0001493152-21-003428 | 10-Q | XBRL Viewer

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 31, 2020	Feb. 11, 2021
Cover [Abstract]
Entity Registrant Name	GBS Inc.
Entity Central Index Key	0001725430
Document Type	10-Q
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex-Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,875,222
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 19,877,860	$ 427,273
Deferred charges		1,863,613
Other current assets	88,548	49,062
Total current assets	19,966,408	2,339,948
Investment in affiliate		135,692
TOTAL ASSETS	19,966,408	2,475,640
Current liabilities:
Accounts payable and accrued expenses	734,825	787,469
Related party payables	431,621	1,769,293
Convertible notes payable		5,133,706
Total current liabilities	1,166,446	7,690,468
Employee benefit liabilities	17,947
Total liabilities	1,184,393	7,690,468
Commitments and contingencies - Note 10
Shareholders' equity (deficit):
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 3,000,000 and 2,370,891 shares issued and outstanding at December 31, 2020 and June 30, 2020, respectively	30,000	23,709
Common stock, $0.01 par value, 100,000,000 shares authorized, 10,422,497 and 8,630,000 shares issued and outstanding at December 31, 2020 and June 30, 2020, respectively	104,225	86,300
Additional paid-in capital	37,956,585	10,899,942
Accumulated deficit	(18,888,991)	(15,832,517)
Accumulated other comprehensive loss	(380,663)	(363,951)
Total consolidated group equity (deficit)	18,821,156	(5,186,517)
Non-controlling interests	(39,141)	(28,311)
Total shareholders' equity (deficit)	18,782,015	(5,214,828)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 19,966,408	$ 2,475,640

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	3,000,000	2,370,891
Preferred stock, shares outstanding	3,000,000	2,370,891
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	10,422,497	8,630,000
Common stock, shares outstanding	10,422,497	8,630,000

Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Other income:
Government support income	$ 283,037		$ 338,464
Shared services		(798)		121,277
Total revenues	283,037	(798)	338,464	121,277
Operating expenses:
General and administrative expenses	671,450	972,012	1,192,453	1,698,340
Development and regulatory expenses	341,820	494,667	372,758	599,848
Prospectus and capital raising expenses	187,093	236,438	353,574	142,365
Total operating expenses	1,200,363	1,703,117	1,918,785	2,440,553
Loss from operations	(917,326)	(1,703,915)	(1,580,321)	(2,319,276)
Other (expense) income:
Interest expense	(986,860)	(149,145)	(1,072,688)	(298,656)
Loss from unconsolidated equity method investment			(135,692)
Realized foreign exchange loss	(86,637)		(279,107)
Interest income	434	27	504	69
Total other expense	(1,073,063)	(149,118)	(1,486,983)	(298,587)
Loss before income taxes	(1,990,389)	(1,853,033)	(3,067,304)	(2,617,863)
Income tax (expense)/benefit
Current
Deferred
Total income tax (expense)/benefit
Net loss	(1,990,389)	(1,853,033)	(3,067,304)	(2,617,863)
Net loss attributable to noncontrolling interest	(6,425)	(16,715)	(10,830)	(23,695)
Net loss attributable to GBS, Inc.	(1,983,964)	(1,836,318)	(3,056,474)	(2,594,168)
Other comprehensive income
Foreign currency translation gain (loss)	33,856	(133,286)	(16,712)	(129,050)
Total other comprehensive income	33,856	(133,286)	(16,712)	(129,050)
Comprehensive net loss attributable to GBS, Inc	$ (1,956,533)	$ (1,986,319)	$ (3,084,016)	$ (2,746,913)
Net loss per share, basic and diluted	$ (0.23)	$ (.22)	$ (0.35)	$ (.30)
Weighted average shares outstanding, basic and diluted	8,622,724	8,510,000	8,626,362	8,510,000

