Form 8-K - Current report
18 Diciembre 2023 - 3:20PM
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2023-12-15
2023-12-15
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): December 15, 2023
INTELLIGENT
BIO SOLUTIONS INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-39825 |
|
82-1512711 |
(State
of Incorporation) |
|
(Commission
File Number) |
|
(IRS employer
identification no.) |
142
West, 57th Street, 11th Floor
New
York, NY 10019
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (646) 828-8258
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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, $0.01 par value |
|
INBS |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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.
Item
8.01 Other Events.
As
previously disclosed in the Current Report on Form 8-K filed by Intelligent Bio Solutions Inc. (the “Company”) on November
17, 2023, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)
on November 16, 2023, regarding its non-compliance with the minimum stockholders’ equity requirement for continued listing on the
Nasdaq Capital Market. The letter notified the Company that its stockholders’ equity, reported at $1,236,558 in the Quarterly Report
on Form 10-Q for the period ending September 30, 2023, did not meet the Nasdaq Capital Market’s minimum stockholders’ equity
requirement of $2,500,000 for continued listing as per Nasdaq Listing Rule 5550(b)(1). Nasdaq gave the Company until January 2, 2024,
to submit a plan to regain compliance with the minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1).
On
December 15, 2023, the
Company submitted a compliance plan to Nasdaq that included a pro forma balance sheet as of October 31, 2023 (the “Balance Sheet”).
The Balance Sheet showed that the Company’s stockholders’ equity as of October 31, 2023, was $4,240,629, which was primarily
the result of the of a public offering of the Company’s securities that closed on October 4, 2023. The Balance Sheet is attached
to this Current Report as Exhibit 99.1.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
December 18, 2023 |
|
|
|
INTELLIGENT
BIO SOLUTIONS INC. |
|
|
|
|
By:
|
/s/
Spiro Sakiris |
|
Name:
|
Spiro
Sakiris |
|
Title: |
Chief
Financial Officer |
Exhibit 99.1
Pro Forma Balance Sheet
|
|
October 31, 2023 (Unaudited) |
|
|
September 30, 2023 (Unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,283,403 |
|
|
$ |
186,401 |
|
Accounts receivable, net |
|
|
189,279 |
|
|
|
567,510 |
|
Inventories, net |
|
|
1,009,410 |
|
|
|
965,091 |
|
Research and development tax incentive receivable |
|
|
551,261 |
|
|
|
559,588 |
|
Other current assets |
|
|
303,322 |
|
|
|
413,305 |
|
Total current assets |
|
|
4,336,675 |
|
|
|
2,691,895 |
|
Property and equipment, net |
|
|
553,642 |
|
|
|
664,922 |
|
Operating lease right-of-use assets |
|
|
464,071 |
|
|
|
471,532 |
|
Intangible assets, net |
|
|
4,770,470 |
|
|
|
4,872,141 |
|
TOTAL ASSETS |
|
$ |
10,124,858 |
|
|
$ |
8,700,490 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
2,078,866 |
|
|
$ |
3,628,797 |
|
Current portion of operating lease liabilities |
|
|
222,652 |
|
|
|
227,414 |
|
Current portion of deferred grant income |
|
|
2,299,900 |
|
|
|
2,240,929 |
|
Current employee benefit liabilities |
|
|
352,445 |
|
|
|
406,964 |
|
Current portion of notes payable |
|
|
352,389 |
|
|
|
341,834 |
|
Total current liabilities |
|
|
5,306,252 |
|
|
|
6,845,938 |
|
Employee benefit liabilities, less current portion |
|
|
27,251 |
|
|
|
27,732 |
|
Operating lease liabilities, less current portion |
|
|
281,421 |
|
|
|
284,028 |
|
Notes payable, less current portion |
|
|
269,305 |
|
|
|
306,234 |
|
Total liabilities |
|
|
5,884,229 |
|
|
|
7,463,932 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized, 8,734,381, 2,330,399 shares issued and outstanding as of October 31, 2023 and September 30, 2023, respectively |
|
|
87,344 |
|
|
|
23,304 |
|
Treasury stock, at cost, 1,386 shares as of October 31, 2023, and September 30, 2023, respectively |
|
|
(14 |
) |
|
|
(14 |
) |
Series E preferred stock, $0.01 par value, 10,000,000 shares authorized, 1,556,962 and shares issued and outstanding as of October 31, 2023 and September 30, 2023 respectively |
|
|
15,569 |
|
|
|
- |
|
Additional paid-in capital |
|
|
49,865,318 |
|
|
|
46,158,763 |
|
Accumulated deficit |
|
|
(45,013,301 |
) |
|
|
(44,232,777 |
) |
Accumulated other comprehensive loss |
|
|
(592,708 |
) |
|
|
(593,512 |
) |
Total consolidated Intelligent Bio Solutions Inc. equity |
|
|
4,362,208 |
|
|
|
1,355,764 |
|
Non-controlling interest |
|
|
(121,579 |
) |
|
|
(119,206 |
) |
Total shareholders’ equity |
|
|
4,240,629 |
|
|
|
1,236,558 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
10,124,858 |
|
|
$ |
8,700,490 |
|
v3.23.4
Cover
|
Dec. 15, 2023 |
Cover [Abstract] |
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Document Type |
8-K
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Amendment Flag |
false
|
Document Period End Date |
Dec. 15, 2023
|
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 |
142
West
|
Entity Address, Address Line Two |
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
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common
Stock, $0.01 par value
|
Trading Symbol |
INBS
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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