the Biosensor Platform technology is the Saliva Glucose Biosensor (“SGB” and, together with a software app that interfaces
the SGB with the Company’s digital information system, the Saliva Glucose Test or “SGT”), a Point of Care Test
(POCT) expected to complement the invasive finger prick blood glucose monitoring test for diabetic patients. Our products based
on the SGT are referred to herein as the “SGT products.” |
These
platform technologies have the potential to develop a range of POCT’s including the modalities of clinical chemistry, immunology, tumor
markers, allergens, and endocrinology.
Highlights
of Achievements
Our
major achievements through the quarter ended September 30, 2023:
|
● |
On
September 27, 2023, the Company announced that its Intelligent Fingerprinting Drug Screening business had obtained recertification
for the latest ISO 13485: 2016 harmonized quality management system standard for the medical device industry. The recertification
is effective October 14, 2023, and will be valid for three years. ISO 13485:2016 is the international standard for medical devices
quality management system certification and is a requirement for medical device manufacturers operating across key regions, including
the USA, Canada, Europe, Japan, Singapore, Malaysia and Saudi Arabia. Last year the US Food and Drug Administration published a proposed
rule to harmonize its medical device quality management system, 21 CFR Part 820, to the ISO 13485 QMS standard. |
|
|
|
|
● |
On September 21, 2023, the Company announced the successful debut of its Intelligent Fingerprinting Drug Screening System at Australia’s
only workplace health and safety event – the Work Place Health and Safety Show in Sydney. |
|
|
|
|
● |
On
September 8, 2023, the Company announced the successful completion of a key development milestone in its plans to add ketamine and
tramadol to its Intelligent Fingerprinting Drug Screening System. New assays for testing both drugs have passed the Company’s
initial design phase and are ready for scale-up and transfer to manufacture in preparation for potential clinical trials. After completing
these activities and successful clinical trials, the assays can be added to the panel of substances detected by the Company’s
proprietary drug screening system. |
|
|
|
|
● |
On
August 1, 2023, the Company announced that it had secured 8 new customers across various locations throughout Australia, which collectively
employ over 10,000 individuals, within just two months of launching its Intelligent Fingerprinting Drug Screening System in Australia. |
|
|
|
|
● |
On
July 6, 2023, the Company announced that it has signed a distribution agreement with Chile-based company TSCOM SPA for its
Intelligent Fingerprinting Drug Screening System, increasing the product’s availability
across South America. The Company further announced that it received its first order under this agreement, from a Chile-based
electrical distribution company. |
Results
of Operations
Comparison
of the Three Months Ended September 30, 2023 and 2022
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
Revenue | |
$ | 796,094 | | |
$ | - | |
Cost of revenue
(exclusive of amortization shown separately below) | |
| (563,763 | ) | |
| - | |
Gross
profit | |
| 232,331 | | |
| - | |
| |
| | | |
| | |
Other income: | |
| | | |
| | |
Government support
income | |
| 109,871 | | |
| 311,320 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Selling, general
and administrative expenses | |
| (2,457,060 | ) | |
| (1,450,418 | ) |
Development
and regulatory approval expenses | |
| (103,947 | ) | |
| (79,274 | ) |
Depreciation
and amortization | |
| (307,560 | ) | |
| - | |
Total operating
expenses | |
| (2,868,567 | ) | |
| (1,529,692 | ) |
Loss from operations | |
| (2,526,365 | ) | |
| (1,218,372 | ) |
| |
| | | |
| | |
Other income
(expense): | |
| | | |
| | |
Interest expense | |
| (37,448 | ) | |
| (1,065 | ) |
Realized foreign
exchange loss | |
| - | | |
| (2,247 | ) |
Fair value gain
on revaluation of financial instrument | |
| 131,250 | | |
| - | |
Interest
income | |
| 139 | | |
| 7,606 | |
Total
other income | |
| 93,941- | | |
| 4,294 | |
Net loss | |
| (2,432,424 | ) | |
| (1,214,078 | ) |
Net loss attributable
to non-controlling interest | |
| (7,220 | ) | |
| (5,785 | ) |
Net
loss attributable to Intelligent Bio Solutions Inc. | |
$ | (2,425,204 | ) | |
$ | (1,208,293 | ) |
| |
| | | |
| | |
Other comprehensive
loss, net of tax: | |
| | | |
| | |
Foreign
currency translation loss | |
$ | (18,016 | ) | |
$ | (135,559 | ) |
Total
other comprehensive loss | |
| (18,016 | ) | |
| (135,559 | ) |
Comprehensive
loss | |
| (2,450,440 | ) | |
| (1,349,637 | ) |
Comprehensive
loss attributable to non-controlling interest | |
| (7,220 | ) | |
| (5,785 | ) |
Comprehensive
loss attributable to Intelligent Bio Solutions Inc. | |
$ | (2,443,220 | ) | |
$ | (1,343,852 | ) |
| |
| | | |
| | |
Net loss per
share, basic and diluted* | |
$ | (1.04 | ) | |
$ | (1.62 | ) |
Weighted average shares outstanding,
basic and diluted* | |
| 2,330,399 | | |
| 744,495 | |
*Common Stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 20
reverse stock split effected on February 9, 2023, throughout the consolidated financial statement unless otherwise stated.
Revenue
Sales
of goods
Revenue
from sales of goods increased from $0 to $796,094 for the quarter ended September 30, 2023, compared to same period in 2022. This is
due to acquisition of IFP in October 2022, whose results of operations are consolidated, as well as, the launch of fingerprint drug
testing in APAC region via Intelligent Bio Solutions (APAC) Pty Ltd. The acquisition provided the Company with access to a
commercially available Fingerprinting drug testing system which is currently being marketed in Europe and the Asia Pacific
Region.
Revenue
from the IFPG segment relates to the sale of readers, cartridges and accessories and is summarized as follows:
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
Sales
of goods - cartridges | |
$ | 380,059 | | |
$ | — | |
Sales
of goods - readers | |
| 238,802 | | |
| — | |
Other
sales | |
| 177,233 | | |
| — | |
Total
revenue | |
$ | 796,094 | | |
$ | — | |
Cost
of revenue
Cost
of revenue increased by $563,763 to $563,763 from $0 for the quarter ended September 30, 2023, compared to same period in 2022. Cost
of revenue relates to the direct labor, direct material costs and direct overhead costs incurred in the production of the goods.
Gross
profit
Gross
profit is primarily attributable to the IFPG segment. Gross profit increased from $0 to $232,331 for the quarter ended September 30, 2023, compared to same period in 2022. This
is due to the acquisition of IFP in October 2022.
Government
support income
Government
support income decreased by $201,449 to $109,871 from $311,320 for the quarter ended September 30, 2023, compared to same period in
2022. This decrease was primarily attributable to the timing of amount spent on qualifying research and development expenditure.
The
grant support income is primarily attributable to INBS’s subsidiary companies recognizing an R&D tax refund as the Company
believes that it is probable that the amount will be recovered in full through a future claim (see Note 3 to our consolidated
financial statements appearing elsewhere in this Quarterly Report on Form 10-Q for further information and disclosures relating R&D
tax refund).
Operating
expenses
Selling,
general and administrative expenses
Selling,
general and administrative expenses increased by $1,006,642 to $2,457,060 from $1,450,418 for the quarter ended September 30, 2023, compared
to the same period in 2022. This is largely due to the acquisition of IFP which added approximately 32 staff to our FTE headcount, and
the results of operations of IFP which are consolidated in the current period from the date of acquisition.
As
the Company’s operating activities increase, we expect selling, general and administrative costs will include additional costs
in overhead contribution, consultancy, as well as an increase in employee-related costs associated with a higher headcount.
Development
and regulatory expenses
Development
and regulatory expenses increased by $24,673 to $103,947 from $79,274 for the quarter ended September 30, 2023, compared to the same
period in 2022. This increase is primarily driven by the timing of invoicing and research and development activities carried out by University
of New Castle.
As
the Company’s operating activities increase, we expect its development and regulatory expenses to increase in future periods.
Depreciation
and amortization
Depreciation
and amortization increased from $0 to $307,560 for the quarter ended September 30, 2023, compared to same period in 2022. This is due
to the acquisition of IFP and primarily related to the amortization of acquired Intangibles and property and equipment acquired in October
2022.
Other
income and expenses
Interest
expense
Interest
expense increased by $36,383 to $37,448 from $1,065 for the quarter ended September 30, 2023, as compared to the same period in 2022. This increase was attributable to the interest expense recorded for leased assets and notes payable.
Realized
foreign exchange loss
Realized
foreign exchange loss decreased by $2,247 to $0 from a loss of $2,247 for the quarter ended September 30, 2023, compared to the same
period in fiscal 2022. This decrease was largely attributable to the favorable exchange rates while settling transactions in currencies
other than its functional currencies.
Fair
value gain on revaluation of financial instruments
The
fair value gain on revaluation of financial instruments increased by $131,250 to $131,250 from $0 for the three months ended September
30, 2023, as compared to the same period in 2022. This increase is due to the revaluation gains on the contingent consideration for holdback
shares resulting from the acquisition of IFP.
Income
tax (expense) benefit
There
was no income tax expense for both the three months ended September 30, 2023, and 2022, respectively, as the Company has established
a full valuation allowance for all its deferred tax assets.
Other
comprehensive income
Foreign
currency translation gain/(loss)
Unrealized
foreign currency translation loss decreased by $117,543 to a loss of $18,016 from a loss of $135,559 for the quarter ended September
30, 2023, compared to the same period in 2023. It is calculated based on the Company’s unsettled transactions in currencies other
than its functional currency and translation of assets and liabilities of foreign subsidiaries in reporting currency.
Net
loss
Net
loss attributable to the Company increased by $1,216,911 to $2,425,204 from $1,208,293 for the quarter ended September 30, 2023, compared
to the same period in 2022. This increase is primarily driven by combined results of operations after the acquisition of IFP offset by
a recognition of fair value gain on revaluation of holdback Series C Preferred Stock during the current quarter of $131,250.
Liquidity
and Capital Resources
We
use working capital and cash measures to evaluate the performance of our operations and our ability to meet our financial obligations.
We define Working Capital as current assets less current liabilities. This measure should not be considered in isolation or as a substitute
for any standardized measure under GAAP. This information is intended to provide investors with information about our liquidity. Other
companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure.
Since
our inception, our operations have primarily been financed through the issuance of our common stock, redeemable convertible preferred
stock, and the incurrence of debt. As of September 30, 2023, we had $186,401 in cash and cash equivalents and a working capital deficit
of $4,154,043.
The
Company expects that its cash and cash equivalents as of September 30, 2023, will be insufficient to allow the Company to fund its current
operating plan through at least the next twelve months from the issuance of these financial statements. These conditions raise substantial
doubt about the Company’s ability to continue as a going concern for a period of at least one year from the date these financial
statements are issued. There can be no assurance that, in the event that the Company requires additional financing, such financing will be available
on terms which are favorable to us, or at all.
On October 4, 2023, subsequent to the quarter ended September 30, 2023,
the Company raised approximately $4.378 million prior to deducting underwriting discounts and commissions and offering expenses via a
registered underwritten public offering of the Company’s securities. Net proceeds to the Company, after deducting the underwriting
discounts and commissions and estimated offering expenses payable by the Company, were approximately $3.35 million. Refer to Note 15 for
details.
In
the event we require additional capital, there can be no assurances that we will be able to raise such capital on acceptable terms, or
at all. Failure to generate sufficient revenues or raise additional capital through debt or equity financings, or through collaboration
agreements, strategic alliances or marketing and distribution arrangements, could have a material adverse effect on our ability to meet
our long-term liquidity needs and achieve our intended long-term business plan. Our failure to obtain such funding when needed could
create a negative impact on our stock price or could potentially lead to a reduction in our operations or the failure of our company.
Accordingly, these factors raise substantial doubt about the Company’s ability to continue as a going concern unless it can successfully raise additional capital.
Extended
Transition Period for “Emerging Growth Companies”
We
have elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of
the JOBS Act. This election allows us to delay the adoption of new or revised accounting standards that have different effective dates
for public and private companies until those standards apply to private companies. As a result of this election, our financial statements
may not be comparable to companies that comply with public company effective dates. Because our financial statements may not be comparable
to companies that comply with public company effective dates, investors may have difficulty evaluating or comparing our business, performance
or prospects in comparison to other public companies, which may have a negative impact on the value and liquidity of our common stock.
Critical
Accounting Estimates
The
preparation of our consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions
that impact the amounts reported in our consolidated financial statements and accompanying notes that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant.
Actual results may differ from these estimates.
The
estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period
in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the
revision affects both current and future periods.
A summary of our significant accounting policies is included in Note 3 “Summary of significant
accounting policies” to the accompanying unaudited condensed consolidated financial statements. Certain of our accounting policies
are considered critical, as these policies require significant, difficult or complex judgments by management, often requiring the use
of estimates about the effects of matters that are inherently uncertain. Our critical policies are summarized in Item 7. “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended June
30, 2023.
Recently
issued Accounting Pronouncements
For
the impact of recently issued accounting pronouncements on the Company’s unaudited condensed consolidated financial statements,
see Note 3 to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q
and incorporated herein by reference.
Off-balance sheet arrangements
As of September 30, 2023, and June 30, 2023, we did
not have any off-balance sheet arrangements.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise
required under this item.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
Our management, with the participation of our Principal
Executive Officer and Principal Financial and Accounting Officer, evaluated the effectiveness of our disclosure controls and procedures
as of September 30, 2023. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e)) under
the Securities Exchange Act, as amended (the “Exchange Act”), means controls and other
procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files
or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s
rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information
required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to
the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions
regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide
only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit
relationship of possible controls and procedures.
Based on the
evaluation of our disclosure controls and procedures as of September 30, 2023, our Chief Executive Officer and Chief Financial Officer
concluded that, as of such date, our disclosure controls and procedures were ineffective due to the material weakness in internal control
over financial reporting discussed below.
Notwithstanding
this conclusion, we believe that our consolidated financial statements and other information contained in this quarterly report on Form
10-Q present fairly, in all material respects, our business, financial condition and results of operations for the periods presented.
In its assessment of the effectiveness of internal control over financial reporting as of June 30, 2023, management identified material
weaknesses in control environment, risk assessment, control activities, information and communication and monitoring. Specifically, the
material weaknesses identified relate to the fact that the Company has not yet designed and maintained an effective control environment
commensurate with its financial reporting requirements, including (a) has not yet completed the formally documented policies and procedures
with respect to the review, supervision and monitoring of the Company’s accounting and reporting functions, (b) lack of evidence
to support the performance of controls and the adequacy of review procedures, including the completeness and accuracy of information used
in the performance of controls and (c) as an emerging growth company we currently have limited accounting personnel and other supervisory
resources necessary to adequately execute the Company’s accounting processes and address its internal controls over financial reporting.
Remediation
Plan
Management is committed to continuing with the steps
necessary to remediate the control deficiencies that constituted the above material weaknesses. Since our initial
public offering (“IPO”), which we completed in December 2020, we made the following enhancements to our control environment:
●
We added accounting and finance personnel to provide additional individuals to allow for segregation of duties in the preparation and
review of schedules, calculations, and journal entries that support financial reporting, to provide oversight, structure and reporting
lines, and to provide additional review over our disclosures;
●
We enhanced our controls to improve the preparation and review over complex accounting measurements, and the application of GAAP to significant
accounts and transactions, and our financial statement disclosures; and,
●
We engage independent experts when complex transactions are entered into;
●
We plan to recruit additional financial reporting and accounting personnel with adequate knowledge of US GAAP and SEC rules; and
●
We are in the process of engaging outside consultants to assist us in our evaluation of the design, implementation, and documentation
of internal controls that address the relevant risks, and that provide for appropriate evidence of performance of our internal controls
(including completeness and accuracy procedures).
