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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 December 31, 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 February 7, 2024, there were 2,147,789 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
| |
| | | |
| | |
| |
December 31, 2023
(Unaudited) | | |
June 30, 2023 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,119,004 | | |
$ | 1,537,244 | |
Accounts receivable, net | |
| 262,834 | | |
| 293,861 | |
Inventories, net | |
| 942,050 | | |
| 979,907 | |
Research and development tax incentive receivable | |
| 289,167 | | |
| 498,758 | |
Other current assets | |
| 331,601 | | |
| 552,791 | |
Total current assets | |
| 2,944,656 | | |
| 3,862,561 | |
Property and equipment, net | |
| 591,307 | | |
| 690,175 | |
Operating lease right-of-use assets | |
| 432,728 | | |
| 546,475 | |
Intangible assets, net | |
| 4,858,301 | | |
| 5,255,401 | |
TOTAL ASSETS | |
$ | 8,826,992 | | |
$ | 10,354,612 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 1,763,007 | | |
$ | 2,610,028 | |
Current portion of operating lease liabilities | |
| 250,751 | | |
| 223,447 | |
Current portion of deferred grant income | |
| 2,431,900 | | |
| 2,338,057 | |
Current employee benefit liabilities | |
| 366,893 | | |
| 358,942 | |
Current portion of notes payable | |
| 370,535 | | |
| 353,211 | |
Total current liabilities | |
| 5,183,086 | | |
| 5,883,685 | |
Employee benefit liabilities, less current portion | |
| 29,993 | | |
| 24,902 | |
Operating lease liabilities, less current portion | |
| 228,710 | | |
| 356,165 | |
Notes payable, less current portion | |
| 230,969 | | |
| 402,862 | |
Total liabilities | |
| 5,672,758 | | |
| 6,667,614 | |
Commitments and contingencies (Note 13) | |
| | | |
| | |
| |
| | | |
| | |
Shareholders’ equity: | |
| | | |
| | |
Common stock, $0.01
par value, 100,000,000 shares authorized, 1,476,042
and 194,200 shares issued and outstanding
at December 31, 2023 and June 30, 2023, respectively* | |
| 14,760 | | |
| 1,942 | |
Treasury stock, at cost, 116
shares as of December 31, 2023 and June 30, 2023, respectively* | |
| (1 | ) | |
| (1 | ) |
Additional paid-in capital | |
| 49,986,220 | | |
| 46,180,112 | |
Accumulated deficit | |
| (46,202,418 | ) | |
| (41,807,573 | ) |
Accumulated other comprehensive loss | |
| (518,379 | ) | |
| (575,496 | ) |
Total consolidated Intelligent Bio Solutions Inc. equity | |
| 3,280,182 | | |
| 3,798,984 | |
Non-controlling interest | |
| (125,948 | ) | |
| (111,986 | ) |
Total shareholders’ equity | |
| 3,154,234 | | |
| 3,686,998 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
$ | 8,826,992 | | |
$ | 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 December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue | |
$ | 764,063 | | |
$ | 356,679 | | |
$ | 1,560,157 | | |
$ | 356,679 | |
Cost of revenue (exclusive of amortization shown separately below) | |
| (564,815 | ) | |
| (112,635 | ) | |
| (1,128,578 | ) | |
| (112,635 | ) |
Gross profit | |
| 199,248 | | |
| 244,044 | | |
| 431,579 | | |
| 244,044 | |
| |
| | | |
| | | |
| | | |
| | |
Other income: | |
| | | |
| | | |
| | | |
| | |
Government support income | |
| 153,204 | | |
| 269,625 | | |
| 263,075 | | |
| 580,945 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses | |
| (1,705,044 | ) | |
| (2,245,289 | ) | |
| (4,162,104 | ) | |
| (3,695,707 | ) |
Development and regulatory approval expenses | |
| (348,452 | ) | |
| (1,191 | ) | |
| (452,399 | ) | |
| (80,465 | ) |
Depreciation and amortization | |
| (290,313 | ) | |
| (398,156 | ) | |
| (597,873 | ) | |
| (398,156 | ) |
Total operating expenses | |
| (2,343,809 | ) | |
| (2,644,636 | ) | |
| (5,212,376 | ) | |
| (4,174,328 | ) |
Loss from operations | |
| (1,991,357 | ) | |
| (2,130,967 | ) | |
| (4,517,722 | ) | |
| (3,349,339 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (32,468 | ) | |
| (76,767 | ) | |
| (69,916 | ) | |
| (77,832 | ) |
Realized foreign exchange loss | |
| (555 | ) | |
| (13,901 | ) | |
| (555 | ) | |
| (16,148 | ) |
Fair value gain on revaluation of financial instrument | |
| 44,488 | | |
| 1,793,091 | | |
| 175,738 | | |
| 1,793,091 | |
Interest income | |
| 3,509 | | |
| 1,473 | | |
| 3,648 | | |
| 9,079 | |
Total other income | |
| 14,974 | | |
| 1,703,896 | | |
| 108,915 | | |
| 1,708,190 | |
Net loss | |
| (1,976,383 | ) | |
| (427,071 | ) | |
| (4,408,807 | ) | |
| (1,641,149 | ) |
Net loss attributable to non-controlling interest | |
| (6,742 | ) | |
| (6,471 | ) | |
| (13,962 | ) | |
| (12,256 | ) |
Net loss attributable to Intelligent Bio Solutions Inc. | |
$ | (1,969,641 | ) | |
$ | (420,600 | ) | |
$ | (4,394,845 | ) | |
$ | (1,628,893 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive income, net of tax: | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation gain | |
$ | 75,133 | | |
$ | 361,597 | | |
$ | 57,117 | | |
$ | 226,038 | |
Total other comprehensive income | |
| 75,133 | | |
| 361,597 | | |
| 57,117 | | |
| 226,038 | |
Comprehensive loss | |
| (1,901,250 | ) | |
| (65,474 | ) | |
| (4,351,690 | ) | |
| (1,415,111 | ) |
Comprehensive loss attributable to non-controlling interest | |
| (6,742 | ) | |
| (6,471 | ) | |
| (13,962 | ) | |
| (12,256 | ) |
Comprehensive loss attributable to Intelligent Bio Solutions Inc. | |
$ | (1,894,508 | ) | |
$ | (59,003 | ) | |
$ | (4,337,728 | ) | |
$ | (1,402,855 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share, basic and diluted* | |
$ | (2.07 | ) | |
$ | (5.56 | ) | |
$ | (7.68 | ) | |
$ | (23.65 | ) |
Weighted average shares outstanding, basic and diluted* | |
| 949,660 | | |
| 75,690 | | |
| 571,930 | | |
| 68,866 | |
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)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
capital | | |
deficit | | |
loss | | |
interest | | |
equity | |
| |
Convertible | | |
| | |
| | |
| | |
| | |
Additional | | |
| | |
Other | | |
Non- | | |
Total | |
| |
preferred
stock | | |
Common
stock | | |
Treasury
stock | | |
paid in | | |
Accumulated | | |
comprehensive | | |
controlling | | |
shareholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
capital | | |
deficit | | |
loss | | |
interest | | |
equity | |
Balance, June 30, 2023* | |
| - | | |
$ | - | | |
| 194,200 | | |
$ | 1,942 | | |
| (116 | ) | |
$ | (1 | ) | |
$ | 46,180,112 | | |
$ | (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 | |
| - | | |
| - | | |
| 194,200 | | |
| 1,942 | | |
| (116 | ) | |
| (1 | ) | |
| 46,180,112 | | |
| (44,232,777 | ) | |
| (593,512 | ) | |
| (119,206 | ) | |
| 1,236,558 | |
Issuance of common stock, Series E Preferred Stock and warrants, net of
issuance costs | |
| 5,728,723 | | |
| 57,287 | | |
| 186,018 | | |
| 1,860 | | |
| - | | |
| - | | |
| 3,727,017 | | |
| - | | |
| - | | |
| - | | |
| 3,786,164 | |
Conversion of convertible preferred shares into common stock | |
| (5,728,723 | ) | |
| (57,287 | ) | |
| 477,394 | | |
| 4,774 | | |
| - | | |
| - | | |
| 52,513 | | |
| - | | |
| - | | |
| - | | |
| - | |
Conversion of holdback Series C Preferred Stock into common stock | |
| - | | |
| - | | |
| 6,248 | | |
| 62 | | |
| - | | |
| - | | |
| 32,700 | | |
| - | | |
| - | | |
| - | | |
| 32,762 | |
Issuance of common stock upon cashless exercise Series F warrants | |
| - | | |
| - | | |
| 612,182 | | |
| 6,122 | | |
| - | | |
| - | | |
| (6,122 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Foreign currency translation gain | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 75,133 | | |
| - | | |
| 75,133 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,969,641 | ) | |
| - | | |
| (6,742 | ) | |
| (1,976,383 | ) |
Balance, December 31, 2023 | |
| - | | |
$ | - | | |
| 1,476,042 | | |
$ | 14,760 | | |
| (116 | ) | |
$ | (1 | ) | |
$ | 49,986,220 | | |
$ | (46,202,418 | ) | |
$ | (518,379 | ) | |
$ | (125,948 | ) | |
$ | 3,154,234 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2022* | |
| - | | |
$ | - | | |
| 62,042 | | |
$ | 620 | | |
| - | | |
$ | - | | |
$ | 38,588,290 | | |
$ | (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 | |
| - | | |
| - | | |
| 62,042 | | |
| 620 | | |
| - | | |
| - | | |
| 38,588,290 | | |
| (32,384,146 | ) | |
| (923,694 | ) | |
| (84,936 | ) | |
| 5,196,134 | |
Balance | |
| - | | |
| - | | |
| 62,042 | | |
| 620 | | |
| - | | |
| - | | |
| 38,588,290 | | |
| (32,384,146 | ) | |
| (923,694 | ) | |
| (84,936 | ) | |
| 5,196,134 | |
Issuance of Series C Preferred Stock and common stock for acquisition,
net of issuance costs | |
| 2,363,003 | | |
| 23,630 | | |
| 12,347 | | |
| 124 | | |
| - | | |
| - | | |
| 4,700,517 | | |
| - | | |
| - | | |
| - | | |
| 4,724,271 | |
Issuance of Series D Preferred Stock, net of issuance costs | |
| 176,462 | | |
| 1,765 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 160,695 | | |
| - | | |
| - | | |
| - | | |
| 162,460 | |
Stock awards issued to employees | |
| - | | |
| - | | |
| 2,084 | | |
| 21 | | |
| - | | |
| - | | |
| 259,979 | | |
| - | | |
| - | | |
| - | | |
| 260,000 | |
Payment of tax withholding for employee stock awards | |
| | | |
| - | | |
| - | | |
| - | | |
| (116 | ) | |
| (1 | ) | |
| (14,406 | ) | |
| - | | |
| - | | |
| - | | |
| (14,407 | ) |
Foreign currency translation gain | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 361,597 | | |
| - | | |
| 361,597 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (420,600 | ) | |
| - | | |
| (6,471 | ) | |
| (427,071 | ) |
Balance, December 31, 2022 | |
| 2,539,465 | | |
$ | 25,395 | | |
| 76,473 | | |
$ | 765 | | |
| (116 | ) | |
$ | (1 | ) | |
$ | 43,695,075 | | |
$ | (32,804,746 | ) | |
$ | (562,097 | ) | |
$ | (91,407 | ) | |
$ | 10,262,984 | |
Balance | |
$ | 2,539,465 | | |
$ | 25,395 | | |
$ | 76,473 | | |
$ | 765 | | |
$ | (116 | ) | |
$ | (1 | ) | |
$ | 43,695,075 | | |
$ | (32,804,746 | ) | |
$ | (562,097 | ) | |
$ | (91,407 | ) | |
$ | 10,262,984 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
* |
|
Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed
consolidated financial statement unless otherwise stated. |
Intelligent
Bio Solutions Inc.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
| |
2023 | | |
2022 | |
| |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (4,408,807 | ) | |
$ | (1,641,149 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 479,044 | | |
| 349,533 | |
Amortization of right-of-use assets | |
| 118,829 | | |
| 48,623 | |
Non-cash loss on foreign currency translation, net | |
| 555 | | |
| 16,148 | |
Provision for bad debts | |
| - | | |
| 22,918 | |
Provision for inventory obsolescence | |
| 69,016 | | |
| 188,364 | |
Share-based compensation | |
| - | | |
| 260,000 | |
Non-cash refund of R&D expenditure claims | |
| (78,281 | ) | |
| (98,552 | ) |
Fair value gain on revaluation of financial instruments | |
| (175,738 | ) | |
| (1,793,091 | ) |
Non-cash other operating activities | |
| 15,529 | | |
| (17,148 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 31,027 | | |
| (301,235 | ) |
Inventories | |
| (31,159 | ) | |
| (35,145 | ) |
Grant receivable / deferred grant income | |
| 93,843 | | |
| 41,428 | |
Research and development tax incentive receivable | |
| 209,591 | | |
| (137,589 | ) |
Other current assets | |
| 221,190 | | |
| 87,043 | |
Accounts and other payables | |
| (630,570 | ) | |
| (1,237,803 | ) |
Operating lease liabilities | |
| (100,151 | ) | |
| - | |
Other long-term liabilities | |
| 5,091 | | |
| (26,930 | ) |
Net cash used in operating activities | |
| (4,180,991 | ) | |
| (4,274,585 | ) |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of business, net of cash acquired | |
| - | | |
| (181,750 | ) |
Amount invested on construction in progress | |
| (56,669 | ) | |
| (504,445 | ) |
Net cash used in investing activities | |
| (56,669 | ) | |
| (686,195 | ) |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from issuance of common stock, and warrants | |
| 1,342,296 | | |
| - | |
Proceeds from issuance of preferred stock | |
| 3,036,223 | | |
| 220,578 | |
Payment of equity issuance costs | |
| (592,355 | ) | |
| (499,818 | ) |
Payment of tax withholding for employee stock awards | |
| - | | |
| (14,407 | ) |
Payment of finance lease liabilities | |
| - | | |
| (34,767 | ) |
Net cash provided by (used in) financing activities | |
| 3,786,164 | | |
| (328,414 | ) |
| |
| | | |
| | |
Effect of foreign exchange rates on cash and cash equivalents | |
| 33,256 | | |
| (37,425 | ) |
| |
| | | |
| | |
Decrease in cash and cash equivalents | |
| (418,240 | ) | |
| (5,326,619 | ) |
Cash and cash equivalents, beginning of period | |
| 1,537,244 | | |
| 8,238,301 | |
Cash and cash equivalents, end of period | |
$ | 1,119,004 | | |
$ | 2,911,682 | |
| |
| | | |
| | |
Non-cash investing and financing activities | |
| | | |
| | |
Shares issued for business acquisition | |
$ | - | | |
$ | 5,530,666 | |
Note receivable settled for business acquisition | |
| - | | |
| 504,938 | |
Deferred consideration payable for business acquisition | |
| - | | |
| 481,750 | |
Conversion of preferred shares into common shares | |
| 57,287 | | |
| - | |
Conversion of holdback Series C Preferred Stock into common stock | |
| 32,762 | | |
| - | |
Issuance of common stock upon cashless exercise Series F warrants | |
| 6,122 | | |
| - | |
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 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 Splits
January 2024 Reverse Stock Split
On January 26, 2024, the Company filed a
certificate of amendment to its amended and restated certificate of incorporation to effect, as of 5:00 p.m. January 26, 2024,
a 1-for-12
reverse split of the Company’s common stock (the “January 2024 Reverse Stock Split”). The Company’s common
stock began trading on a reverse stock split-adjusted basis on The Nasdaq Capital Market (“Nasdaq Capital Market” or
“Nasdaq”) on January 29, 2024.
See Note 15, Subsequent Events for further details
of the January 2024 Reverse Stock Split.
February 2023 Reverse Stock Split
On February 9, 2023, the Company filed a certificate
of amendment to its amended and restated certificate of incorporation to effect, as of 5:00 p.m. February 9, 2023, a 1-for-20 reverse split of the Company’s common stock (the “February 2023 Reverse Stock Split”). The Company’s common stock began
trading on a reverse stock split-adjusted basis on The Nasdaq Capital Market on February 10, 2023.
The Reverse Stock Splits were implemented for the
purpose of regaining compliance with the minimum bid price requirement for continued listing of the Company’s common stock on the
Nasdaq Capital Market.
Unless otherwise indicated, all authorized, issued, and outstanding stock
and per share amounts contained in the accompanying condensed consolidated financial statements have been adjusted to reflect both the
1-for-20 Reverse Stock Split on February 9, 2023 and the 1-for-12 Reverse Stock Split on January 26, 2024. The February 2023 Reverse Stock
Split and the January 2024 Reverse Stock Split are collectively referred to herein as the “Company Reverse Stock Splits”.
NOTE
2. LIQUIDITY AND GOING CONCERN
On
October 4, 2023, the Company raised approximately $4.38 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 $3.79 million.
Refer to Note 10 for details.
The
Company incurred a net loss of $1,969,641 and $4,394,845 (after losses attributable to non-controlling interest) for the three and
six months ended December 31, 2023, respectively (net loss of $420,600 and $1,628,893 for the three and six months ended December
31, 2022, respectively). As of December 31, 2023, the Company has shareholders’ equity of $3,154,234, a working capital deficit
of $2,238,430, and an accumulated deficit of $46,202,418.
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 seeks 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 December 31, 2023, of $1,119,004, 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.
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 and six months ended December 31, 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 stock splits 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 stock splits 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 the
related 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 value 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 a 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 expenses 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 that 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 the good or service deliverable.
Financial
information presented on a consolidated basis is accompanied by disaggregated information about revenue and other income by product
type 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” or “IFPG segment”) |
|
2) |
Development
Stage Saliva Glucose Biosensor Platform (“SGBP” or “SGBP segment”) |
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 three and six months ended December 31, 2023 and
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
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Sales of goods - cartridges | |
$ | 330,949 | | |
$ | 214,361 | | |
$ | 711,008 | | |
$ | 214,361 | |
Sales of goods - readers | |
| 285,889 | | |
| 103,188 | | |
| 524,691 | | |
| 103,188 | |
Other sales | |
| 147,225 | | |
| 39,130 | | |
| 324,458 | | |
| 39,130 | |
Total revenue | |
$ | 764,063 | | |
$ | 356,679 | | |
$ | 1,560,157 | | |
$ | 356,679 | |
Other
income
The
other income is mainly comprised of grant income and Research & 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 (“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.
