0001493152-23-025721 | S-1/A | XBRL Viewer | Intelligent BIO Solutions INC

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Mar. 31, 2023

SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND ACCESSORIES

Revenue from the IFPG segment relates to the sale of readers, cartridges and accessories and is summarized as follows:

	2023		2022		2023		2022		2021
	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022		2021
Sales of goods - cartridges	$	252,682	$	—	$	467,043	$	—	$	—
Sales of goods - readers		134,366		—		237,554		—		—
Other sales		70,010		—		109,140		—		—
Total revenue	$	457,058	$	—	$	813,737	$	—	$	—

Condensed Consolidated Balance Sheets - USD ($)

Mar. 31, 2023

Jun. 30, 2022

Jun. 30, 2021

Current assets:

Cash and cash equivalents

$ 2,280,544

$ 8,238,301

$ 12,573,685

Accounts receivable, net

296,049

Inventories

736,221

Grant receivable, current portion

1,529,882

2,098,884

Research and development tax incentive receivable

578,456

353,048

1,025,455

Other current assets

531,824

746,761

2,509,017

Total current assets

4,423,094

10,867,992

18,207,041

Construction in progress

478,120

391,408

Finance lease right-of-use assets

472,253

Goodwill

Intangible assets, net

5,295,234

Long-term grant receivable

1,092,773

3,148,328

Other non-current assets

504,000

TOTAL ASSETS

10,668,701

12,352,173

21,859,369

Current liabilities:

Accounts payable and accrued expenses

1,598,831

1,625,089

1,467,968

Current portion of finance lease liabilities

174,215

Current portion of deferred grant income

1,093,157

2,836,582

2,098,884

Current employee benefit liabilities

334,227

201,332

102,475

Current portion of notes payable

335,528

Total current liabilities

3,535,958

4,663,003

3,682,650

Employee benefit liabilities

24,939

50,626

21,770

Finance lease liabilities

320,725

Long-term deferred grant income

1,092,773

3,148,328

Notes payable

470,872

Convertible notes payable

389,361

Total liabilities

4,741,855

5,806,402

6,852,748

Commitments and contingencies (Note 10)

Shareholders’ equity:

Preferred stock value

13,000

Common stock, $0.01 par value, 100,000,000 shares authorized, 14,889,904 and 13,582,122 shares issued and outstanding at June 30, 2022 and June 30, 2021, respectively

16,855

7,445

135,821

Treasury stock, at cost, 1,386 and 0 shares as of March 31, 2023 and June 30, 2022, respectively

(14)

Additional paid-in capital

45,772,664

38,581,465

38,440,089

Accumulated deficit

(39,148,652)

(31,175,853)

(22,869,803)

Accumulated other comprehensive loss

(639,884)

(788,135)

(661,260)

Total consolidated GBS Inc. equity

6,026,364

6,624,922

15,057,847

Non-controlling interest

(99,518)

(79,151)

(51,226)

Total shareholders' equity

5,926,846

6,545,771

15,006,621

^[1]

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

10,668,701

12,352,173

21,859,369

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

10,668,701

12,352,173

21,859,369

Series C Preferred Stock [Member]

Shareholders’ equity:

Preferred stock value

23,630

Series D Preferred Stock [Member]

Shareholders’ equity:

Preferred stock value

1,765

Related Party [Member]

Current liabilities:

Related party payables

$ 13,323

[1]	Include adjustments for effect of reverse stock split

INVESTMENT IN AFFILIATE (Details Narrative) - USD ($)	12 Months Ended
INVESTMENT IN AFFILIATE (Details Narrative) - USD ($)	Jun. 30, 2022	Mar. 31, 2023	May 29, 2020
Common stock, shares, issued	744,496	1,685,467
Common stock price per share	$ 0.01	$ 0.01
Purchase of warrant	$ 150,000
Number of shares post-reverse stock split, per share	$ 340
BiosensX [Member]
Common stock, shares, issued			14,000,000
Common stock price per share			$ 0.001
Equity interest percentage			50.00%
Investments

Cover	9 Months Ended
Cover	Mar. 31, 2023
Entity Addresses [Line Items]
Document Type	S-1/A
Amendment Flag	true
Amendment Description	AMENDMENT NO. 1
Entity Registrant Name	INTELLIGENT BIO SOLUTIONS INC.
Entity Central Index Key	0001725430
Entity Tax Identification Number	82-1512711
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	142 West 57th Street
Entity Address, Address Line Two	11th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(646)
Local Phone Number	828-8258
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	142 West 57th Street
Entity Address, Address Line Two	11th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
Contact Personnel Name	Harry Simeonidis

SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED FINANCIAL STATEMENTS (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Subsequent Events [Abstract]
Investment value		$ 135,692
Loss from the affiliate		(135,692)
Carrying amount

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Details Narrative)						3 Months Ended			9 Months Ended			12 Months Ended
	May 09, 2023 shares	Apr. 04, 2023 USD ($)	Oct. 04, 2022 USD ($) $ / shares shares	Oct. 04, 2022 USD ($) $ / shares shares	Oct. 04, 2022 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) shares	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($) shares	Oct. 04, 2022 GBP (£) shares
Preferred Stock, Par or Stated Value Per Share \| $ / shares						$ 0.01			$ 0.01			$ 0.01
Note receivable settled for business acquisition									$ 504,938
Accrued Liabilities												$ 909,187	$ 112,074
Payments to Acquire Notes Receivable												500,000
Equity issuance costs									464,727				2,003,952
Acquired intangible assets			$ 5,463,000	$ 5,463,000	$ 5,463,000
Goodwill			$ 3,803,293	$ 3,803,293	$ 3,803,293		$ 4,130,037
Revenue						457,058			813,737
Net loss						(6,343,906)		(1,335,246)	(7,972,799)	(6,227,896)		$ (8,306,051)	$ (7,037,286)
Goodwill impairment						4,096,490			4,096,490
Amortization of other intangible assets						346,548		$ 0	686,570	$ 0
Series C Preferred Stock [Member]
Stock issued during period shares new issues \| shares			2,363,003
Reserved for future issuance \| shares			1,649,273	1,649,273	1,649,273									1,649,273
Convertible notes						607,800			607,800
Series C Preferred Stock [Member] \| Subsequent Event [Member]
Stock issued during period shares acquisitions \| shares	1,149,273
Series C Preferred Stock [Member] \| Share Exchange Agreement [Member]
Number of shares post-reverse stock split \| shares			0.15
Stock issued during period shares acquisitions \| shares			500,000
Business combination loan receivable			$ 504,938	$ 504,938	$ 504,938
Series C Preferred Stock [Member] \| Share Exchange Agreement [Member] \| Convertible Loan Holders [Member]
Stock issued during period shares new issues \| shares			1,149,273
Hold-back Series C Preferred Stock [Member] \| Share Exchange Agreement [Member]
Stock issued during period shares acquisitions \| shares			500,000
Common Stock [Member]
Stock issued during period shares new issues \| shares					148,183								1,270,589
Stock issued during period shares acquisitions \| shares							148,155
Intelligent Fingerprinting Limited [Member]
Payments to Acquire Notes Receivable			$ 363,500
Acquired intangible assets			5,463,000	5,463,000	$ 5,463,000
Goodwill			3,803,293	3,803,293	3,803,293
Revenue									813,737
Net loss									4,336,191
Amortization of other intangible assets									697,684
Convertible notes						$ 1,455,078			$ 1,455,078
Intelligent Fingerprinting Limited [Member] \| Technology-Based Intangible Assets [Member]
Acquired intangible assets			$ 5,119,000	5,119,000	5,119,000
Estimated useful life			5 years
Intelligent Fingerprinting Limited [Member] \| Customer Relationships [Member]
Acquired intangible assets			$ 252,000	252,000	252,000
Estimated useful life			3 years
Intelligent Fingerprinting Limited [Member] \| Trademarks and Trade Names [Member]
Acquired intangible assets			$ 92,000	$ 92,000	$ 92,000
Weighted average useful lives (years)			indefinite
Intelligent Fingerprinting Limited [Member] \| Subsequent Event [Member] \| Second Installment [Member]
Payments to Acquire Notes Receivable		$ 181,750
Intelligent Fingerprinting Limited [Member] \| First Installment [Member]
Payments to Acquire Notes Receivable							$ 181,750
Intelligent Fingerprinting Limited [Member] \| Bridge Facility Agreement [Member]
Note receivable settled for business acquisition			$ 504,938
Intelligent Fingerprinting Limited [Member] \| Various Loan Agreement [Member]
Accrued Liabilities \| £														£ 1,254,270
Loan bear interest percentage			17.00%	17.00%	17.00%									17.00%
Loan bear variable interest percentage			22.00%	22.00%	22.00%									22.00%
Intelligent Fingerprinting Limited [Member] \| Common Stock [Member]
Number of shares post-reverse stock split \| shares			148,183
Stock issued during period shares new issues \| shares			2,363,003	2,963,091
Share Exchange Agreement [Member] \| Series C Convertible Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share \| $ / shares			$ 0.01	$ 0.01	$ 0.01
IFP Acquisition [Member] \| Series C Preferred Stock [Member]
Equity issuance costs			$ 806,397
Intelligent Fingerprinting Limited [Member]
Equity method ownership percentage			100.00%	100.00%	100.00%									100.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements. Normal and recurring adjustments considered necessary for a fair statement of the results for the interim periods, in the opinion of the Company’s management, have been included. Operating results for the three and nine months ended March 31, 2023, are not necessarily indicative of the results that may be expected for the year ending June 30, 2023. The accompanying unaudited condensed consolidated financial statements and related footnote disclosures should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K for the year ended June 30, 2022, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 22, 2022 and amended on Form 10-K/A filed with the SEC on October 7, 2022, and March 6, 2023 (as amended, the “2022 Form 10-K”).