Under
the direction of the Audit Committee of our board of directors, management will continue to take measures to remediate the material weaknesses.
As such, we will continue to enhance corporate oversight over process-level controls and structures to ensure that there is appropriate
assignment of authority, responsibility, and accountability to enable remediation of our material weakness.
As
we continue to evaluate, and work to improve, our internal control over financial reporting, management may determine that additional
measures to address control deficiencies or modifications to the remediation plan are necessary.
Changes
in Internal Control Over Financial Reporting
Other than the ongoing remediation effort, described above, there
have been no changes to the Company’s internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d 15(f) under
the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.
On October 4, 2022, the Company completed the acquisition of IFP. In accordance
with the guidance issued by the SEC, recently acquired businesses may be excluded from management’s assessment of the effectiveness
of the Company’s internal control over financial reporting for up to a year from the date of acquisition and from the annual management
report on internal control over financial reporting for the year of acquisition. Accordingly, management excluded the IFP Acquisition
from the management’s assessment of the effectiveness of the Company’s internal control over financial reporting from October
4, 2022 (the acquisition date), which excluded total assets and total net revenue representing approximately 82.64% and 99% respectively,
of the Company’s related consolidated financial statement amounts as of and for quarter ended September 30, 2023.
Inherent
Limitation on the Effectiveness of Internal Controls
A
control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of
the internal control system are met. Because of the inherent limitations of any internal control system, no evaluation of controls can
provide absolute assurance that all control issues, if any, within a company have been detected.
PART
II. OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS.
From
time to time, we may be subject to legal proceedings and claims arising in the ordinary course of business. We are not currently engaged
in any material legal proceedings.
ITEM
1A. RISK FACTORS.
As
of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our Annual Report
on Form 10-K filed with the SEC on August 23, 2023, except for risks described below. Any of those risk factors could result
in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently
known to us or that we currently deem immaterial may also impair our business or results of operations. We may disclose changes to such
factors or disclose additional factors from time to time in our future filings with the SEC.
We
will need to raise additional capital to fund our operations in the future. If we are unsuccessful in attracting new capital, we may
not be able to continue operations or may be forced to sell assets to do so. Alternatively, capital may not be available to us on favorable
terms, or if at all. If available, financing terms may lead to significant dilution of our stockholders’ equity.
We are not profitable and have
had negative cash flow from operations since our inception. To fund our operations and develop and commercialize our products (including
the SGT and planned applications of IFP Drug Screening System), we have relied primarily on equity and debt financings and government
support income. The Company expects that its cash and cash equivalents as of September 30, 2023, of $186,401, will be insufficient to
allow the Company to fund its current operating plan through at least the next twelve months from the issuance of its unaudited condensed
consolidated financial statements for the fiscal quarter ended September 30, 2023. These conditions raise substantial doubt about the
Company’s ability to continue as a going concern for a period of at least one year from the date these unaudited condensed consolidated
financial statements were issued. Accordingly, the Company will be required to raise additional funds during the next 12 months. However,
there can be no assurance that when the Company requires additional financing, such financing will be available on terms which are favorable
to the Company, or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will
be forced to delay or reduce the scope of its research programs and/or limit or cease its operations. In addition, the Company may be
unable to realize its assets and discharge its liabilities in the normal course of business.
Accordingly, these factors raise substantial doubt
about the Company’s ability to continue as a going concern unless it can successfully raise additional capital. On October 4, 2023, subsequent to the quarter ended September 30, 2023,
the Company raised approximately $4.378 million prior to deducting underwriting discounts and commissions and offering expenses via a
registered underwritten public offering of the Company’s securities. Net proceeds to the Company, after deducting the underwriting
discounts and commissions and estimated offering expenses payable by the Company, were approximately $3.35 million.
To obtain the capital necessary to fund our operations, we expect to finance
our cash needs through public or private equity offerings, debt financing and/or other capital sources. Even
if capital is available, it might be available only on unfavorable terms. Any additional equity or convertible debt financing into which
we enter could be dilutive to our existing stockholders. Any future debt financing into which we enter may impose covenants upon us that
restrict our operations, including limitations on our ability to incur liens or additional debt, pay dividends, repurchase our stock,
make certain investments and engage in certain merger, consolidation or asset sale transactions. Any debt financing or additional equity
that we raise may contain terms that are not favorable to us or our stockholders. If we raise additional funds through collaboration
and licensing arrangements with third parties, we may need to relinquish rights to our technologies or our products or grant licenses
on terms that are not favorable to us. If access to sufficient capital is not available as and when needed, our business will be materially
impaired, and we may be required to cease operations, curtail one or more product development or commercialization programs, scale back
or eliminate the development of business opportunities, or significantly reduce expenses, sell assets, seek a merger or joint venture
partner, file for protection from creditors or liquidate all of our assets. Any of these factors could harm our operating results.
We
have identified material weaknesses in our internal control over financial reporting. If our remediation of the material weaknesses is
not effective, or if we experience additional material weaknesses in the future or otherwise fail to maintain an effective system of
internal controls in the future, we may not be able to accurately or timely report our financial condition or results of operations,
which may adversely affect investor confidence in us and, as a result, the value of our common stock.
In
connection with the preparation of our financial statements for the fiscal year ended June 30, 2023, we identified material weaknesses
in our internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal controls
such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected
on a timely basis.
The
material weaknesses related to the fact that the Company has not yet designed and maintained an effective control environment commensurate
with its financial reporting requirements, including (a) that the Company had not yet completed the formally documented policies and
procedures with respect to the review, supervision and monitoring of the Company’s accounting and reporting functions, (b) the
lack of evidence to support the performance of controls and the adequacy of review procedures, including the completeness and accuracy
of information used in the performance of controls and (c) as an emerging growth company
we currently have limited accounting personnel and other supervisory resources necessary to adequately execute the Company’s accounting
processes and address its internal controls over financial reporting.
We
have implemented and are in the process of implementing measures designed to improve our internal control over financial reporting to
remediate these material weaknesses, including the hiring of additional qualified accounting and finance personnel, enhancing our controls
to improve the preparation and review over complex accounting measurements and the application of GAAP, and engaging independent experts
and outside consultants.
We
cannot assure you that the measures we have taken and that we intend to take will be sufficient to remediate the material weaknesses
we have identified or avoid potential future material weaknesses. While we believe that our efforts will enhance our internal control,
remediation of the material weaknesses will require further validation and testing of the design and operating effectiveness of internal
controls over a sustained period of financial reporting cycles, and we cannot assure you that we have identified all, or that we will
not in the future have additional, material weaknesses.
The sale of a substantial number of shares of
our common stock and other securities convertible into or exercisable for our common stock, such as those securities sold in the October
2023 Offering, could depress the market price of our shares of common stock and impair our ability to raise capital through the sale of
additional equity securities.
The shares
of common stock and Series E Convertible Preferred Stock (which is convertible into common stock) sold in the October 2023 Offering more
than doubled the number of shares of our common stock in the public market from approximately 2,330,399 shares to 10,291,343 shares (including
5,728,723 shares Series E Preferred Stock convertible into common stock). If all the warrants sold in the October 2023 Offering are exercised,
the number of shares of our common stock in the public markets will increase by an additional 15,921,888 shares, which will result in
a total of 26,231,231 shares of our common stock in the public market. In addition, we agreed to issue warrants to the representative
of the underwriters in the October 2023 Offering (the October Representative Warrants) to purchase up to 398,047 shares of common stock
as a portion of the compensation payable to the representative in connection with the October 2023 Offering. The sales of these securities
could depress the market price of our shares of common stock and/or increase the volatility of our trading.
The sale
of a substantial number of shares of our common stock and other securities convertible into or exercisable for our common stock, such
as those securities sold in the October 2023 Offering, could depress the market price of our shares of common stock and impair our ability
to raise capital through the sale of additional equity securities. In addition to causing the market price of our common stock to decline,
such sales could also greatly increase the volatility associated with the trading of our common stock. Furthermore, stockholders may initiate
securities class action lawsuits if the market price of our common stock drops significantly, which may cause us to incur substantial
costs and could divert the time and attention of our management. We cannot predict the number of these shares or warrants that might be
sold nor the effect that future sales of our shares of our securities would have on the market price of our shares of common stock.
If
we are unable to achieve certain agreed milestones for the government grant we received, we may become liable to refund the grant we
received. The Company has only completed 4 of the 8 agreed milestones set forth in the Company’s grant agreement with the Australian
Government.
As
of September 30, 2023, there is uncertainty regarding the potential extension of the grant agreement past its original end date of March
28, 2024. If we are not given an extension beyond the original end date, or if we are unable to achieve the agreed milestones on time,
we may become liable to refund the grant we received.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
Other
than any sales previously reported in the Company’s Current Reports on Form 8-K, the Company did not sell any unregistered securities
during the period covered by this report.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM
4. MINE SAFETY DISCLOSURES.
Not
applicable.
ITEM
5. OTHER INFORMATION.
None.
ITEM
6. EXHIBITS
Exhibit
No. |
|
Description |
|
|
|
3.1 |
|
Certificate of Elimination of Series B Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 26, 2023). |
3.2 |
|
Certificate of Elimination of Series D Convertible Preferred Stock (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the Commission on July 26, 2023). |
3.3 |
|
Certificate of Designation of Preferences, Rights and Limitations of the Series E Convertible Preferred Stock, filed with the Delaware Secretary of State on October 3, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on October 4, 2023). |
4.1 |
|
Form of Series E Warrant (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the Commission on October 4, 2023). |
4.2 |
|
Form of Series F Warrant (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the Commission on October 4, 2023). |
4.3 |
|
Form
of Representative Warrant (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed with the
Commission on October 4, 2023). |
4.4 |
|
Warrant Agency Agreement, dated as of October 4, 2023, between Intelligent Bio Solutions Inc. and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed with the Commission on October 4, 2023). |
31.1# |
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2# |
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1# |
|
Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. |
32.2# |
|
Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. |
101.INS# |
|
Inline
XBRL Instance Document. |
101.SCH# |
|
Inline
XBRL Taxonomy Extension Schema Document. |
101.CAL# |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF# |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB# |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE# |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document. |
104# |
|
Cover
Page Interactive Data File (formatted in XBRL and included in Exhibit 101). |
#
Filed herewith.
SIGNATURES
Pursuant
to the requirements of the Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
|
Intelligent
Bio Solutions Inc. |
|
|
|
|
Date: |
November
8, 2023 |
By: |
/s/
Harry Simeonidis |
|
|
|
HARRY
SIMEONIDIS |
|
|
|
CHIEF
EXECUTIVE OFFICER AND PRESIDENT |
|
|
|
(Principal
Executive Officer) |
|
|
|
|
Date: |
November
8, 2023 |
By: |
/s/
Spiro Sakiris |
|
|
|
SPIRO
SAKIRIS |
|
|
|
CHIEF
FINANCIAL OFFICER |
|
|
|
(Principal
Financial Officer) |
Exhibit
31.1
OFFICER’S
CERTIFICATION PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Harry Simeonidis, certify that:
|
1. |
I have reviewed this Quarterly Report on Form 10-Q
of Intelligent Bio Solutions Inc.; |
|
|
|
|
2. |
Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
|
|
3. |
Based on my knowledge, the financial statements, and
other financial information included in this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
|
|
4. |
The registrant’s other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have: |
|
(a) |
Designed such disclosure controls and procedures, or
caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during
the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect,
the registrant’s internal control over financial reporting; and |
|
5. |
The registrant’s other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal
control over financial reporting. |
November 8, 2023 |
|
|
|
/s/ Harry Simeonidis |
|
Harry Simeonidis, Chief Executive Officer and
President |
|
(Principal Executive Officer) |
|
Exhibit
31.2
OFFICER’S
CERTIFICATION PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Spiro Sakiris, certify that:
|
1. |
I have reviewed this Quarterly Report
on Form 10-Q of Intelligent Bio Solutions Inc.; |
|
|
|
|
2. |
Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
|
|
3. |
Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
|
|
4. |
The registrant’s other certifying
officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have: |
|
(a) |
Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in
the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter
(the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely
to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The registrant’s other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
November 8, 2023 |
|
|
|
/s/ Spiro Sakiris |
|
Spiro Sakiris, Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
|
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, of Intelligent Bio Solutions Inc. (the “Company”),
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Harry Simeonidis, the Chief Executive
Officer and President of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:
|
● |
The Report fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m or 78o(d)); and |
|
|
|
|
● |
The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations of the Company. |
November
8, 2023
/s/ Harry Simeonidis |
|
Harry Simeonidis |
|
Chief Executive Officer and President |
|
(Principal Executive Officer) |
|
A
signed original of this written statement required by Section 906 has been provided to Intelligent Bio Solutions Inc. and will be retained
by Intelligent Bio Solutions Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, of Intelligent Bio Solutions Inc. (the “Company”),
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Spiro Sakiris, the Chief Financial
Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:
|
● |
The Report fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m or 78o(d)); and |
|
|
|
|
● |
The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations of the Company. |
November
8, 2023
/s/ Spiro Sakiris |
|
Spiro Sakiris |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
|
A
signed original of this written statement required by Section 906 has been provided to Intelligent Bio Solutions Inc. and will be retained
by Intelligent Bio Solutions Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.3
Cover - shares
|
3 Months Ended |
|
Sep. 30, 2023 |
Nov. 03, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--06-30
|
|
Entity File Number |
001-39825
|
|
Entity Registrant Name |
Intelligent
Bio Solutions Inc.