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 deduct 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 $561,130 and $646,116 was recognized as a reduction to the CIP asset on the consolidated balance sheets
as of December 31, 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 December 31, 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
of 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 $44,759 and $78,282 deferred grant income
was recognized within other income during the three and six months ended December 31, 2023, respectively. Deferred grant income recognized
within other income during the three and six months ended December 31, 2022, was $38,139 and $98,552, 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 when it is probable that the amount
will be recovered in full through a future claim. A total of $108,445 and $184,793 of R&D tax refund income was recognized in other
income during the three and six months ended December 31, 2023, respectively. R&D tax refund income was $231,486 and $482,393 during
the three and six months ended December 31, 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
gain of $75,133
and $57,117
for the three and six months ended December 31, 2023, respectively. Foreign currency movements resulted in a gain of $361,597 and
$226,038 for
the three and six months ended December 31, 2022, respectively.
Income
taxes
In
accordance with the provisions of 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 December 31, 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 equivalents
The
Company considers all highly liquid investments with a maturity of 90 days or less 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 December
31, 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 December 31, 2023, and June
30, 2023, were $659,157 and $1,114,687, respectively. No losses have been incurred to date on any deposits.
Inventories, net
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.
Based upon the assessment of these factors, the Company recognized a bad debt expense of $22,918 during the three
and six months ended December 31, 2022. No bad debt expense was recognized during the three and six months ended December 31, 2023.
Property,
Plant and Equipment (PPE) & Construction in Progress (CIP)
In
accordance with the ASC 360, Property, Plant, and Equipment, the Company’s PPE, except land, is stated at cost net of accumulated
depreciation and impairment losses, if any. Land is stated at cost less any impairment losses. 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. The Company did not recognize any
impairments of long-lived assets during the three and six months ended December 31, 2023 and 2022.
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 its 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.
Recently
issued accounting pronouncements
The
Company assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board (“FASB”)
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 adopted during 2024 that
impacted the Company.
Pending
adoption:
Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”)
In
November 2023, the FASB issued ASU 2023-07 to enhance disclosures about significant segment expenses. The amendments in this ASU require
a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim
periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The amendments
in this ASU also clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and provide new segment
disclosure requirements for entities with a single reportable segment. The ASU is effective for fiscal years beginning after December
15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted. The ASU is to be applied retrospectively
to all periods presented in the financial statements. The Company has not early adopted and continues to evaluate the impact of the provisions
of ASU 2023-07 on its unaudited condensed consolidated financial statements.
Income
Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”)
In
December 2023, the FASB issued ASU 2023-09 to enhance disclosures about income taxes. The amendments in this ASU require a public entity
to disclose in tabular format, using both percentages and reporting currency amounts, specific categories in the rate reconciliation
and to provide additional information for reconciling items that meet a quantitative threshold. The amendments in this ASU also require
taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes and further disaggregated for specific
jurisdictions to the extent the related amounts exceed a quantitative threshold. The ASU is effective for fiscal years beginning after
December 15, 2025, with early adoption permitted. The ASU is to be applied prospectively upon adoption. The Company has not early adopted
and continues to evaluate the impact of the provisions of ASU 2023-09 on its unaudited condensed consolidated financial statements.
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, Financial Services Compensation 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
ASC
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 and six months ended December 31, 2023 and 2022.
The
following tables set 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.
A)
Revenue
SCHEDULE
OF REVENUE AND OTHER INCOME SEGMENT
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended December 31, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 655,448 | | |
$ | — | | |
$ | 655,448 | |
Australia | |
| 16,805 | | |
| — | | |
| 16,805 | |
Other | |
| 91,810 | | |
| — | | |
| 91,810 | |
Total Revenue | |
$ | 764,063 | | |
$ | — | | |
$ | 764,063 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended December 31, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 305,365 | | |
$ | — | | |
$ | 305,365 | |
Other | |
| 51,314 | | |
| — | | |
| 51,314 | |
Total Revenue | |
$ | 356,679 | | |
$ | — | | |
$ | 356,679 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Six Months Ended December 31, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 1,410,598 | | |
$ | — | | |
$ | 1,410,598 | |
Australia | |
| 24,887 | | |
| — | | |
| 24,887 | |
Other | |
| 124,672 | | |
| — | | |
| 124,672 | |
Total Revenue | |
$ | 1,560,157 | | |
$ | — | | |
$ | 1,560,157 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Six Months Ended December 31, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 305,365 | | |
$ | — | | |
$ | 305,365 | |
Other | |
| 51,314 | | |
| — | | |
| 51,314 | |
Total Revenue | |
$ | 356,679 | | |
$ | — | | |
$ | 356,679 | |
B)
Other
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended December 31, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 91,587 | | |
$ | 91,587 | |
United Kingdom | |
| 61,617 | | |
| — | | |
| 61,617 | |
Total Government Support Income | |
$ | 61,617 | | |
$ | 91,587 | | |
$ | 153,204 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended December 31, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 162,068 | | |
$ | 162,068 | |
United Kingdom | |
| 107,557 | | |
| — | | |
| 107,557 | |
Total Government Support Income | |
$ | 107,557 | | |
$ | 162,068 | | |
$ | 269,625 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Six Months Ended December 31, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 156,137 | | |
$ | 156,137 | |
United Kingdom | |
| 106,938 | | |
| — | | |
| 106,938 | |
Total Government Support Income | |
$ | 106,938 | | |
$ | 156,137 | | |
$ | 263,075 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Six Months Ended December 31, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 473,388 | | |
$ | 473,388 | |
United Kingdom | |
| 107,557 | | |
| — | | |
| 107,557 | |
Total Government Support Income | |
$ | 107,557 | | |
$ | 473,388 | | |
$ | 580,945 | |
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:
| |
December 31, 2023 | | |
June 30, 2023 | |
Australia | |
$ | 658,925 | | |
$ | 761,220 | |
United Kingdom | |
| 365,110 | | |
| 475,430 | |
Total | |
$ | 1,024,035 | | |
$ | 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-Company Reverse Stock Splits):
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 of the capital
stock of IFP, and as consideration therefore, the Company issued and sold to the IFP Sellers upon the closing of the IFP Acquisition
(the “IFP Closing”) an aggregate number of 12,347 (as
adjusted for Company Reverse Stock Splits) 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 were reserved for potential future issuance by the Company, consisting of (i) 500,000 shares
of Series C Preferred Stock, that were 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 was
convertible into 0.15 shares
of common stock at the time of conversion (after giving effect to the February 2023 Reverse Stock Split, but not the January 2024 Reverse Stock Split), which was contingent upon approval by the Company’s stockholders that was obtained
on May 8, 2023.
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 remained outstanding following 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 was 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 was convertible into shares of IFP, which shares of IFP would then be immediately transferred to the Company in
exchange for shares of Series C Preferred Stock that were 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 bore 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 had 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. The last of the Company Stockholder Approval Matters were approved at a special meeting of the Company’s stockholders
(the “Special Meeting”) on May 8, 2023.
Each
share of Series C Preferred Stock (other than the IFP Lender Preferred Shares) automatically converted 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
converted 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. The number of shares of common stock into which
the Series C Preferred Stock was convertible was 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 (but not the January 2024 Reverse Stock Split), each share of Series C Preferred Stock
was 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.
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.
At the Special Meeting on May 8, 2023, 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 43,902
shares of common stock (as adjusted for Company Reverse Stock Splits).
The 500,000 “Closing
Holdback Shares” were shares of Series C Preferred Stock that were 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. Effective one year
after the IFP Closing, the 500,000 Closing
Holdback Shares were issued and immediately converted into an aggregate of 6,248 shares
of common stock (as adjusted for Company Reverse Stock Splits).
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 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 December 31, 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 December 2023, the six months ended December 2023 and
the three months ended December 2022 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 six months ended December 31, 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 | |
| |
Six Months Ended December 31, 2022 | |
| |
As Reported | | |
Pro Forma | |
Revenue | |
$ | 356,679 | | |
$ | 704,165 | |
Net loss | |
$ | (1,641,149 | ) | |
$ | (2,882,704 | ) |
Net loss attributable to Intelligent Bio Solutions Inc. | |
$ | (1,628,893 | ) | |
$ | (2,870,448 | ) |
Net loss per share, basic and diluted | |
$ | (23.65 | ) | |
$ | (41.68 | ) |
NOTE
6. INVENTORIES, NET
Inventories
consist of the following:
SCHEDULE
OF INVENTORIES
| |
December 31, 2023 | | |
June 30, 2023 | |
Work-in-progress | |
$ | — | | |
$ | 419,889 | |
Finished goods | |
| 1,211,565 | | |
| 757,518 | |
Less: provision for inventory obsolescence | |
| (269,515 | ) | |
| (197,500 | ) |
Inventory, net | |
$ | 942,050 | | |
$ | 979,907 | |
NOTE
7. INTANGIBLE ASSETS, NET
Intangible
assets, net consist of the following as of December 31, 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 | | |
$ | 645,187 | | |
$ | 1,175,008 | | |
$ | 4,589,179 | |
Customer relationships | |
| 3 years | | |
| 252,000 | | |
| 31,761 | | |
| 118,234 | | |
| 165,527 | |
Trade names and trademarks | |
| Indefinite | | |
| 92,000 | | |
| 11,595 | | |
| — | | |
| 103,595 | |
Total intangible assets | |
| | | |
$ | 5,463,000 | | |
$ | 688,543 | | |
$ | 1,293,242 | | |
$ | 4,858,301 | |
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 and six months ended December 31, 2023, was $267,259
and $442,460,
respectively. Expenses related to the amortization of intangible assets for the three and six months ended December 31, 2022, was
$340,022 and $340,022 respectively.
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 | |
$ | 446,353 | |
2025 | |
| 892,705 | |
2026 | |
| 821,765 | |
2027 | |
| 798,118 | |
2028 | |
| 798,118 | |
Thereafter | |
| 997,647 | |
Total | |
$ | 4,754,706 | |
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
The Company assumed a non-cancelable operating lease agreement in relation to IFP Acquisition on October 4, 2022. Additionally, the Company
also 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
components of lease expense are as follows:
SCHEDULE
OF LEASE EXPENSES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Amortization of operating lease right-of-use assets | |
$ | 58,867 | | |
$ | 48,623 | | |
$ | 118,829 | | |
$ | 48,623 | |
Interest on operating lease liabilities | |
| 19,147 | | |
| 22,448 | | |
| 40,318 | | |
| 22,448 | |
Total lease costs | |
$ | 78,014 | | |
$ | 71,071 | | |
$ | 159,147 | | |
$ | 71,071 | |
As
of December 31, 2023, the weighted average remaining lease-term and discount rate on the Company’s leases were 1.8 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 December 31, 2023, is as follows:
SCHEDULE
OF MATURITIES OF OPERATING LEASES TO OPERATING LEASE LIABILITIES
| |
| | |
Remainder of 2024 | |
$ | 150,243 | |
2025 | |
| 312,661 | |
2026 | |
| 85,195 | |
Total lease payments | |
| 548,099 | |
Less: present value discount | |
| (68,638 | ) |
Lease liabilities | |
$ | 479,461 | |
NOTE
10. SHAREHOLDERS’ EQUITY
As
of December 31, 2023, there were warrants outstanding to purchase 9,263,437 shares
of common stock (without giving effect to the January 2024 Reverse Stock Split), held by certain shareholders. Each warrant
initially represented the right to purchase one share of the Company’s common stock, subject to adjustment upon the occurrence
of specified events including reverse stock splits.
Following
the January 2024 Reverse Stock Split, through which a 1-for-12 reverse split was effected, the number of
warrants outstanding to purchase shares of common stock was reduced to approximately 771,956 (subject to rounding).
On
October 4, 2023, the Company completed an underwritten public offering of its securities in the form of units (the “October
2023 Offering”) consisting a total of 2,232,221 shares
(186,018
shares post January 2024 Reverse Stock Split) of common stock, 5,728,723 shares
of the Company’s Series E Convertible Preferred Stock (each share of Series E Preferred Stock is convertible into one share
the Company’s common stock (1/12 share post January 2024 Reverse Stock Split)), (“Series E Preferred Stock”), 7,960,944 warrants
(663,412
warrants post January 2024 Reverse Stock Split) 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
(663,412
warrants post January 2024 Reverse Stock Split) 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 consisted of one share of common stock (1/12 share post January 2024 Reverse Stock Split) (or one
share of Series E 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 $4.38 million.
Net proceeds to the Company, after deducting the underwriting discounts and commissions and estimated offering expenses payable by
the Company, were approximately $3.79 million.
The original exercise price of the Series E Warrants was $0.55 per share
($6.60 post-Company Reverse Stock Splits) which was subject to a one-time reset to a price equal to the lesser of (i) the then exercise
price and (ii) 90% of the five-day volume weighted average price for the five trading days immediately following the date the Company
effects a reverse stock split. As a result of the January 2024 Reverse Stock Split, the exercise price of the Series E Warrants was reset
to $2.9232 per share. The original exercise price of the Series F Warrants was $0.55 per share ($6.60 post-Company Reverse Stock Splits),
but is subject to an alternate cashless exercise option pursuant to which the holder has the right to receive an aggregate number of shares
of Common Stock on a one-for-one basis (one-for-1/12 post-Company Reverse Stock Splits) (subject to adjustment).
The
Company also agreed to issue to the Underwriters, warrants to purchase up to 5.0%
of the shares of common stock (or common stock equivalents) sold in the October 2023 Offering (which equaled
shares of Common Stock (33,171
shares post January Reverse Stock Split)). These warrants have an exercise price of $0.6875
per share ($8.25
post January 2024 Reverse Stock Split) and will terminate on October 2, 2028.
Also on October 4, 2023, following the
one-year anniversary of the IFP Acquisition, the Company issued 74,971
(6,248
shares post January 2024 Reverse Stock Split) shares of common stock to the IFP Sellers in connection with the release of the 500,000
Closing Holdback Shares, which consisted of Series C Preferred Stock that were then immediately converted to common stock at a rate
of 0.15 shares
(0.0125
shares post-Company Reverse Stock Splits) of common stock per share of Series C Preferred Stock. See Note 5 for further detail of
the IFP Acquisition.
Subsequent
to the October 2023 Offering, all 5,728,723
shares of the outstanding Series E Preferred Stock were converted into an aggregate of 5,728,723
shares (477,394 post-Company Reverse Stock Splits) of common stock. Additionally, the Company issued 7,346,178 shares
(612,182 post-Company Reverse Stock Splits) of common stock pursuant in connection with the cashless exercise of the Company’s
Series F Warrants.
NOTE
11. FAIR VALUE MEASUREMENTS
The
Company held back 500,000 Series
C Preferred Stock (Closing Holdback Shares), from the IFP Sellers for one year after the IFP Closing to secure potential
indemnification claims by the Company against the IFP Sellers. Each share of Series C Preferred Stock was convertible
into 0.0125
shares of common stock (as adjusted for January 2024 Reverse Stock Split).
Effective
one year after the IFP Closing, the 500,000 Closing Holdback Shares were issued and immediately converted into an aggregate of 6,248
shares of common stock (as adjusted for January 2024 Reverse Stock Split).
See
Note 5 for further information and disclosures relating to the conversion of the Series C Preferred Stock, including the Closing Holdback Shares.
The
following table provides a reconciliation of the beginning and ending balance of the Closing Holdback Shares (in the form of Series C Preferred Stock) measured at fair value
on a recurring basis during the period:
SCHEDULE
OF CLOSING HOLDBACK SHARES OF SERIES C 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 | |
Fair value gain on revaluation of holdback Series C Preferred Stock | |
| (44,488 | ) |
Conversion of holdback Series C Preferred Stock into Common Stock | |
| (32,762 | ) |
Balance at December 31, 2023 | |
$ | — | |
The
Company did not have assets or liabilities carried at fair value using Level 1 or Level 3 inputs during the three and six months
ended December 31, 2023 and 2022.
The Company has not transferred any assets between fair value measurement
levels during the three and six months ended December 31, 2023 and 2022.
NOTE
12. RELATED PARTY TRANSACTIONS
LSBD
Sales
to and purchases from related parties are made at arm’s length transaction both at normal market prices and on normal commercial
terms.
As
of December 31, 2023 and June 30, 2023, $0 and $8,714, respectively, remain payable to LSBD in relation to overhead reimbursements.
October 2023 Offering
Spiro Sakiris, our Chief Financial Officer,
purchased 112,727 units on the same terms as the other purchasers in the October 2023 Offering. Mr. Christopher Towers, a member of our Board
of Directors (the “Board”), purchased 9,090 units on the same terms as the other purchasers in the Public Offering. Each unit consisted of one share of common
stock, one Series E Warrant and one Series F Warrant.
NOTE
13. COMMITMENTS AND CONTINGENCIES
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 after adjusting for the February 2023 Reverse Stock Split, and the January
2024 Reverse Stock Split. 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.
SCHEDULE
OF EARNINGS PER SHARE BASIC AND DILUTED
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss attributable to Intelligent Bio Solutions Inc. | |
| (1,969,641 | ) | |
| (420,600 | ) | |
| (4,394,845 | ) | |
| (1,628,893 | ) |
Basic and diluted net loss per share attributed to common shareholders | |
| (2.07 | ) | |
| (5.56 | ) | |
| (7.68 | ) | |
| (23.65 | ) |
Weighted-average number of shares outstanding | |
| 949,660 | | |
| 75,690 | | |
| 571,930 | | |
| 68,866 | |
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:
Post-Consolidated
Company Reverse Stock Split: Anti-dilutive warrants and preferred stock
SCHEDULE
OF ANTI-DILUTIVE WARRANTS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Warrants- Series A | |
| 5,839 | | |
| 5,839 | | |
| 5,839 | | |
| 5,839 | |
Warrants- Series B | |
| 218 | | |
| 218 | | |
| 218 | | |
| 218 | |
Private Placement Warrants (Dec 22) | |
| 2,207 | | |
| 2,207 | | |
| 2,207 | | |
| 2,207 | |
Warrants Issued to Winx Capital Pty Ltd | |
| 111 | | |
| 111 | | |
| 111 | | |
| 111 | |
Warrants Issued to Underwriters (IPO) | |
| 265 | | |
| 265 | | |
| 265 | | |
| 265 | |
Pre-IPO Warrants | |
| - | | |
| 11,403 | | |
| - | | |
| 11,403 | |
Preferred Stock (Series C) | |
| - | | |
| 9,846 | | |
| - | | |
| 9,846 | |
Preferred Stock (Series D) | |
| - | | |
| 736 | | |
| - | | |
| 736 | |
Warrants Issued to LSBD | |
| 12,500 | | |
| 12,500 | | |
| 12,500 | | |
| 12,500 | |
Warrants-Common Stock (March 23 public raise) | |
| 273 | | |
| - | | |
| 273 | | |
| - | |
Series E Warrants | |
| 663,412 | | |
| - | | |
| 663,412 | | |
| - | |
Series F Warrants | |
| 51,231 | | |
| - | | |
| 51,231 | | |
| - | |
Underwriters Warrants (March 23 public raise) | |
| 2,729 | | |
| - | | |
| 2,729 | | |
| - | |
Underwriters Warrants (October 2023 Offering) | |
| 33,171 | | |
| - | | |
| 33,171 | | |
| - | |
Anti-dilutive securities | |
| 33,171 | | |
| - | | |
| 33,171 | | |
| - | |
NOTE
15. SUBSEQUENT EVENTS
Warrant Inducement Transaction
On February 4, 2024, the
Company entered into warrant inducement agreements (the “Inducement Agreements”) with certain accredited and institutional
holders (collectively, the “Holders”) of the Company’s outstanding Series E Warrants issued on October 4, 2023 (the
“Series E Warrants”). Pursuant to the Inducement Agreements, each Holder that exercised its Series E Warrants pursuant to
the Inducement Agreement received one (1) replacement warrant (a “Series G Warrant”) for each Series E Warrant exercised.