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Deficit [Member]	Other Comprehensive (Loss) Income [Member]	Noncontrolling Interest [Member]	Total
Balance, Beginning at Jun. 30, 2019	$ 20,649	$ 85,100	$ 8,801,860	$ (12,668,741)	$ (216,870)	$ 637,919	$ (3,977,139)
Balance, Beginning, shares at Jun. 30, 2019	2,064,884	8,510,000
Deemed dividend			(976,308)				(976,308)
Issuance of convertible preferred shares	$ 2,590		1,939,964				1,942,554
Issuance of convertible preferred shares, shares	259,007
Issuance cost of common stock at initial public offering			(116,402)				(116,402)
Foreign currency translation gain (loss)					4,234		4,234
Net loss				(757,850)		(6,980)	(764,830)
Balance, Ending at Sep. 30, 2019	$ 23,239	$ 85,100	9,649,114	(13,426,591)	(212,636)	(6,117)	(3,887,891)
Balance, Ending, shares at Sep. 30, 2019	2,323,891	8,510,000
Balance, Beginning at Jun. 30, 2019	$ 20,649	$ 85,100	8,801,860	(12,668,741)	(216,870)	637,919	(3,977,139)
Balance, Beginning, shares at Jun. 30, 2019	2,064,884	8,510,000
Net loss							(2,617,863)
Balance, Ending at Dec. 31, 2019	$ 23,239	$ 85,100	9,649,114	(15,262,909)	(345,922)	(22,832)	(5,874,210)
Balance, Ending, shares at Dec. 31, 2019	2,323,891	8,510,000
Balance, Beginning at Sep. 30, 2019	$ 23,239	$ 85,100	9,649,114	(13,426,591)	(212,636)	(6,117)	(3,887,891)
Balance, Beginning, shares at Sep. 30, 2019	2,323,891	8,510,000
Foreign currency translation gain (loss)					(133,286)		(133,286)
Net loss				(1,836,318)		(16,715)	(1,853,033)
Balance, Ending at Dec. 31, 2019	$ 23,239	$ 85,100	9,649,114	(15,262,909)	(345,922)	(22,832)	(5,874,210)
Balance, Ending, shares at Dec. 31, 2019	2,323,891	8,510,000
Balance, Beginning at Jun. 30, 2020	$ 23,709	$ 86,300	10,899,942	(15,832,517)	(363,951)	(28,311)	(5,214,828)
Balance, Beginning, shares at Jun. 30, 2020	2,370,891	8,630,000
Issuance of convertible preferred shares	$ 4,393		3,290,352				3,294,745
Issuance of convertible preferred shares, shares	439,299
Foreign currency translation gain (loss)					(50,568)		(50,568)
Net loss				(1,072,510)		(4,405)	(1,076,915)
Balance, Ending at Sep. 30, 2020	$ 28,102	$ 86,300	14,190,294	(16,905,027)	(414,519)	(32,716)	(3,047,566)
Balance, Ending, shares at Sep. 30, 2020	2,810,190	8,630,000
Balance, Beginning at Jun. 30, 2020	$ 23,709	$ 86,300	10,899,942	(15,832,517)	(363,951)	(28,311)	(5,214,828)
Balance, Beginning, shares at Jun. 30, 2020	2,370,891	8,630,000
Net loss							(3,067,304)
Balance, Ending at Dec. 31, 2020	$ 30,000	$ 104,225	37,956,585	(18,888,991)	(380,663)	(39,141)	18,782,015
Balance, Ending, shares at Dec. 31, 2020	3,000,000	10,422,527
Balance, Beginning at Sep. 30, 2020	$ 28,102	$ 86,300	14,190,294	(16,905,027)	(414,519)	(32,716)	(3,047,566)
Balance, Beginning, shares at Sep. 30, 2020	2,810,190	8,630,000
Issuance of common stock at initial public offering		$ 12,706	21,587,307				21,600,013
Issuance of common stock at initial public offering, shares		1,270,589
Issuance cost of common stock at initial public offering			(3,867,565)				(3,867,565)
Transfer of LSBD shares from common shares to preferred shares	$ 30,000	$ (30,000)
Transfer of LSBD shares from common shares to preferred shares, shares	3,000,000	(3,000,000)
Conversion of convertible notes into common shares at initial public offering		$ 7,105	5,126,601				5,133,706
Conversion of convertible notes into common shares at initial public offering, shares		710,548
Conversion of convertible preferred shares into common shares at initial public offering	$ (28,102)	$ 28,102
Conversion of convertible preferred shares into common shares at initial public offering, shares	(2,810,190)	2,810,190
BCF on convertible notes			905,948				905,948
Series A warrants exercised to purchase common shares		$ 12	10,188				10,200
Series A warrants exercised to purchase common shares, shares		1,200
Series A and B warrants acquired			3,812				3,812
Foreign currency translation gain (loss)					33,856		33,856
Net loss				(1,983,964)		(6,425)	(1,990,389)
Balance, Ending at Dec. 31, 2020	$ 30,000	$ 104,225	$ 37,956,585	$ (18,888,991)	$ (380,663)	$ (39,141)	$ 18,782,015
Balance, Ending, shares at Dec. 31, 2020	3,000,000	10,422,527

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (3,067,304)	$ (2,617,863)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on foreign currency translation	(16,712)	(129,050)
Loss on investment in affiliate	135,692
Amortization of debt discount and issuance costs		138,209
Contingent beneficial conversion feature on convertible notes	905,948
Changes in operating assets and liabilities:
Other receivables		118,056
Other current assets	(39,486)	72,939
Accounts payable	(52,644)	(515,391)
Accounts payable - related party	(1,337,672)	2,458,158
Other long-term liabilities	17,947
Net cash used in operating activities	(3,454,231)	(474,942)
Cash flows from investing activities:
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from issuance of warrants	3,812
Proceeds from warrant holders for common shares	10,200
Proceeds from issuance of preferred stock	3,294,745	648,750
Proceeds from initial public offering	21,600,013
Payment of equity issuance costs	(2,003,952)	(116,402)
Net cash provided by financing activities	22,904,818	532,348
Increase in cash and cash equivalents	19,450,587	57,406
Cash and cash equivalents, beginning of period	427,273	197,940
Cash and cash equivalents, end of period	19,877,860	255,346
Non-cash investing and financing activities
Reclassification of deferred charges to additional paid in capital upon completion of initial public offering	1,863,613
Conversion of notes to common shares at initial public offering	5,133,706
Conversion of preferred shares into common shares	28,102
Supplemental disclosure of cash flow information:
Cash paid for income taxes
Cash paid for interest	$ 166,740	$ 170,198

Organization and Description of the Business

6 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of the Business

NOTE 1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS

GBS Inc. and its wholly owned subsidiary, GBS Operations Inc. are formed under the laws of the state of Delaware, and were formed on December 5, 2016. Glucose Biosensor Systems (Greater China) Pty Ltd (“GBSPL”) was formed on August 4, 2016 under the laws of New South Wales, Australia and was renamed to GBS (APAC) Pty Ltd on October 14, 2020. Glucose Biosensor Systems (Japan) Pty Ltd and Glucose Biosensor Systems (APAC) Pty Ltd were formed under the laws of New South Wales, Australia on February 22, 2017 and February 23, 2017 respectively. These companies (collectively, the “Company” or “Group”) were formed to provide a non-invasive, pain free innovation to make it easier for people to manage diabetes using the Company’s Saliva Glucose Biosensor (“SGB” and, together with the software app that interfaces the SGB with the Company’s digital information system, the “SGT”).

GBS Inc, has 54.4% of its common stock owned of Life Science Biosensor Diagnostics Pty Ltd (“LSBD”), an Australian company that owns the worldwide intellectual property rights to the biosensor platform from University of Newcastle, Australia. LBSD has licensed to the Company that technology to introduce and launch the platform in the Asia-Pacific Region (“APAC”). We will commence this process with the SGT.

On May 29, 2020, a research agreement was executed between LSBD and the Wyss Institute for Biologically Inspired Engineering at Harvard University (Wyss). The Company is not a legal party to the agreement but is expecting to derive a benefit through the Technology Transfer Agreement executed with LSBD and the Company on June 23, 2020, further details which are provided below. The Company has transferred biosensors (research materials) to the Wyss Institute where its research and development scientists have commenced a pilot research program. Since the biosensor architecture is complete and given the pre-existing plans to develop immunology diagnostic tests, it is therefore relatively straightforward and expeditious to develop the SARS-CoV-2 test.

SARS-CoV-2 antibody testing in saliva can play a critically important role in large-scale ‘sero’-surveillance to address key public health priorities and guide policy and decision-making for COVID-19. It is anticipated that FDA review will be under the Emergency Use Authorization program, which means expedited time to market.