|
|
Entity Central Index Key |
0001725430
|
|
Entity Tax Identification Number |
82-1512711
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
Intelligent
Bio Solutions Inc
|
|
Entity Address, Address Line Two |
142
West, 57th Street
|
|
Entity Address, Address Line Three |
11th
Floor
|
|
Entity Address, City or Town |
New York
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
10019
|
|
City Area Code |
(646)
|
|
Local Phone Number |
828-8258
|
|
Title of 12(b) Security |
Common
Stock, par value $0.01 per share
|
|
Trading Symbol |
INBS
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
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Entity Interactive Data Current |
Yes
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Entity Filer Category |
Non-accelerated Filer
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Entity Small Business |
true
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Entity Emerging Growth Company |
true
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Current assets: |
|
|
|
Cash and cash equivalents |
|
$ 186,401
|
$ 1,537,244
|
Accounts receivable, net |
|
567,510
|
293,861
|
Inventories, net |
|
965,091
|
979,907
|
Research and development tax incentive receivable |
|
559,588
|
498,758
|
Other current assets |
|
413,305
|
552,791
|
Total current assets |
|
2,691,895
|
3,862,561
|
Property and equipment, net |
|
664,922
|
690,175
|
Operating lease right-of-use assets |
|
471,532
|
546,475
|
Intangible assets, net |
|
4,872,141
|
5,255,401
|
TOTAL ASSETS |
|
8,700,490
|
10,354,612
|
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
|
3,628,797
|
2,610,028
|
Current portion of operating lease liabilities |
|
227,414
|
223,447
|
Current portion of deferred grant income |
|
2,240,929
|
2,338,057
|
Current employee benefit liabilities |
|
406,964
|
358,942
|
Current portion of notes payable |
|
341,834
|
353,211
|
Total current liabilities |
|
6,845,938
|
5,883,685
|
Employee benefit liabilities, less current portion |
|
27,732
|
24,902
|
Operating lease liabilities, less current portion |
|
284,028
|
356,165
|
Notes payable, less current portion |
|
306,234
|
402,862
|
Total liabilities |
|
7,463,932
|
6,667,614
|
Commitments and contingencies (Note 13) |
|
|
|
Shareholders’ equity: |
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,330,399 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively |
|
23,304
|
23,304
|
Treasury stock, at cost, 1,386 shares as of September 30, 2023 and June 30, 2023, respectively |
|
(14)
|
(14)
|
Additional paid-in capital |
|
46,158,763
|
46,158,763
|
Accumulated deficit |
|
(44,232,777)
|
(41,807,573)
|
Accumulated other comprehensive loss |
|
(593,512)
|
(575,496)
|
Total consolidated Intelligent Bio Solutions Inc. equity |
|
1,355,764
|
3,798,984
|
Non-controlling interest |
|
(119,206)
|
(111,986)
|
Total shareholders’ equity |
[1] |
1,236,558
|
3,686,998
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ 8,700,490
|
$ 10,354,612
|
|
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v3.23.3
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|
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Jun. 30, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
2,330,399
|
2,330,399
|
Common stock, shares outstanding |
2,330,399
|
2,330,399
|
Treasury stock shares |
1,386
|
1,386
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
Revenue |
|
$ 796,094
|
|
Cost of revenue (exclusive of amortization shown separately below) |
|
(563,763)
|
|
Gross profit |
|
232,331
|
|
Other income: |
|
|
|
Government support income |
|
109,871
|
311,320
|
Operating expenses: |
|
|
|
Selling, general and administrative expenses |
|
(2,457,060)
|
(1,450,418)
|
Development and regulatory approval expenses |
|
(103,947)
|
(79,274)
|
Depreciation and amortization |
|
(307,560)
|
|
Total operating expenses |
|
(2,868,567)
|
(1,529,692)
|
Loss from operations |
|
(2,526,365)
|
(1,218,372)
|
Other income (expense): |
|
|
|
Interest expense |
|
(37,448)
|
(1,065)
|
Realized foreign exchange loss |
|
|
(2,247)
|
Fair value gain on revaluation of financial instrument |
|
131,250
|
|
Interest income |
|
139
|
7,606
|
Total other income |
|
93,941
|
4,294
|
Net loss |
[1] |
(2,432,424)
|
(1,214,078)
|
Net loss attributable to non-controlling interest |
|
(7,220)
|
(5,785)
|
Net loss attributable to Intelligent Bio Solutions Inc. |
|
(2,425,204)
|
(1,208,293)
|
Other comprehensive loss, net of tax: |
|
|
|
Foreign currency translation loss |
[1] |
(18,016)
|
(135,559)
|
Total other comprehensive loss |
|
(18,016)
|
(135,559)
|
Comprehensive loss |
|
(2,450,440)
|
(1,349,637)
|
Comprehensive loss attributable to non-controlling interest |
|
(7,220)
|
(5,785)
|
Comprehensive loss attributable to Intelligent Bio Solutions Inc. |
|
$ (2,443,220)
|
$ (1,343,852)
|
Net loss per share, basic |
[2] |
$ (1.04)
|
$ (1.62)
|
Net loss per share, diluted |
[2] |
$ (1.04)
|
$ (1.62)
|
Weighted average shares outstanding, basic |
[2] |
2,330,399
|
|
Weighted average shares outstanding, diluted |
[2] |
2,330,399
|
744,495
|
|
|
X |
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v3.23.3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Treasury Stock, Common [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Jun. 30, 2022 |
[1] |
$ 7,445
|
|
$ 38,581,465
|
$ (31,175,853)
|
$ (788,135)
|
$ (79,151)
|
$ 6,545,771
|
Balance, shares at Jun. 30, 2022 |
[1] |
744,495
|
|
|
|
|
|
|
Foreign currency translation loss |
[1] |
|
|
|
|
(135,559)
|
|
(135,559)
|
Net loss |
[1] |
|
|
|
(1,208,293)
|
|
(5,785)
|
(1,214,078)
|
Balance at Sep. 30, 2022 |
[1] |
$ 7,445
|
|
38,581,465
|
(32,384,146)
|
(923,694)
|
(84,936)
|
5,196,134
|
Balance, shares at Sep. 30, 2022 |
[1] |
744,495
|
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
[1] |
$ 23,304
|
$ (14)
|
46,158,763
|
(41,807,573)
|
(575,496)
|
(111,986)
|
3,686,998
|
Balance, shares at Jun. 30, 2023 |
[1] |
2,330,399
|
(1,386)
|
|
|
|
|
|
Foreign currency translation loss |
[1] |
|
|
|
|
(18,016)
|
|
(18,016)
|
Net loss |
[1] |
|
|
|
(2,425,204)
|
|
(7,220)
|
(2,432,424)
|
Balance at Sep. 30, 2023 |
[1] |
$ 23,304
|
$ (14)
|
$ 46,158,763
|
$ (44,232,777)
|
$ (593,512)
|
$ (119,206)
|
$ 1,236,558
|
Balance, shares at Sep. 30, 2023 |
[1] |
2,330,399
|
(1,386)
|
|
|
|
|
|
|
|
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities: |
|
|
|
Net loss |
[1] |
$ (2,432,424)
|
$ (1,214,078)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
|
247,598
|
|
Amortization of right-of-use assets |
|
59,962
|
|
Non-cash loss on foreign currency translation, net |
|
|
2,247
|
Provision for inventory obsolescence |
|
67,851
|
|
Non-cash refund of R&D expenditure claims |
|
(33,523)
|
(60,413)
|
Fair value gain on revaluation of holdback Series C preferred stock |
|
(131,250)
|
|
Non-cash other operating activities |
|
104,485
|
25,035
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(273,649)
|
|
Inventories |
|
(53,035)
|
|
Grant receivable / deferred grant income |
|
(97,128)
|
(177,476)
|
Research and development tax incentive receivable |
|
(60,830)
|
(218,812)
|
Other current assets |
|
139,486
|
(207,104)
|
Accounts and other payables |
|
1,215,964
|
(13,299)
|
Operating lease liabilities |
|
(68,170)
|
|
Other long-term liabilities |
|
2,830
|
(29,835)
|
Net cash used in operating activities |
|
(1,311,833)
|
(1,893,735)
|
Cash flows from investing activities: |
|
|
|
Amount invested on construction in progress |
|
|
(474,891)
|
Net cash used in investing activities |
|
|
(474,891)
|
Effect of foreign exchange rates on cash and cash equivalents |
|
(39,010)
|
(127,049)
|
Decrease in cash and cash equivalents |
|
(1,350,843)
|
(2,495,675)
|
Cash and cash equivalents, beginning of period |
|
1,537,244
|
8,238,301
|
Cash and cash equivalents, end of period |
|
$ 186,401
|
$ 5,742,626
|
|
|
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v3.23.3
ORGANIZATION AND DESCRIPTION OF THE BUSINESS
|
3 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND DESCRIPTION OF THE BUSINESS |
NOTE
1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS
Business
Intelligent
Bio Solutions Inc. (formerly known as GBS Inc.), and its wholly owned Delaware subsidiary, GBS Operations Inc. were each formed on December
5, 2016, under the laws of the state of Delaware. Our Australian subsidiary Intelligent Bio Solutions (APAC) Pty Ltd (formerly known
as Glucose Biosensor Systems (Greater China) Pty Ltd) was formed on August 4, 2016, under the laws of New South Wales, Australia and
was renamed to Intelligent Bio Solutions (APAC) Pty Ltd on January 6, 2023. On October 4, 2022, INBS acquired Intelligent Fingerprinting
Limited (“IFP”), a company registered in England and Wales (the “IFP Acquisition”). INBS and its subsidiaries (collectively, “we,” “us,” “our,” “INBS” or the “Company,”
unless context requires or indicates otherwise) were formed to provide a non-invasive, pain free innovative medical devices and screening
devices. Our headquarters are in New
York, New York.
We are a medical technology company focused on developing and delivering intelligent, rapid, non-invasive testing and screening solutions.
We operate globally with the objective of providing innovative and accessible solutions that improve the quality
of life.
Reverse
Stock Split
On
February 9, 2023, the Company filed a certificate of amendment (the “Certificate of Amendment”) to its amended and restated
certificate of incorporation to effect, as of February 9, 2023, a 1-for-20
reverse split of the Company’s common stock
(the “Reverse Stock Split”).
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v3.23.3
LIQUIDITY AND GOING CONCERN
|
3 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
LIQUIDITY AND GOING CONCERN |
NOTE
2. LIQUIDITY AND GOING CONCERN
The
Company incurred net losses of $2,425,204
(after losses attributable to non-controlling interest) for the three months ended September 30, 2023 (net loss of $1,208,293
for the three months ended September 30, 2022). As of September 30, 2023, the Company has shareholders’ equity of $1,236,558,
a working capital deficit of $4,154,043,
and an accumulated deficit of $44,232,777.
The
Company anticipates operating losses for the foreseeable future. The Company does not expect to generate positive cash flows from operating
activities and may continue to incur operating losses until it completes the development of its products and seek regulatory approvals
to market such products.
The
Company has evaluated whether there are conditions and events, considered in the aggregate, that raise a substantial doubt about its
ability to continue as going concern within one year after the date of release of the unaudited condensed consolidated financial statements.
The Company expects that its cash and cash equivalents as of September 30, 2023, of $186,401, will be insufficient to allow the Company
to fund its current operating plan through at least the next twelve months from the issuance of these unaudited condensed consolidated
financial statements. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a
period of at least one year from the date these unaudited condensed consolidated financial statements are issued. Accordingly, the Company
will be required to raise additional funds during the next 12 months. However, there can be no assurance that when the Company requires additional financing,
such financing will be available on terms which are favorable to the Company, or at all. If the Company is unable to raise additional
funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or
limit or cease its operations. In addition, the Company may be unable to realize its assets and discharge its liabilities in the normal
course of business.
Accordingly, these factors raise substantial doubt
about the Company’s ability to continue as a going concern unless it can successfully raise additional capital.
On
October 4, 2023, subsequent to the quarter ended September 30, 2023, the Company raised approximately $4.378
million prior to deducting underwriting discounts and commissions and offering expenses via a registered underwritten public offering of the Company’s securities. Net proceeds to the Company, after deducting the underwriting discounts
and commissions and estimated offering expenses payable by the Company, were approximately $3.35 million. Refer to Note 15 for
details.
The
Company’s unaudited condensed consolidated financial statements have been prepared on a going concern basis which contemplates
the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The unaudited condensed consolidated
financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the
amounts and classification of liabilities should the Company be unable to continue as a going concern.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation
The
unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles
generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to
Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited condensed consolidated financial statements do not include
all the information and footnotes required by GAAP for complete financial statements. Normal and recurring adjustments considered
necessary for a fair statement of the results for the interim periods, in the opinion of the Company’s management, have been
included. Operating results for the three months ended September 30, 2023, are not necessarily indicative of the results that may be
expected for the year ending June 30, 2024. The accompanying unaudited condensed consolidated financial statements and related
footnote disclosures should be read in conjunction with the consolidated financial statements and notes thereto included in our Form
10-K for the fiscal year ended June 30, 2023, which was filed with the U.S. Securities and Exchange Commission (the
“SEC”) on August 23, 2023 (the “2023 Form 10-K”).
The
unaudited condensed consolidated financial statements and notes thereto give retrospective effect to the Reverse Stock Split for all
periods presented. All common stock, options exercisable for common stock, restricted stock units, warrants and per share amounts contained
in the unaudited condensed consolidated financial statements have been retrospectively adjusted to reflect the Reverse Stock Split for
all periods presented.
Principles
of consolidation
These
unaudited condensed consolidated financial statements include the accounts of the Company, all wholly owned and majority-owned subsidiaries
in which the Company has a controlling voting interest and, when applicable, variable interest entities in which the Company has a controlling
financial interest or is the primary beneficiary. Investments in affiliates where the Company does not exert a controlling financial
interest are not consolidated.
All
significant intercompany transactions and balances have been eliminated upon consolidation.
Equity
offering costs
The
Company complies with the requirements of Accounting Standards Codification (“ASC 340”), Other Assets and Deferred Costs, with regards to offering costs. Prior to the
completion of an offering, offering costs are capitalized as deferred offering costs on the consolidated balance sheets. The deferred
offering costs will be charged to shareholders’ equity upon the completion of an offering.
Use
of estimates
The
preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from
those estimates.
Business
combinations
The
results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the
date of the acquisition. The Company uses the acquisition method of accounting and allocates the purchase price to the identifiable assets
and liabilities of the relevant acquired business at their acquisition date fair values. Any excess consideration over the fair value
of assets acquired and liabilities assumed is recognized as goodwill. The allocation of the purchase price in a business combination
requires the Company to perform valuations with significant judgment and estimates, including the selection of valuation methodologies,
estimates of future revenue, costs and cash flows, discount rates and selection of comparable companies. The Company engages the assistance
of valuation specialists in concluding on fair value measurements in connection with determining fair values of assets acquired and liabilities
assumed in a business combination. As a result, during the measurement period, which may be up to one year from the acquisition date,
the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion
of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any
subsequent adjustments are recorded to the consolidated statements of operations. Transaction costs associated with business combinations
are expensed as incurred and are included in selling, general and administrative expense in the consolidated statements of operations.
Revenue
recognition
Revenue
is accounted for under ASC 606 Revenue from Contracts with Customers through the following steps:
|
● |
Identify
the contract with a customer; |
|
● |
Identify
the performance obligations in the contract; |
|
● |
Determine
the transaction price; |
|
● |
Allocate
the transaction price to performance obligations in the contract; and |
|
● |
Recognize
revenue when or as the Company satisfies a performance obligation. |
The
Company recognized revenue from contracts with customers it satisfies its performance obligations by delivering the promised goods or
service deliverables to the customers. A good or service deliverable is transferred to a customer when, or as, the customer obtains control
of that good or service deliverable.
Financial
information presented on a consolidated basis accompanied by disaggregated information about revenue and other income by product types
for the purpose of allocating resources and evaluating financial performance. Currently, the Company has two products offerings. Accordingly,
the Company has determined the following reporting segments (refer to Note 4, Segment Information):
|
1) |
Commercially
available Intelligent Fingerprinting Products (IFPG) |
|
2) |
Development
Stage Saliva Glucose Biosensor Platform (SGBP) |
Revenues
are used to evaluate the performance of the Company’s segments, the progress of major initiatives and the allocation of resources.
All of the Company’s revenues are attributable to the IFPG segment during the quarter ended September 30, 2023. There were no revenues
during the three months ended September 30, 2022.
Revenue
from the IFPG segment relates to the sale of readers, cartridges and accessories and is summarized as follows:
SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND ACCESSORIES
| |
| | |
| |
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Sales of goods - cartridges | |
$ | 380,059 | | |
$ | — | |
Sales of goods - readers | |
| 238,802 | | |
| — | |
Other sales | |
| 177,233 | | |
| — | |
Total revenue | |
$ | 796,094 | | |
$ | — | |
Other
income
The
other income is mainly comprised of grant income and research and development (“R&D”) tax refund.
a)
Grant income
On
June 30, 2021, the Company executed a definitive grant agreement with the Australian Government to assist with building a manufacturing
facility. The grant has a total value of up to $4.7 million upon the achievement of certain milestones until March 28, 2024. Proceeds
from the grant will be used primarily to reimburse the Company for costs incurred in the construction of the manufacturing facility.
Accounting
for the grant does not fall under ASC 606, Revenue from Contracts with Customers, as the Australian Government will not benefit
directly from our manufacturing facility. As there is no authoritative guidance under U.S. GAAP on accounting for grants to for-profit
business entities, we applied International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure
of Government Assistance by analogy when accounting for the Australian Government grant to the Company. Furthermore, disclosures
made below are in accordance with the disclosure requirements of Accounting Standards Update (“ASU”) 2021-10 (see recently issued accounting pronouncements below for
more information).