The Series E Warrants had an exercise price of $2.9232 per share. The Series G Warrants are exercisable immediately upon issuance, expire
on the five and one half (5.5) year anniversary of the date of issuance, and have an initial exercise
price equal to $4.50 per share.
The closing took place on February 7, 2024. Gross
proceeds to the Company from the exercise of the Series E Warrants was approximately $1.77 million, prior to deducting closing costs and
placement agent fees. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.
As a result of the Holders exercising the Series E
Warrants, the Company issued an aggregate of 606,064 shares of common stock.
January 2024 Reverse Stock Split
At the annual meeting of the Company’s stockholders
held on December 13, 2023, the stockholders of the Company approved an amendment to the Company’s amended and restated certificate
of incorporation (the January 2024 Amendment) to effect a reverse stock split at a ratio of not less than l-for-2 and not more than l-for-12
at any time within 12 months following the date of stockholder approval, with the exact ratio to be set within this range by the Board at its sole discretion without further approval or authorization of the Company’s stockholders.
Pursuant to such authority granted by the Company’s stockholders, on January 26, 2024, the Board approved a l-for-12 reverse stock
split (the “January 2024 Reverse Stock Split”) of the Company’s common stock and the filing of the Amendment to effectuate
the Reverse Stock Split.
On January 26, 2024, the Company filed the January
2024 Amendment to effect 1-for-12 reverse stock split of the Company’s common stock. The January 2024 Reverse Stock Split was effective
at 5 p.m., Eastern Time, on January 26, 2024, at which time every twelve shares of the Company’s issued and outstanding common stock
were automatically combined into one issued and outstanding share of common stock. No fractional shares were issued as a result of the
January 2024 Reverse Stock Split. Stockholders of record who would otherwise be entitled to receive a fractional share are entitled to
the rounding up of the fractional share to the nearest whole number. The par value of the Company’s common stock and the number
of authorized shares of the common stock were not affected by the January 2024 Reverse Stock Split. The Company’s common stock began
trading on a reverse stock split-adjusted basis on The Nasdaq Capital Market on January 29, 2024.
As a result of the January 2024 Reverse Stock Split,
the number of shares of common stock outstanding was reduced from approximately 17,930,673
shares (excluding treasury shares) as of January 25, 2024, to approximately 1,494,223
shares (excluding treasury shares, and subject to the rounding up of fractional shares), and the number of authorized shares of common
stock remained 100
million shares. In order to reflect the January 2024 Reverse Stock Split, proportionate adjustments were made to the per share
exercise price and/or the number of shares issuable upon the exercise or vesting of all outstanding stock options, restricted stock unit
awards and warrants, which will result in a proportional decrease in the number of shares of the Company’s common stock reserved
for issuance upon exercise or vesting of such stock options, restricted stock unit awards and warrants, and, in the case of stock options
and warrants, a proportional increase in the exercise price of all such stock options and warrants. Proportionate adjustments were also
made to the number of treasury shares.
Subsequent to the quarter ended December 31, 2023, through to February 7, 2024, a total of 218,181 Series F warrants were converted into
common stock (18,182 shares post January 2024 Reverse Stock Split).
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 December 31, 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, fingerprint sweat-based diagnostic testing products
designed to detect drugs of abuse including opiates, 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 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 (“APAC 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 finger pricking invasive 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 including the modalities of clinical chemistry, immunology, tumor
markers, allergens, and endocrinology.
We
are party to following technology license agreements:
● SGT -
The Amended and Restated License Agreement dated September 12, 2019, which amends and restates all previous license agreements (the
“SGT License Agreement”) is limited to the APAC Region.
● COV2 -
The technology license agreement dated June 23, 2020 (the “COV2 License Agreement”), for COV2 diagnostic test
globally.
In
addition to above, we have 50% equity interest in BiosensX (North America) Inc., which has a separate technology license agreement with
the Licensor covering glucose/diabetes management field in the North America Territory.
SGT
License Agreement - On September 12, 2019, we entered into an Amended and Restated Technology License Agreement, or the “SGT
License Agreement,” with the LSBD amending and restating all the previous SGT license agreements with LSBD. The SGT License Agreement
sets forth our contractual rights and responsibilities relating to the Licensed Products in the APAC Region. The “Licensed Products”
are products consisting of a biosensor strip and smart device application or dedicated reader device that use the biosensor technology
owned by the Licensor relating to measuring, or otherwise determining, the amount or concentration of glucose, and the existence of biological
markers of cancer, allergy/immunology and hormones, in a bodily fluid. The Licensed Products only include products that are supplied
by an authorized supplier. We do not currently intend to manufacture the Licensed Products in-house.
COV2
License Agreement - On June 23, 2020, we entered into a COV2 License Agreement with LSBD. The COV2 License Agreement sets forth our
contractual rights and responsibilities relating to the COV2 Products. The “COV2 Products” include: (i) a biosensor strip
for antibodies against SARS-CoV-2; (ii) a proprietary smartphone application for the purpose reading, storing, analyzing and providing
patient support programs for any one or more of the indicators for the purpose of measuring the amount or concentration of immunoglobulins
(IgG, IgM, IgA) specific to severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2); and/or (iii) a dedicated sensor strip reading
device for any one or more of the indicators for the purpose of measuring the amount or concentration of immunoglobulins (IgG, IgM, IgA)
specific to severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The COV2 Products only include products that are supplied by
an authorized supplier.
Highlights
of Achievements
Our
major highlights of achievements through the quarter ended December 31, 2023:
|
● |
On
October 4, 2023, the Company raised approximately $4.38 million, prior to deducting underwriting discounts, 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 $3.79 million.
This capital will allow the business to fund ongoing operations. |
|
● |
On
October 24, 2023, the Company announced its expansion into the New Zealand market, expanding its global footprint and extending the
reach of its drug screening product. Expansion into New Zealand demonstrates the Company’s ability to introduce its product
in new markets. The Company aims to continue growth in new markets, offering an alternative and innovative solution that places a
strong emphasis on operational efficiency, fitness for duty, employee privacy and dignity. |
|
● |
During
the quarter, we announced new partnerships with VKVP Haulage, State Road Constructions, Titan Cranes and Rigging Pty Ltd. and P&O
Ferries. Additionally, the Company reported the successful completion of 25,000 Intelligent Fingerprinting tests by its existing
customer, Auctus Management Group. These new customer contracts demonstrate the growing demand for the Company’s innovative
drug screening product across a wide range of organizations and industries. The Company looks to continue this momentum and expand
its customer base as its drug screening product becomes more established in the market. |
|
● |
In December 2023, the National Association of Testing Authorities (NATA)
accredited the Company’s laboratory partner, Racing Analytical Services Limited (RASL), to perform its fingerprint confirmatory
drug testing procedure. This accreditation serves as an independent benchmark for technical validation, demonstrating the Company’s
commitment to product quality, safety, and reliability for its customers. This achievement positions INBS as a trusted and reliable partner,
catering to the evolving compliance and safety needs of organizations across Asia-Pacific and beyond. The Company is committed to expanding
awareness of its commitment to excellence and the high quality of its drug screening product. |
Results
of Operations
Comparison
of the Three and Six Months Ended December 31, 2023 and 2022
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue | |
$ | 764,063 | | |
$ | 356,679 | | |
$ | 1,560,157 | | |
$ | 356,679 | |
Cost of revenue (exclusive of amortization shown separately below) | |
| (564,815 | ) | |
| (112,635 | ) | |
| (1,128,578 | ) | |
| (112,635 | ) |
Gross profit | |
| 199,248 | | |
| 244,044 | | |
| 431,579 | | |
| 244,044 | |
| |
| | | |
| | | |
| | | |
| | |
Other income: | |
| | | |
| | | |
| | | |
| | |
Government support income | |
| 153,204 | | |
| 269,625 | | |
| 263,075 | | |
| 580,945 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses | |
| (1,705,044 | ) | |
| (2,245,289 | ) | |
| (4,162,104 | ) | |
| (3,695,707 | ) |
Development and regulatory approval expenses | |
| (348,452 | ) | |
| (1,191 | ) | |
| (452,399 | ) | |
| (80,465 | ) |
Depreciation and amortization | |
| (290,313 | ) | |
| (398,156 | ) | |
| (597,873 | ) | |
| (398,156 | ) |
Total operating expenses | |
| (2,343,809 | ) | |
| (2,644,636 | ) | |
| (5,212,376 | ) | |
| (4,174,328 | ) |
Loss from operations | |
| (1,991,357 | ) | |
| (2,130,967 | ) | |
| (4,517,722 | ) | |
| (3,349,339 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (32,468 | ) | |
| (76,767 | ) | |
| (69,916 | ) | |
| (77,832 | ) |
Realized foreign exchange loss | |
| (555 | ) | |
| (13,901 | ) | |
| (555 | ) | |
| (16,148 | ) |
Fair value gain on revaluation of financial instrument | |
| 44,488 | | |
| 1,793,091 | | |
| 175,738 | | |
| 1,793,091 | |
Interest income | |
| 3,509 | | |
| 1,473 | | |
| 3,648 | | |
| 9,079 | |
Total other income | |
| 14,974 | | |
| 1,703,896 | | |
| 108,915 | | |
| 1,708,190 | |
Net loss | |
| (1,976,383 | ) | |
| (427,071 | ) | |
| (4,408,807 | ) | |
| (1,641,149 | ) |
Net loss attributable to non-controlling interest | |
| (6,742 | ) | |
| (6,471 | ) | |
| (13,962 | ) | |
| (12,256 | ) |
Net loss attributable to Intelligent Bio Solutions Inc. | |
$ | (1,969,641 | ) | |
$ | (420,600 | ) | |
$ | (4,394,845 | ) | |
$ | (1,628,893 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive income, net of tax: | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation gain | |
$ | 75,133 | | |
$ | 361,597 | | |
$ | 57,117 | | |
$ | 226,038 | |
Total other comprehensive income | |
| 75,133 | | |
| 361,597 | | |
| 57,117 | | |
| 226,038 | |
Comprehensive loss | |
| (1,901,250 | ) | |
| (65,474 | ) | |
| (4,351,690 | ) | |
| (1,415,111 | ) |
Comprehensive loss attributable to non-controlling interest | |
| (6,742 | ) | |
| (6,471 | ) | |
| (13,962 | ) | |
| (12,256 | ) |
Comprehensive loss attributable to Intelligent Bio Solutions Inc. | |
$ | (1,894,508 | ) | |
$ | (59,003 | ) | |
$ | (4,337,728 | ) | |
$ | (1,402,855 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share, basic and diluted* | |
$ | (2.07 | ) | |
$ | (5.56 | ) | |
$ | (7.68 | ) | |
$ | (23.65 | ) |
Weighted average shares outstanding, basic and diluted* | |
| 949,660 | | |
| 75,690 | | |
| 571,930 | | |
| 68,866 | |
* |
|
Common
stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse
stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the
condensed consolidated financial statement unless otherwise stated. |
Revenue
Sales
of goods
Revenue
from sales of goods increased by $407,385 from $356,679 to $764,064 for the quarter ended December 31, 2023, compared to same period
in 2022. This is due to the expansion of the customer base, both in the pre-existing markets and expansion into new regions. We expect
this trend to continue as we expand into new markets in the future.
Revenue
from sales of goods increased by $1,203,478 from $356,679 to $1,560,157 for the six months ended December 31, 2023, compared to same
period in 2022. This is due to the acquisition of IFP on October 4, 2022 following which the revenue started to grow. The overall revenue
increase is attributable to the expansion of the customer base as noted above.
Revenue
from the IFPG segment relates to the sale of readers, cartridges and accessories and is summarized as follows:
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Sales of goods – cartridges | |
$ | 330,949 | | |
$ | 214,361 | | |
$ | 711,008 | | |
$ | 214,361 | |
Sales of goods – readers | |
| 285,889 | | |
| 103,188 | | |
| 524,691 | | |
| 103,188 | |
Other sales | |
| 147,225 | | |
| 39,130 | | |
| 324,458 | | |
| 39,130 | |
Total revenue | |
$ | 764,063 | | |
$ | 356,679 | | |
$ | 1,560,157 | | |
$ | 356,679 | |
Cost
of revenue
Cost of revenue increased by $452,180 from $112,635
to $564,815 for the quarter ended December 31, 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. This is in line with expectations, as we grow the business
and expand into new markets, which will drive revenue growth.
Cost of revenue increased by $1,015,943 from $112,635
to $1,128,578 for the six months ended December 31, 2023, compared to same period in 2022. The increase in cost of revenue is driven by the increase in revenue.
Gross profit
Gross profit is primarily attributable to the IFPG
segment.
Gross profit decreased by $44,796 from $244,044 to
$199,248 for the quarter ended December 31, 2023, compared to same period in 2022. This has been driven by increased direct costs in establishing
our product in the new market and acquiring new customers. We expect gross profit margin to stabilize as the business expands its customer
base in existing and new markets.
Gross
profit increased by $ 187,535 from $244,044 to $431,579 for the six months ended December 31, 2023, compared to same period in 2022.
This is due to the growth in revenue due to expansion of the customers base, offset by the increased direct costs of establishing
our product in new markets and acquiring new customers.
Government
support income
Government
support income in the IFPG and SGBP segments decreased by $116,421 from $269,625 to $153,204 for the quarter ended December 31, 2023,
compared to same period in 2022. This decrease was primarily attributable to timing of amount spent on qualifying research and development
expenditure for research and development government subsidies.
Government
support income in the IFPG and SGBP segment decreased by $317,870 from $580,945 to $263,075 for the six months ended December 31,
2023, compared to same period in 2022. This decrease was primarily attributable to timing of the amount spent on qualifying research
and development expenditure for research and development government subsidies.
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 decreased by $540,245 to $1,705,044 from $2,245,289 for the quarter ended December 31, 2023, compared
to the same period in 2022. This is a result of improvements in the business as we seek to streamline the IFP business following the
acquisition in the prior period and improve our fiscal performance by focusing on improving the cost efficiency of the combined businesses.
General
and administrative expenses increased by $466,397 to $4,162,104 from $3,695,707 for the six months ended December 31, 2023, compared
to the same period in 2022. This is largely due to the effects of acquisition of IFP, as results of operations of IFP were
consolidated in the current period from October 4, 2023 and therefore the associated costs were not included for over half of this
reporting period.
As
the Company’s operating activities increase, we expect its 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. We aim to ensure that
our cost efficiency is increased over the same period whilst we streamline the businesses, delivering increased value for investors.
Development and regulatory approval expenses
Development and regulatory approval expenses increased
by $347,261 from $1,191 to $348,452 for the quarter ended December 31, 2023, compared to the same period in 2022. This increase is primarily
driven by amount spent on in-house research and development staff and timing of R&D work performed by the research partners engaged
by the business.
Development and regulatory approval expenses
increased by $371,934 from $80,465 from $452,399 for the six months ended December 31, 2023, compared to the same period in 2022.
This increase is primarily driven by amount spent on in-house research and development staff and timing of R&D work performed by
the research partners engaged by the business.
As the Company’s operating activities increase,
we expect its development and regulatory expenses to increase in future periods, as demonstrated by the results above.
Depreciation and amortization
Depreciation and amortization decreased by $107,843
from $398,156 to $290,313 for the quarter ended December 31, 2023, compared to same period in 2022. This is due to the re-evaluation of
the useful life of the technology assets acquired from IFP on October 4, 2022. The life of the technology assets was increased from 5
years to 7 years on April 1, 2023.
Depreciation and amortization increased by $199,717
from $398,156 to $597,873 for the six months ended December 31, 2023, compared to same period in 2022. This is due to the acquisition
of IFP and amortization of acquired Intangibles during the current period, offset by the revaluation of the useful life of technology
assets as noted above.
Other income and expenses
Interest expense
Interest expense decreased by $44,299 from $76,767
to $32,468 for the quarter ended December 31, 2023, as compared to the same period in 2022. This decrease was attributable to the conversion
of the convertible notes into common shares of the Company in May 2023.
Interest expenses decreased by $7,916 from $77,832
to $69,916 for the six months ended December 31, 2023, as compared to the same period in 2022. This decrease was attributable to the conversion
of the convertible notes into common shares of the Company in May 2023.
Realized
foreign exchange loss
Realized
foreign exchange loss decreased by $13,346 to $555 from a loss of $13,901 for the quarter ended December 31, 2023, compared to the same
period in fiscal 2022. This decrease was largely attributable to more favorable exchange rates while settling transactions in currencies
other than its functional currencies.
Realized foreign
exchange loss decreased by $15,593 to $555 from a loss of $16,148 for the six months ended December 31, 2023, compared to the same period
in fiscal 2022. This decrease was largely attributable to more favorable exchange rates while settling transactions in currencies other
than its functional currencies.