Principles of consolidation

These unaudited condensed consolidated financial statements include the accounts of the Company, all wholly owned and majority-owned subsidiaries in which the Company has a controlling voting interest and, when applicable, variable interest entities in which the Company has a controlling financial interest or is the primary beneficiary. Investments in affiliates where the Company does not exert a controlling financial interest are not consolidated.

All significant intercompany transactions and balances have been eliminated upon consolidation.

Out-of-period Reclassification within Consolidated Statements of Operations and Other Comprehensive Loss

The Company previously included $123,800 of labor costs in selling and administrative expenses within the condensed consolidated statement of operations and other comprehensive loss for the six-month period ended December 31, 2022. These costs have been reclassified as cost of revenue during the three-month period ended March 31, 2023, as an out of period adjustment. The Company evaluated this inconsistency and the impact to previously issued interim financial statements and concluded that the adjustments and the impact of this classification inconsistency is not material to any previously issued quarterly financial statements. To improve the consistency and comparability of the financial statements, management has recorded an out-of-period adjustment during the three months period ended March 31, 2023. This reclassification adjustment did not have any impact on loss from operations, net income, and earnings per common share.

Equity offering costs

The Company complies with the requirements of ASC 340, Other Assets and Deferred Costs, with regards to offering costs. Prior to the completion of an offering, offering costs are capitalized as deferred offering costs on the consolidated balance sheets. The deferred offering costs will be charged to shareholders’ equity upon the completion of the related offering.

Use of estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates.

Business combinations

The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of the acquisition. The Company uses the acquisition method of accounting and allocates the purchase price to the identifiable assets and liabilities of the relevant acquired business at their acquisition date fair values. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognized as goodwill. The allocation of the purchase price in a business combination requires the Company to perform valuations with significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates and selection of comparable companies. The Company engages the assistance of valuation specialists in concluding on fair value measurements in connection with determining fair values of assets acquired and liabilities assumed in a business combination. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. Transaction costs associated with business combinations are expensed as incurred and are included in selling, general and administrative expense in the consolidated statements of operations.

Revenue recognition

Revenue 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.

Financial information presented on a consolidated basis accompanied by disaggregated information about revenue and other income by product types for the purpose of allocating resources and evaluating financial performance. Currently, the Company has two products offerings. Accordingly, the Company has determined the following reporting segments (Refer to Note 4, Segment Information):

	1)	Commercially available Intelligent Fingerprinting Products (IFPG)
	2)	Development Stage Saliva Glucose Biosensor Platform (SGBP)

Revenues are used to evaluate the performance of the Company’s segments, the progress of major initiatives and the allocation of resources. All of the Company’s revenues, are attributable to the IFPG segment during the three and nine months ended March 31, 2023. There were no revenues during the three and nine months ended March 31, 2022.

Revenue from the IFPG segment relates to the sale of readers, cartridges and accessories and is summarized as follows:

	2023		2022		2023		2022		2021
	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022		2021
Sales of goods - cartridges	$	252,682	$	—	$	467,043	$	—	$	—
Sales of goods - readers		134,366		—		237,554		—		—
Other sales		70,010		—		109,140		—		—
Total revenue	$	457,058	$	—	$	813,737	$	—	$	—

Other income

The other income mainly comprised of grant income and R&D tax refund.

a) Grant income

On June 30, 2021, the Company executed a definitive grant agreement with the Australian Government to assist with building a manufacturing facility. The grant has a total value of up to $4.7 million upon the achievement of certain milestones until March 28, 2024. Proceeds from the grant will be used primarily to reimburse the Company for costs incurred in the construction of the manufacturing facility.

Accounting for the grant does not fall under ASC 606, Revenue from Contracts with Customers, as the Australian Government will not benefit directly from our manufacturing facility. As there is no authoritative guidance under U.S. GAAP on accounting for grants to for-profit business entities, we applied International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance by analogy when accounting for the Australian Government grant to the Company.

The Australian Government grant proceeds, which will be used to reimburse construction costs incurred, meet the definition of grants related to assets as the primary purpose for the payments is to fund the construction of a capital asset. Under IAS 20, government grants related to assets are presented in the statement of financial position either by setting up the grant as deferred income that is recognized in the statement of operation on a systematic basis over the useful life of the asset or by deducting the grant in arriving at the carrying amount of the asset. Either of these two methods of presentation of grants related to assets in financial statements are regarded as acceptable alternatives under IAS 20. The Company has elected to record the grants received initially as deferred income and deducting the grant proceeds received from the gross costs of the assets or construction in progress (“CIP”) and the deferred grant income liability.

Under IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met, and the grant will be received. As of June 30, 2021, management concluded that there was reasonable assurance the grant conditions will be met, and all milestone payment received. The total grant value of $4.7 million was recognized as both a grant receivable and deferred grant income on the grant effective date. The grant receivable was reduced by $2.1 million for payments received during the year ended June 30, 2022 (no payments were received during the three or nine months ended March 31, 2023). The project has been delayed due to global shortages of semiconductors that are used in manufacturing equipment and global supply chain disruption due to covid in the preceding year. The Company has only completed 4 of the 8 milestones in the grant agreement. As of March 31, 2023, there is uncertainty regarding the potential extension of the grant agreement past its original end of March 28, 2024. Therefore, management concluded that there is no reasonable assurance that the grant receivable recognized will be received.