The
Australian Government grant proceeds, which will be used to reimburse construction costs incurred, meet the definition of grants related
to assets as the primary purpose for the payments is to fund the construction of a capital asset. Under IAS 20, government grants related
to assets are presented in the statement of financial position either by setting up the grant as deferred income that is recognized in
the statement of operation on a systematic basis over the useful life of the asset or by deducting the grant in arriving at the carrying
amount of the asset. Either of these two methods of presentation of grants related to assets in financial statements are regarded as
acceptable alternatives under IAS 20. The Company has elected to record the grants received initially as deferred income and deducting
the grant proceeds received from the gross costs of the assets or construction in progress (“CIP”) and the deferred grant
income liability. A total of $629,354 and $646,116 was recognized as a reduction to the CIP asset on the consolidated balance sheets
as of September 30, 2023 and June 30, 2023, respectively.
Under
IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met, and the
grant will be received. As of June 30, 2021, management concluded that there was reasonable assurance the grant conditions will be met,
and all milestone payment received. The total grant value of $4.7 million was recognized as both a grant receivable and deferred grant
income on the grant effective date. The project has been delayed due to global shortages of semiconductors that are used in manufacturing
equipment and global supply chain disruption due to the coronavirus pandemic in the preceding year. The Company has only completed 4
of the 8 milestones in the grant agreement. As of September 30, 2023, there was uncertainty regarding the potential extension of the
grant agreement past its original end of March 28, 2024. Therefore, management concluded that there was no reasonable assurance that
the remaining grant receivable will be received.
After
initial recognition, under IAS 20, government grants are recognized in earnings on a systematic basis in a manner that mirrors the manner
in which the Company recognizes the underlying costs for which the grant is intended to compensate. Further, IAS 20 permits for recognition
in earnings either separately under a general heading such as other income, or as a reduction of the cost of the asset. The Company has
elected to recognize government grant income separately within other income for operating expenditures. Similarly, for capital expenditures,
the carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting the grant proceeds received
from the gross costs of the assets or CIP and deferred grant income liability. A total of $33,523 and $60,413 deferred grant income was
recognized within other income during the three months ended September 30, 2023 and 2022, respectively.
b)
R&D tax refund
The
Company measures the R&D grant income and receivable by considering the time spent by employees on eligible R&D activities and
R&D costs incurred to external service providers. The R&D tax refund receivable is recognized as the Company believes that it
is probable that the amount will be recovered in full through a future claim. A total of $76,348 and $250,907 of R&D tax refund income
is recognized in other income during the three months ended September 30, 2023, and 2022, respectively.
Development
and regulatory approval expenses
Expenditures
relating to R&D are expensed as incurred and recorded in development and regulatory approval
in the condensed consolidated statements of operations and Other Comprehensive Loss. R&D expenses include external expenses incurred
under arrangements with third parties; salaries and personnel-related costs; license fees to acquire in-process technology and other
expenses. The Company recognizes the benefit of refundable R&D tax refunds as a R&D tax refund income when there is reasonable
assurance that the amount claimed will be recovered (refer to the R&D tax refund discussion above).
Intellectual
property acquired for a particular research and development project and that have no alternative future uses (in other research and development
projects or otherwise) are expensed in research and development costs at the time the costs are incurred.
In
certain circumstances, the Company may be required to make advance payments to vendors for goods or services that will be received in
the future for use in R&D activities. In such circumstances, the non-refundable advance payments are deferred and capitalized, even
when there is no alternative future use for the R&D, until the related goods or services are provided. In circumstances where amounts
have been paid in excess of costs incurred, the Company records a prepaid expense.
Foreign
currency translation
Assets
and liabilities of foreign subsidiaries are translated from local (functional) currency to reporting currency (U.S. dollar) at the spot
rate on the consolidated balance sheets date; income and expenses are translated at the average rate of exchange prevailing during the
year. The functional currency of INBS is the United States dollar. Foreign currency movements resulted in a loss of $18,016 and $135,559
for the three months ended September 30, 2023 and 2022, respectively.
Income
taxes
In
accordance with the provisions of the Financial Accounting Standards Board (“FASB”) ASC 740, Income Taxes, tax positions initially need to be recognized in the consolidated
financial statements when it is more likely than not that the positions will be sustained upon examination by taxing authorities. It
also provides guidance for de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.
As
of September 30, 2023, the Company had no uncertain tax positions that qualified for either recognition or disclosure in the unaudited
condensed consolidated financial statements. Additionally, the Company had no interest and penalties related to income taxes.
The
Company accounts for current and deferred income taxes and, when appropriate, deferred tax assets and liabilities are recorded with respect
to temporary differences in the accounting treatment of items for financial reporting purposes and for income tax purposes. Where, based
on the weight of all available evidence, it is more likely than not that some amount of the recorded deferred tax assets will not be
realized, a valuation allowance is established for that amount that, in management’s judgment, is sufficient to reduce the deferred
tax asset to an amount that is more likely than not to be realized.
Cash
and Cash equivalent
The
Company considers all highly liquid investments with a maturity of 90 days or less at the time of purchase to be cash equivalents. The
carrying values of cash and cash equivalents approximate their fair values due to the short-term nature of these instruments. As of September
30, 2023 and June 30, 2023, there were no cash equivalents. The Company maintains cash accounts with financial institutions. At times,
balances in these accounts may exceed federally insured limits. The amounts over these insured limits as of September 30, 2023, and June
30, 2023, was $0 and $1,114,687, respectively. No losses have been incurred to date on any deposits.
Inventories
Inventories
are stated at the lower of cost or net realizable value. Cost comprises direct materials and, where applicable, other costs that have
been incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price
less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. General market conditions, as
well as the Company’s research activities, can cause certain of its products to become obsolete. The Company writes down excess
and obsolete inventories based upon a regular analysis of inventory on hand compared to historical and projected demand. The determination
of projected demand requires the use of estimates and assumptions related to projected sales for each product. These write downs can
influence results from operations.
Account
receivable, net and other receivables
Trade
receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of
recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Company, and a failure to make contractual
payments for a period of greater than 90 days past due.
Property,
Plant and Equipment (PPE) & Construction in Progress (CIP)
In
accordance with the ASC 360, Property, Plant, and Equipment, the Company’s PPE is stated at cost net of accumulated depreciation
and impairment losses, if any. Costs incurred to acquire, construct, or install PPE, before the assets are ready for use, are capitalized
in CIP at historical cost. The carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting
the grant proceeds received from the gross costs of the assets or CIP. CIP is not depreciated until such time when the asset is substantially
completed and ready for its intended use. Expenditures for maintenance and repairs are charged to operations in the period in which the
expense is incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following
terms:
|
● |
Other
equipment – 3 years |
|
● |
Production
equipment – 2-4 years |
|
● |
Leasehold
improvements – shorter of asset’s estimated useful life and the remaining term of the lease |
The
assets’ residual values, useful lives and methods of depreciation are reviewed periodically and adjusted prospectively, if appropriate.
Equipment is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising upon
de-recognition of the asset (calculated as the difference between the net disposal proceeds, if any, and the carrying value of the asset)
is included in gain or loss on sale of assets in the consolidated statements of operations in the period the asset is derecognized.
Impairment
of Long-lived Assets and Goodwill
Long-lived
assets consist of property and equipment, right-of-use assets and other intangible assets. We assess impairment of assets groups, including
intangible assets at least annually or more frequently if there are any indicators for impairment.
Goodwill
represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. We perform
an annual impairment test on goodwill in the fourth quarter of each fiscal year or when events occur or circumstances change that would,
more likely than not, reduce the fair value of a reporting unit below its carrying value. We may first assess qualitative factors, such
as general economic conditions, market capitalization, the Company’s outlook, market performance and forecasted financial performance
to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine
it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is not necessary.
If an impairment test is necessary, we estimate the fair value of a related reporting unit. If the carrying value of a reporting unit
exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and we will record an impairment charge equal
to the excess of the carrying value over the related fair value of the reporting unit. If we determine it is more likely than not that
goodwill is not impaired, a quantitative test is not necessary.
During
the fiscal year ended June 30, 2023, the Company’s market capitalization significantly declined and recurring
cash burn of the reporting unit and continuous cash support from the parent entity led management to reassess whether an
impairment had occurred considering these qualitative factors. Management’s evaluation indicated that the goodwill related to
its IFPG reporting unit was potentially impaired. The Company then performed a quantitative impairment test by calculating the fair
value of the reporting unit and comparing that amount to it’s carrying value. Significant assumptions inherent in the
valuation methodologies include, but were not limited to prospective financial information, growth rates, terminal value and
discount rate. The Company determined the fair value of the reporting unit utilizing the discounted cash flow model. The fair value
of the reporting unit was determined to be less than its carrying value. During the fiscal year ended June 30, 2023, the Company
recognized an impairment charge of $4.2
million in the IFPG segment, which is related to the goodwill associated with the IFP Acquisition. Following the impairment charge
the goodwill balance was zero.
Intangible
assets
Intangible
assets are considered long-lived assets and are recorded at cost, less accumulated amortization and impairment losses, if any. The definite
lived intangible assets are amortized over their estimated useful lives, which do not exceed any contractual periods. Certain
of our intangible assets have been assigned an indefinite life as we currently anticipate that these trade names and trademarks will
contribute cash flows to the Company indefinitely. Indefinite-lived intangible assets are not amortized, but are evaluated at least annually
to determine whether the indefinite useful life is appropriate. Amortization is recorded on a straight-line basis over their estimated
useful lives. Intangible assets acquired from a foreign operation are translated from the foreign entity’s functional currency
to the presentational currency based on the exchange rate at the reporting date.
Leases
The
Company determines if an arrangement is a lease at its inception. Lease arrangements are comprised primarily of real estate for which
the right-of-use (“ROU”) assets and the corresponding lease liabilities are presented separately on the consolidated balance
sheet.
ROU
assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease
payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated
present value of lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain
that the option will be exercised. Leases with a term of 12 months or less are not recorded on the unaudited condensed consolidated balance
sheet.
The
Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the
lease, which is derived from information available at the lease commencement date, considering publicly available data for instruments
with similar characteristics. The Company accounts for the lease and non-lease components as a single lease component.
Employee
benefits
The
costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized
as part of the cost of inventories or non-current assets. The cost of any unused holiday entitlement is recognized in the period in which
the employee’s services are received. Termination benefits are recognized immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.
Net
loss per share attributable to common shareholders (“EPS”)
The
Company calculates earnings per share attributable to common shareholders in accordance with ASC 260, Earning Per Share. Basic
net loss per share attributable to common shareholders is calculated by dividing net loss attributable to common shareholders by the
weighted average number of common shares outstanding during the period. Diluted net loss per common share is calculated by dividing net
loss attributable to common shareholders by weighted average common shares outstanding during the period plus potentially dilutive common
shares, such as share warrants.
Potentially
dilutive common shares are calculated in accordance with the treasury share method, which assumes that proceeds from the exercise of
all warrants are used to repurchase common share at market value. The number of shares remaining after the proceeds are exhausted represents
the potentially dilutive effect of the securities.
As
the Company has incurred net losses in all periods, certain potentially dilutive securities, including convertible preferred stock, warrants
to acquire common stock, and convertible notes payable have been excluded in the computation of diluted loss per share as the effects
are antidilutive.
Recent Accounting Pronouncements
The company assessed the adoption impacts of recently issued accounting
standards by the Financial Accounting Standards Board on the Company’s financial statements as well as material updates to previous
assessments, if any, from the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023. There were no new material
accounting standards issued in 2024 that impacted the Company.
Concentration
of credit risk
The
Company places its cash and cash equivalents, which may at times be in excess of the Australia Financial Claims Scheme or the United
States’ Federal Deposit Insurance Corporation insurance limits, with high credit quality financial institutions and attempts to
limit the amount of credit exposure with any one institution.
Fair
value of financial instruments
The
accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major
asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price,
representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants
would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier
fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level
1-Quoted prices in active markets for identical assets or liabilities.
Level
2-Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets
that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full
term of the assets or liabilities.
Level
3-Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities.
Assets
and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the
fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its
entirety requires management to make judgments and consider factors specific to the asset or liability.
The
carrying amounts of cash equivalents, prepaid and other assets, accounts payable and accrued liabilities are representative of their
respective fair values because of the short-term nature of those instruments.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.3
SEGMENT INFORMATION
|
3 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT INFORMATION |
NOTE
4. SEGMENT INFORMATION
FASB
ASC Topic 280, Segment Reporting, establishes standards for the manner in which companies report financial information about operating
segments, products, services, geographic areas and major customers.
Our
Segments
Operating
segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed
by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing
performance. The Company’s CODM is its Chief Executive Officer.
Following
the acquisition of IFP, we conduct our business through two operating segments:
|
1) |
Commercially
available Intelligent Fingerprinting Products (“IFPG” or “IFPG segment”) |
|
2) |
Development
Stage Saliva Glucose Biosensor Platform (“SGBP” or “SGBP segment”) |
The
Company has determined it operates in two operating and reportable segments, as the CODM reviews financial information presented on a
consolidated basis accompanied by disaggregated information about revenue and other income by product types for the purpose of allocating
resources and evaluating financial performance. Currently, the Company has two products offerings.
The
IFPG segment accounted for 100% of the Company’s revenue during the three months ended September 30, 2023. No revenue was recognized
during the three months ended September 30, 2022.
The
following table sets forth the Company’s revenue and other income by operating and reportable segment, disaggregated into geographic
locations based on sales billed from the respective county, for the three months ended September 30, 2023. No revenue was recognized
during the three months ended September 30, 2022.
SCHEDULE
OF REVENUE AND OTHER INCOME SEGMENT
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended September 30, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 755,150 | | |
$ | — | | |
$ | 755,150 | |
Australia | |
| 8,082 | | |
| — | | |
| 8,082 | |
Other | |
| 32,862 | | |
| — | | |
| 32,862 | |
Total Revenue | |
$ | 796,094 | | |
$ | — | | |
$ | 796,094 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended September 30, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 64,550 | | |
$ | 64,550 | |
United Kingdom | |
| 45,321 | | |
| — | | |
| 45,321 | |
Total Government Support Income | |
$ | 45,321 | | |
$ | 64,550 | | |
$ | 109,871 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended September 30, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 311,320 | | |
$ | 311,320 | |
United Kingdom | |
| — | | |
| — | | |
| — | |
Total Government Support Income | |
$ | — | | |
$ | 311,320 | | |
$ | 311,320 | |
The
Company operates in various geographic locations. The Company does not discretely allocate assets to its operating segments, nor does
management evaluate operating segments using discrete asset information. The Company’s consolidated assets are not specifically
ascribed to its individual reportable segments. Rather, assets used in operations are generally shared across the Company’s operating
and reportable segments.
Property
and equipment, net and operating lease right-of-use assets, by geographic location, are summarized as follows:
| |
September 30,
2023 | | |
June 30, 2023 (Audited) | |
Australia | |
$ | 731,579 | | |
$ | 761,220 | |
United Kingdom | |
| 404,875 | | |
| 475,430 | |
Total | |
$ | 1,136,454 | | |
$ | 1,236,650 | |
|
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v3.23.3
INTELLIGENT FINGERPRINTING LIMITED ACQUISITION
|
3 Months Ended |
Sep. 30, 2023 |
Intelligent Fingerprinting Limited Acquisition |
|
INTELLIGENT FINGERPRINTING LIMITED ACQUISITION |
NOTE
5. INTELLIGENT FINGERPRINTING LIMITED ACQUISITION
On
October 4, 2022, INBS acquired 100% of the outstanding shares of Intelligent Fingerprinting Limited (IFP), a company registered in England
and Wales, pursuant to a Share Exchange Agreement, dated October 4, 2022 (the “Share Exchange Agreement”) by and among IFP,
the holders of all of the issued shares in the capital of IFP (the “IFP Sellers”) and a representative of the IFP Sellers.
IFP owns a portfolio of intellectual property for diagnostic tests and associated technologies, including drug testing through the analysis
of fingerprint sweat. The acquisition of IFP has expanded the Company’s platform of rapid, non-invasive diagnostic testing technologies.