On June 23, 2020, The Company entered into a Technology Transfer Agreement global license with LSBD. The significant terms of the license agreement are:

●

The Company has the exclusive worldwide rights to a biosensor strip for antibodies against SARS-CoV-2 and associated application for reading devices to:

	○	act as the authorized party for the purpose of processing the application of, and obtaining any, regulatory approval for the Licensed Product, including being authorized to process the approval for an investigational device required for the purpose of carrying out clinical studies.
	○	manufacture, promote, market, import, offer, sell, and distribute the Licensed Products.
	○	provide reasonable customer support services on the use of the Licensed Products to end users of, and health care practitioners referring end users to, the Licensed Products.
	○	use the Licensed Products only for the purposes identified and permitted pursuant to regulatory approval; and
	○	collect data acquired from the Licensed Products

	●	The royalty rate is 13%, based upon mutually agreed sales projections on the net sales of the commercial units and dedicated reading devices. This serves as the minimum royalty and falls to 3% at the expiry of the relevant patent(s)
	●	Each additional year, the sales upon which the minimum royalty is calculated on is increased by the mutually agreed Expected Market Growth rate plus an Additional Growth Percentage rate up to 7% annually. The Additional Growth Percentage Rate is calculated and applied for 10 years
	●	In the event of a dispute, in relation to the expected market growth or additional percentage, the agreement provides for a dispute resolution by an independent third party.

There are no milestone payments.

Initial public offering

On December 28, 2020, the Company closed its initial public offering (“IPO”) and sold 1,270,589 units, consisting of (a) one share of the Company’s common stock (or, at the purchaser’s election, one share of Series B Convertible Preferred Stock), (b) one Series A warrant (the “Series A Warrants”) to purchase one share of the Company’s common stock at an exercise price equal to $8.50 per share, exercisable until the fifth anniversary of the issuance date, and (c) one Series B warrant (the “Series B Warrants”) to purchase one share of the Company’s common stock at an exercise price equal to $17.00 per share, exercisable until the fifth anniversary of the issuance date and subject to certain adjustment and cashless exercise provisions. The public offering price of the shares sold in the IPO was $17.00 per unit. In aggregate, the units issued in the offering generated $17,732,448 in net proceeds, which amount is net of $1,714,001 in underwriters’ discount and commissions, $2,153,564 in offering costs (including deferred equity offering cost of $1,863,612). Offering costs include underwriters’ warrants to acquire up to 63,529 shares with an exercise price of $18.70 per share, exercisable until the fifth anniversary of the issuance date. The Company also issued to the underwriter an option, exercisable one or more times in whole or in part, to purchase up to 190,588 additional shares of common stock and/or Series A Warrants to purchase up to an aggregate of 190,588 shares of common stock and/or Series B Warrants to purchase up to an aggregate of 190,588 shares of common stock, in any combinations thereof, from us at the public offering price per security, less the underwriting discounts and commissions, for 45 days after the date of the IPO to cover over-allotments, if any (the “Over-Allotment Option”).

Upon the closing of the IPO, all shares of preferred stock then outstanding were automatically converted into 2,810,190 shares of common stock, and all convertible notes then outstanding were automatically converted into 710,548 shares of common stock.

Pre-IPO preferred shareholders were issued warrants following the Company’s completed IPO, that allows the holder to acquire 2,736,675 shares of common stock at the IPO price during year two through to year three following the completion of the IPO. At exercise date, the shareholder must hold, for each warrant to be exercised, the underlying common share to exercise the warrant. The warrants are not transferable and apply to the number of shares that were subscribed for.

Liquidity

6 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Liquidity

NOTE 2. LIQUIDITY

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements - Going Concern (ASC 205-40) requires management to assess an entity’s ability to continue as a going concern within one year of the date of the financial statements are issued. In each reporting period, including interim periods, an entity is required to assess conditions known and reasonably knowable as of the financial statement issuance date to determine whether it is probable an entity will not meet its financial obligations within one year from the financial statement issuance date. Substantial doubt about an entity’s ability to continue as a going concern exists when conditions and events, considered in the aggregate, indicate it is probable the entity will be unable to meet its financial obligations as they become due within one year after the date the financial statements are issued.

The Company is an emerging growth company and has not generated any revenues to date. As such, the Company is subject to all of the risks associated with emerging growth companies. Since inception, the Company has incurred losses and negative cash flows from operating activities. The Company does not expect to generate positive cash flows from operating activities in the near future until such time, if at all, the Company completes the development process of its products, including regulatory approvals, and thereafter, begins to commercialize and achieve substantial acceptance in the marketplace for the first of a series of products in its medical device portfolio.

The Company incurred a net loss of $3,067,304 for the six months ended December 31, 2020 (Net loss $2,617,863 for the six months ended December 31, 2019). At December 31, 2020, the Company has shareholders’ equity of $18,782,015, working capital of $18,799,962, and an accumulated deficit of $(18,888,991).

On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the novel coronavirus disease 2019 (“COVID-19”) outbreak a public health emergency of international concern and on March 12, 2020 the WHO announced the outbreak was a pandemic. The COVID-19 pandemic is having a negative impact on global markets and business activity, which has had a limited impact on our core business operations. However, due to the nature of our platform technology we are able to quickly adapt to this rapidly evolving environment. As part of the immunology modality of the biosensor platform, the parent company, Life Science Biosensor Diagnostics Pty Ltd (LSBD) executed an agreement on May 29, 2020 with the Wyss Institute for Biologically Inspired Engineering at Harvard University (Wyss) to use the biosensor platform to develop a COVID-19 rapid diagnostic test. The Company has the rights to the technology from this agreement under a Technology Transfer Agreement global license with LSBD entered into on June 23, 2020.

GBS Inc. is the global licensee and intends to commercialize COVID-19 diagnostic tests across the US, Europe, APAC and the rest of the world through appropriately qualified distributors.

In the near future, the Company anticipates incurring operating losses and does not expect to experience 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 Group’s 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 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 Group be unable to continue as a going concern.

As a result of the Company’s initial public offering (see Note 1), the Company believes it has sufficient working capital to finance its operations for the next twelve months as such these financial statements are prepared on the going concern basis.

Summary of Significant Accounting Policies

6 Months Ended

Dec. 31, 2020

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 (“U.S. GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with U.S. GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. The results of operations for an interim period may not give a true indication of the results for the entire year. The June 30, 2020 consolidated balance sheet has been derived from the audited financial statements as of that date.