Fair
value movements through profit and loss
The
fair value gain decreased by $1,748,603 from $1,793,091 to $44,488 for the quarter ended December 31, 2023, as compared to the same period
in 2022. This is mainly due to revaluation gain on convertibles notes recorded during the quarter ended December 2022. The Company did
not record a fair value gain or loss during the quarter ended December 31, 2023 as the convertible notes were converted into common shares
in May 2023.
The
fair value gain decreased by $1,617,353 from $1,793,091 to $175,738 for the six months ended December 31, 2023 as compared to the same
period in 2022. This is due to the conversion of convertible notes of IFP into common shares of INBS as noted above.
Income
tax (expense) benefit
There
was no income tax expense for both the three and six months ended December 31, 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
Unrealized
foreign currency translation gain decreased by $286,464 from $361,597 to $75,133 for the quarter ended December 31, 2023, compared to
the same period in 2022. 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.
Unrealized
foreign currency translation gain decreased by $168,921 from $226,038 to $57,117 for the quarter ended December 31, 2023, compared to
the same period in 2022. 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 INBS increased by $1,549,041
from $420,600 to $1,969,641 for the quarter ended December 31, 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 convertible
notes Closing Holdback Shares of $ 1,793,091 during the same period in 2022.
Net loss attributable to INBS increased by $2,765,952
from $1,628,893 to $4,394,845 for the six months ended December 31, 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 convertible
notes and Closing Holdback Shares of $ 1,793,091 during the same period in 2022.
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 December 31, 2023, we had $1,119,004 in cash and cash equivalents and a working capital deficit
of $2,238,430.
The
Company expects that its cash and cash equivalents as of December 31, 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, the Company raised approximately $4.38 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 $3.79 million. Refer
to Note 10 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.
As of December 31, 2023, and June 30, 2023, we did not have any off-balance
sheet arrangements.
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 fiscal
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.
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 December 31, 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 December 31, 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 December 31, 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 formally documented policies and procedures
with respect to 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 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 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 to provide additional review over our disclosures;
●
We enhanced our controls to improve the preparation and review of complex accounting measurements, 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 have recruited and 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, to provide 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.
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 these 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, 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 to develop and
commercialize our products (including the SGT and planned applications of IFP Drug Screening System), we have relied primarily on
equity, debt financing and government support income. The Company expects that its cash and cash equivalents as of December 31,
2023, of $1,119,004, 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 December 31,
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 of issuance of these unaudited condensed consolidated financial statements. 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, if 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.
To
obtain the additional 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 half year ended December 31, 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 of 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 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. See Note 10, Shareholders’ Equity for further details of the October 2023 Offering.
We
may not be able to satisfy the continued listing requirements of the Nasdaq Capital Market in order to maintain the listing of our common
stock.
On November 16, 2023 the Company received a letter
(the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying
the Company that the minimum closing bid price per share for its common stock was below $1.00 for 30 consecutive business days preceding
the date of the Notice, and that the Company did not meet the $1.00 per share minimum bid price requirement set forth in Nasdaq Listing
Rule 5550(a)(2).
The Notice has no immediate effect on the listing
or trading of the Company’s common stock on the Nasdaq Capital Market.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the
Company had a compliance period of 180 calendar days, or until May 14, 2024 (the “Compliance Period”), to regain compliance
with Nasdaq’s minimum bid price requirement.
At our annual meeting of stockholders held on December
13, 2023 (the “Annual Meeting”), the stockholders of the Company approved an amendment to the Company’s amended and
restated certificate of incorporation (the “January Amendment”) to effect the reverse stock split at a ratio of not less than
1-for-2 and not more than l-for-12 at any time within 12 months following the date of stockholder approval, with the exact ratio to be
set within this range by the Company’s Board at its sole discretion without further approval or authorization of our stockholders.
The primary purpose of the reverse stock split was to increase the per share market price of its common stock.
Pursuant to the authority granted by the Company’s
stockholders, the Board approved a l-for-12 reverse stock split of the Company’s common stock and the filing of the January Amendment
to effectuate the reverse stock split. The Amendment was filed with the Secretary of State of the State of Delaware and the January 2024
Reverse Stock Split became effective at 5:00 p.m. Eastern Time on January 26, 2024, and the Company’s common stock began trading
on a reverse stock split-adjusted basis on The Nasdaq Capital Market on January 29, 2024.
Although the January 2024 Reverse Stock Split brought
the price of our common stock back above $1.00 per share in order to meet the requirements for the continued listing of our common stock
on the Nasdaq Capital Market, there can be no assurance that the closing bid price of our common stock will remain at or above $1.00 following
the January 2024 Reverse Stock Split. If we fail to satisfy the Nasdaq’s continued listing requirements, Nasdaq may take steps to
delist our common stock, which could have a materially adverse effect on our ability to raise additional funds as well as the price and
liquidity of our 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 December 31, 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.
We understand that the External Administrator
of LSBD (the Licensor of our SGT and COV2T products), pursuant to a creditors meeting held on July 21, 2023, sent notice to the creditors
on July 24, 2023, stating that LSBD has appointed a liquidator on July 21, 2023. Our understanding is that the ownership of the intellectual
property rights licensed by us reverts to the University of Newcastle. Accordingly, the Company plans to discuss the future licensing
of SGT products with the University of Newcastle. There is an inherent risk related to the possibility of modifications to our rights
to, or the Company’s ability to use, the Licensed Products, which could materially and adversely affect the Company’s business,
financial condition, and operating results.
We are party to the SGT License Agreement with LSBD, pursuant to which, among
other things, the Company licenses certain products from LSBD, and has a 50% interest in BiosensX (North America) Inc. which has exclusive
license to use, make, sell and offer to sell products under the intellectual property rights in connection with the Biosensor technology
and the glucose/diabetes management field in the United States, Mexico and Canada. According to the Australian Securities and Investment
Commission’s (ASIC’s), Companies and Organizations Register, on May 10, 2022, LSBD filed a Notice of Appointment of External
Administrator, followed by a filing of a Deed of Company Arrangement on the August 2, 2022.
We understand
that the External Administrator of LSBD (the Licensor of our SGT and COV2T products), pursuant to a creditors meeting held on July 21,
2023, sent notice to the creditors on July 24, 2023, stating that LSBD has appointed a liquidator on July 21, 2023. Our understanding
is that the ownership of the intellectual property rights licensed by us reverts to the University of Newcastle. Accordingly, the Company
plans to discuss the future licensing of the SGT products with the University of Newcastle. There is an inherent risk related to the
possibility of modifications to our rights to, or the Company’s ability to use, the Licensed Products, which could materially and
adversely affect the Company’s business, financial condition, and operating results.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None.
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 Amendment to Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on January 26, 2024). |
3.2 |
|
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). |
4.5 |
|
Form of Series G Warrant (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the Commission on February 7, 2024). |
4.6 |
|
Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the Commission on February 7, 2024). |
10.1 |
|
Intelligent Bio Solutions Inc. 2019 Long Term Incentive Plan (as amended December 13, 2023) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on December 14, 2023). |
10.2 |
|
Form of 2024 Warrant Inducement Agreement (Series E Warrants) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on February 7, 2024). |
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: |
February
9, 2024 |
By: |
/s/
Harry Simeonidis |
|
|
|
HARRY
SIMEONIDIS |
|
|
|
CHIEF
EXECUTIVE OFFICER AND PRESIDENT |
|
|
|
(Principal
Executive Officer) |
|
|
|
|
Date: |
February
9, 2024 |
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. |
February
9, 2024 |
|
|
|
/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. |
February
9, 2024 |
|
|
|
/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 December 31, 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. |
February
9, 2024
/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 December 31, 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. |
February
9, 2024
/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.
v3.24.0.1
Cover - shares
|
6 Months Ended |
|
Dec. 31, 2023 |
Feb. 07, 2024 |
Cover [Abstract] |
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Document Fiscal Period Focus |
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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
|
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Entity Address, Address Line One |
Intelligent
Bio Solutions Inc
|
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Entity Address, Address Line Two |
142
West, 57th Street
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11th
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New
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NY
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10019
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Common
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INBS
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v3.24.0.1
Condensed Consolidated Balance Sheets - USD ($)
|
Dec. 31, 2023 |
Jun. 30, 2023 |
Current assets: |
|
|
|
Cash and cash equivalents |
|
$ 1,119,004
|
$ 1,537,244
|
Accounts receivable, net |
|
262,834
|
293,861
|
Inventories, net |
|
942,050
|
979,907
|
Research and development tax incentive receivable |
|
289,167
|
498,758
|
Other current assets |
|
331,601
|
552,791
|
Total current assets |
|
2,944,656
|
3,862,561
|
Property and equipment, net |
|
591,307
|
690,175
|
Operating lease right-of-use assets |
|
432,728
|
546,475
|
Intangible assets, net |
|
4,858,301
|
5,255,401
|
TOTAL ASSETS |
|
8,826,992
|
10,354,612
|
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
|
1,763,007
|
2,610,028
|
Current portion of operating lease liabilities |
|
250,751
|
223,447
|
Current portion of deferred grant income |
|
2,431,900
|
2,338,057
|
Current employee benefit liabilities |
|
366,893
|
358,942
|
Current portion of notes payable |
|
370,535
|
353,211
|
Total current liabilities |
|
5,183,086
|
5,883,685
|
Employee benefit liabilities, less current portion |
|
29,993
|
24,902
|
Operating lease liabilities, less current portion |
|
228,710
|
356,165
|
Notes payable, less current portion |
|
230,969
|
402,862
|
Total liabilities |
|
5,672,758
|
6,667,614
|
Shareholders’ equity: |
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized, 1,476,042 and 194,200 shares issued and outstanding at December 31, 2023 and June 30, 2023, respectively |
[1] |
14,760
|
1,942
|
Treasury stock, at cost, 116 shares as of December 31, 2023 and June 30, 2023, respectively |
[1] |
(1)
|
(1)
|
Additional paid-in capital |
|
49,986,220
|
46,180,112
|
Accumulated deficit |
|
(46,202,418)
|
(41,807,573)
|
Accumulated other comprehensive loss |
|
(518,379)
|
(575,496)
|
Total consolidated Intelligent Bio Solutions Inc. equity |
|
3,280,182
|
3,798,984
|
Non-controlling interest |
|
(125,948)
|
(111,986)
|
Total shareholders’ equity |
|
3,154,234
|
3,686,998
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ 8,826,992
|
$ 10,354,612
|
|
|
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|
Dec. 31, 2023 |
Jun. 30, 2023 |
Subsequent Event [Line Items] |
|
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
1,476,042
|
194,200
|
Common stock, shares outstanding |
1,476,042
|
194,200
|
Treasury stock shares |
116
|
116
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.0.1
Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Income Statement [Abstract] |
|
|
|
|
|
Revenue |
|
$ 764,063
|
$ 356,679
|
$ 1,560,157
|
$ 356,679
|
Cost of revenue (exclusive of amortization shown separately below) |
|
(564,815)
|
(112,635)
|
(1,128,578)
|
(112,635)
|
Gross profit |
|
199,248
|
244,044
|
431,579
|
244,044
|
Other income: |
|
|
|
|
|
Government support income |
|
153,204
|
269,625
|
263,075
|
580,945
|
Operating expenses: |
|
|
|
|
|
Selling, general and administrative expenses |
|
(1,705,044)
|
(2,245,289)
|
(4,162,104)
|
(3,695,707)
|
Development and regulatory approval expenses |
|
(348,452)
|
(1,191)
|
(452,399)
|
(80,465)
|
Depreciation and amortization |
|
(290,313)
|
(398,156)
|
(597,873)
|
(398,156)
|
Total operating expenses |
|
(2,343,809)
|
(2,644,636)
|
(5,212,376)
|
(4,174,328)
|
Loss from operations |
|
(1,991,357)
|
(2,130,967)
|
(4,517,722)
|
(3,349,339)
|
Other income (expense): |
|
|
|
|
|
Interest expense |
|
(32,468)
|
(76,767)
|
(69,916)
|
(77,832)
|
Realized foreign exchange loss |
|
(555)
|
(13,901)
|
(555)
|
(16,148)
|
Fair value gain on revaluation of financial instrument |
|
44,488
|
1,793,091
|
175,738
|
1,793,091
|
Interest income |
|
3,509
|
1,473
|
3,648
|
9,079
|
Total other income |
|
14,974
|
1,703,896
|
108,915
|
1,708,190
|
Net loss |
|
(1,976,383)
|
(427,071)
|
(4,408,807)
|
(1,641,149)
|
Net loss attributable to non-controlling interest |
|
(6,742)
|
(6,471)
|
(13,962)
|
(12,256)
|
Net loss attributable to Intelligent Bio Solutions Inc. |
|
(1,969,641)
|
(420,600)
|
(4,394,845)
|
(1,628,893)
|
Other comprehensive income, net of tax: |
|
|
|
|
|
Foreign currency translation gain |
|
75,133
|
361,597
|
57,117
|
226,038
|
Total other comprehensive income |
|
75,133
|
361,597
|
57,117
|
226,038
|
Comprehensive loss |
|
(1,901,250)
|
(65,474)
|
(4,351,690)
|
(1,415,111)
|
Comprehensive loss attributable to non-controlling interest |
|
(6,742)
|
(6,471)
|
(13,962)
|
(12,256)
|
Comprehensive loss attributable to Intelligent Bio Solutions Inc. |
|
$ (1,894,508)
|
$ (59,003)
|
$ (4,337,728)
|
$ (1,402,855)
|
Net loss per share, basic |
[1] |
$ (2.07)
|
$ (5.56)
|
$ (7.68)
|
$ (23.65)
|
Net loss per share, diluted |
[1] |
$ (2.07)
|
$ (5.56)
|
$ (7.68)
|
$ (23.65)
|
Weighted average shares outstanding, basic |
[1] |
949,660
|
75,690
|
571,930
|
68,866
|
Weighted average shares outstanding, diluted |
[1] |
949,660
|
75,690
|
571,930
|
68,866
|
|
|
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v3.24.0.1
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
|
Preferred Stock [Member]
Convertible Preferred Stock [Member]
|
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 |
|
$ 620
|
|
$ 38,588,290
|
$ (31,175,853)
|
$ (788,135)
|
$ (79,151)
|
$ 6,545,771
|
Balance, shares at Jun. 30, 2022 |
|
62,042
|
|
|
|
|
|
|
Foreign currency translation gain |
|
|
|
|
|
(135,559)
|
|
(135,559)
|
Net loss |
|
|
|
|
(1,208,293)
|
|
(5,785)
|
(1,214,078)
|
Balance at Sep. 30, 2022 |
|
$ 620
|
|
38,588,290
|
(32,384,146)
|
(923,694)
|
(84,936)
|
5,196,134
|
Balance, shares at Sep. 30, 2022 |
|
62,042
|
|
|
|
|
|
|
Balance at Jun. 30, 2022 |
|
$ 620
|
|
38,588,290
|
(31,175,853)
|
(788,135)
|
(79,151)
|
6,545,771
|
Balance, shares at Jun. 30, 2022 |
|
62,042
|
|
|
|
|
|
|
Foreign currency translation gain |
|
|
|
|
|
|
|
226,038
|
Net loss |
|
|
|
|
|
|
|
(1,641,149)
|
Balance at Dec. 31, 2022 |
$ 25,395
|
$ 765
|
$ (1)
|
43,695,075
|
(32,804,746)
|
(562,097)
|
(91,407)
|
10,262,984
|
Balance, shares at Dec. 31, 2022 |
2,539,465
|
76,473
|
(116)
|
|
|
|
|
|
Balance at Sep. 30, 2022 |
|
$ 620
|
|
38,588,290
|
(32,384,146)
|
(923,694)
|
(84,936)
|
5,196,134
|
Balance, shares at Sep. 30, 2022 |
|
62,042
|
|
|
|
|
|
|
Foreign currency translation gain |
|
|
|
|
|
361,597
|
|
361,597
|
Net loss |
|
|
|
|
(420,600)
|
|
(6,471)
|
(427,071)
|
Issuance of Series C Preferred Stock and common stock for acquisition, net of issuance costs |
$ 23,630
|
$ 124
|
|
4,700,517
|
|
|
|
4,724,271
|
Issuance of Series C preferred stock and common stock for acquisition, net of issuance costs, shares |
2,363,003
|
12,347
|
|
|
|
|
|
|
Issuance of Series D Preferred Stock, net of issuance costs |
$ 1,765
|
|
|
160,695
|
|
|
|
162,460
|
Issuance of Series D preferred stock, net of issuance costs, shares |
176,462
|
|
|
|
|
|
|
|
Stock awards issued to employees |
|
$ 21
|
|
259,979
|
|
|
|
260,000
|
Stock awards issued to employees, shares |
|
2,084
|
|
|
|
|
|
|
Payment of tax withholding for employee stock awards |
|
|
$ (1)
|
(14,406)
|
|
|
|
(14,407)
|
Payment of tax withholding for employee stock awards, shares |
|
|
(116)
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 25,395
|
$ 765
|
$ (1)
|
43,695,075
|
(32,804,746)
|
(562,097)
|
(91,407)
|
10,262,984
|
Balance, shares at Dec. 31, 2022 |
2,539,465
|
76,473
|
(116)
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
$ 1,942
|
$ (1)
|
46,180,112
|
(41,807,573)
|
(575,496)
|
(111,986)
|
3,686,998
|
Balance, shares at Jun. 30, 2023 |
|
194,200
|
(116)
|
|
|
|
|
|
Foreign currency translation gain |
|
|
|
|
|
(18,016)
|
|
(18,016)
|
Net loss |
|
|
|
|
(2,425,204)
|
|
(7,220)
|
(2,432,424)
|
Balance at Sep. 30, 2023 |
|
$ 1,942
|
$ (1)
|
46,180,112
|
(44,232,777)
|
(593,512)
|
(119,206)
|
1,236,558
|
Balance, shares at Sep. 30, 2023 |
|
194,200
|
(116)
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
$ 1,942
|
$ (1)
|
46,180,112
|
(41,807,573)
|
(575,496)
|
(111,986)
|
3,686,998
|
Balance, shares at Jun. 30, 2023 |
|
194,200
|
(116)
|
|
|
|
|
|
Foreign currency translation gain |
|
|
|
|
|
|
|
57,117
|
Net loss |
|
|
|
|
|
|
|
(4,408,807)
|
Balance at Dec. 31, 2023 |
|
$ 14,760
|
$ (1)
|
49,986,220
|
(46,202,418)
|
(518,379)
|
(125,948)
|
3,154,234
|
Balance, shares at Dec. 31, 2023 |
|
1,476,042
|
(116)
|
|
|
|
|
|
Balance at Sep. 30, 2023 |
|
$ 1,942
|
$ (1)
|
46,180,112
|
(44,232,777)
|
(593,512)
|
(119,206)
|
1,236,558
|
Balance, shares at Sep. 30, 2023 |
|
194,200
|
(116)
|
|
|
|
|
|
Foreign currency translation gain |
|
|
|
|
|
75,133
|
|
75,133
|
Net loss |
|
|
|
|
(1,969,641)
|
|
(6,742)
|
(1,976,383)
|
Issuance of common stock, Series E Preferred Stock and warrants, net of issuance costs |
$ 57,287
|
$ 1,860
|
|
3,727,017
|
|
|
|
3,786,164
|
Issuance of common stock, Series E preferred stock and warrants, net of issuance costs, shares |
5,728,723
|
186,018
|
|
|
|
|
|
|
Conversion of convertible preferred shares into common stock |
$ (57,287)
|
$ 4,774
|
|
52,513
|
|
|
|
|
Conversion of convertible preferred shares into common stock, shares |
(5,728,723)
|
477,394
|
|
|
|
|
|
|
Conversion of holdback Series C Preferred Stock into common stock |
|
$ 62
|
|
32,700
|
|
|
|
32,762
|
Conversion of holdback Series C Preferred Stock into common stock, shares |
|
6,248
|
|
|
|
|
|
|
Issuance of common stock upon cashless exercise Series F warrants |
|
$ 6,122
|
|
(6,122)
|
|
|
|
|
Issuance of common stock upon cashless exercise Series F warrants, shares |
|
612,182
|
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
|
$ 14,760
|
$ (1)
|
$ 49,986,220
|
$ (46,202,418)
|
$ (518,379)
|
$ (125,948)
|
$ 3,154,234
|
Balance, shares at Dec. 31, 2023 |
|
1,476,042
|
(116)
|
|
|
|
|
|
X |
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v3.24.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (4,408,807)
|
$ (1,641,149)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
479,044
|
349,533
|
Amortization of right-of-use assets |
118,829
|
48,623
|
Non-cash loss on foreign currency translation, net |
555
|
16,148
|
Provision for bad debts |
|
22,918
|
Provision for inventory obsolescence |
69,016
|
188,364
|
Share-based compensation |
|
260,000
|
Non-cash refund of R&D expenditure claims |
(78,281)
|
(98,552)
|
Fair value gain on revaluation of financial instruments |
(175,738)
|
(1,793,091)
|
Non-cash other operating activities |
15,529
|
(17,148)
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
31,027
|
(301,235)
|
Inventories |
(31,159)
|
(35,145)
|
Grant receivable / deferred grant income |
93,843
|
41,428
|
Research and development tax incentive receivable |
209,591
|
(137,589)
|
Other current assets |
221,190
|
87,043
|
Accounts and other payables |
(630,570)
|
(1,237,803)
|
Operating lease liabilities |
(100,151)
|
|
Other long-term liabilities |
5,091
|
(26,930)
|
Net cash used in operating activities |
(4,180,991)
|
(4,274,585)
|
Cash flows from investing activities: |
|
|
Purchase of business, net of cash acquired |
|
(181,750)
|
Amount invested on construction in progress |
(56,669)
|
(504,445)
|
Net cash used in investing activities |
(56,669)
|
(686,195)
|
Cash flows from financing activities: |
|
|
Proceeds from issuance of common stock, and warrants |
1,342,296
|
|
Proceeds from issuance of preferred stock |
3,036,223
|
220,578
|
Payment of equity issuance costs |
(592,355)
|
(499,818)
|
Payment of tax withholding for employee stock awards |
|
(14,407)
|
Payment of finance lease liabilities |
|
(34,767)
|
Net cash provided by (used in) financing activities |
3,786,164
|
(328,414)
|
Effect of foreign exchange rates on cash and cash equivalents |
33,256
|
(37,425)
|
Decrease in cash and cash equivalents |
(418,240)
|
(5,326,619)
|
Cash and cash equivalents, beginning of period |
1,537,244
|
8,238,301
|
Cash and cash equivalents, end of period |
1,119,004
|
2,911,682
|
Non-cash investing and financing activities |
|
|
Shares issued for business acquisition |
|
5,530,666
|
Note receivable settled for business acquisition |
|
504,938
|
Deferred consideration payable for business acquisition |
|
481,750
|
Conversion of preferred shares into common shares |
57,287
|
|
Conversion of holdback Series C Preferred Stock into common stock |
32,762
|
|
Issuance of common stock upon cashless exercise Series F warrants |
$ 6,122
|
|
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v3.24.0.1
ORGANIZATION AND DESCRIPTION OF THE BUSINESS
|
6 Months Ended |
Dec. 31, 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 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 Splits
January 2024 Reverse Stock Split
On January 26, 2024, the Company filed a
certificate of amendment to its amended and restated certificate of incorporation to effect, as of 5:00 p.m. January 26, 2024,
a 1-for-12
reverse split of the Company’s common stock (the “January 2024 Reverse Stock Split”). The Company’s common
stock began trading on a reverse stock split-adjusted basis on The Nasdaq Capital Market (“Nasdaq Capital Market” or
“Nasdaq”) on January 29, 2024.