The
table below summarizes the fair value of the consideration transferred in the acquisition (pre-Reverse Stock Split basis):
SCHEDULE
OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION
Purchase consideration | |
Amount | |
Cash | |
$ | 363,500 | |
Note receivable settled for business acquisition | |
| 504,938 | |
Common Stock - 2,963,091 shares @ $0.5502 / share | |
| 1,630,293 | |
Series C Preferred Stock (base) - 2,363,003 shares @ 3 x $0.5502 / share | |
| 3,900,373 | |
Series C Preferred Stock (holdback) - 500,000 shares @ 3 x $0.5502 / share | |
| 825,300 | |
Purchase Consideration of
Common Stock and Series C Preferred Stock | |
| 825,300 | |
Total purchase price | |
$ | 7,224,404 | |
Pursuant
to the Share Exchange Agreement, the Company acquired from the IFP Sellers all of the issued and outstanding shares in the capital stock
of IFP, and as consideration therefor, the Company issued and sold to the IFP Sellers upon the closing of the IFP Acquisition (the “IFP
Closing”) an aggregate number of 148,183 (as adjusted for reverse stock split) shares of the Company’s common stock, and
(ii) 2,363,003 shares of the Company’s Series C Convertible Preferred Stock, par value $0.01 per share (the “Series C Preferred
Stock”).
Up
to an additional 1,649,273 shares of Series C Preferred Stock have been reserved for potential future issuance by the Company, consisting
of (i) 500,000 shares of Series C Preferred Stock, that are being held back from the IFP Sellers for one year after the IFP Closing to
secure potential indemnification claims by the Company against the IFP Sellers and (ii) 1,149,273 shares of Series C Preferred Stock
to certain lenders to IFP (the “IFP Lenders”). Each share of Series C Preferred Stock is convertible into 0.15 shares of
Common Stock (subject to adjustment upon the occurrence of specified events), contingent upon approval by the Company’s stockholders.
Effective
contemporaneously with the IFP Closing, the Company entered into an amendment to the bridge facility agreement between the Company and
IFP, dated as of June 16, 2022, pursuant to which, among other things, the $504,938 (including accrued interest) loan from the Company
to IFP that will remain outstanding following the date of the IFP Closing until the second anniversary of the date of the IFP Closing
(the “Company-IFP Loan Agreement”).
The
loan receivable from IFP of $504,938 as of October 4, 2022, was treated as a cash consideration in accordance with ASC 805, Business
Combinations (“ASC 805”).
The
Company entered into various loan agreements in the aggregate amount of $1,425,307 (£1,254,270), including accrued interest, pursuant
to which IFP is the borrower and the Company became a guarantor of IFP’s obligations thereunder (the “IFP Loan Agreements”
and, together with the Company-IFP Loan Agreement, the “Loan Agreements”). Under the Loan Agreements, the loans thereunder
remained outstanding following the IFP Closing and (x) the loans and certain accrued interest will convert into shares of IFP, which
shares of IFP will be immediately transferred to the Company in exchange for shares of Series C Preferred Stock that are convertible
into common stock (as set forth in the Share Exchange Agreement) following approval of the Company Stockholder Approval Matters (defined
below) or (y) the loans and certain accrued interest will become repayable on the second anniversary of the date of the IFP Closing.
The loans bear interest at 17% per annum on a compounded basis, increasing to 22% per annum on a compounded basis with effect from the
date that falls 12 months following the date of the IFP Closing, if the Company Stockholder Approval Matters have not been approved by
the Company’s stockholders by such date. The “Company Stockholder Approval Matters” means the approval by the Company’s
stockholders of (i) the conversion of the Series C Preferred Stock into common stock and (ii) any amendments to, or adoption of, any
option or warrant plans to give effect to the transactions contemplated under the Share Exchange Agreement.
Each
share of Series C Preferred Stock (other than the IFP Lender Preferred Shares) would automatically convert into common stock upon approval
of the Company’s stockholders of the conversion of Series C Preferred Stock into common stock, and each IFP Lender Preferred Share
would convert into common stock at the option of the applicable holder of such IFP Lender Preferred Shares following approval of the
Company’s stockholders of the conversion of Series C Preferred Stock into common stock. In the event Company stockholder approval
is not received, the convertible notes and accrued interest would remain outstanding. The number of shares of common stock into which
the Series C Preferred Stock is convertible is subject to adjustment in the case of any stock dividend, stock split, combinations, or
other similar recapitalization with respect to the common stock.
The
rights, preferences and privileges of the Series C Preferred Stock are set forth in the Certificate of Designation of Preferences, Rights
and Limitations of Series C Convertible Preferred Stock that the Company filed with the Secretary of State of the State of Delaware on
October 4, 2022, as further described below (the “Series C Certificate of Designation”).
The
Series C Preferred Stock does not have any voting rights (other than as required by law) and does not carry dividends or a liquidation
preference. Each share of Series C Preferred Stock was initially convertible into 3 shares of common stock, subject to adjustment as
noted above. Following the effectiveness of the 1-for-20 Reverse Stock Split effective on February 9, 2023, each share of Series C Preferred
Stock is convertible into 0.15 shares of common stock. The loan receivable from IFP of $504,938 as of October 4, 2022, was treated as
a cash consideration in accordance with ASC 805. See Note 11 for further information and disclosures relating to the conversion of the
Series C Preferred Stock.
The
Company incurred $806,397 of equity issuance costs in relation to issuing common and Series C Preferred Stock to acquire IFP. These costs
were recognized as a reduction to additional paid-in capital on the condensed consolidated balance sheets.
On
May 8, 2023, at a special meeting of the Company’s stockholders (the “Special Meeting”), the last of the remaining
Company Stockholder Approval Matters were approved when the Company’s stockholders approved the full conversion of all Series C
Preferred Stock and an increase in the number of shares authorized for issuance under the 2019 Long Term Incentive Plan (“2019
Plan” or the “Plan”). Subsequently, effective as of May 10, 2023, all 3,512,277 shares of outstanding Series C Preferred
Stock (which included the 1,149,273 Lender Preferred Shares, but not the 500,000 Closing Holdback Shares (which are not deemed outstanding))
were converted into an aggregate of 526,818 shares of common stock.
The
500,000 Closing Holdback Shares (consisting of Series C Preferred Stock) are being held back from issuance to the IFP Sellers for one
year after the IFP Closing in order to secure potential indemnification claims by the Company against the IFP Sellers. These Closing
Holdback Shares, which are not deemed outstanding, are currently convertible into approximately 75,000 shares of common stock (subject
to rounding for fractional shares).
The
final allocation of the purchase price of IFP to the assets acquired and liabilities assumed, based on their relative fair values,
is as follows:
SCHEDULE
OF ASSETS ACQUIRED AND LIABILITIES ASSUMED, BASED ON THEIR RELATIVE FAIR VALUES
Allocation of purchase consideration | |
Amount | |
Assets: | |
| | |
Cash and cash equivalents | |
$ | 174,481 | |
Inventory | |
| 774,625 | |
Other current assets | |
| 345,038 | |
Property and Equipment | |
| 52,170 | |
Intangible assets | |
| 5,463,000 | |
Goodwill | |
| 3,803,293 | |
Total assets acquired | |
| 10,612,607 | |
Liabilities: | |
| | |
Accounts payable and accrued expenses | |
| (1,027,302 | ) |
Notes payable | |
| (677,137 | ) |
Convertible notes payable | |
| (1,683,764 | ) |
Total liabilities assumed | |
| (3,388,203 | ) |
Net assets | |
$ | 7,224,404 | |
Acquired
intangible assets of $5,463,000 include technology of $5,119,000 (which is estimated to have a useful life of 7 years), customer relationships
of $252,000 (which are estimated to have a useful life of 3 years), and trade names and trademarks of $92,000 (which are estimated to
have an indefinite useful life). The value assigned to technology was determined using the multi-period excess earnings methodology under
the income approach, the customer relationships was valued using the distributor method under the income approach, and the trade name
and trademarks was valued using the relief from royalty method.
The
acquisition produced $3,803,293
of goodwill, which has been assigned to the IFPG reporting unit. The goodwill is attributable to a combination of IFP’s
assembled workforce and other product and operating synergies. Goodwill arising from the IFP Acquisition is not deductible for tax
purposes. During the fiscal year ended June 30, 2023, the full amount of goodwill was impaired. Refer to Note 3, summary of
significant accounting policies, and Note 7, intangible assets for further information.
Transaction
costs, except for the equity issuance costs discussed above, were not material and are included in selling, general and administrative
expenses on the Company’s condensed consolidated statement of operations.
Intangible
assets acquired from IFP were remeasured at September 30, 2023 and June 30, 2023 using the applicable spot rate.
Pro-Forma
Results of Operations
Unaudited
pro-forma consolidated results of operations for the three months ended September 30, 2023 are not required because the results of the
acquired business are included in the Company’s results. The following unaudited pro-forma consolidated results of operations for
the three months ended September 30, 2022, has been prepared as if the acquisition of IFP had occurred on July 1, 2022 and includes adjustments
for amortization related to the valuation of acquired intangibles:
SCHEDULE
OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS
| |
As Reported | | |
Pro Forma | |
| |
Three Months Ended September 30, 2022 | |
| |
As Reported | | |
Pro Forma | |
Revenue | |
$ | — | | |
$ | 347,486 | |
Net loss | |
| (1,214,078 | ) | |
| (2,455,633 | ) |
Net loss attributable to Intelligent Bio Solutions Inc. | |
| (1,208,293 | ) | |
| (2,449,848 | ) |
Net loss per share, basic and diluted | |
| (1.62 | ) | |
| (2.74 | ) |
|
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v3.23.3
INVENTORIES
|
3 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
NOTE
6. INVENTORIES
Inventories
consist of the following:
SCHEDULE
OF INVENTORIES
| |
September 30,
2023 | | |
June 30, 2023 (Audited) | |
Raw material and work-in-progress | |
$ | — | | |
$ | 419,889 | |
Finished goods | |
| 1,221,689 | | |
| 757,518 | |
Less: provision for inventory obsolescence | |
| (256,598 | ) | |
| (197,500 | ) |
Inventory, net | |
$ | 965,091 | | |
$ | 979,907 | |
|
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v3.23.3
INTANGIBLE ASSETS, NET
|
3 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS, NET |
NOTE
7. INTANGIBLE ASSETS, NET
Intangible
assets, net consist of the following as of September 30, 2023:
SCHEDULE OF OTHER INTANGIBLE ASSETS
| |
Weighted
average useful lives (years) | | |
Acquisition
cost | | |
Effect
of foreign currency | | |
Accumulated
amortization | | |
Carrying
value | |
Technology | |
7
years | | |
$ | 5,119,000 | | |
$ | 407,724 | | |
$ | 935,292 | | |
$ | 4,591,432 | |
Customer
relationships | |
3
years | | |
| 252,000 | | |
| 20,072 | | |
| 90,691 | | |
| 181,381 | |
Trade
names and trademarks | |
Indefinite | | |
| 92,000 | | |
| 7,328 | | |
| — | | |
| 99,328 | |
Total
intangible assets | |
| | |
$ | 5,463,000 | | |
$ | 435,124 | | |
$ | 1,025,983 | | |
$ | 4,872,141 | |
Intangible
assets, net consist of the following as of June 30, 2023:
| |
Weighted
average useful lives (years) | | |
Acquisition
cost | | |
Effect
of foreign currency | | |
Accumulated
amortization | | |
Carrying
value | |
Technology | |
7
years | | |
$ | 5,119,000 | | |
$ | 603,422 | | |
$ | 780,500 | | |
$ | 4,941,922 | |
Customer
relationships | |
3
years | | |
| 252,000 | | |
| 29,127 | | |
| 70,282 | | |
| 210,845 | |
Trade
names and trademarks | |
Indefinite | | |
| 92,000 | | |
| 10,634 | | |
| — | | |
| 102,634 | |
Total
intangible assets | |
| | |
$ | 5,463,000 | | |
$ | 643,183 | | |
$ | 850,782 | | |
$ | 5,255,401 | |
Intangibles
assets recognized from the acquisition of IFP were allocated to the IFPG operating and reportable segment.
Expense
related to the amortization of intangible assets for the three months ended September 30, 2023, was $175,201. There was no amortization
of intangible assets during the three months ended September 30, 2022. Refer to Note 3, summary of significant accounting policies for
further information.
Amortization
expense for the intangible assets is expected to be as follows over the next five years, and thereafter:
SCHEDULE
OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS
| |
| | |
Remainder
of 2024 | |
$ | 641,947 | |
2025 | |
| 855,929 | |
2026 | |
| 787,911 | |
2027 | |
| 765,239 | |
2028 | |
| 765,239 | |
Thereafter | |
| 956,548 | |
Total | |
$ | 4,772,813 | |
There
were no impairment charges related to intangible assets incurred in the periods presented.
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v3.23.3
NOTE PAYABLE
|
3 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTE PAYABLE |
NOTE
8. NOTE PAYABLE
As
a result of the acquisition of IFP, the Company assumed a note payable due to a distributor of IFP. The unpaid principal balance of the
loan will accrue interest at a rate of 0.97% per annum. The balance is offset by:
|
● |
Payments
of 10% of the Company’s monthly worldwide gross revenue received in the preceding month; |
|
● |
50%
of sales by the company to the distributor. |
The
classification of the notes payables is based on sales forecast prepared by the management.
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v3.23.3
LEASES
|
3 Months Ended |
Sep. 30, 2023 |
Leases |
|
LEASES |
NOTE
9. LEASES
In
relation to the IFP Acquisition, the Company assumed a non-cancelable operating lease agreement. The Company entered into another non-cancelable
operating lease that commenced in May 2023. The leases have original lease periods expiring from August 2025 to April 2026. The lease
agreements do not contain any material residual value guarantees or material restrictive covenants. The Company did not have any lease
during the three months ended September 30, 2022.
The
components of lease expense are as follows:
SCHEDULE
OF FINANCE LEASE EXPENSES
| |
2023 | | |
2022 | |
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
Amortization
of operating lease right-of-use assets | |
$ | 59,962 | | |
$ | — | |
Interest
on operating lease liabilities | |
| 21,171 | | |
| — | |
Total
lease costs | |
$ | 81,133 | | |
$ | — | |
As
of September 30, 2023, the weighted average remaining lease-term and discount rate on the Company’s leases were 2.1 years and 13.2%,
respectively.
The
reconciliation of the maturities of the operating leases to the operating lease liabilities recorded in the consolidated balance sheet
as of September 30, 2023, is as follows:
SCHEDULE
OF MATURITIES OF THE FINANCE LEASE TO THE FINANCE LEASE LIABILITIES
| |
| | |
Remainder
of 2024 | |
$ | 215,434 | |
2025 | |
| 299,090 | |
2026 | |
| 81,091 | |
Total
lease payments | |
| 595,615 | |
Less:
present value discount | |
| (84,173 | ) |
Lease
liabilities | |
$ | 511,442 | |
|
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v3.23.3
SHAREHOLDERS’ EQUITY
|
3 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY |
NOTE
10. SHAREHOLDERS’ EQUITY
As
of September 30, 2023, there were warrants outstanding to purchase 426,521
shares of common stock, held by certain shareholders. Each warrant initially represented the right to purchase one share of the
Company’s common stock and was subject to adjustment upon the occurrence of specified events including reverse stock splits.
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v3.23.3
FAIR VALUE MEASUREMENTS
|
3 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE
11. FAIR VALUE MEASUREMENTS
The
Company has held back 500,000 Series
C Preferred Stock, from the IFP Sellers for one year after the IFP Closing to secure potential indemnification claims by the Company
against the IFP Sellers. Therefore, the final number of shares to be issued after the one-year measurement period is contingent on
any potential claims and can be variable. Each share of Series C Preferred Stock is convertible into 0.15
shares of Common Stock (subject to adjustment upon the occurrence of specified events), contingent upon approval by the
Company’s stockholders of the conversion of Series C Preferred Stock. These shares are reserved, not issued, or held in Escrow
account. See Note 5 for further information and disclosures relating to the conversion of the Series C Preferred Stock.