These condensed consolidated financial statements have been derived from, and should be read in conjunction with, the Company’s audited consolidated financial statements and notes thereto as of and for the year ended June 30, 2020 included in the Company’s Registration Statement on Form S-1, File No. 333-252277 on file with the U.S. Securities and Exchange Commission (the “SEC”). There have not been any significant changes to the Company’s significant accounting policies during the six months ended December 31, 2020.

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.

Reclassifications

Certain reclassifications have been made to prior periods to conform to current period presentation as described below.

In the comparative period (FY 2020), management determined that certain transactions involving the issuance of shares of its subsidiary that occurred during the prior year should have resulted in an adjustment to non-controlling interest (“NCI”) and Additional Paid-in-Capital (“APIC”) to reflect the difference between the fair value of the consideration received and the book value of NCI involving these changes in ownership. As a result, the Company increased its prior year APIC with an offsetting reduction to NCI of $637,056. Management concluded that this reclassification was not meaningful to the Company’s financial position for the prior year, and as such, this change was recorded in the consolidated balance sheet and statement of shareholder’s equity in the first quarter of the comparative period (FY 2020) as an out-of-period adjustment.

Revenue recognition

Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by delivering the promised goods or service deliverables to the customers. A good or service deliverable is transferred to a customer when, or as, the customer obtains control of that good or service deliverable. The Company currently does not generate any revenue.

Foreign currency translation

Assets and liabilities of foreign subsidiaries are translated from local (functional) currency to presentation currency (U.S. dollar) at the rate of exchange in effect 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 GBS Inc is the United States dollar. Foreign currency movements resulted in a gain/(loss) of $33,856 and ($16,712) for the three and six months ended December 31, 2020, respectively ($133,286) and ($129,050) for the three and six months ended December 31, 2019, respectively.

Income taxes

In accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 740, Income Taxes, tax positions initially need to be recognized in the consolidated financial statements when it is more likely than not that the positions will be sustained upon examination by taxing authorities. It also provides guidance for de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

As of December 31, 2020, the Group had no uncertain tax positions that qualified for either recognition or disclosure in the consolidated financial statements. Additionally, the Group had no interest and penalties related to income taxes.

The Group 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.

Debt issuance cost

Debt issuance costs are amortized using the effective interest rate method over the term of the loan and the amortization expense is recorded as part of interest expense of the consolidated statements of operations.

Licensing rights

During the first quarter of the FY ended 30 June 2020, the Company had purchased the license right procurement assets from Life Science Biosensor Diagnostics Pty Ltd for an amount of $976,308 (June 30, 2019: $ nil) in relation to the development and approval process for the Glucose Biosensor Technology. The Company recorded the license at the historical carrying value in the books of LSBD which was $ nil and recorded the amount paid as a deemed dividend. The Company has agreed to pay royalties of sales & milestones payments as defined.

On July 3, 2019, the Company entered into an amended and restated license agreement. There is no set expiration date for the license. However, the exclusivity of the license granted under the license agreement runs until the expiration of the patent portfolio covered by the agreement which is currently until 2033. No royalties have been incurred through to December 31, 2020 (December 31, 2019: $ nil).

Research and development costs

Research and development costs are expensed as incurred.

Net loss per share attributable to common shareholders (“EPS”)

The Company calculates earnings per share attributable to common shareholders in accordance with ASC Topic 260, “Earning Per Share.” Basic net income (loss) per share attributable to common shareholders is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is calculated by dividing net income (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 shall be 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 but not yet effective accounting pronouncements

As the Company is an emerging growth company, it has elected to defer the adoption of new accounting pronouncements until they would apply to private companies.

In August 2020, the FASB issued ASU 2020-06, which simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that is within the scope of ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and treasury stock method will be no longer available. ASU 2020-06 is applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company does not intend to early adopt and continues to evaluate the impact of the provisions of ASU 2020-06 on its consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). This update requires all leases with a term greater than 12 months to be recognized on the balance sheet through a right-of-use asset and a lease liability and the disclosure of key information pertaining to leasing arrangements. This new guidance is effective for fiscal years beginning after December 15, 2021, and interim period within fiscal years beginning after December 15, 2022 as amended by ASU 2020-05 with early adoption permitted. The Company has not early adopted the standard.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects of the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company has not early adopted the standard.

Concentration of credit risk

The Company places its cash and cash equivalents, which may at times be in excess of the Australia Financial Claims Scheme or the United States’ Federal Deposit Insurance Corporation insurance limits, with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution.

Related parties

The Company has related party transactions with its parent LSBD. See Notes 7 and 8.

Fair value of financial instruments

The carrying value of financial instruments classified as current assets and current liabilities approximate fair value due to their liquidity and short-term nature.

Other Current Assets

6 Months Ended

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Current Assets

NOTE 4. OTHER CURRENT ASSETS

	December 31, 2020		June 30, 2020
Goods and services tax receivable	$	77,710	$	7,509
Prepayments		1,596		29,469
Other receivables		9,242		12,084
Total	$	88,548	$	49,062

Accounts Payable and Accrued Expenses

6 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

NOTE 5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

	December 31, 2020		June 30, 2020
Accounts and other payables	$	595,549	$	483,576
Accruals		29,051		56,894
Employee liabilities (current and non-current)		128,172		246,999
Total	$	752,772	$	787,469

Convertible Notes Payable

6 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Convertible Notes Payable

NOTE 6. CONVERTIBLE NOTES PAYABLE

The Company’s previously outstanding notes mandatorily converted, at a conversion price equal to 85% of 50% of the unit offering price of the IPO (or $7.23), for an aggregate of 710,548 shares based on $5,133,706 of principal and zero accrued interest outstanding at the date of conversion.

The convertible notes had a contingent Beneficial Conversion Features (BCF), with the contingency being the event of IPO. As such, a financing cost of $905,948 was recognized as interest expense in the consolidated statements of operations and other comprehensive loss in relation to this contingent BCF during the three and six months ended December 31, 2020.