Accordingly, during the three months ended March 31, 2023, the Company reversed $2.5 million of the grant receivable and corresponding $2.5 million of the deferred income liability in accordance with IAS 20.

After initial recognition, under IAS 20, government grants are recognized in earnings on a systematic basis in a manner that mirrors the manner in which the Company recognizes the underlying costs for which the grant is intended to compensate. Further, IAS 20 permits for recognition in earnings either separately under a general heading such as other income, or as a reduction of the cost of the asset. The Company has elected to recognize government grant income separately within other income for operating expenditures. Similarly, for capital expenditures, the carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting the grant proceeds received from the gross costs of the assets or CIP and deferred grant income liability. A total of $26,576 and $125,128 deferred grant income was recognized within other income during the three and nine months ended March 31, 2023, respectively. Deferred grant income recognized within other income during the three and nine months ended March 31, 2022, was $147,865 and $179,264, respectively.

b) R&D tax refund

The Company measures the R&D grant income and receivable by considering the time spent by employees on eligible R&D activities and R&D costs incurred to external service providers. The R&D tax refund receivable is recognized when it is probable that the amount will be recovered in full through a future claim. A total of $91,104 and $573,497 of R&D tax refund income was recognized in other income during the three and nine months ended March 31, 2023, respectively. R&D tax refund income was $35,206 and $181,598 during the three and nine months ended March 31, 2022, respectively.

Development and regulatory approval expenses

Expenditures relating to research and development (“R&D”) are expensed as incurred and recorded in development and regulatory approval in the condensed consolidated statements of operations and Other Comprehensive Loss. R&D expenses include external expenses incurred under arrangements with third parties; salaries and personnel-related costs; license fees to acquire in-process technology and other expenses. The Company recognizes the benefit of refundable R&D tax refunds as a R&D tax refund income when there is reasonable assurance that the amount claimed will be recovered (refer to the R&D tax refund discussion above).

Intellectual property acquired for a particular research and development project and that have no alternative future uses (in other research and development projects or otherwise) are expensed in research and development costs at the time the costs are incurred.

In certain circumstances, the Company may be required to make advance payments to vendors for goods or services that will be received in the future for use in R&D activities. In such circumstances, the non-refundable advance payments are deferred and capitalized, even when there is no alternative future use for the R&D, until the related goods or services are provided. In circumstances where amounts have been paid in excess of costs incurred, the Company records a prepaid expense.

Foreign currency translation

Assets and liabilities of foreign subsidiaries are translated from local (functional) currency to reporting currency (U.S. dollar) at the spot rate on the consolidated balance sheets date; income and expenses are translated at the average rate of exchange prevailing during the year. Foreign currency movements resulted in a loss of $77,787 and a gain of $148,251 for the three and nine months ended March 31, 2023, respectively. Foreign currency movements resulted in a gain of $2,793 and a loss of $57,334 for the three and nine months ended March 31, 2022, respectively.

Income taxes

In accordance with the provisions of 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 March 31, 2023, the Company had no uncertain tax positions that qualified for either recognition or disclosure in the consolidated financial statements. Additionally, the Company had no interest and penalties related to income taxes.

Licensing rights

During the first quarter of the fiscal year ended June 30, 2020, the Company purchased the license right procurement assets from LSBD for an amount of $976,308 in relation to the development and approval process for the Glucose Biosensor Technology in the Asia-Pacific (APAC) region. 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 September 12, 2019, the Company entered into an amended and restated license agreement for Saliva Biosensor Technology. On June 23, 2020, the Company entered into a license agreement with LSBD for the worldwide rights to SARS-CoV-2 application of the Saliva Glucose Biosensor.

In relation to these licenses, 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 March 31, 2023.

On March 31, 2021, the Company entered into an agreement with LSBD to provide the Company an option to acquire an exclusive license to use LSBD’s intellectual property in the Saliva Glucose Biosensor in North America (the “Option Agreement”). The Option Agreement had a term of two years ending March 31, 2023, and the exercise price for the option is $5,000,000. The fee of $500,000 incurred for the option was expensed in the period incurred. The option was not exercised and expired on March 31, 2023.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost comprises direct materials and, where applicable, other costs that have been incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. General market conditions, as well as the Company’s research activities, can cause certain of its products to become obsolete. The Company writes down excess and obsolete inventories based upon a regular analysis of inventory on hand compared to historical and projected demand. The determination of projected demand requires the use of estimates and assumptions related to projected sales for each product. These write downs can influence results from operations.

Trade, note and other receivables

Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Company, and a failure to make contractual payments for a period of greater than 90 days past due.

Based upon the assessment of these factors, the Company recorded a bad debt provision write-back of $22,918 and a provision of $nil during the three and nine months ended March 31, 2023. No bad debt provision was recognized during the three and nine months ended March 31, 2022. Trade receivables are recognized net of bad debt provision.

Property, Plant and Equipment (PPE) & Construction in Progress (CIP)

In accordance with the ASC 360, Property, Plant, and Equipment, the Company’s PPE, except land, is stated at cost net of accumulated depreciation and impairment losses, if any. Land is stated at cost less any impairment losses. Costs incurred to acquire, construct, or install PPE, before the assets is ready for use, are capitalized in CIP at historical cost. The carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting the grant proceeds received from the gross costs of the assets or CIP. CIP is not depreciated until such time when the asset is substantially completed and ready for its intended use. Expenditures for maintenance and repairs are charged to operations in the period in which the expense is incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following terms:

	●	Computers hardware and software – 3 years
	●	Equipment, Furniture and fixtures – 2-4 years
	●	Leasehold improvements – shorter of asset’s estimated useful life and the remaining term of the lease

The assets’ residual values, useful lives and methods of depreciation are reviewed periodically and adjusted prospectively, if appropriate. Equipment is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising upon de-recognition of the asset (calculated as the difference between the net disposal proceeds, if any, and the carrying value of the asset) is included in gain or loss on sale of assets in the consolidated statements of operations in the period the asset is derecognized.

Impairment of Long-lived Assets and Goodwill

Long-lived assets consist of property and equipment, right-of-use assets and other intangible assets. We assess impairment of assets groups, including intangible assets at least annually or more frequently if there are any indicators for impairment.

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. We perform an annual impairment test on goodwill in the fourth quarter of each fiscal year or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. We may first assess qualitative factors, such as general economic conditions, market capitalization, the Company’s outlook, market performance and forecasted financial performance to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is not necessary. If an impairment test is necessary, we estimate the fair value of a related reporting unit. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and we will record an impairment charge equal to the excess of the carrying value over the related fair value of the reporting unit. If we determine it is more likely than not that goodwill is not impaired, a quantitative test is not necessary.

During the three months ended March 31, 2023, the Company’s market capitalization significantly declined. Furthermore, as a result of macroeconomic factors and recurring cash burn of the reporting unit and continuous cash support from the parent entity, the Company tested the recoverability of its goodwill as of March 31, 2023. Utilizing the income approach, the Company performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined the carrying value of our reporting unit exceeded its fair value. As a result, we recognized goodwill impairment of $4.1 million. Significant assumptions inherent in the valuation methodologies include, but are not limited to, prospective financial information, growth rates, terminal value and discount rate.