See Note 15, Subsequent Events for further details
of the January 2024 Reverse Stock Split.
February 2023 Reverse Stock Split
On February 9, 2023, the Company filed a certificate
of amendment to its amended and restated certificate of incorporation to effect, as of 5:00 p.m. February 9, 2023, a 1-for-20 reverse split of the Company’s common stock (the “February 2023 Reverse Stock Split”). The Company’s common stock began
trading on a reverse stock split-adjusted basis on The Nasdaq Capital Market on February 10, 2023.
The Reverse Stock Splits were implemented for the
purpose of regaining compliance with the minimum bid price requirement for continued listing of the Company’s common stock on the
Nasdaq Capital Market.
Unless otherwise indicated, all authorized, issued, and outstanding stock
and per share amounts contained in the accompanying condensed consolidated financial statements have been adjusted to reflect both the
1-for-20 Reverse Stock Split on February 9, 2023 and the 1-for-12 Reverse Stock Split on January 26, 2024. The February 2023 Reverse Stock
Split and the January 2024 Reverse Stock Split are collectively referred to herein as the “Company Reverse Stock Splits”.
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v3.24.0.1
LIQUIDITY AND GOING CONCERN
|
6 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
LIQUIDITY AND GOING CONCERN |
NOTE
2. LIQUIDITY AND GOING CONCERN
On
October 4, 2023, the Company raised approximately $4.38 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 $3.79 million.
Refer to Note 10 for details.
The
Company incurred a net loss of $1,969,641 and $4,394,845 (after losses attributable to non-controlling interest) for the three and
six months ended December 31, 2023, respectively (net loss of $420,600 and $1,628,893 for the three and six months ended December
31, 2022, respectively). As of December 31, 2023, the Company has shareholders’ equity of $3,154,234, a working capital deficit
of $2,238,430, and an accumulated deficit of $46,202,418.
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 seeks 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 December 31, 2023, of $1,119,004, 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.
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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v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Dec. 31, 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 and six months ended December 31, 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 stock splits 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 stock splits 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 the
related 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 value 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 a 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 expenses 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 that 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 the good or service deliverable.
Financial
information presented on a consolidated basis is accompanied by disaggregated information about revenue and other income by product
type 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” or “IFPG segment”) |
|
2) |
Development
Stage Saliva Glucose Biosensor Platform (“SGBP” or “SGBP segment”) |
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 three and six months ended December 31, 2023 and
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
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Sales of goods - cartridges | |
$ | 330,949 | | |
$ | 214,361 | | |
$ | 711,008 | | |
$ | 214,361 | |
Sales of goods - readers | |
| 285,889 | | |
| 103,188 | | |
| 524,691 | | |
| 103,188 | |
Other sales | |
| 147,225 | | |
| 39,130 | | |
| 324,458 | | |
| 39,130 | |
Total revenue | |
$ | 764,063 | | |
$ | 356,679 | | |
$ | 1,560,157 | | |
$ | 356,679 | |
Other
income
The
other income is mainly comprised of grant income and Research & 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 (“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.
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 deduct 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 $561,130 and $646,116 was recognized as a reduction to the CIP asset on the consolidated balance sheets
as of December 31, 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 December 31, 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
of 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 $44,759 and $78,282 deferred grant income
was recognized within other income during the three and six months ended December 31, 2023, respectively. Deferred grant income recognized
within other income during the three and six months ended December 31, 2022, was $38,139 and $98,552, 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 when it is probable that the amount
will be recovered in full through a future claim. A total of $108,445 and $184,793 of R&D tax refund income was recognized in other
income during the three and six months ended December 31, 2023, respectively. R&D tax refund income was $231,486 and $482,393 during
the three and six months ended December 31, 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
gain of $75,133
and $57,117
for the three and six months ended December 31, 2023, respectively. Foreign currency movements resulted in a gain of $361,597 and
$226,038 for
the three and six months ended December 31, 2022, respectively.
Income
taxes
In
accordance with the provisions of 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 December 31, 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 equivalents
The
Company considers all highly liquid investments with a maturity of 90 days or less 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 December
31, 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 December 31, 2023, and June
30, 2023, were $659,157 and $1,114,687, respectively. No losses have been incurred to date on any deposits.
Inventories, net
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.
Based upon the assessment of these factors, the Company recognized a bad debt expense of $22,918 during the three
and six months ended December 31, 2022. No bad debt expense was recognized during the three and six months ended December 31, 2023.
Property,
Plant and Equipment (PPE) & Construction in Progress (CIP)
In
accordance with the ASC 360, Property, Plant, and Equipment, the Company’s PPE, except land, is stated at cost net of accumulated
depreciation and impairment losses, if any. Land is stated at cost less any impairment losses. 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. The Company did not recognize any
impairments of long-lived assets during the three and six months ended December 31, 2023 and 2022.
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 its 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.
Recently
issued accounting pronouncements
The
Company assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board (“FASB”)
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 adopted during 2024 that
impacted the Company.
Pending
adoption:
Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”)
In
November 2023, the FASB issued ASU 2023-07 to enhance disclosures about significant segment expenses. The amendments in this ASU require
a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim
periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The amendments
in this ASU also clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and provide new segment
disclosure requirements for entities with a single reportable segment. The ASU is effective for fiscal years beginning after December
15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted. The ASU is to be applied retrospectively
to all periods presented in the financial statements. The Company has not early adopted and continues to evaluate the impact of the provisions
of ASU 2023-07 on its unaudited condensed consolidated financial statements.
Income
Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”)
In
December 2023, the FASB issued ASU 2023-09 to enhance disclosures about income taxes. The amendments in this ASU require a public entity
to disclose in tabular format, using both percentages and reporting currency amounts, specific categories in the rate reconciliation
and to provide additional information for reconciling items that meet a quantitative threshold. The amendments in this ASU also require
taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes and further disaggregated for specific
jurisdictions to the extent the related amounts exceed a quantitative threshold. The ASU is effective for fiscal years beginning after
December 15, 2025, with early adoption permitted. The ASU is to be applied prospectively upon adoption. The Company has not early adopted
and continues to evaluate the impact of the provisions of ASU 2023-09 on its unaudited condensed consolidated financial statements.
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, Financial Services Compensation 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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v3.24.0.1
SEGMENT INFORMATION
|
6 Months Ended |
Dec. 31, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT INFORMATION |
NOTE
4. SEGMENT INFORMATION
ASC
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 and six months ended December 31, 2023 and 2022.
The
following tables set 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.
A)
Revenue
SCHEDULE
OF REVENUE AND OTHER INCOME SEGMENT
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended December 31, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 655,448 | | |
$ | — | | |
$ | 655,448 | |
Australia | |
| 16,805 | | |
| — | | |
| 16,805 | |
Other | |
| 91,810 | | |
| — | | |
| 91,810 | |
Total Revenue | |
$ | 764,063 | | |
$ | — | | |
$ | 764,063 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended December 31, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 305,365 | | |
$ | — | | |
$ | 305,365 | |
Other | |
| 51,314 | | |
| — | | |
| 51,314 | |
Total Revenue | |
$ | 356,679 | | |
$ | — | | |
$ | 356,679 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Six Months Ended December 31, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 1,410,598 | | |
$ | — | | |
$ | 1,410,598 | |
Australia | |
| 24,887 | | |
| — | | |
| 24,887 | |
Other | |
| 124,672 | | |
| — | | |
| 124,672 | |
Total Revenue | |
$ | 1,560,157 | | |
$ | — | | |
$ | 1,560,157 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Six Months Ended December 31, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 305,365 | | |
$ | — | | |
$ | 305,365 | |
Other | |
| 51,314 | | |
| — | | |
| 51,314 | |
Total Revenue | |
$ | 356,679 | | |
$ | — | | |
$ | 356,679 | |
B)
Other
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended December 31, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 91,587 | | |
$ | 91,587 | |
United Kingdom | |
| 61,617 | | |
| — | | |
| 61,617 | |
Total Government Support Income | |
$ | 61,617 | | |
$ | 91,587 | | |
$ | 153,204 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended December 31, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 162,068 | | |
$ | 162,068 | |
United Kingdom | |
| 107,557 | | |
| — | | |
| 107,557 | |
Total Government Support Income | |
$ | 107,557 | | |
$ | 162,068 | | |
$ | 269,625 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Six Months Ended December 31, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 156,137 | | |
$ | 156,137 | |
United Kingdom | |
| 106,938 | | |
| — | | |
| 106,938 | |
Total Government Support Income | |
$ | 106,938 | | |
$ | 156,137 | | |
$ | 263,075 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Six Months Ended December 31, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 473,388 | | |
$ | 473,388 | |
United Kingdom | |
| 107,557 | | |
| — | | |
| 107,557 | |
Total Government Support Income | |
$ | 107,557 | | |
$ | 473,388 | | |
$ | 580,945 | |
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:
| |
December 31, 2023 | | |
June 30, 2023 | |
Australia | |
$ | 658,925 | | |
$ | 761,220 | |
United Kingdom | |
| 365,110 | | |
| 475,430 | |
Total | |
$ | 1,024,035 | | |
$ | 1,236,650 | |
|
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v3.24.0.1
INTELLIGENT FINGERPRINTING LIMITED ACQUISITION
|
6 Months Ended |
Dec. 31, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
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-Company Reverse Stock Splits):
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 | |
* |
The description of the IFP Acquisition below this table describes the purchase consideration on a
post-Company Reverse Stock Splits basis. |
Pursuant
to the Share Exchange Agreement, the Company acquired from the IFP Sellers all of the issued and outstanding shares of the capital
stock of IFP, and as consideration therefore, the Company issued and sold to the IFP Sellers upon the closing of the IFP Acquisition
(the “IFP Closing”) an aggregate number of 12,347 (as
adjusted for Company Reverse Stock Splits) 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 were reserved for potential future issuance by the Company, consisting of (i) 500,000 shares
of Series C Preferred Stock, that were 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 was
convertible into 0.15 shares
of common stock at the time of conversion (after giving effect to the February 2023 Reverse Stock Split, but not the January 2024 Reverse Stock Split), which was contingent upon approval by the Company’s stockholders that was obtained
on May 8, 2023.
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 remained outstanding following 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 was 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 was convertible into shares of IFP, which shares of IFP would then be immediately transferred to the Company in
exchange for shares of Series C Preferred Stock that were 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 bore 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 had 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. The last of the Company Stockholder Approval Matters were approved at a special meeting of the Company’s stockholders
(the “Special Meeting”) on May 8, 2023.
Each
share of Series C Preferred Stock (other than the IFP Lender Preferred Shares) automatically converted 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
converted 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. The number of shares of common stock into which
the Series C Preferred Stock was convertible was 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 (but not the January 2024 Reverse Stock Split), each share of Series C Preferred Stock
was 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.
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.
At the Special Meeting on May 8, 2023, 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 43,902
shares of common stock (as adjusted for Company Reverse Stock Splits).
The 500,000 “Closing
Holdback Shares” were shares of Series C Preferred Stock that were 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. Effective one year
after the IFP Closing, the 500,000 Closing
Holdback Shares were issued and immediately converted into an aggregate of 6,248 shares
of common stock (as adjusted for Company Reverse Stock Splits).
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 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 December 31, 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 December 2023, the six months ended December 2023 and
the three months ended December 2022 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 six months ended December 31, 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 | |
| |
Six Months Ended December 31, 2022 | |
| |
As Reported | | |
Pro Forma | |
Revenue | |
$ | 356,679 | | |
$ | 704,165 | |
Net loss | |
$ | (1,641,149 | ) | |
$ | (2,882,704 | ) |
Net loss attributable to Intelligent Bio Solutions Inc. | |
$ | (1,628,893 | ) | |
$ | (2,870,448 | ) |
Net loss per share, basic and diluted | |
$ | (23.65 | ) | |
$ | (41.68 | ) |
|
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v3.24.0.1
INVENTORIES, NET
|
6 Months Ended |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORIES, NET |
NOTE
6. INVENTORIES, NET
Inventories
consist of the following:
SCHEDULE
OF INVENTORIES
| |
December 31, 2023 | | |
June 30, 2023 | |
Work-in-progress | |
$ | — | | |
$ | 419,889 | |
Finished goods | |
| 1,211,565 | | |
| 757,518 | |
Less: provision for inventory obsolescence | |
| (269,515 | ) | |
| (197,500 | ) |
Inventory, net | |
$ | 942,050 | | |
$ | 979,907 | |
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.24.0.1
INTANGIBLE ASSETS, NET
|
6 Months Ended |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS, NET |
NOTE
7. INTANGIBLE ASSETS, NET
Intangible
assets, net consist of the following as of December 31, 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 | | |
$ | 645,187 | | |
$ | 1,175,008 | | |
$ | 4,589,179 | |
Customer relationships | |
| 3 years | | |
| 252,000 | | |
| 31,761 | | |
| 118,234 | | |
| 165,527 | |
Trade names and trademarks | |
| Indefinite | | |
| 92,000 | | |
| 11,595 | | |
| — | | |
| 103,595 | |
Total intangible assets | |
| | | |
$ | 5,463,000 | | |
$ | 688,543 | | |
$ | 1,293,242 | | |
$ | 4,858,301 | |
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 and six months ended December 31, 2023, was $267,259
and $442,460,
respectively. Expenses related to the amortization of intangible assets for the three and six months ended December 31, 2022, was
$340,022 and $340,022 respectively.