The
following table provides a reconciliation of the beginning and ending balance of the holdback Preferred Stock measured at fair value
on a recurring basis during the period:
SCHEDULE OF PREFERRED STOCK AT FAIR VALUE ON RECURRING BASIS
| |
Preferred
stock carried at fair value (Level 2) | |
Balance
at June 30, 2023 | |
$ | 208,500 | |
Fair
value gain on revaluation of holdback Series C Preferred Stock | |
| (131,250 | ) |
Balance
at September 30, 2023 | |
$ | 77,250 | |
The
Company did not have assets or liabilities carried at fair value using Level 1 inputs during the three months ended September 30, 2023
and 2022.
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v3.23.3
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
12. RELATED PARTY TRANSACTIONS
LSBD
Sales
to and purchases from related parties are made in arm’s length transactions both at normal market prices and on normal commercial
terms.
As
of September 30, 2023 and June 30, 2023, $0 and $8,714, respectively, remains payable to LSBD in relation to overhead reimbursements.
|
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
13. COMMITMENTS AND CONTINGENCIES
During
November 2022, the Company signed a deed of variation with the University of Newcastle for the research and development of the Saliva
Glucose Biosensor. The Company agreed to pay the University of Newcastle $847,021, of which $847,021 remains payable as of September
30, 2023.
The
Company has no material purchase commitments. For commitments under non-cancellable leases, refer to Note 9.
From
time to time, the Company may become a party to various legal proceedings arising in the ordinary course of business. Based on information
currently available, the Company is not involved in any pending or threatened legal proceedings that it believes could reasonably be
expected to have a material adverse effect on its financial condition, results of operations or liquidity. However, legal matters are
inherently uncertain, and the Company cannot guarantee that the outcome of any potential legal matter will be favorable to the Company.
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v3.23.3
LOSS PER SHARE
|
3 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
LOSS PER SHARE |
NOTE
14. LOSS PER SHARE
Basic
loss per common share is computed by dividing net loss allocable to common shareholders by the weighted average number of shares of common
stock or common stock equivalents outstanding. Diluted loss per common share is computed similar to basic loss per common share except
that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised
or converted into common stock.
The
following outstanding warrants, options and preferred shares were excluded from the computation of diluted net loss per share for the
periods presented because their effect would have been anti-dilutive:
SCHEDULE
OF ANTI-DILUTIVE WARRANTS
| |
2023 | | |
2022 | |
| |
September
30, | |
| |
2023 | | |
2022 | |
Warrants
- Common stock (March 23 public raise) | |
| 3,270 | | |
| - | |
Warrants
- Series A | |
| 70,068 | | |
| 70,068 | |
Warrants
- Series B | |
| 2,620 | | |
| 2,620 | |
Private
placement warrants (Dec 2022) | |
| 26,478 | | |
| - | |
Warrants
issued to Winx Capital Pty Ltd | |
| 1,324 | | |
| - | |
Warrants
issued to underwriters (IPO) | |
| 3,177 | | |
| 3,177 | |
Warrants
issued to underwriters (March 23 public raise) | |
| 32,750 | | |
| - | |
Pre
IPO warrants | |
| 136,834 | | |
| 136,834 | |
Warrants
issued to licensor - LSBD | |
| 150,000 | | |
| 150,000 | |
Anti-dilutive | |
| 150,000 | | |
| 150,000 | |
|
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v3.23.3
SUBSEQUENT EVENTS
|
3 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
15. SUBSEQUENT EVENTS
Subsequent
to the quarter ended September 30, 2023, on October 4, 2023, the Company completed a capital raise consisting a total of 2,232,221
shares of common stock, 5,728,723
shares of the Company’s Series E Convertible Preferred Stock (“Preferred Stock”) that were issued in lieu of
Common Stock, 7,960,944
warrants to purchase shares of Common Stock that will expire on the five-and-a-half-year
anniversary of the original issuance date (the “Series E Warrants”), and 7,960,944
warrants to purchase shares of Common Stock that will expire on the one-and-a-half-year
anniversary of the original issuance date (the “Series F Warrants”, collectively with the Series E Warrants, the
“Warrants”). Each Unit consists of one share of Common Stock (or one share of Preferred Stock), one Series E Warrant and
one Series F Warrant. The Units were priced at a combined public offering price of $0.55
per Unit for initial gross proceeds of approximately $4.378
million. Net proceeds to the Company, after deducting the underwriting discounts
and commissions and estimated offering expenses payable by the Company, were approximately $3.35 million.
Subsequent
to the quarter ended September 30, 2023, through to November 7, 2023, a total of 4,571,761
Series E Convertible Preferred Stock were converted to common stock.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis
of presentation
The
unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles
generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to
Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited condensed consolidated financial statements do not include
all the information and footnotes required by GAAP for complete financial statements. Normal and recurring adjustments considered
necessary for a fair statement of the results for the interim periods, in the opinion of the Company’s management, have been
included. Operating results for the three months ended September 30, 2023, are not necessarily indicative of the results that may be
expected for the year ending June 30, 2024. The accompanying unaudited condensed consolidated financial statements and related
footnote disclosures should be read in conjunction with the consolidated financial statements and notes thereto included in our Form
10-K for the fiscal year ended June 30, 2023, which was filed with the U.S. Securities and Exchange Commission (the
“SEC”) on August 23, 2023 (the “2023 Form 10-K”).
The
unaudited condensed consolidated financial statements and notes thereto give retrospective effect to the Reverse Stock Split for all
periods presented. All common stock, options exercisable for common stock, restricted stock units, warrants and per share amounts contained
in the unaudited condensed consolidated financial statements have been retrospectively adjusted to reflect the Reverse Stock Split for
all periods presented.
|
Principles of consolidation |
Principles
of consolidation
These
unaudited condensed consolidated financial statements include the accounts of the Company, all wholly owned and majority-owned subsidiaries
in which the Company has a controlling voting interest and, when applicable, variable interest entities in which the Company has a controlling
financial interest or is the primary beneficiary. Investments in affiliates where the Company does not exert a controlling financial
interest are not consolidated.
All
significant intercompany transactions and balances have been eliminated upon consolidation.
|
Equity offering costs |
Equity
offering costs
The
Company complies with the requirements of Accounting Standards Codification (“ASC 340”), Other Assets and Deferred Costs, with regards to offering costs. Prior to the
completion of an offering, offering costs are capitalized as deferred offering costs on the consolidated balance sheets. The deferred
offering costs will be charged to shareholders’ equity upon the completion of an offering.
|
Use of estimates |
Use
of estimates
The
preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from
those estimates.
|
Business combinations |
Business
combinations
The
results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the
date of the acquisition. The Company uses the acquisition method of accounting and allocates the purchase price to the identifiable assets
and liabilities of the relevant acquired business at their acquisition date fair values. Any excess consideration over the fair value
of assets acquired and liabilities assumed is recognized as goodwill. The allocation of the purchase price in a business combination
requires the Company to perform valuations with significant judgment and estimates, including the selection of valuation methodologies,
estimates of future revenue, costs and cash flows, discount rates and selection of comparable companies. The Company engages the assistance
of valuation specialists in concluding on fair value measurements in connection with determining fair values of assets acquired and liabilities
assumed in a business combination. As a result, during the measurement period, which may be up to one year from the acquisition date,
the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion
of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any
subsequent adjustments are recorded to the consolidated statements of operations. Transaction costs associated with business combinations
are expensed as incurred and are included in selling, general and administrative expense in the consolidated statements of operations.
|
Revenue recognition |
Revenue
recognition
Revenue
is accounted for under ASC 606 Revenue from Contracts with Customers through the following steps:
|
● |
Identify
the contract with a customer; |
|
● |
Identify
the performance obligations in the contract; |
|
● |
Determine
the transaction price; |
|
● |
Allocate
the transaction price to performance obligations in the contract; and |
|
● |
Recognize
revenue when or as the Company satisfies a performance obligation. |
The
Company recognized revenue from contracts with customers it satisfies its performance obligations by delivering the promised goods or
service deliverables to the customers. A good or service deliverable is transferred to a customer when, or as, the customer obtains control
of that good or service deliverable.
Financial
information presented on a consolidated basis accompanied by disaggregated information about revenue and other income by product types
for the purpose of allocating resources and evaluating financial performance. Currently, the Company has two products offerings. Accordingly,
the Company has determined the following reporting segments (refer to Note 4, Segment Information):
|
1) |
Commercially
available Intelligent Fingerprinting Products (IFPG) |
|
2) |
Development
Stage Saliva Glucose Biosensor Platform (SGBP) |
Revenues
are used to evaluate the performance of the Company’s segments, the progress of major initiatives and the allocation of resources.
All of the Company’s revenues are attributable to the IFPG segment during the quarter ended September 30, 2023. There were no revenues
during the three months ended September 30, 2022.
Revenue
from the IFPG segment relates to the sale of readers, cartridges and accessories and is summarized as follows:
SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND ACCESSORIES
| |
| | |
| |
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Sales of goods - cartridges | |
$ | 380,059 | | |
$ | — | |
Sales of goods - readers | |
| 238,802 | | |
| — | |
Other sales | |
| 177,233 | | |
| — | |
Total revenue | |
$ | 796,094 | | |
$ | — | |
Other
income
The
other income is mainly comprised of grant income and research and development (“R&D”) tax refund.
a)
Grant income
On
June 30, 2021, the Company executed a definitive grant agreement with the Australian Government to assist with building a manufacturing
facility. The grant has a total value of up to $4.7 million upon the achievement of certain milestones until March 28, 2024. Proceeds
from the grant will be used primarily to reimburse the Company for costs incurred in the construction of the manufacturing facility.
Accounting
for the grant does not fall under ASC 606, Revenue from Contracts with Customers, as the Australian Government will not benefit
directly from our manufacturing facility. As there is no authoritative guidance under U.S. GAAP on accounting for grants to for-profit
business entities, we applied International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure
of Government Assistance by analogy when accounting for the Australian Government grant to the Company. Furthermore, disclosures
made below are in accordance with the disclosure requirements of Accounting Standards Update (“ASU”) 2021-10 (see recently issued accounting pronouncements below for
more information).
The
Australian Government grant proceeds, which will be used to reimburse construction costs incurred, meet the definition of grants related
to assets as the primary purpose for the payments is to fund the construction of a capital asset. Under IAS 20, government grants related
to assets are presented in the statement of financial position either by setting up the grant as deferred income that is recognized in
the statement of operation on a systematic basis over the useful life of the asset or by deducting the grant in arriving at the carrying
amount of the asset. Either of these two methods of presentation of grants related to assets in financial statements are regarded as
acceptable alternatives under IAS 20. The Company has elected to record the grants received initially as deferred income and deducting
the grant proceeds received from the gross costs of the assets or construction in progress (“CIP”) and the deferred grant
income liability. A total of $629,354 and $646,116 was recognized as a reduction to the CIP asset on the consolidated balance sheets
as of September 30, 2023 and June 30, 2023, respectively.
Under
IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met, and the
grant will be received. As of June 30, 2021, management concluded that there was reasonable assurance the grant conditions will be met,
and all milestone payment received. The total grant value of $4.7 million was recognized as both a grant receivable and deferred grant
income on the grant effective date. The project has been delayed due to global shortages of semiconductors that are used in manufacturing
equipment and global supply chain disruption due to the coronavirus pandemic in the preceding year. The Company has only completed 4
of the 8 milestones in the grant agreement. As of September 30, 2023, there was uncertainty regarding the potential extension of the
grant agreement past its original end of March 28, 2024. Therefore, management concluded that there was no reasonable assurance that
the remaining grant receivable will be received.
After
initial recognition, under IAS 20, government grants are recognized in earnings on a systematic basis in a manner that mirrors the manner
in which the Company recognizes the underlying costs for which the grant is intended to compensate. Further, IAS 20 permits for recognition
in earnings either separately under a general heading such as other income, or as a reduction of the cost of the asset. The Company has
elected to recognize government grant income separately within other income for operating expenditures. Similarly, for capital expenditures,
the carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting the grant proceeds received
from the gross costs of the assets or CIP and deferred grant income liability. A total of $33,523 and $60,413 deferred grant income was
recognized within other income during the three months ended September 30, 2023 and 2022, respectively.
b)
R&D tax refund
The
Company measures the R&D grant income and receivable by considering the time spent by employees on eligible R&D activities and
R&D costs incurred to external service providers. The R&D tax refund receivable is recognized as the Company believes that it
is probable that the amount will be recovered in full through a future claim. A total of $76,348 and $250,907 of R&D tax refund income
is recognized in other income during the three months ended September 30, 2023, and 2022, respectively.
|
Development and regulatory approval expenses |
Development
and regulatory approval expenses
Expenditures
relating to R&D are expensed as incurred and recorded in development and regulatory approval
in the condensed consolidated statements of operations and Other Comprehensive Loss. R&D expenses include external expenses incurred
under arrangements with third parties; salaries and personnel-related costs; license fees to acquire in-process technology and other
expenses. The Company recognizes the benefit of refundable R&D tax refunds as a R&D tax refund income when there is reasonable
assurance that the amount claimed will be recovered (refer to the R&D tax refund discussion above).
Intellectual
property acquired for a particular research and development project and that have no alternative future uses (in other research and development
projects or otherwise) are expensed in research and development costs at the time the costs are incurred.
In
certain circumstances, the Company may be required to make advance payments to vendors for goods or services that will be received in
the future for use in R&D activities. In such circumstances, the non-refundable advance payments are deferred and capitalized, even
when there is no alternative future use for the R&D, until the related goods or services are provided. In circumstances where amounts
have been paid in excess of costs incurred, the Company records a prepaid expense.
|
Foreign currency translation |
Foreign
currency translation
Assets
and liabilities of foreign subsidiaries are translated from local (functional) currency to reporting currency (U.S. dollar) at the spot
rate on the consolidated balance sheets date; income and expenses are translated at the average rate of exchange prevailing during the
year. The functional currency of INBS is the United States dollar. Foreign currency movements resulted in a loss of $18,016 and $135,559
for the three months ended September 30, 2023 and 2022, respectively.
|
Income taxes |
Income
taxes
In
accordance with the provisions of the Financial Accounting Standards Board (“FASB”) ASC 740, Income Taxes, tax positions initially need to be recognized in the consolidated
financial statements when it is more likely than not that the positions will be sustained upon examination by taxing authorities. It
also provides guidance for de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.
As
of September 30, 2023, the Company had no uncertain tax positions that qualified for either recognition or disclosure in the unaudited
condensed consolidated financial statements. Additionally, the Company had no interest and penalties related to income taxes.