Intangible assets

Intangible assets are considered long-lived assets and are recorded at cost, less accumulated amortization and impairment losses, if any. The intangible assets are amortized over their estimated useful lives, which do not exceed any contractual periods. Amortization is recorded on a straight-line basis over their estimated useful lives. Intangible assets acquired from a foreign operation are translated from the foreign entity’s functional currency to the presentational currency based on the exchange rate at the reporting date. The management plans to assess the recoverability of intangible assets through a detailed analysis of the asset’s useful life, market value, impairment indicators, and potential technological changes at the June 2023 year end.

During the three-month period ended March 31, 2023, in response to market and performance conditions, the Company tested the recoverability of its intangible assets. Utilizing the undiscounted cash flows, the Company performed a quantitative impairment test on amortizable intangible assets and concluded that the amortizable intangible assets were not impaired at March 31, 2023. Utilizing the discounted cash flows, the Company performed a quantitative impairment test on indefinite lived intangible assets and concluded that these intangible assets were not impaired at March 31, 2023.

Leases

The Company determines if an arrangement is a lease at its inception. Lease arrangements are comprised primarily of real estate for which the right-of-use (“ROU”) assets and the corresponding lease liabilities are presented separately on the consolidated balance sheet.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that the option will be exercised. Leases with a term of 12 months or less are not recorded on the consolidated balance sheet.

The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date, considering publicly available data for instruments with similar characteristics. The Company accounts for the lease and non-lease components as a single lease component.

Impairment of long-lived assets

Long-lived assets including defined lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. If events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable, the Company compares the carrying amount of an asset group to future undiscounted net cash flows, excluding interest costs, expected to be generated by the asset group and its ultimate disposition. If the sum of the undiscounted cash flows is less than the carrying value, the impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. The Company did not recognize any impairments of long-lived assets including defined lived intangible assets during the three and nine months ended March 31, 2023 and 2022.

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

The Company calculates earnings per share attributable to common shareholders in accordance with ASC 260, Earning Per Share. Basic net loss per share attributable to common shareholders is calculated by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is calculated by dividing net loss attributable to common shareholders by weighted average common shares outstanding during the period plus potentially dilutive common shares, such as share warrants.

Potentially dilutive common shares are calculated in accordance with the treasury share method, which assumes that proceeds from the exercise of all warrants are used to repurchase common share at market value. The number of shares remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities.

As the Company has incurred net losses in all periods, certain potentially dilutive securities, including convertible preferred stock, warrants to acquire common stock, and convertible notes payable have been excluded in the computation of diluted loss per share as the effects are antidilutive.

Recently issued accounting pronouncements

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

Adopted:

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt – Debt with Conversion and Other Options (“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. The Company adopted ASU 2020-06 as of July 1, 2022. Adoption did not have a material impact on the Company’s 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 adopted the standard on July 1, 2022. There was no impact on adoption of ASU 2016-02 as the Company did not have any material leases as of July 1, 2022, and, therefore, application of transitional practical expedients provided by the ASU is not applicable. Topic 842 was applied to the lease assumed as part of the acquisition of IFP on October 4, 2022. See Note 10 for further information and disclosures relating to ASC 842.

Pending adoption:

In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-10, Government Assistance (“ASU 2021-10”). This update requires annual disclosures about transaction with a government that are accounted for by applying a grant or contribution accounting model by analogy. Required disclosures include (1) information about the nature of the transactions and the related accounting policy used to account for the transactions, (2) the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item, and (3) significant terms and conditions of the transactions, including commitments and contingencies. ASU 2021-10 is applicable for fiscal years beginning after December 15, 2021, with early adoption permitted. The Company is planning to complete the required ASU 2021-10 disclosures with the filing of its Annual Report on Form 10-K for the year ending on June 30, 2023. Based on the management’s assessment of ASU 2021-10, this standard is not expected to have a material impact on the Company’s financial statements.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). ASU 2021-08 requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated the contracts. Prior to this ASU, an acquirer generally recognized contract assets acquired and contract liabilities assumed that arose from contracts with customers at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The ASU is to be applied prospectively to business combinations occurring on or after the effective date of the amendment. The Company has not early adopted and continues to evaluate the impact of the provisions of ASU 2021-08 on its consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments – Credit Losses (“ASU 2016-13”). This update (a) significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model which will be based on an estimate of current expected credit loss (“CECL”) (ASC 326-20); and (b) provides for recording credit losses on available-for-sale (“AFS”) debt securities through an allowance account (ASC 326-30). The standard also requires certain incremental disclosures. Subsequently, the FASB issued several ASUs to clarify, improve, or defer the adoption of ASU 2016-13. ASU 2016-13, as amended by ASU 2019-10, is applicable for Smaller Reporting Companies (“SRCs”) for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company has not early adopted the standard and continues to evaluate the impact.

Concentration of credit risk

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

Fair value of financial instruments

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1-Quoted prices in active markets for identical assets or liabilities.

Level 2-Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3-Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

The carrying amounts of cash equivalents, prepaid and other assets, accounts payable and accrued liabilities are representative of their respective fair values because of the short-term nature of those instruments. The Company has elected to carry its convertible notes at fair value.

Fair value option (“FVO”) for convertible notes

The Company elected the FVO for recognition of its convertible notes payable upon issuance as permitted under ASC 825, Financial Instruments. Under the FVO, the Company recognizes the convertible notes payable at fair value with changes in fair value recognized in earnings. The FVO may be applied instrument by instrument, but it is irrevocable. As a result of applying the FVO, direct costs and fees related to the convertible notes are recognized in selling, general and administrative expense in the condensed consolidated statements of operations as incurred and not deferred. Changes in accrued interest for the notes are included in the change in fair value of convertible notes. Changes in fair value of the convertible notes are recognized as part of interest expense in the condensed consolidated statements of operations.

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) as of June 30, 2022 and 2021.

Principles of consolidation

These consolidated financial statements as of and for the years ended June 30, 2022 and 2021 include the accounts of the Company, all wholly-owned and majority-owned subsidiaries in which the Company has a controlling voting interest and, when applicable, variable interest entities (“VIEs”) in which the Company has a controlling financial interest or is the primary beneficiary. Investments in affiliates where the Company does not exert a controlling financial interest are not consolidated.

All significant intercompany transactions and balances have been eliminated upon consolidation.

Equity offering costs

The Company complies with the requirements of ASC 340 with regards to offering costs. Prior to the completion of an offering, offering costs were capitalized as deferred offering costs on the consolidated balance sheets. The deferred offering costs were charged to shareholders’ equity (deficit) upon the completion of an offering.

Use of estimates

Revenue recognition

Deferred grant income

On June 30, 2021, the Company executed a definitive grant agreement with the Australian Government to assist with building a manufacturing facility. The grant has a total value of up to $4.7 million upon the achievement of certain milestones. Proceeds from the grant will be used primarily to reimburse the Company for costs incurred in the construction of the manufacturing facility.

Accounting for the grant does not fall under ASC 606, Revenue from Contracts with Customers, as the Australian Government will not benefit directly from our manufacturing facility. As there is no authoritative guidance under U.S. GAAP on accounting for grants to for-profit business entities, we applied International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance by analogy when accounting for the Australian Government grant to the Company.

Under IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met and the grant will be received. As of June 30, 2021, management concluded that there was reasonable assurance the grant conditions will be met and all milestone payment received. The total grant value of $4.7 million was recognized as both a grant receivable and deferred grant income on the grant effective date. The grant receivable was reduced by $2.1 million for payments received during the twelve months ended June 30, 2022 (no payments were received during the three months ended June 30, 2022) and $2.6 million remains in grant receivable on the Condensed Consolidated Balance Sheets.