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 | |
$ | 446,353 | |
2025 | |
| 892,705 | |
2026 | |
| 821,765 | |
2027 | |
| 798,118 | |
2028 | |
| 798,118 | |
Thereafter | |
| 997,647 | |
Total | |
$ | 4,754,706 | |
There
were no impairment charges related to intangible assets incurred in the periods presented.
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v3.24.0.1
NOTE PAYABLE
|
6 Months Ended |
Dec. 31, 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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v3.24.0.1
LEASES
|
6 Months Ended |
Dec. 31, 2023 |
Leases [Abstract] |
|
LEASES |
NOTE
9. LEASES
The Company assumed a non-cancelable operating lease agreement in relation to IFP Acquisition on October 4, 2022. Additionally, the Company
also 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
components of lease expense are as follows:
SCHEDULE
OF LEASE EXPENSES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Amortization of operating lease right-of-use assets | |
$ | 58,867 | | |
$ | 48,623 | | |
$ | 118,829 | | |
$ | 48,623 | |
Interest on operating lease liabilities | |
| 19,147 | | |
| 22,448 | | |
| 40,318 | | |
| 22,448 | |
Total lease costs | |
$ | 78,014 | | |
$ | 71,071 | | |
$ | 159,147 | | |
$ | 71,071 | |
As
of December 31, 2023, the weighted average remaining lease-term and discount rate on the Company’s leases were 1.8 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 December 31, 2023, is as follows:
SCHEDULE
OF MATURITIES OF OPERATING LEASES TO OPERATING LEASE LIABILITIES
| |
| | |
Remainder of 2024 | |
$ | 150,243 | |
2025 | |
| 312,661 | |
2026 | |
| 85,195 | |
Total lease payments | |
| 548,099 | |
Less: present value discount | |
| (68,638 | ) |
Lease liabilities | |
$ | 479,461 | |
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v3.24.0.1
SHAREHOLDERS’ EQUITY
|
6 Months Ended |
Dec. 31, 2023 |
Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY |
NOTE
10. SHAREHOLDERS’ EQUITY
As
of December 31, 2023, there were warrants outstanding to purchase 9,263,437 shares
of common stock (without giving effect to the January 2024 Reverse Stock Split), held by certain shareholders. Each warrant
initially represented the right to purchase one share of the Company’s common stock, subject to adjustment upon the occurrence
of specified events including reverse stock splits.
Following
the January 2024 Reverse Stock Split, through which a 1-for-12 reverse split was effected, the number of
warrants outstanding to purchase shares of common stock was reduced to approximately 771,956 (subject to rounding).
On
October 4, 2023, the Company completed an underwritten public offering of its securities in the form of units (the “October
2023 Offering”) consisting a total of 2,232,221 shares
(186,018
shares post January 2024 Reverse Stock Split) of common stock, 5,728,723 shares
of the Company’s Series E Convertible Preferred Stock (each share of Series E Preferred Stock is convertible into one share
the Company’s common stock (1/12 share post January 2024 Reverse Stock Split)), (“Series E Preferred Stock”), 7,960,944 warrants
(663,412
warrants post January 2024 Reverse Stock Split) 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
(663,412
warrants post January 2024 Reverse Stock Split) 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 consisted of one share of common stock (1/12 share post January 2024 Reverse Stock Split) (or one
share of Series E 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 $4.38 million.
Net proceeds to the Company, after deducting the underwriting discounts and commissions and estimated offering expenses payable by
the Company, were approximately $3.79 million.
The original exercise price of the Series E Warrants was $0.55 per share
($6.60 post-Company Reverse Stock Splits) which was subject to a one-time reset to a price equal to the lesser of (i) the then exercise
price and (ii) 90% of the five-day volume weighted average price for the five trading days immediately following the date the Company
effects a reverse stock split. As a result of the January 2024 Reverse Stock Split, the exercise price of the Series E Warrants was reset
to $2.9232 per share. The original exercise price of the Series F Warrants was $0.55 per share ($6.60 post-Company Reverse Stock Splits),
but is subject to an alternate cashless exercise option pursuant to which the holder has the right to receive an aggregate number of shares
of Common Stock on a one-for-one basis (one-for-1/12 post-Company Reverse Stock Splits) (subject to adjustment).
The
Company also agreed to issue to the Underwriters, warrants to purchase up to 5.0%
of the shares of common stock (or common stock equivalents) sold in the October 2023 Offering (which equaled
shares of Common Stock (33,171
shares post January Reverse Stock Split)). These warrants have an exercise price of $0.6875
per share ($8.25
post January 2024 Reverse Stock Split) and will terminate on October 2, 2028.
Also on October 4, 2023, following the
one-year anniversary of the IFP Acquisition, the Company issued 74,971
(6,248
shares post January 2024 Reverse Stock Split) shares of common stock to the IFP Sellers in connection with the release of the 500,000
Closing Holdback Shares, which consisted of Series C Preferred Stock that were then immediately converted to common stock at a rate
of 0.15 shares
(0.0125
shares post-Company Reverse Stock Splits) of common stock per share of Series C Preferred Stock. See Note 5 for further detail of
the IFP Acquisition.
Subsequent
to the October 2023 Offering, all 5,728,723
shares of the outstanding Series E Preferred Stock were converted into an aggregate of 5,728,723
shares (477,394 post-Company Reverse Stock Splits) of common stock. Additionally, the Company issued 7,346,178 shares
(612,182 post-Company Reverse Stock Splits) of common stock pursuant in connection with the cashless exercise of the Company’s
Series F Warrants.
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v3.24.0.1
FAIR VALUE MEASUREMENTS
|
6 Months Ended |
Dec. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE
11. FAIR VALUE MEASUREMENTS
The
Company held back 500,000 Series
C Preferred Stock (Closing Holdback Shares), from the IFP Sellers for one year after the IFP Closing to secure potential
indemnification claims by the Company against the IFP Sellers. Each share of Series C Preferred Stock was convertible
into 0.0125
shares of common stock (as adjusted for January 2024 Reverse Stock Split).
Effective
one year after the IFP Closing, the 500,000 Closing Holdback Shares were issued and immediately converted into an aggregate of 6,248
shares of common stock (as adjusted for January 2024 Reverse Stock Split).
See
Note 5 for further information and disclosures relating to the conversion of the Series C Preferred Stock, including the Closing Holdback Shares.
The
following table provides a reconciliation of the beginning and ending balance of the Closing Holdback Shares (in the form of Series C Preferred Stock) measured at fair value
on a recurring basis during the period:
SCHEDULE
OF CLOSING HOLDBACK SHARES OF SERIES C 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 | |
Fair value gain on revaluation of holdback Series C Preferred Stock | |
| (44,488 | ) |
Conversion of holdback Series C Preferred Stock into Common Stock | |
| (32,762 | ) |
Balance at December 31, 2023 | |
$ | — | |
The
Company did not have assets or liabilities carried at fair value using Level 1 or Level 3 inputs during the three and six months
ended December 31, 2023 and 2022.
The Company has not transferred any assets between fair value measurement
levels during the three and six months ended December 31, 2023 and 2022.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.0.1
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Dec. 31, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
12. RELATED PARTY TRANSACTIONS
LSBD
Sales
to and purchases from related parties are made at arm’s length transaction both at normal market prices and on normal commercial
terms.
As
of December 31, 2023 and June 30, 2023, $0 and $8,714, respectively, remain payable to LSBD in relation to overhead reimbursements.
October 2023 Offering
Spiro Sakiris, our Chief Financial Officer,
purchased 112,727 units on the same terms as the other purchasers in the October 2023 Offering. Mr. Christopher Towers, a member of our Board
of Directors (the “Board”), purchased 9,090 units on the same terms as the other purchasers in the Public Offering. Each unit consisted of one share of common
stock, one Series E Warrant and one Series F Warrant.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.0.1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
13. COMMITMENTS AND CONTINGENCIES
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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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.0.1
LOSS PER SHARE
|
6 Months Ended |
Dec. 31, 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 after adjusting for the February 2023 Reverse Stock Split, and the January
2024 Reverse Stock Split. 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.
SCHEDULE
OF EARNINGS PER SHARE BASIC AND DILUTED
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss attributable to Intelligent Bio Solutions Inc. | |
| (1,969,641 | ) | |
| (420,600 | ) | |
| (4,394,845 | ) | |
| (1,628,893 | ) |
Basic and diluted net loss per share attributed to common shareholders | |
| (2.07 | ) | |
| (5.56 | ) | |
| (7.68 | ) | |
| (23.65 | ) |
Weighted-average number of shares outstanding | |
| 949,660 | | |
| 75,690 | | |
| 571,930 | | |
| 68,866 | |
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:
Post-Consolidated
Company Reverse Stock Split: Anti-dilutive warrants and preferred stock
SCHEDULE
OF ANTI-DILUTIVE WARRANTS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Warrants- Series A | |
| 5,839 | | |
| 5,839 | | |
| 5,839 | | |
| 5,839 | |
Warrants- Series B | |
| 218 | | |
| 218 | | |
| 218 | | |
| 218 | |
Private Placement Warrants (Dec 22) | |
| 2,207 | | |
| 2,207 | | |
| 2,207 | | |
| 2,207 | |
Warrants Issued to Winx Capital Pty Ltd | |
| 111 | | |
| 111 | | |
| 111 | | |
| 111 | |
Warrants Issued to Underwriters (IPO) | |
| 265 | | |
| 265 | | |
| 265 | | |
| 265 | |
Pre-IPO Warrants | |
| - | | |
| 11,403 | | |
| - | | |
| 11,403 | |
Preferred Stock (Series C) | |
| - | | |
| 9,846 | | |
| - | | |
| 9,846 | |
Preferred Stock (Series D) | |
| - | | |
| 736 | | |
| - | | |
| 736 | |
Warrants Issued to LSBD | |
| 12,500 | | |
| 12,500 | | |
| 12,500 | | |
| 12,500 | |
Warrants-Common Stock (March 23 public raise) | |
| 273 | | |
| - | | |
| 273 | | |
| - | |
Series E Warrants | |
| 663,412 | | |
| - | | |
| 663,412 | | |
| - | |
Series F Warrants | |
| 51,231 | | |
| - | | |
| 51,231 | | |
| - | |
Underwriters Warrants (March 23 public raise) | |
| 2,729 | | |
| - | | |
| 2,729 | | |
| - | |
Underwriters Warrants (October 2023 Offering) | |
| 33,171 | | |
| - | | |
| 33,171 | | |
| - | |
Anti-dilutive securities | |
| 33,171 | | |
| - | | |
| 33,171 | | |
| - | |
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v3.24.0.1
SUBSEQUENT EVENTS
|
6 Months Ended |
Dec. 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
15. SUBSEQUENT EVENTS
Warrant Inducement Transaction
On February 4, 2024, the
Company entered into warrant inducement agreements (the “Inducement Agreements”) with certain accredited and institutional
holders (collectively, the “Holders”) of the Company’s outstanding Series E Warrants issued on October 4, 2023 (the
“Series E Warrants”). Pursuant to the Inducement Agreements, each Holder that exercised its Series E Warrants pursuant to
the Inducement Agreement received one (1) replacement warrant (a “Series G Warrant”) for each Series E Warrant exercised.
The Series E Warrants had an exercise price of $2.9232 per share. The Series G Warrants are exercisable immediately upon issuance, expire
on the five and one half (5.5) year anniversary of the date of issuance, and have an initial exercise
price equal to $4.50 per share.
The closing took place on February 7, 2024. Gross
proceeds to the Company from the exercise of the Series E Warrants was approximately $1.77 million, prior to deducting closing costs and
placement agent fees. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.
As a result of the Holders exercising the Series E
Warrants, the Company issued an aggregate of 606,064 shares of common stock.
January 2024 Reverse Stock Split
At the annual meeting of the Company’s stockholders
held on December 13, 2023, the stockholders of the Company approved an amendment to the Company’s amended and restated certificate
of incorporation (the January 2024 Amendment) to effect a reverse stock split at a ratio of not less than l-for-2 and not more than l-for-12
at any time within 12 months following the date of stockholder approval, with the exact ratio to be set within this range by the Board at its sole discretion without further approval or authorization of the Company’s stockholders.
Pursuant to such authority granted by the Company’s stockholders, on January 26, 2024, the Board approved a l-for-12 reverse stock
split (the “January 2024 Reverse Stock Split”) of the Company’s common stock and the filing of the Amendment to effectuate
the Reverse Stock Split.
On January 26, 2024, the Company filed the January
2024 Amendment to effect 1-for-12 reverse stock split of the Company’s common stock. The January 2024 Reverse Stock Split was effective
at 5 p.m., Eastern Time, on January 26, 2024, at which time every twelve shares of the Company’s issued and outstanding common stock
were automatically combined into one issued and outstanding share of common stock. No fractional shares were issued as a result of the
January 2024 Reverse Stock Split. Stockholders of record who would otherwise be entitled to receive a fractional share are entitled to
the rounding up of the fractional share to the nearest whole number. The par value of the Company’s common stock and the number
of authorized shares of the common stock were not affected by the January 2024 Reverse Stock Split. The Company’s common stock began
trading on a reverse stock split-adjusted basis on The Nasdaq Capital Market on January 29, 2024.
As a result of the January 2024 Reverse Stock Split,
the number of shares of common stock outstanding was reduced from approximately 17,930,673
shares (excluding treasury shares) as of January 25, 2024, to approximately 1,494,223
shares (excluding treasury shares, and subject to the rounding up of fractional shares), and the number of authorized shares of common
stock remained 100
million shares. In order to reflect the January 2024 Reverse Stock Split, proportionate adjustments were made to the per share
exercise price and/or the number of shares issuable upon the exercise or vesting of all outstanding stock options, restricted stock unit
awards and warrants, which will result in a proportional decrease in the number of shares of the Company’s common stock reserved
for issuance upon exercise or vesting of such stock options, restricted stock unit awards and warrants, and, in the case of stock options
and warrants, a proportional increase in the exercise price of all such stock options and warrants. Proportionate adjustments were also
made to the number of treasury shares.
Subsequent to the quarter ended December 31, 2023, through to February 7, 2024, a total of 218,181 Series F warrants were converted into
common stock (18,182 shares post January 2024 Reverse Stock Split).
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v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Dec. 31, 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 and six months ended December 31, 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 stock splits 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 stock splits 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 the
related 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 value 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 a 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 expenses 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 that 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 the good or service deliverable.
Financial
information presented on a consolidated basis is accompanied by disaggregated information about revenue and other income by product
type 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” or “IFPG segment”) |
|
2) |
Development
Stage Saliva Glucose Biosensor Platform (“SGBP” or “SGBP segment”) |
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 three and six months ended December 31, 2023 and
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
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Sales of goods - cartridges | |
$ | 330,949 | | |
$ | 214,361 | | |
$ | 711,008 | | |
$ | 214,361 | |
Sales of goods - readers | |
| 285,889 | | |
| 103,188 | | |
| 524,691 | | |
| 103,188 | |
Other sales | |
| 147,225 | | |
| 39,130 | | |
| 324,458 | | |
| 39,130 | |
Total revenue | |
$ | 764,063 | | |
$ | 356,679 | | |
$ | 1,560,157 | | |
$ | 356,679 | |
Other
income
The
other income is mainly comprised of grant income and Research & 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 (“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.
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 deduct 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 $561,130 and $646,116 was recognized as a reduction to the CIP asset on the consolidated balance sheets
as of December 31, 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 December 31, 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
of 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 $44,759 and $78,282 deferred grant income
was recognized within other income during the three and six months ended December 31, 2023, respectively. Deferred grant income recognized
within other income during the three and six months ended December 31, 2022, was $38,139 and $98,552, 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 when it is probable that the amount
will be recovered in full through a future claim. A total of $108,445 and $184,793 of R&D tax refund income was recognized in other
income during the three and six months ended December 31, 2023, respectively. R&D tax refund income was $231,486 and $482,393 during
the three and six months ended December 31, 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
gain of $75,133
and $57,117
for the three and six months ended December 31, 2023, respectively. Foreign currency movements resulted in a gain of $361,597 and
$226,038 for
the three and six months ended December 31, 2022, respectively.
|
Income taxes |
Income
taxes
In
accordance with the provisions of 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 December 31, 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 equivalents |
Cash
and Cash equivalents
The
Company considers all highly liquid investments with a maturity of 90 days or less 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 December
31, 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 December 31, 2023, and June
30, 2023, were $659,157 and $1,114,687, respectively. No losses have been incurred to date on any deposits.
|
Inventories, net |
Inventories, net
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.
Based upon the assessment of these factors, the Company recognized a bad debt expense of $22,918 during the three
and six months ended December 31, 2022. No bad debt expense was recognized during the three and six months ended December 31, 2023.
|
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, except land, is stated at cost net of accumulated
depreciation and impairment losses, if any. Land is stated at cost less any impairment losses. 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. The Company did not recognize any
impairments of long-lived assets during the three and six months ended December 31, 2023 and 2022.
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 its 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.
|
Recently issued accounting pronouncements |
Recently
issued accounting pronouncements
The
Company assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board (“FASB”)
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 adopted during 2024 that
impacted the Company.
Pending
adoption:
Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”)
In
November 2023, the FASB issued ASU 2023-07 to enhance disclosures about significant segment expenses. The amendments in this ASU require
a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim
periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The amendments
in this ASU also clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and provide new segment
disclosure requirements for entities with a single reportable segment. The ASU is effective for fiscal years beginning after December
15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted. The ASU is to be applied retrospectively
to all periods presented in the financial statements. The Company has not early adopted and continues to evaluate the impact of the provisions
of ASU 2023-07 on its unaudited condensed consolidated financial statements.