Stockholders' Equity

6 Months Ended

Dec. 31, 2020

Equity [Abstract]

Stockholders' Equity

NOTE 7. SHAREHOLDERS’ EQUITY

December 2020 Transactions

On December 14, 2020, the Company agreed to issue to LSBD, in consideration of LSBD’s contribution towards the research and development of applications other than glucose and COVID-19 applications to a maximum of $2 million over a 5-year period, a 5-year non-transferable warrant to purchase 3,000,000 shares of the Company’s common stock at the exercise price of $17.00 per share. As this was a transaction between entities under common control, the $2 million receivable due from LSBD has been recognized as contra-equity.

On December 18, 2020, the Company entered into an Exchange Agreement (the “EA”) with LSBD to exchange 3,000,000 shares of its common stock held by LSBD for 3,000,000 shares of the Company’s Series B Convertible Preferred Stock (“Exchange”). In addition, the parties to the Exchange Agreement entered into a Registration Rights Agreement (the “RRA”) pursuant to which the Company agreed to prepare and file within 30 days following the closing of the IPO with the Securities and Exchange Commission a registration statement to register for resale the shares of Common Stock issuable upon conversion of the Series B Convertible Preferred Stock. If and to the extent the Company fails to, among other things, file such resale registration statement or have it declared effective as required under the terms of the RRA, the Company will be required to pay to the holder of such registration rights partial liquidated damages payable in cash in the amount equal to the product of 1.0% multiplied by the aggregate purchase price paid by such holder pursuant to the EA. The EA and the RRA contain customary representations, warranties, agreements and, indemnification rights and obligations of the parties. The common stock acquired in the Exchange was immediately retired. Each share of Series B Convertible Preferred Stock is convertible into 1 shares of the Company’s common stock, subject to proportional adjustment and beneficial ownership limitations. In the event of the Company’s liquidation, dissolution or winding up, holders of Series B Convertible Preferred Stock will participate pari passu with any distribution of proceeds to holders of the Company’s common stock. Holders of Series B Convertible Preferred Stock are entitled to receive dividends on shares of Series B Preferred equal (on an as converted to common stock basis) to and in the same form as dividends actually paid on the Company’s common stock. Shares of Series B Convertible Preferred Stock generally have no voting rights, except as required by law.

Initial public offering

In December 2020, the Company completed its initial public offering. See Note 1.

Related Party Transactions

6 Months Ended

Dec. 31, 2020

Related Party Transactions

NOTE 8. RELATED-PARTY TRANSACTIONS

In December 2020, the Company completed certain financing transactions with its Parent, LSBD as described in Note 7.

Sales to and purchases from related parties are made in arm’s length transactions both at normal market prices and on normal commercial terms. The following transactions occurred with LSBD during the period July 1, 2020 to December 31, 2020 (FY2020: July 1, 2019 to December 31, 2019):

The Company incurred a total of $nil (FY2020: $599,848) towards the services in connection with development and regulatory approval pathway for the technology, including payments made or expenses incurred on behalf of the Company.

The Company incurred a total of $nil (FY2020: $730,148) towards overhead cost reimbursement which includes salaries, rents and other related overheads directly attributable to the company which are included in general and administration expenses.

The Company recognized income of $nil (FY2020: $121,277) in relation to shared labor reimbursement which includes salaries directly attributable to the company which are included in shared-services revenue.

Investment in Affiliate

6 Months Ended

Dec. 31, 2020

Investments in and Advances to Affiliates [Abstract]

Investment in Affiliate

NOTE 9. INVESTMENT IN AFFILIATE

On May 29, 2020 the parent Company, Life Science Biosensor Diagnostics Pty Ltd, issued 14,000,000 common shares of BiosensX (North America) Inc. to the Company at par value of $0.001 per share. This transaction provided the Company with a 50% interest in BiosensX (North America) Inc., the holder of the technology license for the North America region.

The investment in BiosensX (North America) Inc. is accounted for by use of the equity method in accordance with ASC 323 Investments - Equity Method and Joint Ventures.

Life Science Biosensor Diagnostics Pty Ltd is the parent of both the Company and BiosensX (North America), the transfer of BiosensX shares to the Company was deemed to be a common control transaction. As a result of the share transfer, the Company has significant influence over BiosensX (North America) Inc. but in accordance with ASC 810 Consolidation Life Science Biosensor Diagnostics is deemed to have control over BiosensX (North America) Inc. due to its direct ownership of 50% in BiosensX (North America) Inc. and indirect ownership of 50% in BiosensX (North America) Inc. through GBS Inc.

The following table summarizes the amount recorded in the consolidated financial statements:

	December 31, 2020			June 30, 2020

Investment value	$	135,692		$	14,000
(Loss) income from the affiliate		(135,692	)		121,692
Carrying amount	$	-		$	135,692

Commitments and Contingencies

6 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 10. COMMITMENTS AND CONTINGENCIES

The Company has no material future minimum lease commitments or purchase commitments.

From time to time, the Company is 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 legal matter will be favorable to the Company.

Loss Per Share

6 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Loss Per Share

NOTE 11. LOSS PER SHARE

Basic loss per common share is computed by dividing net loss allocable to common stockholders by the weighted average number of shares of common stock or common stock equivalents outstanding. Diluted loss per common share is computed similar to basic loss per common share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock.

	Three Months Ended						Six Months Ended
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019

Net loss attributable to GBS, Inc.	$	(1,983,964	)	$	(1,836,318	)	$	(3,056,474	)	$	(2,594,168	)
Basic and diluted net loss per share attributed to common shareholders	$	(0.23	)	$	(0.22	)	$	(0.35	)	$	(0.30	)
Weighted-average number of ordinary shares		8,622,724			8,510,000			8,626,362			8,510,000

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:

Anti-dilutive warrants and preferred shares:

	Three Months Ended				Six Months Ended
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Warrants - Series A		1,459,977		-		1,459,977		-
Warrants - Series B		1,461,177		-		1,461,177		-
Warrants issued to underwriters		63,529		-		63,529		-
Pre IPO warrants		2,736,675		2,250,376		2,736,675		2,250,376
Warrants issued to parent entity		3,000,000		-		3,000,000		-
Preferred stock - Series A		-		2,323,891		-		2,323,891
Preferred stock - Series B		3,000,000		-		3,000,000		-

Subsequent Events

6 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

NOTE 12. SUBSEQUENT EVENTS

Subsequent to December 31, 2020, the Company received $502,350 in relation to the exercise of 59,100 Series A Warrants to purchase one share of Common Stock per Warrant at an exercise price $ 8.50. As of February 11, 2021, a total of 1,402,077 Series A warrants remain outstanding.