The
Company accounts for current and deferred income taxes and, when appropriate, deferred tax assets and liabilities are recorded with respect
to temporary differences in the accounting treatment of items for financial reporting purposes and for income tax purposes. Where, based
on the weight of all available evidence, it is more likely than not that some amount of the recorded deferred tax assets will not be
realized, a valuation allowance is established for that amount that, in management’s judgment, is sufficient to reduce the deferred
tax asset to an amount that is more likely than not to be realized.
|
Cash and Cash equivalent |
Cash
and Cash equivalent
The
Company considers all highly liquid investments with a maturity of 90 days or less at the time of purchase to be cash equivalents. The
carrying values of cash and cash equivalents approximate their fair values due to the short-term nature of these instruments. As of September
30, 2023 and June 30, 2023, there were no cash equivalents. The Company maintains cash accounts with financial institutions. At times,
balances in these accounts may exceed federally insured limits. The amounts over these insured limits as of September 30, 2023, and June
30, 2023, was $0 and $1,114,687, respectively. No losses have been incurred to date on any deposits.
|
Inventories |
Inventories
Inventories
are stated at the lower of cost or net realizable value. Cost comprises direct materials and, where applicable, other costs that have
been incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price
less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. General market conditions, as
well as the Company’s research activities, can cause certain of its products to become obsolete. The Company writes down excess
and obsolete inventories based upon a regular analysis of inventory on hand compared to historical and projected demand. The determination
of projected demand requires the use of estimates and assumptions related to projected sales for each product. These write downs can
influence results from operations.
|
Account receivable, net and other receivables |
Account
receivable, net and other receivables
Trade
receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of
recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Company, and a failure to make contractual
payments for a period of greater than 90 days past due.
|
Property, Plant and Equipment (PPE) & Construction in Progress (CIP) |
Property,
Plant and Equipment (PPE) & Construction in Progress (CIP)
In
accordance with the ASC 360, Property, Plant, and Equipment, the Company’s PPE is stated at cost net of accumulated depreciation
and impairment losses, if any. Costs incurred to acquire, construct, or install PPE, before the assets are ready for use, are capitalized
in CIP at historical cost. The carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting
the grant proceeds received from the gross costs of the assets or CIP. CIP is not depreciated until such time when the asset is substantially
completed and ready for its intended use. Expenditures for maintenance and repairs are charged to operations in the period in which the
expense is incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following
terms:
|
● |
Other
equipment – 3 years |
|
● |
Production
equipment – 2-4 years |
|
● |
Leasehold
improvements – shorter of asset’s estimated useful life and the remaining term of the lease |
The
assets’ residual values, useful lives and methods of depreciation are reviewed periodically and adjusted prospectively, if appropriate.
Equipment is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising upon
de-recognition of the asset (calculated as the difference between the net disposal proceeds, if any, and the carrying value of the asset)
is included in gain or loss on sale of assets in the consolidated statements of operations in the period the asset is derecognized.
|
Impairment of Long-lived Assets and Goodwill |
Impairment
of Long-lived Assets and Goodwill
Long-lived
assets consist of property and equipment, right-of-use assets and other intangible assets. We assess impairment of assets groups, including
intangible assets at least annually or more frequently if there are any indicators for impairment.
Goodwill
represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. We perform
an annual impairment test on goodwill in the fourth quarter of each fiscal year or when events occur or circumstances change that would,
more likely than not, reduce the fair value of a reporting unit below its carrying value. We may first assess qualitative factors, such
as general economic conditions, market capitalization, the Company’s outlook, market performance and forecasted financial performance
to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine
it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is not necessary.
If an impairment test is necessary, we estimate the fair value of a related reporting unit. If the carrying value of a reporting unit
exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and we will record an impairment charge equal
to the excess of the carrying value over the related fair value of the reporting unit. If we determine it is more likely than not that
goodwill is not impaired, a quantitative test is not necessary.
During
the fiscal year ended June 30, 2023, the Company’s market capitalization significantly declined and recurring
cash burn of the reporting unit and continuous cash support from the parent entity led management to reassess whether an
impairment had occurred considering these qualitative factors. Management’s evaluation indicated that the goodwill related to
its IFPG reporting unit was potentially impaired. The Company then performed a quantitative impairment test by calculating the fair
value of the reporting unit and comparing that amount to it’s carrying value. Significant assumptions inherent in the
valuation methodologies include, but were not limited to prospective financial information, growth rates, terminal value and
discount rate. The Company determined the fair value of the reporting unit utilizing the discounted cash flow model. The fair value
of the reporting unit was determined to be less than its carrying value. During the fiscal year ended June 30, 2023, the Company
recognized an impairment charge of $4.2
million in the IFPG segment, which is related to the goodwill associated with the IFP Acquisition. Following the impairment charge
the goodwill balance was zero.
|
Intangible assets |
Intangible
assets
Intangible
assets are considered long-lived assets and are recorded at cost, less accumulated amortization and impairment losses, if any. The definite
lived intangible assets are amortized over their estimated useful lives, which do not exceed any contractual periods. Certain
of our intangible assets have been assigned an indefinite life as we currently anticipate that these trade names and trademarks will
contribute cash flows to the Company indefinitely. Indefinite-lived intangible assets are not amortized, but are evaluated at least annually
to determine whether the indefinite useful life is appropriate. Amortization is recorded on a straight-line basis over their estimated
useful lives. Intangible assets acquired from a foreign operation are translated from the foreign entity’s functional currency
to the presentational currency based on the exchange rate at the reporting date.
|
Leases |
Leases
The
Company determines if an arrangement is a lease at its inception. Lease arrangements are comprised primarily of real estate for which
the right-of-use (“ROU”) assets and the corresponding lease liabilities are presented separately on the consolidated balance
sheet.
ROU
assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease
payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated
present value of lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain
that the option will be exercised. Leases with a term of 12 months or less are not recorded on the unaudited condensed consolidated balance
sheet.
The
Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the
lease, which is derived from information available at the lease commencement date, considering publicly available data for instruments
with similar characteristics. The Company accounts for the lease and non-lease components as a single lease component.
|
Employee benefits |
Employee
benefits
The
costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized
as part of the cost of inventories or non-current assets. The cost of any unused holiday entitlement is recognized in the period in which
the employee’s services are received. Termination benefits are recognized immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.
|
Net loss per share attributable to common shareholders (“EPS”) |
Net
loss per share attributable to common shareholders (“EPS”)
The
Company calculates earnings per share attributable to common shareholders in accordance with ASC 260, Earning Per Share. Basic
net loss per share attributable to common shareholders is calculated by dividing net loss attributable to common shareholders by the
weighted average number of common shares outstanding during the period. Diluted net loss per common share is calculated by dividing net
loss attributable to common shareholders by weighted average common shares outstanding during the period plus potentially dilutive common
shares, such as share warrants.
Potentially
dilutive common shares are calculated in accordance with the treasury share method, which assumes that proceeds from the exercise of
all warrants are used to repurchase common share at market value. The number of shares remaining after the proceeds are exhausted represents
the potentially dilutive effect of the securities.
As
the Company has incurred net losses in all periods, certain potentially dilutive securities, including convertible preferred stock, warrants
to acquire common stock, and convertible notes payable have been excluded in the computation of diluted loss per share as the effects
are antidilutive.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
The company assessed the adoption impacts of recently issued accounting
standards by the Financial Accounting Standards Board on the Company’s financial statements as well as material updates to previous
assessments, if any, from the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023. There were no new material
accounting standards issued in 2024 that impacted the Company.
|
Concentration of credit risk |
Concentration
of credit risk
The
Company places its cash and cash equivalents, which may at times be in excess of the Australia Financial Claims Scheme or the United
States’ Federal Deposit Insurance Corporation insurance limits, with high credit quality financial institutions and attempts to
limit the amount of credit exposure with any one institution.
|
Fair value of financial instruments |
Fair
value of financial instruments
The
accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major
asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price,
representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants
would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier
fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level
1-Quoted prices in active markets for identical assets or liabilities.
Level
2-Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets
that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full
term of the assets or liabilities.
Level
3-Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities.
Assets
and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the
fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its
entirety requires management to make judgments and consider factors specific to the asset or liability.
The
carrying amounts of cash equivalents, prepaid and other assets, accounts payable and accrued liabilities are representative of their
respective fair values because of the short-term nature of those instruments.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND ACCESSORIES |
Revenue
from the IFPG segment relates to the sale of readers, cartridges and accessories and is summarized as follows:
SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND ACCESSORIES
| |
| | |
| |
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Sales of goods - cartridges | |
$ | 380,059 | | |
$ | — | |
Sales of goods - readers | |
| 238,802 | | |
| — | |
Other sales | |
| 177,233 | | |
| — | |
Total revenue | |
$ | 796,094 | | |
$ | — | |
|
X |
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v3.23.3
SEGMENT INFORMATION (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF REVENUE AND OTHER INCOME SEGMENT |
The
following table sets forth the Company’s revenue and other income by operating and reportable segment, disaggregated into geographic
locations based on sales billed from the respective county, for the three months ended September 30, 2023. No revenue was recognized
during the three months ended September 30, 2022.
SCHEDULE
OF REVENUE AND OTHER INCOME SEGMENT
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended September 30, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 755,150 | | |
$ | — | | |
$ | 755,150 | |
Australia | |
| 8,082 | | |
| — | | |
| 8,082 | |
Other | |
| 32,862 | | |
| — | | |
| 32,862 | |
Total Revenue | |
$ | 796,094 | | |
$ | — | | |
$ | 796,094 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended September 30, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 64,550 | | |
$ | 64,550 | |
United Kingdom | |
| 45,321 | | |
| — | | |
| 45,321 | |
Total Government Support Income | |
$ | 45,321 | | |
$ | 64,550 | | |
$ | 109,871 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended September 30, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 311,320 | | |
$ | 311,320 | |
United Kingdom | |
| — | | |
| — | | |
| — | |
Total Government Support Income | |
$ | — | | |
$ | 311,320 | | |
$ | 311,320 | |
| |
September 30,
2023 | | |
June 30, 2023 (Audited) | |
Australia | |
$ | 731,579 | | |
$ | 761,220 | |
United Kingdom | |
| 404,875 | | |
| 475,430 | |
Total | |
$ | 1,136,454 | | |
$ | 1,236,650 | |
|
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v3.23.3
INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Intelligent Fingerprinting Limited Acquisition |
|
SCHEDULE OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION |
The
table below summarizes the fair value of the consideration transferred in the acquisition (pre-Reverse Stock Split basis):
SCHEDULE
OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION
Purchase consideration | |
Amount | |
Cash | |
$ | 363,500 | |
Note receivable settled for business acquisition | |
| 504,938 | |
Common Stock - 2,963,091 shares @ $0.5502 / share | |
| 1,630,293 | |
Series C Preferred Stock (base) - 2,363,003 shares @ 3 x $0.5502 / share | |
| 3,900,373 | |
Series C Preferred Stock (holdback) - 500,000 shares @ 3 x $0.5502 / share | |
| 825,300 | |
Purchase Consideration of
Common Stock and Series C Preferred Stock | |
| 825,300 | |
Total purchase price | |
$ | 7,224,404 | |
|
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED, BASED ON THEIR RELATIVE FAIR VALUES |
The
final allocation of the purchase price of IFP to the assets acquired and liabilities assumed, based on their relative fair values,
is as follows:
SCHEDULE
OF ASSETS ACQUIRED AND LIABILITIES ASSUMED, BASED ON THEIR RELATIVE FAIR VALUES
Allocation of purchase consideration | |
Amount | |
Assets: | |
| | |
Cash and cash equivalents | |
$ | 174,481 | |
Inventory | |
| 774,625 | |
Other current assets | |
| 345,038 | |
Property and Equipment | |
| 52,170 | |
Intangible assets | |
| 5,463,000 | |
Goodwill | |
| 3,803,293 | |
Total assets acquired | |
| 10,612,607 | |
Liabilities: | |
| | |
Accounts payable and accrued expenses | |
| (1,027,302 | ) |
Notes payable | |
| (677,137 | ) |
Convertible notes payable | |
| (1,683,764 | ) |
Total liabilities assumed | |
| (3,388,203 | ) |
Net assets | |
$ | 7,224,404 | |
|
SCHEDULE OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS |
Unaudited
pro-forma consolidated results of operations for the three months ended September 30, 2023 are not required because the results of the
acquired business are included in the Company’s results. The following unaudited pro-forma consolidated results of operations for
the three months ended September 30, 2022, has been prepared as if the acquisition of IFP had occurred on July 1, 2022 and includes adjustments
for amortization related to the valuation of acquired intangibles:
SCHEDULE
OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS
| |
As Reported | | |
Pro Forma | |
| |
Three Months Ended September 30, 2022 | |
| |
As Reported | | |
Pro Forma | |
Revenue | |
$ | — | | |
$ | 347,486 | |
Net loss | |
| (1,214,078 | ) | |
| (2,455,633 | ) |
Net loss attributable to Intelligent Bio Solutions Inc. | |
| (1,208,293 | ) | |
| (2,449,848 | ) |
Net loss per share, basic and diluted | |
| (1.62 | ) | |
| (2.74 | ) |
|
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v3.23.3
INVENTORIES (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORIES |
Inventories
consist of the following:
SCHEDULE
OF INVENTORIES
| |
September 30,
2023 | | |
June 30, 2023 (Audited) | |
Raw material and work-in-progress | |
$ | — | | |
$ | 419,889 | |
Finished goods | |
| 1,221,689 | | |
| 757,518 | |
Less: provision for inventory obsolescence | |
| (256,598 | ) | |
| (197,500 | ) |
Inventory, net | |
$ | 965,091 | | |
$ | 979,907 | |
|
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v3.23.3
INTANGIBLE ASSETS, NET (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF OTHER INTANGIBLE ASSETS |
Intangible
assets, net consist of the following as of September 30, 2023:
SCHEDULE OF OTHER INTANGIBLE ASSETS
| |
Weighted
average useful lives (years) | | |
Acquisition
cost | | |
Effect
of foreign currency | | |
Accumulated
amortization | | |
Carrying
value | |
Technology | |
7
years | | |
$ | 5,119,000 | | |
$ | 407,724 | | |
$ | 935,292 | | |
$ | 4,591,432 | |
Customer
relationships | |
3
years | | |
| 252,000 | | |
| 20,072 | | |
| 90,691 | | |
| 181,381 | |
Trade
names and trademarks | |
Indefinite | | |
| 92,000 | | |
| 7,328 | | |
| — | | |
| 99,328 | |
Total
intangible assets | |
| | |
$ | 5,463,000 | | |
$ | 435,124 | | |
$ | 1,025,983 | | |
$ | 4,872,141 | |
Intangible
assets, net consist of the following as of June 30, 2023:
| |
Weighted
average useful lives (years) | | |