After initial recognition, under IAS 20, government grants are recognized in earnings on a systematic basis in a manner that mirrors the manner in which the Company recognizes the underlying costs for which the grant is intended to compensate. Further, IAS 20 permits for recognition in earnings either separately under a general heading such as other income, or as a reduction of the cost of the asset. The Company has elected to recognize government grant income separately within other income for operating expenditures. Similarly, for capital expenditures, the carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting the grant proceeds received from the gross costs of the assets or CIP and deferred grant income liability. A total of $51,258 deferred grant income was recognized within other income during the current period.

Development and regulatory approval costs

Expenditures relating to R&D are expensed as incurred and recorded in development and regulatory approval in the Consolidated Statements of Operations and Other Comprehensive Loss. R&D expenses include external expenses incurred under arrangements with third parties; salaries and personnel-related costs; license fees to acquire in-process technology and other expenses. The Company recognizes the benefit of refundable R&D tax refunds as a R&D tax refund income when there is reasonable assurance that the amount claimed will be recovered (refer to the R&D tax refund discussion below).

R&D tax refund

The Company measures the R&D grant income and receivable by considering the time spent by employees on eligible R&D activities and R&D costs incurred to external service providers. The R&D tax refund receivable is recognized as the Company believes that it is probable that the amount will be recovered in full through a future claim. A total of $385,888 and $1,850,175 of R&D tax refund income is recognized in other income during the years end June 30, 2022, and 2021, respectively.

Foreign currency translation

Assets and liabilities of foreign subsidiaries are translated from local (functional) currency to reporting 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 is the United States dollar. Foreign currency movements resulted a loss of $126,875 and $297,309 for the years ended June 30, 2022 and 2021, respectively.

Income taxes

As of June 30, 2022, and 2021, the Company had no uncertain tax positions that qualified for either recognition or disclosure in the consolidated financial statements. Additionally, the Company had no interest and penalties related to income taxes.

The Company accounts for current and deferred income taxes and, when appropriate, deferred tax assets and liabilities are recorded with respect to temporary differences in the accounting treatment of items for financial reporting purposes and for income tax purposes. Where, based on the weight of all available evidence, it is more likely than not that some amount of the recorded deferred tax assets will not be realized, a valuation allowance is established for that amount that, in management’s judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized.

Licensing rights

During the first quarter of the fiscal year ended June 30, 2020, the Company purchased the license right procurement assets from LSBD for an amount of $976,308 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 March 31, 2021, the Company entered into an agreement with LSBD to provide the Company an option to acquire an exclusive license to use LSBD’s intellectual property in the Saliva Glucose Biosensor in North America (the “Option Agreement”). The Option Agreement has a term of two years and the exercise price for the option is $5,000,000. The fee of $500,000 incurred for the option was expensed in the period incurred.

Trade, note and other receivables

Trade, note and other receivables are recorded net of allowances for uncollectible accounts. The Company evaluates the collectability of its accounts receivable based on various factors including historical experience, the length of time the receivables are past due and the financial health of the customer. The Company reserves specific receivables if collectability is no longer reasonably assured. Based upon the assessment of these factors, the Company did not record an allowance for uncollectible accounts as of June 30, 2022, and 2021.

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 loss per share attributable to common shareholders is calculated by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is calculated by dividing net loss attributable to common shareholders by weighted average common shares outstanding during the period plus potentially dilutive common shares, such as share warrants.

Potentially dilutive common shares 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.

Property, Plant and Equipment (PPE) & Construction in Progress (CIP)

In accordance with the ASC 360, Property, Plant, and Equipment, the Company’s PPE, except land, is stated at cost net of accumulated depreciation and impairment losses, if any. Land is stated at cost less any impairment losses. Costs incurred to acquire, construct, or install PPE, before the assets is ready for use, are capitalized in CIP at historical cost. The carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting the grant proceeds received from the gross costs of the assets or CIP. Construction in progress is not depreciated until such time when the asset is substantially completed and ready for its intended use.

Recently issued but not yet effective accounting pronouncements

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

In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-10, Government Assistance (“ASU 2021-10”). This update requires annual disclosures about transaction with a government that are accounted for by applying a grant or contribution accounting model by analogy. Required disclosures include (1) information about the nature of the transactions and the related accounting policy used to account for the transactions, (2) the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item, and (3) significant terms and conditions of the transactions, including commitments and contingencies. ASU 2021-10 is applicable for fiscal years beginning after December 15, 2021, with early adoption permitted. The Company has not early adopted and continues to evaluate the impact of the provisions of ASU 2021-10 on its consolidated financial statement disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (“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 has not early adopted and continues to evaluate the impact of the provisions of ASU 2020-06 on its consolidated financial statements.

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 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 adopted ASU 2019-12 as of July 1, 2021 and the adoption did not have a material impact on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments – Credit Losses (“ASU 2016-13”). This update (i) significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model which will be based on an estimate of current expected credit loss (“CECL”) (ASC 326-20); and (ii) provides for recording credit losses on available-for-sale (“AFS”) debt securities through an allowance account (ASC 326-30). The standard also requires certain incremental disclosures. Subsequently, the FASB issued several ASUs to clarify, improve, or defer the adoption of ASU 2016-13. ASU 2016-13, as amended by ASU 2019-10, is applicable for Smaller Reporting Companies (“SRCs”) for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company has not early adopted the standard and continues to evaluate the impact.

Concentration of credit risk

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

Fair value of financial instruments

Level 1-Quoted prices in active markets for identical assets or liabilities.

Level 3-Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($)	Mar. 31, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Investments in construction in progress	$ 873,826	$ 782,816
Less: 50% contributed under government grant	(436,913)	(391,408)
Gross property and equipment	436,913	391,408
Investments in construction in progress		782,816
Carrying amount	$ 478,120	$ 391,408

PROPERTY AND EQUIPMENT, NET

9 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 8. PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT

	March 31, 2023			June 30, 2022
Production equipment	$	29,788		$	—
Leasehold improvements		19,698			—
Other equipment		7,638			—
Construction in progress (CIP)		436,913			391,408
Gross property and equipment		494,037			391,408
Less: accumulated depreciation		(15,917	)
Property and equipment, net	$	478,120		$	391,408

The Company recorded an expense of $6,406 and $15,917 in relation to the depreciation of property and equipment for the three and nine months ended March 31, 2023, respectively. There was no depreciation of property and equipment during the three and nine months ended March 31, 2022.

During the three and nine months ended March 31, 2023, the Company incurred a cost of $5,368 and $91,010, respectively, towards the construction of a building at the University of Newcastle. The Australian government reimbursed the Company for 50% of the incurred costs. Therefore, the Company has recorded the CIP as net of reimbursement received as of March 31, 2023.