Subsequent to December 31, 2020 a total of 1,364,495 Series B Warrants were exercised to purchase one Common Stock per Warrants in a cashless exercise provision as described in Company’s Registration Statement on Form S-1, File No. 333-252277 on file with the U.S. Securities and Exchange Commission (the “SEC”). As of February 11, 2021, a total of 66,382 Series B remain outstanding.

On January 5, 2021, the Company entered into a certain Research Collaboration Agreement with Harvard College for the purposes of facilitating mutual collaboration in scientific research in connection with the Company’s non-exclusive royalty free license to combat COVID-19 coronavirus. The contemplated collaboration includes research teams from the Company and Harvard and will include, among others, exchange of materials and research data, to now progress with the milestone of integrating the Harvard technology with the Company’s biosensor with applications for SARS-Cov-2 antibody test for COVID-19. The Company agreed to pay Harvard a total amount of $609,375 payable in 3 instalments, with $304,687.50 payable upon receipt of the initial invoice, and two additional payments of $152,343.75 each, upon 90 and 180 day anniversary following the date of the agreement. For additional details refer to form 8-k on January 8, 2021.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
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 (“U.S. GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with U.S. GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. The results of operations for an interim period may not give a true indication of the results for the entire year. The June 30, 2020 consolidated balance sheet has been derived from the audited financial statements as of that date. These condensed consolidated financial statements have been derived from, and should be read in conjunction with, the Company’s audited consolidated financial statements and notes thereto as of and for the year ended June 30, 2020 included in the Company’s Registration Statement on Form S-1, File No. 333-252277 on file with the U.S. Securities and Exchange Commission (the “SEC”). There have not been any significant changes to the Company’s significant accounting policies during the six months ended December 31, 2020.
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.
Reclassifications	*Reclassifications* Certain reclassifications have been made to prior periods to conform to current period presentation as described below. In the comparative period (FY 2020), management determined that certain transactions involving the issuance of shares of its subsidiary that occurred during the prior year should have resulted in an adjustment to non-controlling interest (“NCI”) and Additional Paid-in-Capital (“APIC”) to reflect the difference between the fair value of the consideration received and the book value of NCI involving these changes in ownership. As a result, the Company increased its prior year APIC with an offsetting reduction to NCI of $637,056. Management concluded that this reclassification was not meaningful to the Company’s financial position for the prior year, and as such, this change was recorded in the consolidated balance sheet and statement of shareholder’s equity in the first quarter of the comparative period (FY 2020) as an out-of-period adjustment.
Revenue Recognition	*Revenue recognition* Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by delivering the promised goods or service deliverables to the customers. A good or service deliverable is transferred to a customer when, or as, the customer obtains control of that good or service deliverable. The Company currently does not generate any revenue.
Foreign Currency Translation	*Foreign currency translation* Assets and liabilities of foreign subsidiaries are translated from local (functional) currency to presentation currency (U.S. dollar) at the rate of exchange in effect 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 GBS Inc is the United States dollar. Foreign currency movements resulted in a gain/(loss) of $33,856 and ($16,712) for the three and six months ended December 31, 2020, respectively ($133,286) and ($129,050) for the three and six months ended December 31, 2019, respectively.
Income Taxes	*Income taxes* In accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 740, Income Taxes, tax positions initially need to be recognized in the consolidated financial statements when it is more likely than not that the positions will be sustained upon examination by taxing authorities. It also provides guidance for de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. As of December 31, 2020, the Group had no uncertain tax positions that qualified for either recognition or disclosure in the consolidated financial statements. Additionally, the Group had no interest and penalties related to income taxes. The Group 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.
Debt Issuance Cost	*Debt issuance cost* Debt issuance costs are amortized using the effective interest rate method over the term of the loan and the amortization expense is recorded as part of interest expense of the consolidated statements of operations.
Licensing Rights	*Licensing rights* During the first quarter of the FY ended 30 June 2020, the Company had purchased the license right procurement assets from Life Science Biosensor Diagnostics Pty Ltd for an amount of $976,308 (June 30, 2019: $ nil) in relation to the development and approval process for the Glucose Biosensor Technology. The Company recorded the license at the historical carrying value in the books of LSBD which was $ nil and recorded the amount paid as a deemed dividend. The Company has agreed to pay royalties of sales & milestones payments as defined. On July 3, 2019, the Company entered into an amended and restated license agreement. There is no set expiration date for the license. However, the exclusivity of the license granted under the license agreement runs until the expiration of the patent portfolio covered by the agreement which is currently until 2033. No royalties have been incurred through to December 31, 2020 (December 31, 2019: $ nil).
Research and Development Costs	*Research and development costs* Research and development costs are expensed as incurred.
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 Topic 260, “Earning Per Share.” Basic net income (loss) per share attributable to common shareholders is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is calculated by dividing net income (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 shall be 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 but Not Yet Effective Accounting Pronouncements	*Recently issued but not yet effective accounting pronouncements* As the Company is an emerging growth company, it has elected to defer the adoption of new accounting pronouncements until they would apply to private companies. In August 2020, the FASB issued ASU 2020-06, which simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that is within the scope of ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and treasury stock method will be no longer available. ASU 2020-06 is applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company does not intend to early adopt and continues to evaluate the impact of the provisions of ASU 2020-06 on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). This update requires all leases with a term greater than 12 months to be recognized on the balance sheet through a right-of-use asset and a lease liability and the disclosure of key information pertaining to leasing arrangements. This new guidance is effective for fiscal years beginning after December 15, 2021, and interim period within fiscal years beginning after December 15, 2022 as amended by ASU 2020-05 with early adoption permitted. The Company has not early adopted the standard. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects of the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company has not early adopted the standard.
Cash and Cash Equivalents	*Concentration of credit risk* The Company places its cash and cash equivalents, which may at times be in excess of the Australia Financial Claims Scheme or the United States’ Federal Deposit Insurance Corporation insurance limits, with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution.
Related Parties	*Related parties* The Company has related party transactions with its parent LSBD. See Notes 7 and 8.
Fair Value of Financial Instruments	*Fair value of financial instruments* The carrying value of financial instruments classified as current assets and current liabilities approximate fair value due to their liquidity and short-term nature.