Acquisition
cost | | |
Effect
of foreign currency | | |
Accumulated
amortization | | |
Carrying
value | |
Technology | |
7
years | | |
$ | 5,119,000 | | |
$ | 603,422 | | |
$ | 780,500 | | |
$ | 4,941,922 | |
Customer
relationships | |
3
years | | |
| 252,000 | | |
| 29,127 | | |
| 70,282 | | |
| 210,845 | |
Trade
names and trademarks | |
Indefinite | | |
| 92,000 | | |
| 10,634 | | |
| — | | |
| 102,634 | |
Total
intangible assets | |
| | |
$ | 5,463,000 | | |
$ | 643,183 | | |
$ | 850,782 | | |
$ | 5,255,401 | |
|
SCHEDULE OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS |
Amortization
expense for the intangible assets is expected to be as follows over the next five years, and thereafter:
SCHEDULE
OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS
| |
| | |
Remainder
of 2024 | |
$ | 641,947 | |
2025 | |
| 855,929 | |
2026 | |
| 787,911 | |
2027 | |
| 765,239 | |
2028 | |
| 765,239 | |
Thereafter | |
| 956,548 | |
Total | |
$ | 4,772,813 | |
|
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v3.23.3
LEASES (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Leases |
|
SCHEDULE OF FINANCE LEASE EXPENSES |
The
components of lease expense are as follows:
SCHEDULE
OF FINANCE LEASE EXPENSES
| |
2023 | | |
2022 | |
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
Amortization
of operating lease right-of-use assets | |
$ | 59,962 | | |
$ | — | |
Interest
on operating lease liabilities | |
| 21,171 | | |
| — | |
Total
lease costs | |
$ | 81,133 | | |
$ | — | |
|
SCHEDULE OF MATURITIES OF THE FINANCE LEASE TO THE FINANCE LEASE LIABILITIES |
The
reconciliation of the maturities of the operating leases to the operating lease liabilities recorded in the consolidated balance sheet
as of September 30, 2023, is as follows:
SCHEDULE
OF MATURITIES OF THE FINANCE LEASE TO THE FINANCE LEASE LIABILITIES
| |
| | |
Remainder
of 2024 | |
$ | 215,434 | |
2025 | |
| 299,090 | |
2026 | |
| 81,091 | |
Total
lease payments | |
| 595,615 | |
Less:
present value discount | |
| (84,173 | ) |
Lease
liabilities | |
$ | 511,442 | |
|
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v3.23.3
FAIR VALUE MEASUREMENTS (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
SCHEDULE OF PREFERRED STOCK AT FAIR VALUE ON RECURRING BASIS |
The
following table provides a reconciliation of the beginning and ending balance of the holdback Preferred Stock measured at fair value
on a recurring basis during the period:
SCHEDULE OF PREFERRED STOCK AT FAIR VALUE ON RECURRING BASIS
| |
Preferred
stock carried at fair value (Level 2) | |
Balance
at June 30, 2023 | |
$ | 208,500 | |
Fair
value gain on revaluation of holdback Series C Preferred Stock | |
| (131,250 | ) |
Balance
at September 30, 2023 | |
$ | 77,250 | |
|
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v3.23.3
LOSS PER SHARE (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF ANTI-DILUTIVE WARRANTS |
The
following outstanding warrants, options and preferred shares were excluded from the computation of diluted net loss per share for the
periods presented because their effect would have been anti-dilutive:
SCHEDULE
OF ANTI-DILUTIVE WARRANTS
| |
2023 | | |
2022 | |
| |
September
30, | |
| |
2023 | | |
2022 | |
Warrants
- Common stock (March 23 public raise) | |
| 3,270 | | |
| - | |
Warrants
- Series A | |
| 70,068 | | |
| 70,068 | |
Warrants
- Series B | |
| 2,620 | | |
| 2,620 | |
Private
placement warrants (Dec 2022) | |
| 26,478 | | |
| - | |
Warrants
issued to Winx Capital Pty Ltd | |
| 1,324 | | |
| - | |
Warrants
issued to underwriters (IPO) | |
| 3,177 | | |
| 3,177 | |
Warrants
issued to underwriters (March 23 public raise) | |
| 32,750 | | |
| - | |
Pre
IPO warrants | |
| 136,834 | | |
| 136,834 | |
Warrants
issued to licensor - LSBD | |
| 150,000 | | |
| 150,000 | |
Anti-dilutive | |
| 150,000 | | |
| 150,000 | |
|
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v3.23.3
LIQUIDITY AND GOING CONCERN (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
|
Oct. 04, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
Net loss |
|
|
$ 2,425,204
|
$ 1,208,293
|
|
|
Shareholders' equity |
[1] |
|
1,236,558
|
$ 5,196,134
|
$ 3,686,998
|
$ 6,545,771
|
Working capital deficit |
|
|
4,154,043
|
|
|
|
Accumulated deficit |
|
|
44,232,777
|
|
41,807,573
|
|
Cash and cash equivalents |
|
|
$ 186,401
|
|
$ 1,537,244
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Gross proceeds from October 2023 capital raise |
|
$ 4,378,000
|
|
|
|
|
Net proceeds from October 2023 capital raise |
|
$ 3,350,000
|
|
|
|
|
|
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
12 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2021 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
Revenue |
$ 796,094
|
|
|
|
Deferred grant income |
|
|
|
$ 4,700,000
|
Construction in progress |
629,354
|
|
$ 646,116
|
|
Research and development tax refund |
76,348
|
250,907
|
|
|
Foreign currency translation gain (loss) |
18,016
|
135,559
|
|
|
Income tax interest and penalties |
0
|
|
|
|
Cash equivalents |
0
|
|
0
|
|
Cash, FDIC insured amount |
$ 0
|
|
1,114,687
|
|
Impairment charges |
|
|
$ 4,200,000
|
|
Other Equipment [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Property plant and equipment useful life |
3 years
|
|
|
|
Production Equipment [Member] | Minimum [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Property plant and equipment useful life |
2 years
|
|
|
|
Production Equipment [Member] | Maximum [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Property plant and equipment useful life |
4 years
|
|
|
|
Leasehold Improvements [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Property plant and equipment, description |
shorter of asset’s estimated useful life and the remaining term of the lease
|
|
|
|
Grant Income [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Other income |
$ 33,523
|
$ 60,413
|
|
|
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v3.23.3
SCHEDULE OF REVENUE AND OTHER INCOME SEGMENT (Details) - USD ($)
|
3 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Revenue from External Customer [Line Items] |
|
|
|
Total Revenue |
$ 796,094
|
|
|
Total Government Support Income |
109,871
|
311,320
|
|
Total |
1,136,454
|
|
$ 1,236,650
|
UNITED KINGDOM |
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
Total Revenue |
755,150
|
|
|
Total Government Support Income |
45,321
|
|
|
Total |
404,875
|
|
475,430
|
AUSTRALIA |
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
Total Revenue |
8,082
|
|
|
Total Government Support Income |
64,550
|
311,320
|
|
Total |
731,579
|
|
$ 761,220
|
Other Country [Member] |
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
Total Revenue |
32,862
|
|
|
Intelligent Finger printing Products [Member] |
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
Total Revenue |
796,094
|
|
|
Total Government Support Income |
45,321
|
|
|
Intelligent Finger printing Products [Member] | UNITED KINGDOM |
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
Total Revenue |
755,150
|
|
|
Total Government Support Income |
45,321
|
|
|
Intelligent Finger printing Products [Member] | AUSTRALIA |
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
Total Revenue |
8,082
|
|
|
Total Government Support Income |
|
|
|
Intelligent Finger printing Products [Member] | Other Country [Member] |
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
Total Revenue |
32,862
|
|
|
Saliva Glucose Biosensor Platform [Member] |
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
Total Revenue |
|
|
|
Total Government Support Income |
64,550
|
311,320
|
|
Saliva Glucose Biosensor Platform [Member] | UNITED KINGDOM |
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
Total Revenue |
|
|
|
Total Government Support Income |
|
|
|
Saliva Glucose Biosensor Platform [Member] | AUSTRALIA |
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
Total Revenue |
|
|
|
Total Government Support Income |
64,550
|
$ 311,320
|
|
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|
|
|
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|
|
|
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|
|
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v3.23.3
SCHEDULE OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION (Details)
|
Oct. 04, 2022
USD ($)
|
Cash |
$ 363,500
|
Note receivable settled for business acquisition |
504,938
|
Total purchase price |
7,224,404
|
Series C Preferred Stock Base [Member] |
|
Purchase Consideration of Common Stock and Series C Preferred Stock |
3,900,373
|
Series C Preferred Stock Hold back [Member] |
|
Purchase Consideration of Common Stock and Series C Preferred Stock |
825,300
|
Common Stock [Member] |
|
Purchase Consideration of Common Stock and Series C Preferred Stock |
$ 1,630,293
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v3.23.3
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED, BASED ON THEIR RELATIVE FAIR VALUES (Details)
|
Oct. 04, 2022
USD ($)
|
Intelligent Fingerprinting Limited Acquisition |
|
Cash and cash equivalents |
$ 174,481
|
Inventory |
774,625
|
Other current assets |
345,038
|
Property and Equipment |
52,170
|
Intangible assets |
5,463,000
|
Goodwill |
3,803,293
|
Total assets acquired |
10,612,607
|
Accounts payable and accrued expenses |
(1,027,302)
|
Notes payable |
(677,137)
|
Convertible notes payable |
(1,683,764)
|
Total liabilities assumed |
(3,388,203)
|
Net assets |
$ 7,224,404
|
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v3.23.3
SCHEDULE OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS (Details)
|
3 Months Ended |
Sep. 30, 2022
USD ($)
$ / shares
|
Revenue |
|
Net loss |
(1,214,078)
|
Net loss attributable to Intelligent Bio Solutions Inc. |
$ (1,208,293)
|
Net loss per share, basic and diluted | $ / shares |
$ (1.62)
|
Pro Forma [Member] |
|
Revenue |
$ 347,486
|
Net loss |
(2,455,633)
|
Net loss attributable to Intelligent Bio Solutions Inc. |
$ (2,449,848)
|
Net loss per share, basic and diluted | $ / shares |
$ (2.74)
|
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v3.23.3
INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Details Narrative)
|
|
|
|
|
3 Months Ended |
|
|
|
|
May 10, 2023
shares
|
May 08, 2023
USD ($)
shares
|
Feb. 09, 2023
shares
|
Oct. 04, 2022
USD ($)
$ / shares
shares
|
Oct. 04, 2022
USD ($)
$ / shares
shares
|
Sep. 30, 2023
shares
|
Jun. 30, 2023
shares
|
Oct. 04, 2022
GBP (£)
shares
|
Sep. 30, 2022
shares
|
Jun. 30, 2022
shares
|
Note receivable settled for business acquisition | $ |
|
|
|
|
$ 504,938
|
|
|
|
|
|
|
Acquired intangible assets | $ |
|
|
|
|
5,463,000
|
$ 5,463,000
|
|
|
|
|
|
Goodwill | $ |
|
|
|
|
$ 3,803,293
|
$ 3,803,293
|
|
|
|
|
|
Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares post-reverse stock split |
|
|
|
0.15
|
|
|
|
|
|
|
|
Reserved for future issuance |
|
|
|
|
1,649,273
|
1,649,273
|
|
|
1,649,273
|
|
|
Series C Preferred Stock [Member] | Stockholders [Member] |
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
3,512,277
|
|
|
|
|
|
|
|
|
|
Converted into shares of common stock. |
|
526,818
|
|
|
|
|
|
|
|
|
|
Series C Preferred Stock [Member] | Share Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares post-reverse stock split |
|
|
|
|
|
0.15
|
0.15
|
|
|
|
|
Stock issued during period shares acquisitions |
|
|
|
|
|
|
500,000
|
|
|
|
|
Series C Preferred Stock [Member] | Share Exchange Agreement [Member] | Convertible Loan Holders [Member] |
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period shares new issues |
|
|
|
|
|
1,149,273
|
|
|
|
|
|
Hold Back Series C Preferred Stock [Member] | Share Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period shares acquisitions |
|
|
|
|
|
500,000
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
[1] |
|
|
|
|
|
2,330,399
|
2,330,399
|
|
744,495
|
744,495
|
Lender Preferred Shares [Member] | Series C Preferred Stock [Member] | Stockholders [Member] |
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
1,149,273
|
|
|
|
|
|
|
|
|
|
Closing Holdback Shares [Member] | Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
500,000
|
|
|
|
|
|
|
|
|
Converted into shares of common stock. |
|
|
75,000
|
|
|
|
|
|
|
|
|
Closing Holdback Shares [Member] | Series C Preferred Stock [Member] | Stockholders [Member] |
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
500,000
|
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period shares new issues |
|
|
|
|
|
2,363,003
|
|
|
|
|
|
Note receivable settled for business acquisition | $ |
|
|
|
|
|
$ 504,938
|
|
|
|
|
|
Acquired intangible assets | $ |
|
|
$ 5,463,000
|
|
|
|
|
|
|
|
|
Goodwill | $ |
|
|
3,803,293
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Technology-Based Intangible Assets [Member] |
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible assets | $ |
|
|
$ 5,119,000
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
|
7 years
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Customer Relationships [Member] |
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible assets | $ |
|
|
$ 252,000
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
|
3 years
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Trademarks and Trade Names [Member] |
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible assets | $ |
|
|
$ 92,000
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Bridge Facility Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Note receivable settled for business acquisition | $ |
|
|
|
|
|
504,938
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Various Loan Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accrued liabilities |
|
|
|
|
$ 1,425,307
|
$ 1,425,307
|
|
|
£ 1,254,270
|
|
|
Loan bear interest percentage |
|
|
|
|
17.00%
|
17.00%
|
|
|
17.00%
|
|
|
Loan bear variable interest percentage |
|
|
|
|
22.00%
|
22.00%
|
|
|
22.00%
|
|
|
Intelligent Fingerprinting Limited [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares post-reverse stock split |
|
|
|
|
|
148,183
|
|
|
|
|
|
Stock issued during period shares new issues |
|
|
|
|
|
2,963,091
|
|
|
|
|
|
Share Exchange Agreement [Member] | Series C Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value | $ / shares |
|
|
|
|
$ 0.01
|
$ 0.01
|
|
|
|
|
|
IFP Acquisition [Member] | Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Equity issuance costs | $ |
|
|
|
|
|
$ 806,397
|
|
|
|
|
|
|
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SCHEDULE OF INVENTORIES (Details) - USD ($)
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
|
Raw material and work-in-progress |
|
$ 419,889
|
Finished goods |
1,221,689
|
757,518
|
Less: provision for inventory obsolescence |
(256,598)
|
(197,500)
|
Inventory, net |
$ 965,091
|
$ 979,907
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v3.23.3
SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Original cost technology |
$ 5,463,000
|
$ 5,463,000
|
Effect of foreign currency |
435,124
|
643,183
|
Accumulated amortization technology |
1,025,983
|
850,782
|
Carrying value technology |
$ 4,872,141
|
$ 5,255,401
|
Technology-Based Intangible Assets [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted average useful lives (years) |
7 years
|
7 years
|
Original cost technology |
$ 5,119,000
|
$ 5,119,000
|
Effect of foreign currency |
407,724
|
603,422
|
Accumulated amortization technology |
935,292
|
780,500
|
Carrying value technology |
$ 4,591,432
|
$ 4,941,922
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted average useful lives (years) |
3 years
|
3 years
|
Original cost technology |
$ 252,000
|
$ 252,000
|
Effect of foreign currency |
20,072
|
29,127
|
Accumulated amortization technology |
90,691
|
70,282
|
Carrying value technology |
181,381
|
210,845
|
Trademarks and Trade Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Original cost technology |
92,000
|
92,000
|
Effect of foreign currency |
7,328
|
10,634
|
Accumulated amortization technology |
|
|
Carrying value technology |
$ 99,328
|
$ 102,634
|
Weighted average useful lives (years) |
Indefinite
|
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v3.23.3
SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares
|
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Warrants Common Stock March Twenty Three Public Raise [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive |
3,270
|
|
Warrants - Series A [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive |
70,068
|
70,068
|
Warrants Series B [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive |
2,620
|
2,620
|
Private Placement Warrants December Two Thousand Twenty Two [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive |
26,478
|
|
Warrants Issued To Winx Capital Pty Ltd [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive |
1,324
|
|
Warrants Issued to Underwriters IPO [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive |
3,177
|
3,177
|
Warrants Issued to Underwriters March Twenty Three Public Raise [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive |
32,750
|
|
Pre IPO Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive |
136,834
|
136,834
|
Warrants Issued to LSBD [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive |
150,000
|
150,000
|
X |
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v3.23.3
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
Oct. 04, 2023 |
Nov. 07, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
Common stock, shares, issued |
|
|
2,330,399
|
2,330,399
|
Subsequent Event [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Common stock, shares, issued |
2,232,221
|
|
|
|
Warrants issuance date |
5 years 6 months
|
|
|
|
Gross proceeds from October 2023 capital raise |
$ 4,378,000
|
|
|
|
Net proceeds from October 2023 capital raise |
$ 3,350,000
|
|
|
|
Subsequent Event [Member] | IPO [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Share price |
$ 0.55
|
|
|
|
Subsequent Event [Member] | Series E Convertible Preferred Stock [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Preferred stock, shares issued |
5,728,723
|
|
|
|
Warrants purchased |
7,960,944
|
|
|
|
Convertible preferred stock |
|
4,571,761
|
|
|
Subsequent Event [Member] | Series F Warrants [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Warrants purchased |
7,960,944
|
|
|
|
Warrants issuance date |
1 year 6 months
|
|
|
|
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- DefinitionNumber of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares.
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Intelligent Bio Solutions (NASDAQ:INBS)
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