2022 Q3 Form 10-K Financial Statement

#000149315222027033 Filed on September 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $471.5K $490.8K $1.735M
YoY Change 7.29% -23.53% 9.72%
% of Gross Profit
Research & Development $101.3K $108.4K $256.1K
YoY Change 117.67% 27.38% 10.86%
% of Gross Profit
Depreciation & Amortization $473.00 $490.00 $1.993K
YoY Change -7.25% -5.77% 0.15%
% of Gross Profit
Operating Expenses $572.8K $599.2K $1.991M
YoY Change 17.86% -17.57% 9.86%
Operating Profit -$572.8K -$1.991M
YoY Change 17.86% 9.86%
Interest Expense $162.8K -$287.8K $568.8K
YoY Change -3622.77% 431.49% -233.16%
% of Operating Profit
Other Income/Expense, Net -$44.47K -$722.2K
YoY Change 860.78%
Pretax Income -$617.3K -$904.5K -$2.713M
YoY Change 25.81% 15.94% 26.82%
Income Tax $270.00 -$54.98K
% Of Pretax Income
Net Earnings -$617.3K -$904.8K -$2.658M
YoY Change 25.81% 16.14% 31.2%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.05
Diluted Earnings Per Share -$1.303K -$6.950K -$38.96K
COMMON SHARES
Basic Shares Outstanding 677.2M shares 68.22M shares
Diluted Shares Outstanding 473.6K shares 68.22K shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.40K $4.070K $4.070K
YoY Change -57.66% 80.09% 80.09%
Cash & Equivalents $19.40K $4.067K
Short-Term Investments
Other Short-Term Assets $15.77K $8.620K $8.620K
YoY Change 88.86%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $37.86K $15.03K $15.03K
YoY Change -32.88% 127.73% 127.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.437K $2.023K $64.55K
YoY Change -59.97% -52.51% 1415.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.930K $2.080K $2.080K
YoY Change -10.65% -7.56% -7.56%
Total Long-Term Assets $56.39K $66.62K $66.62K
YoY Change 879.03% 924.94% 924.92%
TOTAL ASSETS
Total Short-Term Assets $37.86K $15.03K $15.03K
Total Long-Term Assets $56.39K $66.62K $66.62K
Total Assets $94.25K $81.65K $81.65K
YoY Change 51.61% 523.29% 523.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $899.2K $943.0K $943.0K
YoY Change 8.84% -5.92% -5.92%
Accrued Expenses $860.4K $902.5K $902.5K
YoY Change 5.65% -31.14% -31.14%
Deferred Revenue
YoY Change
Short-Term Debt $961.2K $1.035M $1.035M
YoY Change 50.67% 52.25% 52.25%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.822M $3.063M $3.063M
YoY Change 19.15% -0.57% -0.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $39.36K $42.32K $42.32K
YoY Change
Total Long-Term Liabilities $39.36K $42.32K $42.32K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.822M $3.063M $3.063M
Total Long-Term Liabilities $39.36K $42.32K $42.32K
Total Liabilities $2.862M $3.105M $3.105M
YoY Change 20.81% 0.8% 0.8%
SHAREHOLDERS EQUITY
Retained Earnings -$62.56M -$61.56M
YoY Change 5.77%
Common Stock $677.2K $220.4K
YoY Change 1467.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $46.48K $46.48K
YoY Change 0.0%
Treasury Stock Shares 1.000 shares 1.000 shares
Shareholders Equity -$2.768M -$3.024M -$3.024M
YoY Change
Total Liabilities & Shareholders Equity $94.25K $81.65K $81.65K
YoY Change 51.61% 523.29% 523.28%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022
OPERATING ACTIVITIES
Net Income -$617.3K -$904.8K -$2.658M
YoY Change 25.81% 16.14% 31.2%
Depreciation, Depletion And Amortization $473.00 $490.00 $1.993K
YoY Change -7.25% -5.77% 0.15%
Cash From Operating Activities -$509.3K -$411.0K -$1.436M
YoY Change 4.63% 73.94% 25.41%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $99.29K $99.29K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $494.2K 374.3K $1.491M
YoY Change 13.61% 49.72% 40.9%
NET CHANGE
Cash From Operating Activities -$509.3K -411.0K -$1.436M
Cash From Investing Activities
Cash From Financing Activities $494.2K 374.3K $1.491M
Net Change In Cash $15.33K -36.70K $1.812K
YoY Change -129.62% -367.49% -102.08%
FREE CASH FLOW
Cash From Operating Activities -$509.3K -$411.0K -$1.436M
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_84D_eus-gaap--UseOfEstimates_zMxL0R7AqlEj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zaAi3RBbCYo1">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“US 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 revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates in the accompanying consolidated financial statements include the estimates of useful lives for depreciation, valuation of the operating lease liability and related right-of-use asset, valuation of derivatives, valuation of beneficial conversion features on convertible debt, allowance for uncollectable receivables, valuation of equity based instruments issued for other than cash, the valuation allowance on deferred tax assets and foreign currency translation due to certain average exchange rates applied in lieu of spot rates on transaction dates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PROPANC BIOPHARMA, INC. AND SUBSIDIARY</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, 2022 and 2021</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b/></span> </p>
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CY2022 us-gaap Derivatives Reporting Of Derivative Activity
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<p id="xdx_846_eus-gaap--DerivativesReportingOfDerivativeActivity_zmFjogOyJca5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_zhRKRD8D3bWf">Derivative Instruments</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 815, <i>Derivatives and Hedging</i> (“ASC Topic 815”), establishes accounting and reporting standards for derivative instruments and for hedging activities by requiring that all derivatives be recognized in the balance sheet and measured at fair value. Gains or losses resulting from changes in the fair value of derivatives are recognized in earnings. On the date of conversion or payoff of debt, the Company records the fair value of the conversion shares, removes the fair value of the related derivative liability, removes any discounts and records a net gain or loss on debt extinguishment. On July 1, 2019 the Company adopted ASU 2017-11 under which down-round Features in Financial Instruments will no longer cause derivative treatment. The Company applied the modified prospective method of adoption. There were no cumulative effects on adoption.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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Each holder of the notes has agreed to a 4.99% beneficial ownership conversion limitation (subject to certain noteholders’ ability to increase such limitation to 9.99% upon 60 days’ notice to the Company), and each note may not be converted during the first six-month period from the date of issuance.
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CY2021Q2 us-gaap Property Plant And Equipment Net
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