Other Current Assets (Tables)

6 Months Ended

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

	December 31, 2020		June 30, 2020
Goods and services tax receivable	$	77,710	$	7,509
Prepayments		1,596		29,469
Other receivables		9,242		12,084
Total	$	88,548	$	49,062

Accounts Payable and Accrued Expenses (Tables)

6 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

	December 31, 2020		June 30, 2020
Accounts and other payables	$	595,549	$	483,576
Accruals		29,051		56,894
Employee liabilities (current and non-current)		128,172		246,999
Total	$	752,772	$	787,469

Investment in Affiliate (Tables)

6 Months Ended

Dec. 31, 2020

Investments in and Advances to Affiliates [Abstract]

Summary of Amount Recorded in the Consolidated Financial Statements

The following table summarizes the amount recorded in the consolidated financial statements:

	December 31, 2020			June 30, 2020

Investment value	$	135,692		$	14,000
(Loss) income from the affiliate		(135,692	)		121,692
Carrying amount	$	-		$	135,692

Loss Per Share (Tables)

6 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of Basic Loss Per Common Share Potential Dilutive Securities

	Three Months Ended						Six Months Ended
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019

Net loss attributable to GBS, Inc.	$	(1,983,964	)	$	(1,836,318	)	$	(3,056,474	)	$	(2,594,168	)
Basic and diluted net loss per share attributed to common shareholders	$	(0.23	)	$	(0.22	)	$	(0.35	)	$	(0.30	)
Weighted-average number of ordinary shares		8,622,724			8,510,000			8,626,362			8,510,000

Schedule of Anti-Dilutive Warrants

Anti-dilutive warrants and preferred shares:

	Three Months Ended				Six Months Ended
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Warrants - Series A		1,459,977		-		1,459,977		-
Warrants - Series B		1,461,177		-		1,461,177		-
Warrants issued to underwriters		63,529		-		63,529		-
Pre IPO warrants		2,736,675		2,250,376		2,736,675		2,250,376
Warrants issued to parent entity		3,000,000		-		3,000,000		-
Preferred stock - Series A		-		2,323,891		-		2,323,891
Preferred stock - Series B		3,000,000		-		3,000,000		-

Organization and Description of the Business (Details Narrative) - USD ($)			6 Months Ended
	Dec. 28, 2020	Jun. 23, 2020	Dec. 31, 2020	Dec. 31, 2019
Proceeds from issuance of IPO	$ 17,732,448		$ 21,600,013
IPO [Member]
Number of shares sold	1,270,589
Payment of underwriters' discount and commissions	$ 1,714,001
Payment of offering costs	2,153,564
Deferred equity offering cost	$ 1,863,612
IPO [Member] \| Common Stock [Member]
Sale of stock, price per share	$ 17.00
Preferred stock converted	2,810,190
Convertible note converted	710,548
IPO [Member] \| Common Stock [Member] \| Year Two [Member]
Number of shares sold	2,736,675
IPO [Member] \| Common Stock [Member] \| Year Three [Member]
Number of shares sold	2,736,675
IPO [Member] \| Common Stock [Member] \| Underwriter Option [Member]
Number of shares called by warrants	63,529
Exercise price	$ 18.70
IPO [Member] \| Common Stock [Member] \| Underwriter Option [Member] \| Series A Warrants [Member]
Number of shares called by warrants	190,588
IPO [Member] \| Common Stock [Member] \| Underwriter Option [Member] \| Series B Warrants [Member]
Number of shares called by warrants	190,588
IPO [Member] \| Additional Common Stock [Member] \| Underwriter Option [Member]
Number of shares called by warrants	190,588
IPO [Member] \| Series B Convertible Preferred Stock and Series A Warrant [Member] \| Common Stock [Member]
Sale of stock, price per share	$ 8.50
IPO [Member] \| Series B Warrant [Member] \| Common Stock [Member]
Sale of stock, price per share	$ 17.00
Technology Transfer Agreement Global License [Memer] \| Life Science Biosensor Diagnostics Pty Ltd [Memer]
Royalty rate		13.00%
Expected growth percentage term		10 years
Technology Transfer Agreement Global License [Memer] \| Life Science Biosensor Diagnostics Pty Ltd [Memer] \| Minimum [Member]
Royalty rate		3.00%
Technology Transfer Agreement Global License [Memer] \| Life Science Biosensor Diagnostics Pty Ltd [Memer] \| Maximum [Member]
Expected growth percentage including additional growth percentage		7.00%
Life Science Biosensor Diagnostics Pty Ltd [Member]
Onwership percentage			54.40%

Liquidity (Details Narrative) - USD ($)	3 Months Ended				6 Months Ended
Liquidity (Details Narrative) - USD ($)	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (1,990,389)	$ (1,076,915)	$ (1,853,033)	$ (764,830)	$ (3,067,304)	$ (2,617,863)
Shareholders' equity	18,782,015	$ (3,047,566)	$ (5,874,210)	$ (3,887,891)	18,782,015	$ (5,874,210)	$ (5,214,828)	$ (3,977,139)
Working capital	18,799,962				18,799,962
Accumulated deficit	$ (18,888,991)				$ (18,888,991)		$ (15,832,517)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3000-108585

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21914-107793

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568740-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4590271-111686

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21711-107793

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568447-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)

+ Details

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Reduction in non controlling interest			$ 637,056
Foreign currency movements gain/(loss)	$ 33,856	$ (133,286)	(16,712)	$ (129,050)
Purchase of license right					$ 976,308
Royalties

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Goods & Services Tax Receivable	$ 77,710	$ 7,509
Prepayments	1,596	29,469
Accrued Income	9,242	12,084
Total	$ 88,548	$ 49,062

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Payables and Accruals [Abstract]
Accounts and other payables	$ 595,549	$ 483,576
Accruals	29,051	56,894
Employee liabilities (current and non-current)	128,172	246,999
Total	$ 752,772	$ 787,469

Convertible Notes Payable (Details Narrative) - Convertible Note [Member] - Glucose Biosensor Systems [Member]	6 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Debt conversion price \| $ / shares	$ 7.23
Debt conversion number of shares converted \| shares	710,548
Debt conversion converted amount	$ 5,133,706
Debt accrued interest	0
Financing cost	$ 905,948
Maximum [Member]
Debe conversion price percentage	0.85
Minimum [Member]
Debe conversion price percentage	0.50