The following table summarizes the amount of CIP recorded in property and equipment, net on the condensed consolidated balance sheets:

	March 31, 2023			June 30, 2022
Investments in construction in progress	$	873,826		$	782,816
Less: 50% contributed under government grant		(436,913	)		(391,408	)
Gross property and equipment	$	436,913		$	391,408

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 494,037	$ 391,408
Less: accumulated depreciation	(15,917)
Property and equipment, net	478,120	391,408
Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	29,788
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	19,698
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	7,638
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 436,913	$ 391,408

GOODWILL AND OTHER INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charges	$ 4,100,000
Amortization of other intangible assets	$ 346,548	$ 0	$ 686,570	$ 0
Impairment charges of goodwill and intangible assets

SCHEDULE OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS (Details)	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 895,599
2024	1,194,132
2025	1,171,745
2026	1,104,583
2027	828,438
Total	$ 5,194,497

CONSTRUCTION IN PROGRESS (Details Narrative) - USD ($)	Mar. 31, 2023	Jun. 30, 2022
Construction In Progress
Construction in progress gross		$ 782,816
Percentage of reimbursement on construction cost	50.00%	50.00%

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Due to related party towards the services in connection with development							$ 715,902	$ 1,355,894
Development and regulatory approval expenses		$ 299,898	$ 413,325		$ 380,363	$ 3,161,306	3,853,919	3,835,703
Related Party [Member]
Related Party Transaction [Line Items]
Due to related party towards the services in connection with development							0	523,767
Due to related party towards overhead cost reimbursement							145,733	212,032
Life Science Biosensor Diagnostics Pty Ltd [Member]
Related Party Transaction [Line Items]
Development and regulatory approval expenses	$ 500,000							500,000
Overhead reimbursements payable							9,054	$ 13,323
BiosensX [Member]
Related Party Transaction [Line Items]
Development and regulatory approval expenses							$ 2,600,000
December 2022 Private Placement [Member] \| Chief Financial Officer And Director [Member]
Related Party Transaction [Line Items]
Funds raised, rate				15.10%
December 2022 Private Placement [Member] \| Sakiris [Member]
Related Party Transaction [Line Items]
Investment				$ 19,991
December 2022 Private Placement [Member] \| Kostandas [Member]
Related Party Transaction [Line Items]
Investment				$ 13,327
Life Science Biosensor Diagnostics Pty Ltd [Member]
Related Party Transaction [Line Items]
Remaining amount payble to related party					$ 8,821	9,833
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Costs and Expenses, Related Party						$ 145,733

CONVERTIBLE NOTES PAYABLE (Details Narrative)	9 Months Ended	12 Months Ended
CONVERTIBLE NOTES PAYABLE (Details Narrative)	Mar. 31, 2023	Jun. 30, 2021 USD ($) $ / shares shares
Convertible Note [Member]
Short-Term Debt [Line Items]
Offering 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
Minimum [Member] \| Convertible Note [Member]
Short-Term Debt [Line Items]
Debt conversion price percentage		0.50
Maximum [Member] \| Convertible Note [Member]
Short-Term Debt [Line Items]
Debt conversion price percentage		0.85
Convertible Notes Payable [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Convertible notes interest rate increase	17.00%
Convertible Notes Payable [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Convertible notes interest rate increase	22.00%

OTHER CURRENT ASSETS (Tables)

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

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

SCHEDULE OF OTHER CURRENT ASSETS

Other current assets consist of the following:

SCHEDULE OF OTHER CURRENT ASSETS

	March 31, 2023		June 30, 2022
Intelligent Fingerprinting Limited note receivable	$	—	$	500,445
Prepayments		390,527		116,525
Goods and services tax receivable		40,044		57,746
Deposits		101,253		46,602
Other receivables		—		25,443
Total	$	531,824	$	746,761

Other current assets consist of the following:

SCHEDULE OF OTHER CURRENT ASSETS


	June 30, 2022		June 30, 2021
Intelligent Fingerprinting Limited note receivable	$	500,445	$	—
Prepayments		116,525		2,424,143
Goods and services tax receivable		57,746		83,278
Deposits		46,602		—
Other receivables		25,443		1,596
Total	$	746,761	$	2,509,017

ORGANIZATION AND DESCRIPTION OF THE BUSINESS

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND DESCRIPTION OF THE BUSINESS

NOTE 1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS

Business

Intelligent Bio Solutions Inc. (“INBS”) (formerly known as GBS Inc.), and its wholly owned Delaware subsidiary, GBS Operations Inc. were each formed on December 5, 2016, under the laws of the state of Delaware. Our Australian subsidiary Intelligent Bio Solutions (APAC) Pty Ltd (formerly known as Glucose Biosensor Systems (Greater China) Pty Ltd) was formed on August 4, 2016, under the laws of New South Wales, Australia and was renamed to Intelligent Bio Solutions (APAC) Pty Ltd on January 6, 2023. On October 4, 2022, INBS acquired Intelligent Fingerprinting Limited (“IFP”), a company registered in England and Wales (the “IFP Acquisition”). The Glucose Biosensor System (Japan) Pty Ltd and Glucose Biosensor System (APAC) Pty Ltd, were deregistered on January 6, 2023, and June 9, 2022, respectively. INBS and its subsidiaries (collectively, “we,” “us,” “our,” “INBS” or the “Company,” unless context requires or indicates otherwise) were formed to provide a non-invasive, pain free innovative medical devices and screening devices. Our headquarters are in New York, New York.

We are a medical technology company delivering intelligent, rapid, non-invasive testing solutions for patients and their primary health practitioners at point of care. We operate globally with an objective to deliver intelligent pain free diagnostic tests.

Our current product portfolio includes:

●

A proprietary portable drug screening system that works by analyzing fingerprint sweat using a one-time cartridge and portable handheld reader. The system comprises of commercially available non-invasive sweat-based fingerprint diagnostics testing products (the “IFP products”) that currently detect opioids, cocaine, methamphetamines, benzodiazepines, cannabis, methadone, buprenorphine, and amphetamine. Customers include safety-critical industries such as construction, transportation and logistics firms, along with drug treatment organizations in the rehabilitation sector, and judicial organizations.

●

A development stage range of biosensor based biosensor based Point of Care diagnostic tests (“POCT”) that are developed in the modalities of clinical chemistry, immunology, tumor markers, allergens, and endocrinology. Our flagship product candidate is the Saliva Glucose Biosensor (“SGB”), a POCT expected to substitute the finger pricking invasive blood glucose monitoring for diabetic patients. These tests stem from the Biosensor Platform that we license, across the Asia Pacific Region from Life Science Biosensor Diagnostics Pty Ltd (“LSBD” or “the Licensor”). The Biosensor Platform is capable of detecting multiple biological analytes by substituting the GOX enzyme with a suitable alternative for each analyte.

Reverse Stock Split

At the annual meeting of the Company’s stockholders held on February 8, 2023 (the “Annual Meeting”), the stockholders of the Company approved an amendment to the Company’s amended and restated certificate of incorporation (the “Amendment”) to effect a reverse stock split at a ratio of not less than 1-for-2 and not more than 1-for-35 at any time within 12 months following the date of stockholder approval, with the exact ratio to be set within this range by the Company’s Board of Directors (the “Board”) at its sole discretion without further approval or authorization of our stockholders. Pursuant to such authority granted by the Company’s stockholders, on February 8, 2023, the Board approved a 1-for-20 reverse stock split (the “Reverse Stock Split”) of the Company’s common stock and the filing of the Amendment to effectuate the Reverse Stock Split.

On February 9, 2023, the Company filed the Amendment in order to effect 1-for-20 reverse stock split of the Company’s common stock. The Reverse Stock Split was effective at 4:05 p.m., Eastern Time, on February 9, 2023, at which time every twenty shares of the Company’s issued and outstanding common stock were automatically combined into one issued and outstanding share of common stock. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders of record who were otherwise entitled to receive a fractional share instead received one whole share in lieu of a fractional share. The par value of the Company’s common stock and the number of authorized shares of the common stock were not affected by the Reverse Stock Split. The Company’s common stock began trading on a Reverse Stock Split-adjusted basis on The Nasdaq Capital Market at the open of the markets on February 10, 2023. The Reverse Stock Split was implemented for the purpose of regaining compliance with the minimum bid price requirement for continued listing of the Company’s common stock on the Nasdaq Capital Market.