Income
Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”)
In
December 2023, the FASB issued ASU 2023-09 to enhance disclosures about income taxes. The amendments in this ASU require a public entity
to disclose in tabular format, using both percentages and reporting currency amounts, specific categories in the rate reconciliation
and to provide additional information for reconciling items that meet a quantitative threshold. The amendments in this ASU also require
taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes and further disaggregated for specific
jurisdictions to the extent the related amounts exceed a quantitative threshold. The ASU is effective for fiscal years beginning after
December 15, 2025, with early adoption permitted. The ASU is to be applied prospectively upon adoption. The Company has not early adopted
and continues to evaluate the impact of the provisions of ASU 2023-09 on its unaudited condensed consolidated financial statements.
|
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, Financial Services Compensation 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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v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Dec. 31, 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
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Sales of goods - cartridges | |
$ | 330,949 | | |
$ | 214,361 | | |
$ | 711,008 | | |
$ | 214,361 | |
Sales of goods - readers | |
| 285,889 | | |
| 103,188 | | |
| 524,691 | | |
| 103,188 | |
Other sales | |
| 147,225 | | |
| 39,130 | | |
| 324,458 | | |
| 39,130 | |
Total revenue | |
$ | 764,063 | | |
$ | 356,679 | | |
$ | 1,560,157 | | |
$ | 356,679 | |
|
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v3.24.0.1
SEGMENT INFORMATION (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF REVENUE AND OTHER INCOME SEGMENT |
The
following tables set 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.
A)
Revenue
SCHEDULE
OF REVENUE AND OTHER INCOME SEGMENT
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended December 31, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 655,448 | | |
$ | — | | |
$ | 655,448 | |
Australia | |
| 16,805 | | |
| — | | |
| 16,805 | |
Other | |
| 91,810 | | |
| — | | |
| 91,810 | |
Total Revenue | |
$ | 764,063 | | |
$ | — | | |
$ | 764,063 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended December 31, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 305,365 | | |
$ | — | | |
$ | 305,365 | |
Other | |
| 51,314 | | |
| — | | |
| 51,314 | |
Total Revenue | |
$ | 356,679 | | |
$ | — | | |
$ | 356,679 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Six Months Ended December 31, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 1,410,598 | | |
$ | — | | |
$ | 1,410,598 | |
Australia | |
| 24,887 | | |
| — | | |
| 24,887 | |
Other | |
| 124,672 | | |
| — | | |
| 124,672 | |
Total Revenue | |
$ | 1,560,157 | | |
$ | — | | |
$ | 1,560,157 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Six Months Ended December 31, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
United Kingdom | |
$ | 305,365 | | |
$ | — | | |
$ | 305,365 | |
Other | |
| 51,314 | | |
| — | | |
| 51,314 | |
Total Revenue | |
$ | 356,679 | | |
$ | — | | |
$ | 356,679 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended December 31, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 91,587 | | |
$ | 91,587 | |
United Kingdom | |
| 61,617 | | |
| — | | |
| 61,617 | |
Total Government Support Income | |
$ | 61,617 | | |
$ | 91,587 | | |
$ | 153,204 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Three Months Ended December 31, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 162,068 | | |
$ | 162,068 | |
United Kingdom | |
| 107,557 | | |
| — | | |
| 107,557 | |
Total Government Support Income | |
$ | 107,557 | | |
$ | 162,068 | | |
$ | 269,625 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Six Months Ended December 31, 2023 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 156,137 | | |
$ | 156,137 | |
United Kingdom | |
| 106,938 | | |
| — | | |
| 106,938 | |
Total Government Support Income | |
$ | 106,938 | | |
$ | 156,137 | | |
$ | 263,075 | |
| |
IFPG | | |
SGBP | | |
Total | |
| |
Six Months Ended December 31, 2022 | |
| |
IFPG | | |
SGBP | | |
Total | |
Australia | |
$ | — | | |
$ | 473,388 | | |
$ | 473,388 | |
United Kingdom | |
| 107,557 | | |
| — | | |
| 107,557 | |
Total Government Support Income | |
$ | 107,557 | | |
$ | 473,388 | | |
$ | 580,945 | |
| |
December 31, 2023 | | |
June 30, 2023 | |
Australia | |
$ | 658,925 | | |
$ | 761,220 | |
United Kingdom | |
| 365,110 | | |
| 475,430 | |
Total | |
$ | 1,024,035 | | |
$ | 1,236,650 | |
|
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v3.24.0.1
INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
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-Company Reverse Stock Splits):
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 | |
* |
The description of the IFP Acquisition below this table describes the purchase consideration on a
post-Company Reverse Stock Splits basis. |
|
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 December 2023, the six months ended December 2023 and
the three months ended December 2022 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 six months ended December 31, 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 | |
| |
Six Months Ended December 31, 2022 | |
| |
As Reported | | |
Pro Forma | |
Revenue | |
$ | 356,679 | | |
$ | 704,165 | |
Net loss | |
$ | (1,641,149 | ) | |
$ | (2,882,704 | ) |
Net loss attributable to Intelligent Bio Solutions Inc. | |
$ | (1,628,893 | ) | |
$ | (2,870,448 | ) |
Net loss per share, basic and diluted | |
$ | (23.65 | ) | |
$ | (41.68 | ) |
|
X |
- DefinitionTabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.
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- DefinitionTabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.
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v3.24.0.1
INVENTORIES, NET (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORIES |
Inventories
consist of the following:
SCHEDULE
OF INVENTORIES
| |
December 31, 2023 | | |
June 30, 2023 | |
Work-in-progress | |
$ | — | | |
$ | 419,889 | |
Finished goods | |
| 1,211,565 | | |
| 757,518 | |
Less: provision for inventory obsolescence | |
| (269,515 | ) | |
| (197,500 | ) |
Inventory, net | |
$ | 942,050 | | |
$ | 979,907 | |
|
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v3.24.0.1
INTANGIBLE ASSETS, NET (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF OTHER INTANGIBLE ASSETS |
Intangible
assets, net consist of the following as of December 31, 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 | | |
$ | 645,187 | | |
$ | 1,175,008 | | |
$ | 4,589,179 | |
Customer relationships | |
| 3 years | | |
| 252,000 | | |
| 31,761 | | |
| 118,234 | | |
| 165,527 | |
Trade names and trademarks | |
| Indefinite | | |
| 92,000 | | |
| 11,595 | | |
| — | | |
| 103,595 | |
Total intangible assets | |
| | | |
$ | 5,463,000 | | |
$ | 688,543 | | |
$ | 1,293,242 | | |
$ | 4,858,301 | |
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 | |
$ | 446,353 | |
2025 | |
| 892,705 | |
2026 | |
| 821,765 | |
2027 | |
| 798,118 | |
2028 | |
| 798,118 | |
Thereafter | |
| 997,647 | |
Total | |
$ | 4,754,706 | |
|
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v3.24.0.1
LEASES (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Leases [Abstract] |
|
SCHEDULE OF LEASE EXPENSES |
The
components of lease expense are as follows:
SCHEDULE
OF LEASE EXPENSES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Amortization of operating lease right-of-use assets | |
$ | 58,867 | | |
$ | 48,623 | | |
$ | 118,829 | | |
$ | 48,623 | |
Interest on operating lease liabilities | |
| 19,147 | | |
| 22,448 | | |
| 40,318 | | |
| 22,448 | |
Total lease costs | |
$ | 78,014 | | |
$ | 71,071 | | |
$ | 159,147 | | |
$ | 71,071 | |
|
SCHEDULE OF MATURITIES OF OPERATING LEASES TO OPERATING LEASE LIABILITIES |
The
reconciliation of the maturities of the operating leases to the operating lease liabilities recorded in the consolidated balance sheet
as of December 31, 2023, is as follows:
SCHEDULE
OF MATURITIES OF OPERATING LEASES TO OPERATING LEASE LIABILITIES
| |
| | |
Remainder of 2024 | |
$ | 150,243 | |
2025 | |
| 312,661 | |
2026 | |
| 85,195 | |
Total lease payments | |
| 548,099 | |
Less: present value discount | |
| (68,638 | ) |
Lease liabilities | |
$ | 479,461 | |
|
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v3.24.0.1
FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
SCHEDULE OF CLOSING HOLDBACK SHARES OF SERIES C PREFERRED STOCK AT FAIR VALUE ON RECURRING BASIS |
The
following table provides a reconciliation of the beginning and ending balance of the Closing Holdback Shares (in the form of Series C Preferred Stock) measured at fair value
on a recurring basis during the period:
SCHEDULE
OF CLOSING HOLDBACK SHARES OF SERIES C 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 | |
Fair value gain on revaluation of holdback Series C Preferred Stock | |
| (44,488 | ) |
Conversion of holdback Series C Preferred Stock into Common Stock | |
| (32,762 | ) |
Balance at December 31, 2023 | |
$ | — | |
|
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v3.24.0.1
LOSS PER SHARE (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED |
SCHEDULE
OF EARNINGS PER SHARE BASIC AND DILUTED
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss attributable to Intelligent Bio Solutions Inc. | |
| (1,969,641 | ) | |
| (420,600 | ) | |
| (4,394,845 | ) | |
| (1,628,893 | ) |
Basic and diluted net loss per share attributed to common shareholders | |
| (2.07 | ) | |
| (5.56 | ) | |
| (7.68 | ) | |
| (23.65 | ) |
Weighted-average number of shares outstanding | |
| 949,660 | | |
| 75,690 | | |
| 571,930 | | |
| 68,866 | |
|
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:
Post-Consolidated
Company Reverse Stock Split: Anti-dilutive warrants and preferred stock
SCHEDULE
OF ANTI-DILUTIVE WARRANTS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended December 31, | | |
Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Warrants- Series A | |
| 5,839 | | |
| 5,839 | | |
| 5,839 | | |
| 5,839 | |
Warrants- Series B | |
| 218 | | |
| 218 | | |
| 218 | | |
| 218 | |
Private Placement Warrants (Dec 22) | |
| 2,207 | | |
| 2,207 | | |
| 2,207 | | |
| 2,207 | |
Warrants Issued to Winx Capital Pty Ltd | |
| 111 | | |
| 111 | | |
| 111 | | |
| 111 | |
Warrants Issued to Underwriters (IPO) | |
| 265 | | |
| 265 | | |
| 265 | | |
| 265 | |
Pre-IPO Warrants | |
| - | | |
| 11,403 | | |
| - | | |
| 11,403 | |
Preferred Stock (Series C) | |
| - | | |
| 9,846 | | |
| - | | |
| 9,846 | |
Preferred Stock (Series D) | |
| - | | |
| 736 | | |
| - | | |
| 736 | |
Warrants Issued to LSBD | |
| 12,500 | | |
| 12,500 | | |
| 12,500 | | |
| 12,500 | |
Warrants-Common Stock (March 23 public raise) | |
| 273 | | |
| - | | |
| 273 | | |
| - | |
Series E Warrants | |
| 663,412 | | |
| - | | |
| 663,412 | | |
| - | |
Series F Warrants | |
| 51,231 | | |
| - | | |
| 51,231 | | |
| - | |
Underwriters Warrants (March 23 public raise) | |
| 2,729 | | |
| - | | |
| 2,729 | | |
| - | |
Underwriters Warrants (October 2023 Offering) | |
| 33,171 | | |
| - | | |
| 33,171 | | |
| - | |
Anti-dilutive securities | |
| 33,171 | | |
| - | | |
| 33,171 | | |
| - | |
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v3.24.0.1
LIQUIDITY AND GOING CONCERN (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
Oct. 04, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of preferred stocks and warrants |
$ 4,380,000
|
|
|
|
|
|
|
|
|
Sale of stock, consideration received net of transaction costs |
$ 3,790,000
|
|
|
|
|
|
|
|
|
Net loss |
|
$ 1,969,641
|
$ 420,600
|
$ 4,394,845
|
$ 1,628,893
|
|
|
|
|
Shareholders' equity |
|
3,154,234
|
$ 10,262,984
|
3,154,234
|
$ 10,262,984
|
$ 1,236,558
|
$ 3,686,998
|
$ 5,196,134
|
$ 6,545,771
|
Working capital deficit |
|
2,238,430
|
|
2,238,430
|
|
|
|
|
|
Accumulated deficit |
|
46,202,418
|
|
46,202,418
|
|
|
41,807,573
|
|
|
Cash and cash equivalents |
|
$ 1,119,004
|
|
$ 1,119,004
|
|
|
$ 1,537,244
|
|
|
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v3.24.0.1
SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND ACCESSORIES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Product Information [Line Items] |
|
|
|
|
Total revenue |
$ 764,063
|
$ 356,679
|
$ 1,560,157
|
$ 356,679
|
Sales of Goods Cartidges [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
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330,949
|
214,361
|
711,008
|
214,361
|
Sales of Goods - Readers [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenue |
285,889
|
103,188
|
524,691
|
103,188
|
Other Sales [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenue |
$ 147,225
|
$ 39,130
|
$ 324,458
|
$ 39,130
|
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v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2021 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Deferred grant income |
|
|
|
|
|
$ 4,700,000
|
Construction in progress |
$ 561,130
|
|
$ 561,130
|
|
$ 646,116
|
|
Research and development tax refund |
108,445
|
$ 231,486
|
184,793
|
$ 482,393
|
|
|
Foreign currency translation gain (loss) |
75,133
|
361,597
|
57,117
|
226,038
|
|
|
Income tax interest and penalties |
|
|
0
|
|
|
|
Cash equivalents |
0
|
|
0
|
|
0
|
|
Cash, uninsured amount |
$ 659,157
|
|
659,157
|
|
1,114,687
|
|
Provision for bad debt |
|
22,918
|
|
22,918
|
|
|
Impairment charges |
|
|
|
|
$ 4,200,000
|
|
Other Equipment [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Property plant and equipment useful life |
3 years
|
|
3 years
|
|
|
|
Production Equipment [Member] | Minimum [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Property plant and equipment useful life |
2 years
|
|
2 years
|
|
|
|
Production Equipment [Member] | Maximum [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Property plant and equipment useful life |
4 years
|
|
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 |
$ 44,759
|
$ 38,139
|
$ 78,282
|
$ 98,552
|
|
|
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v3.24.0.1
SCHEDULE OF REVENUE AND OTHER INCOME SEGMENT (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Revenue from External Customer [Line Items] |
|
|
|
|
|
Total Revenue |
$ 764,063
|
$ 356,679
|
$ 1,560,157
|
$ 356,679
|
|
Total Government Support Income |
153,204
|
269,625
|
263,075
|
580,945
|
|
Total |
1,024,035
|
|
1,024,035
|
|
$ 1,236,650
|
UNITED KINGDOM |
|
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
|
Total Revenue |
655,448
|
305,365
|
1,410,598
|
305,365
|
|
Total Government Support Income |
61,617
|
107,557
|
106,938
|
107,557
|
|
Total |
365,110
|
|
365,110
|
|
475,430
|
AUSTRALIA |
|
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
|
Total Revenue |
16,805
|
|
24,887
|
|
|
Total Government Support Income |
91,587
|
162,068
|
156,137
|
473,388
|
|
Total |
658,925
|
|
658,925
|
|
$ 761,220
|
Other Country [Member] |
|
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
|
Total Revenue |
91,810
|
51,314
|
124,672
|
51,314
|
|
IFPG [Member] |
|
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
|
Total Revenue |
764,063
|
356,679
|
1,560,157
|
356,679
|
|
Total Government Support Income |
61,617
|
107,557
|
106,938
|
107,557
|
|
IFPG [Member] | UNITED KINGDOM |
|
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
|
Total Revenue |
655,448
|
305,365
|
1,410,598
|
305,365
|
|
Total Government Support Income |
61,617
|
107,557
|
106,938
|
107,557
|
|
IFPG [Member] | AUSTRALIA |
|
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
|
Total Revenue |
16,805
|
|
24,887
|
|
|
Total Government Support Income |
|
|
|
|
|
IFPG [Member] | Other Country [Member] |
|
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
|
Total Revenue |
91,810
|
51,314
|
124,672
|
51,314
|
|
SGBP [Member] |
|
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
|
Total Revenue |
|
|
|
|
|
Total Government Support Income |
91,587
|
162,068
|
156,137
|
473,388
|
|
SGBP [Member] | UNITED KINGDOM |
|
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
|
Total Revenue |
|
|
|
|
|
Total Government Support Income |
|
|
|
|
|
SGBP [Member] | AUSTRALIA |
|
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
|
Total Revenue |
|
|
|
|
|
Total Government Support Income |
91,587
|
162,068
|
156,137
|
473,388
|
|
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|
|
|
|
|
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|
|
|
|
|
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|
|
|
|
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v3.24.0.1
SCHEDULE OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION (Details) - USD ($)
|
|
6 Months Ended |
Oct. 04, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
Note receivable settled for business acquisition |
|
|
|
$ 504,938
|
Intelligent Fingerprinting Limited [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Cash |
|
$ 363,500
|
|
|
Note receivable settled for business acquisition |
|
504,938
|
|
|
Total purchase price |
[1] |
7,224,404
|
|
|
Intelligent Fingerprinting Limited [Member] | Series C Preferred Stock Base [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Purchase consideration of Common Stock and Series C Preferred Stock |
|
3,900,373
|
|
|
Intelligent Fingerprinting Limited [Member] | Series C Preferred Stock Holdback [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Purchase consideration of Common Stock and Series C Preferred Stock |
|
825,300
|
|
|
Intelligent Fingerprinting Limited [Member] | Common Stock [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Purchase consideration of Common Stock and Series C Preferred Stock |
|
$ 1,630,293
|
|
|
|
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v3.24.0.1
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED, BASED ON THEIR RELATIVE FAIR VALUES (Details) - Intelligent Fingerprinting Limited [Member]
|
Oct. 04, 2022
USD ($)
|
Business Acquisition [Line Items] |
|
|
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
|
[1] |
|
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v3.24.0.1
SCHEDULE OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS (Details)
|
6 Months Ended |
Dec. 31, 2022
USD ($)
$ / shares
|
Revenue |
$ 356,679
|
Net loss |
(1,641,149)
|
Net loss attributable to Intelligent Bio Solutions Inc. |
$ (1,628,893)
|
Net loss per share, basic | $ / shares |
$ (23.65)
|
Net loss per share, diluted | $ / shares |
$ (23.65)
|
Pro Forma [Member] |
|
Revenue |
$ 704,165
|
Net loss |
(2,882,704)
|
Net loss attributable to Intelligent Bio Solutions Inc. |
$ (2,870,448)
|
Net loss per share, basic | $ / shares |
$ (41.68)
|
Net loss per share, diluted | $ / shares |
$ (41.68)
|
X |
- DefinitionAmount after tax of pro forma income from continuing operations as if the business combination had been completed at the beginning of a period.