Stockholders' Equity (Details Narrative) - Life Science Biosensor Diagnostics Pty Ltd [Memer] - USD ($)	Dec. 18, 2020	Dec. 14, 2020
Consideration period		5 years
Exchange Agreement [Member]
Conversion of stock description	In addition, the parties to the Exchange Agreement entered into a Registration Rights Agreement (the "RRA") pursuant to which the Company agreed to prepare and file within 30 days following the closing of the IPO with the Securities and Exchange Commission a registration statement to register for resale the shares of Common Stock issuable upon conversion of the Series B Convertible Preferred Stock. If and to the extent the Company fails to, among other things, file such resale registration statement or have it declared as required under the terms of the RRA, the Company will be required to pay to the holder of such registration rights partial liquidated damages payable in cash in the amount equal to the product of 1.0% multiplied by the aggregate purchase price paid by such holder pursuant to the EA. The EA and the RRA contain customary representations, warranties, agreements and, indemnification rights and obligations of the parties. This was accounted for as a modification and the par value of the common stock was reclassified to the par value of the preferred stock.
Exchange Agreement [Member] \| Series B Convertible Preferred Stock [Member]
Number of shares on exchange	3,000,000
Maximum [Member]
Consideration contributed towards research and development expense		$ 2,000,000
Common Stock [Member] \| Exchange Agreement [Member]
Shares issued upon conversion	3,000,000
5 Year Non-Transferrable Warrant [Member] \| Common Stock [Member]
Number of warrant to purchase common stock		3,000,000
Exercise price		$ 17.00

Related Party Transactions (Details Narrative) - Life Science Biosensor Diagnostics Pty Ltd [Memer]	Dec. 31, 2020 USD ($)
Due to related party towards the services in connection with development	$ 599,848
Due to related party towards overhead cost reimbursement which includes salaries, rents and other related overheads	730,148
Due from related party in relation to shared labor reimbursement	$ 121,277

Investment in Affiliate (Details Narrative) - $ / shares	May 29, 2020	Dec. 31, 2020	Jun. 30, 2020
Common stock, shares, issued		10,422,497	8,630,000
Common stock price per share		$ 0.01	$ 0.01
Life Science Biosensor Diagnostics Pty Ltd [Memer] \| BiosensX [Memer]
Equity interest percentage	50.00%
Life Science Biosensor Diagnostics Pty Ltd [Memer] \| BiosensX [Memer]
Common stock, shares, issued	14,000,000
Common stock price per share	$ 0.001
Equity method investment, description	Life Science Biosensor Diagnostics Pty Ltd is the parent of both the Company and BiosensX (North America), the transfer of BiosensX shares to the Company was deemed to be a common control transaction. As a result of the share transfer, the Company has significant influence over BiosensX (North America) Inc. but in accordance with ASC 810 Consolidation Life Science Biosensor Diagnostics is deemed to have control over BiosensX (North America) Inc. due to its direct ownership of 50% in BiosensX (North America) Inc. and indirect ownership of 50% in BiosensX (North America) Inc. through GBS Inc.

Investment in Affiliate - Summary of Amount Recorded in the Consolidated Financial Statements (Details) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Investments in and Advances to Affiliates [Abstract]
Investment value	$ 135,692	$ 14,000
(Loss) income from the affiliate	(135,692)	121,692
Carrying amount		$ 135,692

Commitments and Contingencies (Details Narrative)	Dec. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Future minimum lease commitments
Purchase commitments

Loss Per Share - Schedule of Basic Loss Per Common Share Potential Dilutive Securities (Details) - USD ($)	3 Months Ended			6 Months Ended
	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net loss attributable to GBS, Inc.	$ (1,983,964)	$ (1,836,318)	$ (1,836,318)	$ (3,056,474)	$ (2,594,168)	$ (2,594,168)
Basic and diluted net loss per share attributed to common shareholders	$ (0.23)	$ (.22)		$ (.35)	$ (.30)
Weighted-average number of ordinary shares	8,622,724	8,510,000	8,510,000	8,626,362	8,510,000	8,510,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

Loss Per Share - Schedule of Anti-Dilutive Warrants (Details) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Warrants - Series A [Member]
Antidilutive securities excluded from computation of earnings per share, amount	1,459,977		1,459,977
Warrants - Series B [Member]
Antidilutive securities excluded from computation of earnings per share, amount	1,461,177		1,461,177
Underwriters Warrants [Member]
Antidilutive securities excluded from computation of earnings per share, amount	63,529		63,529
Pre IPO Warrants [Member]
Antidilutive securities excluded from computation of earnings per share, amount	2,736,675	2,250,376	2,736,675	2,250,376
Warrant [Member]
Antidilutive securities excluded from computation of earnings per share, amount	3,000,000		3,000,000
Preferred stock - Series A [Member]
Antidilutive securities excluded from computation of earnings per share, amount		2,323,891		2,323,891
Preferred stock - Series B [Member]
Antidilutive securities excluded from computation of earnings per share, amount	3,000,000		3,000,000

Subsequent Events (Details Narrative) - USD ($)	1 Months Ended	6 Months Ended
Subsequent Events (Details Narrative) - USD ($)	Feb. 11, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 05, 2021
Proceeds from issuance of warrants		$ 3,812
Subsequent Event [Member] \| Harvard College [Memer]
Milestone payable				$ 609,375
Subsequent Event [Member] \| Harvard College [Memer] \| Research Collaboration Agreement [Member] \| Receipt of Initial Invoice [Member]
Milestone payable				304,687
Subsequent Event [Member] \| Harvard College [Memer] \| Research Collaboration Agreement [Member] \| 90 Day Anniversary [Member]
Milestone payable				152,344
Subsequent Event [Member] \| Harvard College [Memer] \| Research Collaboration Agreement [Member] \| 180 Day Anniversary [Member]
Milestone payable				$ 152,344
Subsequent Event [Member] \| Series A Warrants [Member]
Proceeds from issuance of warrants	$ 502,350
Warrants issued	59,100
Number of securities called by each warrant	1
Exercise price	$ 8.50
Warrants outstanding	$ 1,402,077
Subsequent Event [Member] \| Series B Warrants [Member]
Proceeds from issuance of warrants	$ 1,364,495
Number of securities called by each warrant	1
Warrants outstanding	$ 66,382