As a result of the Reverse Stock Split, the number of shares of common stock outstanding was reduced from approximately 18,325,289 shares (excluding treasury shares) as of February 8, 2023, to approximately 916,265 shares (excluding treasury shares, and subject to the rounding up of fractional shares), and the number of authorized shares of common stock remained at 100 million shares. In order reflect the Reverse Stock Split, proportionate adjustments were made to the per share exercise price and/or the number of shares issuable upon the exercise or vesting of all outstanding stock options, restricted stock unit awards and warrants (including the Series D Warrants, Winx Warrants and March Warrants (each as defined below)), which resulted in a proportional decrease in the number of shares of the Company’s common stock reserved for issuance upon exercise or vesting of such stock options, restricted stock unit awards and warrants, and, in the case of stock options and warrants, a proportional increase in the exercise price of all such stock options and warrants. In addition, the number of shares of common stock issuable upon conversion of the Company’s Series C Preferred Stock and Series D Preferred Stock, as well as any applicable conversion ratios and terms, were also adjusted in proportion to the reverse split ratio of the Reverse Stock Split (subject to adjustment for fractional interests).

Unless otherwise indicated, all authorized, issued, and outstanding stock and per share amounts contained in the accompanying condensed consolidated financial statements have been adjusted to reflect the 1-for-20 Reverse Stock Split for all prior periods presented; and all amounts relating to our common stock in connection with the conversion or exercise of our preferred stock and warrants (including with regard to conversion prices and exercise prices) have been adjusted to reflect the 1-for-20 Reverse Stock Split.

NOTE 1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS

GBS Inc. and its wholly owned subsidiary, GBS Operations Inc. were formed on December 5, 2016 under the laws of the state of Delaware. 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”) 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”).

We are a biosensor diagnostic technology company operating across the Asia-Pacific Region (“APAC”) region and an interest in the North America Region with the biosensor platform comprising of biochemistry, immunology, tumor markers, hormones, and nucleic acid diagnostic modalities, and worldwide with our COV2 test. We were incorporated under the laws of Delaware on December 5, 2016. Our headquarters are located in New York, New York.

Our objective is to introduce and launch initially the Saliva Glucose Biosensor (referred to as the “SGB”), the diagnostic test that stems from the Biosensor Platform that we license, in our regions and the COV2 test globally. This will be followed by developing the platform to its full capacity testing across the diagnostic modalities of Immunology, Hormones, Chemistry, Tumor markers and Nucleic Acid tests.

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, and $2,153,564 in offering costs. 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.

SCHEDULE OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION (Details)	Oct. 04, 2022 USD ($)
Cash	$ 868,438
Total purchase price	7,224,404
Series C Preferred Stock Base [Member]
Series C Preferred Stock (holdback) - 500,000 shares @ 3 x $0.5502 / share	3,900,373
Series C Preferred Stock Holdback [Member]
Series C Preferred Stock (holdback) - 500,000 shares @ 3 x $0.5502 / share	825,300
Common Stock [Member]
Series C Preferred Stock (holdback) - 500,000 shares @ 3 x $0.5502 / share	$ 1,630,293

SUBSEQUENT EVENTS (Tables)

12 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

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

	June 30, 2022		June 30, 2021
Investment value	$	—	$	135,692
Loss from the affiliate		—		(135,692	)
Carrying amount	$	—	$	—

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details Narrative) - USD ($)			9 Months Ended		12 Months Ended
	Apr. 04, 2023	Oct. 04, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Payments to Acquire Notes Receivable					$ 500,000
Accruals					909,187	$ 112,074
Development and regulatory approval expenses					634,518
Legal and consulting fees					136,324
Audit and accounting service fees					99,454
Other general and administrative expenses					$ 38,891
Intelligent Fingerprinting Limited [Member]
Restructuring Cost and Reserve [Line Items]
Payments to Acquire Notes Receivable		$ 363,500
Intelligent Fingerprinting Limited [Member] \| Second Installment [Member]
Restructuring Cost and Reserve [Line Items]
Number of shares held back, fair value			$ 217,500
Number of shares held back			500,000
Intelligent Fingerprinting Limited [Member] \| Subsequent Event [Member] \| Second Installment [Member]
Restructuring Cost and Reserve [Line Items]
Payments to Acquire Notes Receivable	$ 181,750

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of presentation

Basis of presentation

Principles of consolidation

All significant intercompany transactions and balances have been eliminated upon consolidation.

Principles of consolidation

All significant intercompany transactions and balances have been eliminated upon consolidation.

Out-of-period Reclassification within Consolidated Statements of Operations and Other Comprehensive Loss

Out-of-period Reclassification within Consolidated Statements of Operations and Other Comprehensive Loss

Equity offering costs

Equity offering costs

Use of estimates

Use of estimates

Business combinations

Revenue recognition

	1)	Commercially available Intelligent Fingerprinting Products (IFPG)
	2)	Development Stage Saliva Glucose Biosensor Platform (SGBP)

Revenue from the IFPG segment relates to the sale of readers, cartridges and accessories and is summarized as follows:

	2023		2022		2023		2022		2021
	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022		2021
Sales of goods - cartridges	$	252,682	$	—	$	467,043	$	—	$	—
Sales of goods - readers		134,366		—		237,554		—		—
Other sales		70,010		—		109,140		—		—
Total revenue	$	457,058	$	—	$	813,737	$	—	$	—

Other income

The other income mainly comprised of grant income and R&D tax refund.

a) Grant income

b) R&D tax refund

Revenue recognition

Development and regulatory approval expenses

Foreign currency translation

Foreign currency translation

Income taxes

Income taxes

Licensing rights

Licensing rights

During the first quarter of the fiscal year ended June 30, 2020, the Company purchased the license right procurement assets from LSBD for an amount of $976,308 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 March 31, 2021, the Company entered into an agreement with LSBD to provide the Company an option to acquire an exclusive license to use LSBD’s intellectual property in the Saliva Glucose Biosensor in North America (the “Option Agreement”). The Option Agreement has a term of two years and the exercise price for the option is $5,000,000. The fee of $500,000 incurred for the option was expensed in the period incurred.

Inventories

Trade, note and other receivables

Trade, note and other receivables

Property, Plant and Equipment (PPE) & Construction in Progress

Property, Plant and Equipment (PPE) & Construction in Progress (CIP)

	●	Computers hardware and software – 3 years
	●	Equipment, Furniture and fixtures – 2-4 years
	●	Leasehold improvements – shorter of asset’s estimated useful life and the remaining term of the lease

Property, Plant and Equipment (PPE) & Construction in Progress (CIP)

In accordance with the ASC 360, Property, Plant, and Equipment, the Company’s PPE, except land, is stated at cost net of accumulated depreciation and impairment losses, if any. Land is stated at cost less any impairment losses. Costs incurred to acquire, construct, or install PPE, before the assets is ready for use, are capitalized in CIP at historical cost. The carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting the grant proceeds received from the gross costs of the assets or CIP. Construction in progress is not depreciated until such time when the asset is substantially completed and ready for its intended use.