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v3.24.0.1
INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Details Narrative)
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
|
|
|
May 10, 2023
shares
|
May 08, 2023
shares
|
Feb. 09, 2023 |
Oct. 04, 2022
USD ($)
$ / shares
shares
|
Dec. 31, 2023
shares
|
Dec. 31, 2022
shares
|
Dec. 31, 2023
USD ($)
shares
|
Dec. 31, 2022
USD ($)
shares
|
Oct. 04, 2023 |
Sep. 30, 2023
shares
|
Jun. 30, 2023
shares
|
Oct. 04, 2022
GBP (£)
shares
|
Sep. 30, 2022
shares
|
Jun. 30, 2022
shares
|
Jun. 16, 2022
USD ($)
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
1-for-20
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity issuance costs | $ |
|
|
|
|
|
|
$ 592,355
|
$ 499,818
|
|
|
|
|
|
|
|
Conversion of Stock, Shares Issued |
|
|
|
|
500,000
|
|
|
|
|
|
|
|
|
|
|
Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserved for future issuance |
|
|
|
1,649,273
|
|
|
|
|
|
|
|
1,649,273
|
|
|
|
Conversion ratio |
|
|
0.15
|
|
|
|
|
|
0.15
|
|
|
|
|
|
|
Shares, Outstanding |
3,512,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series C Preferred Stock [Member] | Share Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period shares acquisitions |
|
|
|
|
|
|
500,000
|
|
|
|
|
|
|
|
|
Conversion ratio |
|
|
|
0.15
|
|
|
|
|
|
|
|
0.15
|
|
|
|
Series C Preferred Stock [Member] | Share Exchange Agreement [Member] | IFP Lenders [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period shares new issues |
|
|
|
1,149,273
|
|
|
|
|
|
|
|
|
|
|
|
Hold-back Series C Preferred Stock [Member] | Share Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period shares acquisitions |
|
|
|
500,000
|
|
|
|
|
|
|
|
|
|
|
|
February 2023 Reverse Stock Split [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
1-for-20
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period shares acquisitions |
|
|
|
|
|
12,347
|
|
|
|
|
|
|
|
|
|
Shares, Outstanding |
|
|
|
|
1,476,042
|
76,473
|
1,476,042
|
76,473
|
|
194,200
|
194,200
|
|
62,042
|
62,042
|
|
Conversion of Stock, Shares Issued |
43,902
|
|
|
|
5,728,723
|
|
|
|
|
|
|
|
|
|
|
Lender Preferred Shares [Member] | Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares, Outstanding |
1,149,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing Holdback Shares [Member] | Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares, Outstanding |
500,000
|
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of Stock, Shares Issued |
|
6,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares, Issued |
|
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition percentage |
|
|
|
100.00%
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
Loan receivable | $ |
|
|
|
$ 504,938
|
|
|
|
|
|
|
|
|
|
|
$ 504,938
|
Acquired intangible assets | $ |
|
|
|
5,463,000
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill | $ |
|
|
|
3,803,293
|
|
|
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Technology-Based Intangible Assets [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible assets | $ |
|
|
|
$ 5,119,000
|
|
|
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
|
|
7 years
|
|
|
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Customer Relationships [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible assets | $ |
|
|
|
$ 252,000
|
|
|
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
|
|
3 years
|
|
|
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Trademarks and Trade Names [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible assets | $ |
|
|
|
$ 92,000
|
|
|
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Various Loan Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued liabilities |
|
|
|
$ 1,425,307
|
|
|
|
|
|
|
|
£ 1,254,270
|
|
|
|
Loan interest percentage |
|
|
|
17.00%
|
|
|
|
|
|
|
|
17.00%
|
|
|
|
Loan variable interest percentage |
|
|
|
22.00%
|
|
|
|
|
|
|
|
22.00%
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Series C Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares |
|
|
|
2,363,003
|
|
|
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity issuance costs | $ |
|
|
|
$ 806,397
|
|
|
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares |
|
|
|
2,963,091
|
|
|
|
|
|
|
|
|
|
|
|
Intelligent Fingerprinting Limited [Member] | Common Stock [Member] | February 2023 Reverse Stock Split [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares |
|
|
|
12,347
|
|
|
|
|
|
|
|
|
|
|
|
Share Exchange Agreement [Member] | Series C Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Par or Stated Value Per Share | $ / shares |
|
|
|
$ 0.01
|
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.24.0.1
SCHEDULE OF INVENTORIES (Details) - USD ($)
|
Dec. 31, 2023 |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
|
Work-in-progress |
|
$ 419,889
|
Finished goods |
1,211,565
|
757,518
|
Less: provision for inventory obsolescence |
(269,515)
|
(197,500)
|
Inventory, net |
$ 942,050
|
$ 979,907
|
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v3.24.0.1
SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Dec. 31, 2023 |
Jun. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, Acquisition cost |
$ 5,463,000
|
$ 5,463,000
|
Intangible assets, Effect of foreign currency |
688,543
|
643,183
|
Intangible assets, Accumulated amortization |
1,293,242
|
850,782
|
Intangible assets, Carrying value |
$ 4,858,301
|
$ 5,255,401
|
Technology-Based Intangible Assets [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted average useful lives (years) |
7 years
|
7 years
|
Intangible assets, Acquisition cost |
$ 5,119,000
|
$ 5,119,000
|
Intangible assets, Effect of foreign currency |
645,187
|
603,422
|
Intangible assets, Accumulated amortization |
1,175,008
|
780,500
|
Intangible assets, Carrying value |
$ 4,589,179
|
$ 4,941,922
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted average useful lives (years) |
3 years
|
3 years
|
Intangible assets, Acquisition cost |
$ 252,000
|
$ 252,000
|
Intangible assets, Effect of foreign currency |
31,761
|
29,127
|
Intangible assets, Accumulated amortization |
118,234
|
70,282
|
Intangible assets, Carrying value |
165,527
|
210,845
|
Trademarks and Trade Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, Acquisition cost |
92,000
|
92,000
|
Intangible assets, Effect of foreign currency |
11,595
|
10,634
|
Intangible assets, Accumulated amortization |
|
|
Intangible assets, Carrying value |
$ 103,595
|
$ 102,634
|
Weighted average useful lives (years) |
Indefinite
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v3.24.0.1
SCHEDULE OF LEASE EXPENSES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Leases [Abstract] |
|
|
|
|
Amortization of operating lease right-of-use assets |
$ 58,867
|
$ 48,623
|
$ 118,829
|
$ 48,623
|
Interest on operating lease liabilities |
19,147
|
22,448
|
40,318
|
22,448
|
Total lease costs |
$ 78,014
|
$ 71,071
|
$ 159,147
|
$ 71,071
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v3.24.0.1
SHAREHOLDERS’ EQUITY (Details Narrative) $ / shares in Units, $ in Thousands |
|
|
|
|
1 Months Ended |
3 Months Ended |
|
|
Jan. 26, 2024 |
Oct. 04, 2023
USD ($)
$ / shares
shares
|
May 10, 2023
shares
|
Feb. 09, 2023 |
Feb. 07, 2024
shares
|
Dec. 31, 2023
shares
|
Dec. 31, 2022
shares
|
Jan. 31, 2024
shares
|
Jun. 30, 2023
shares
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
|
|
|
9,263,437
|
|
|
|
Stockholders equity, reverse stock split |
|
|
|
1-for-20
|
|
|
|
|
|
Common Stock, Shares, Issued |
|
|
|
|
|
1,476,042
|
|
|
194,200
|
Sale of stock, consideration received net of transaction costs | $ |
|
$ 3,790
|
|
|
|
|
|
|
|
[custom:UnderwritersWarrantsPurchasePercentage-0] |
|
5.00%
|
|
|
|
|
|
|
|
Number of shares converted |
|
|
|
|
|
6,248
|
|
|
|
Number of shares issued |
|
|
|
|
|
500,000
|
|
|
|
IFP Sellers [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Post company reverse stock splits |
|
6,248
|
|
|
|
|
|
|
|
Closing holdback shares |
|
74,971
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Post company reverse stock splits |
|
33,171
|
|
|
|
477,394
|
|
|
|
Warrants exercise price, per share | $ / shares |
|
$ 0.6875
|
|
|
|
|
|
|
|
Reverse stock split per share | $ / shares |
|
$ 8.25
|
|
|
|
|
|
|
|
Public offering shares |
|
398,047
|
|
|
|
|
|
|
|
Closing holdback shares |
|
|
|
|
|
|
12,347
|
|
|
Number of shares issued |
|
|
43,902
|
|
|
5,728,723
|
|
|
|
Common stock issued upon warrant exercise |
|
|
|
|
|
612,182
|
|
|
|
Series E Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares converted |
|
|
|
|
|
5,728,723
|
|
|
|
Series F Warrants [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Post company reverse stock splits |
|
|
|
|
|
612,182
|
|
|
|
Common stock issued upon warrant exercise |
|
|
|
|
|
7,346,178
|
|
|
|
Series E Warrants [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Warrants exercise price, per share | $ / shares |
|
$ 0.55
|
|
|
|
|
|
|
|
Reverse stock split per share | $ / shares |
|
$ 6.60
|
|
|
|
|
|
|
|
Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Preferred Stock, Convertible, Conversion Ratio |
|
0.15
|
|
0.15
|
|
|
|
|
|
Reverse stock split convertible conversion ratio |
|
0.0125
|
|
|
|
|
|
|
|
Series C Preferred Stock [Member] | IFP Sellers [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Closing holdback shares |
|
500,000
|
|
|
|
|
|
|
|
October 2023 Offering [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Common Stock, Shares, Issued |
|
2,232,221
|
|
|
|
|
|
|
|
Post company reverse stock splits |
|
186,018
|
|
|
|
|
|
|
|
Share Price | $ / shares |
|
$ 0.55
|
|
|
|
|
|
|
|
Proceeds from Issuance or Sale of Equity | $ |
|
$ 4,380
|
|
|
|
|
|
|
|
Sale of stock, consideration received net of transaction costs | $ |
|
$ 3,790
|
|
|
|
|
|
|
|
October 2023 Offering [Member] | Series E Warrants [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Warrants and Rights Outstanding, Term |
|
5 years 6 months
|
|
|
|
|
|
|
|
October 2023 Offering [Member] | Series E Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Preferred Stock, Shares Issued |
|
5,728,723
|
|
|
|
|
|
|
|
October 2023 Offering [Member] | Series E Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Post company reverse stock splits |
|
663,412
|
|
|
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights |
|
7,960,944
|
|
|
|
|
|
|
|
October 2023 Offering [Member] | Series F Warrants [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Post company reverse stock splits |
|
663,412
|
|
|
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights |
|
7,960,944
|
|
|
|
|
|
|
|
Warrants and Rights Outstanding, Term |
|
1 year 6 months
|
|
|
|
|
|
|
|
January 2024 Reverse Stock Split [Member] | Series F Warrants [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Warrants exercise price, per share | $ / shares |
|
$ 0.55
|
|
|
|
|
|
|
|
Reverse stock split per share | $ / shares |
|
$ 6.60
|
|
|
|
|
|
|
|
January 2024 Reverse Stock Split [Member] | Series E Warrants [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Stockholders equity, reverse stock split |
|
(i) the then exercise
price and (ii) 90% of the five-day volume weighted average price for the five trading days immediately following the date the Company
effects a reverse stock split. As a result of the January 2024 Reverse Stock Split, the exercise price of the Series E Warrants was reset
to $2.9232 per share. The original exercise price of the Series F Warrants was $0.55 per share ($6.60 post-Company Reverse Stock Splits),
but is subject to an alternate cashless exercise option pursuant to which the holder has the right to receive an aggregate number of shares
of Common Stock on a one-for-one basis (one-for-1/12 post-Company Reverse Stock Splits) (subject to adjustment)
|
|
|
|
|
|
|
|
Warrants exercise price, per share | $ / shares |
|
$ 2.9232
|
|
|
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Stockholders equity, reverse stock split |
1-for-12
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Series F Warrants [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares converted |
|
|
|
|
218,181
|
|
|
|
|
Subsequent Event [Member] | January 2024 Reverse Stock Split [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
|
|
|
|
|
771,956
|
|
Subsequent Event [Member] | January 2024 Reverse Stock Split [Member] | Series F Warrants [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares converted |
|
|
|
|
18,182
|
|
|
|
|
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v3.24.0.1
SCHEDULE OF CLOSING HOLDBACK SHARES OF SERIES C PREFERRED STOCK AT FAIR VALUE ON RECURRING BASIS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Conversion of holdback Series C Preferred Stock into common stock |
|
|
$ 32,762
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Preferred Stock carried at fair value, beginning value |
$ 77,250
|
$ 208,500
|
208,500
|
|
Fair value of holdback Series C Preferred Stock |
(44,488)
|
(131,250)
|
|
|
Conversion of holdback Series C Preferred Stock into common stock |
(32,762)
|
|
|
|
Preferred Stock carried at fair value, ending value |
|
$ 77,250
|
|
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v3.24.0.1
FAIR VALUE MEASUREMENTS (Details Narrative)
|
3 Months Ended |
6 Months Ended |
|
|
|
Dec. 31, 2023
shares
|
Dec. 31, 2023
shares
|
Oct. 04, 2023 |
Feb. 09, 2023 |
Oct. 04, 2022 |
Conversion of stock shares |
500,000
|
|
|
|
|
Conversion of stock shares |
6,248
|
|
|
|
|
Series C Preferred Stock [Member] |
|
|
|
|
|
Preferred Stock, Convertible, Conversion Ratio |
|
|
0.15
|
0.15
|
|
Series C Preferred Stock [Member] | Share Exchange Agreement [Member] |
|
|
|
|
|
Closing holdback shares |
|
500,000
|
|
|
|
Preferred Stock, Convertible, Conversion Ratio |
|
|
|
|
0.15
|
Series C Preferred Stock [Member] | Share Exchange Agreement [Member] | January 2024 Reverse Stock Split [Member] |
|
|
|
|
|
Preferred Stock, Convertible, Conversion Ratio |
0.0125
|
0.0125
|
|
|
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v3.24.0.1
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
|
Net loss attributable to Intelligent Bio Solutions Inc. |
|
$ (1,969,641)
|
$ (420,600)
|
$ (4,394,845)
|
$ (1,628,893)
|
Basic net loss per share attributed to common shareholders |
[1] |
$ (2.07)
|
$ (5.56)
|
$ (7.68)
|
$ (23.65)
|
Diluted net loss per share attributed to common shareholders |
[1] |
$ (2.07)
|
$ (5.56)
|
$ (7.68)
|
$ (23.65)
|
Weighted-average number of shares outstanding, basic |
[1] |
949,660
|
75,690
|
571,930
|
68,866
|
Weighted-average number of shares outstanding, diluted |
[1] |
949,660
|
75,690
|
571,930
|
68,866
|
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v3.24.0.1
SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Warrants- Series A [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
5,839
|
5,839
|
5,839
|
5,839
|
Warrants Series B [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
218
|
218
|
218
|
218
|
Private Placement Warrants (Dec 22) [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
2,207
|
2,207
|
2,207
|
2,207
|
Warrants Issued to Winx Capital Pty Ltd [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
111
|
111
|
111
|
111
|
Warrants Issued to Underwriters (IPO) [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
265
|
265
|
265
|
265
|
Pre IPO Warrants [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
|
11,403
|
|
11,403
|
Series C Preferred Stock [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
|
9,846
|
|
9,846
|
Series D Preferred Stock [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
|
736
|
|
736
|
Warrants Issued to LSBD [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
12,500
|
12,500
|
12,500
|
12,500
|
Warrants-Common Stock (March 23 Public Raise) [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
273
|
|
273
|
|
Series E Warrants [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
663,412
|
|
663,412
|
|
Series F Warrants [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
51,231
|
|
51,231
|
|
Underwriters Warrants (March 23 Public Raise) [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
2,729
|
|
2,729
|
|
Underwriters Warrants (October 2023 Offering) [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
33,171
|
|
33,171
|
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.24.0.1
SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
|
1 Months Ended |
3 Months Ended |
|
|
|
Feb. 04, 2024 |
Jan. 26, 2024 |
Dec. 13, 2023 |
Feb. 09, 2023 |
Feb. 07, 2024 |
Dec. 31, 2023 |
Jan. 25, 2024 |
Oct. 04, 2023 |
Jun. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
|
1-for-20
|
|
|
|
|
|
Common Stock, Shares, Outstanding |
|
|
|
|
|
1,476,042
|
|
|
194,200
|
Common Stock, Shares Authorized |
|
|
|
|
|
100,000,000
|
|
|
100,000,000
|
Conversion of Stock, Shares Converted |
|
|
|
|
|
6,248
|
|
|
|
Series F Warrants [Member] | January 2024 Reverse Stock Split [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
|
|
|
|
|
|
$ 0.55
|
|
Stockholders [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
reverse stock split at a ratio of not less than l-for-2 and not more than l-for-12
at any time within 12 months following the date of stockholder approval, with the exact ratio to be set within this range by the Board at its sole discretion without further approval or authorization of the Company’s stockholders.
Pursuant to such authority granted by the Company’s stockholders, on January 26, 2024, the Board approved a l-for-12 reverse stock
split (the “January 2024 Reverse Stock Split”) of the Company’s common stock and the filing of the Amendment to effectuate
the Reverse Stock Split
|
|
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Reverse stock split |
|
1-for-12
|
|
|
|
|
|
|
|
Common Stock, Shares Authorized |
|
|
|
|
|
|
100,000,000
|
|
|
Subsequent Event [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Common Stock, Shares, Outstanding |
|
|
|
|
|
|
17,930,673
|
|
|
Subsequent Event [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Common Stock, Shares, Outstanding |
|
|
|
|
|
|
1,494,223
|
|
|
Warrant [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
$ 2.9232
|
|
|
|
|
|
|
|
|
Warrants and rights outstanding, term |
5 years 6 months
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
$ 4.50
|
|
|
|
|
|
|
|
|
Proceeds from issuance of warrants |
$ 1,770
|
|
|
|
|
|
|
|
|
Shares, issued |
606,064
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
|
|
|
|
|
|
$ 0.6875
|
|
Common Stock [Member] | Subsequent Event [Member] | Series F Warrants [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Conversion of Stock, Shares Converted |
|
|
|
|
218,181
|
|
|
|
|
Common Stock [Member] | Subsequent Event [Member] | Series F Warrants [Member] | January 2024 Reverse Stock Split [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Conversion of Stock, Shares Converted |
|
|
|
|
18,182
|
|
|
|
|
X |
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Intelligent Bio Solutions (NASDAQ:INBS)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Intelligent Bio Solutions (NASDAQ:INBS)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024