Impairment of Long-lived Assets and Goodwill

Intangible assets

Leases

Impairment of long-lived assets

Net loss per share attributable to common shareholders

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

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

Recently issued but not yet effective accounting pronouncements

Recently issued accounting pronouncements

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

Adopted:

Pending adoption:

Recently issued but not yet effective accounting pronouncements

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

In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-10, Government Assistance (“ASU 2021-10”). This update requires annual disclosures about transaction with a government that are accounted for by applying a grant or contribution accounting model by analogy. Required disclosures include (1) information about the nature of the transactions and the related accounting policy used to account for the transactions, (2) the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item, and (3) significant terms and conditions of the transactions, including commitments and contingencies. ASU 2021-10 is applicable for fiscal years beginning after December 15, 2021, with early adoption permitted. The Company has not early adopted and continues to evaluate the impact of the provisions of ASU 2021-10 on its consolidated financial statement disclosures.

Concentration of credit risk

Concentration of credit risk

Fair value of financial instruments

Level 1-Quoted prices in active markets for identical assets or liabilities.

Level 3-Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Fair value of financial instruments

Level 1-Quoted prices in active markets for identical assets or liabilities.

Level 3-Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Fair value option (“FVO”) for convertible notes

Deferred grant income

Deferred grant income

On June 30, 2021, the Company executed a definitive grant agreement with the Australian Government to assist with building a manufacturing facility. The grant has a total value of up to $4.7 million upon the achievement of certain milestones. Proceeds from the grant will be used primarily to reimburse the Company for costs incurred in the construction of the manufacturing facility.

Accounting for the grant does not fall under ASC 606, Revenue from Contracts with Customers, as the Australian Government will not benefit directly from our manufacturing facility. As there is no authoritative guidance under U.S. GAAP on accounting for grants to for-profit business entities, we applied International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance by analogy when accounting for the Australian Government grant to the Company.

After initial recognition, under IAS 20, government grants are recognized in earnings on a systematic basis in a manner that mirrors the manner in which the Company recognizes the underlying costs for which the grant is intended to compensate. Further, IAS 20 permits for recognition in earnings either separately under a general heading such as other income, or as a reduction of the cost of the asset. The Company has elected to recognize government grant income separately within other income for operating expenditures. Similarly, for capital expenditures, the carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting the grant proceeds received from the gross costs of the assets or CIP and deferred grant income liability. A total of $51,258 deferred grant income was recognized within other income during the current period.

Development and regulatory approval costs

R&D tax refund

The Company measures the R&D grant income and receivable by considering the time spent by employees on eligible R&D activities and R&D costs incurred to external service providers. The R&D tax refund receivable is recognized as the Company believes that it is probable that the amount will be recovered in full through a future claim. A total of $385,888 and $1,850,175 of R&D tax refund income is recognized in other income during the years end June 30, 2022, and 2021, respectively.

SEGMENT INFORMATION (Tables)

9 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SCHEDULE OF REVENUE AND OTHER INCOME SEGMENT

The following table sets forth the Company’s revenue and other income by segment.

Revenue

	2023		2022		2023		2022
	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
IFPG	$	457,058	$	—	$	813,737	$	—
SGBP		—		—		—		—
Total Revenue	$	457,058	$	—	$	813,737	$	—

Other Income (Government Support Income)

	2023		2022		2023		2022
	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
IFPG	$	49,267	$	—	$	156,824	$	—
SGBP		68,413		192,500		541,801		370,291
Total Government Support Income	$	117,680	$	192,500	$	698,625	$	370,291

SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Construction In Progress
Percentage of domestic federal statutory tax rate applicable to pretax income (loss)					21.00%
Current
Deferred
Total

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (7,993,166)	$ (6,245,796)	$ (8,333,976)	$ (7,060,201)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	702,487
Depreciation on leased assets	94,171
Non-cash (loss) gain on foreign currency translation, net	8,936	3,094	(3,987)	(271,225)
Loss on investment in affiliate				135,692
Contingent beneficial conversion feature on convertible notes				905,948
Provision for inventory write-off	186,834
Goodwill impairment	4,096,490
Share-based compensation	260,000
Non-cash research and development charge		2,600,000	2,600,000
Non cash refund of R&D expenditure claims	(125,128)	(177,035)	(50,958)
Fair value gain on revaluation of convertible notes	(1,455,078)
Fair value gain on revaluation of holdback Series C Preferred Stock	(607,800)
Non-cash other operating activities		(121,254)	(8,179)	(66,055)
Changes in operating assets and liabilities:
Grant receivable	(296,049)		1,828,891
Inventories	(74,866)
Grant receivable/deferred grant income	(213,543)	1,828,891
Research and development tax incentive receivable	(225,408)	843,857	672,407	(1,025,455)
Other current assets	(187,273)	146,854	(333,743)	(2,459,955)
Other non-current assets				(504,000)
Accounts and other payables	(937,960)	(514,896)	255,978	782,974
Accounts payable - related party		(13,323)	(13,323)	(1,755,970)
Other long-term liabilities	(25,687)	14,779	28,856	21,770
Net cash used in operating activities	(6,793,040)	(1,634,829)	(3,358,034)	(11,296,477)
Cash flows from investing activities:
Cash acquired from business acquisition	174,481
Issuance of note receivable			(500,000)
Cash payment for business acquisition	(181,750)
Amount invested on construction in progress	(505,123)	(177,208)	(380,221)
Net cash used in investing activities	(512,392)	(177,208)	(880,221)
Cash flows from financing activities:
Proceeds from issuance of warrants				3,812
Proceeds from warrant holders for common shares				508,300
Proceeds from issuance of common stock and warrants	2,554,463
Proceeds from issuance of preferred stock	220,578			3,294,745
Proceeds from initial public offering				21,600,013
Payment of equity issuance costs	(464,727)			(2,003,952)
Payment of equity issuance costs relating to acquisition of IFP	(806,397)
Payment of tax withholding for employee stock awards	(14,407)
Payment of finance lease liabilities	(100,297)
Net cash provided by financing activities	1,389,213			23,402,918
Effect of foreign exchange rates on cash and cash equivalents	(41,538)	(5,559)	(97,129)	39,971
(Decrease) increase in cash and cash equivalents	(5,957,757)	(1,817,596)	(4,335,384)	12,146,412
Cash and cash equivalents, beginning of period	8,238,301	12,573,685	12,573,685	427,273
Cash and cash equivalents, end of period	2,280,544	10,756,089	8,238,301	12,573,685
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
Cancellation of common stock in exchange for preferred shares				30,000
Shares issued for business acquisition	5,530,667
Note receivable settled for business acquisition	504,938
Deferred consideration payable for business acquisition	399,250
Equity issuance costs in accounts payable and accrued expenses	54,187
Conversion of preferred shares into common shares		$ 13,000	13,000	45,102
Supplemental disclosure of cash flow information:
Cash paid for interest				$ 185,301

INVENTORIES

9 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 6. INVENTORIES

Inventories consist of the following:

SCHEDULE OF INVENTORIES

	March 31, 2023			June 30, 2022
Work-in-progress	$	551,897		$	—
Finished goods		378,174			—
Less: provision for inventory obsolescence		(193,850	)		—
Inventory, net	$	736,221		$	—

CONSTRUCTION IN PROGRESS

12 Months Ended

Jun. 30, 2022

Construction In Progress

CONSTRUCTION IN PROGRESS

NOTE 10. CONSTRUCTION IN PROGRESS

During the period ending June 30, 2022, the Company incurred costs of $782,816 towards the construction of a building at the University of Newcastle. The Australian government reimbursed the Company 50% of the incurred costs. Therefore, the Company deducted the total cost incurred by the amount of grant proceeds received to arrive at the carrying amount of CIP as of June 30, 2022.

The following table summarizes the amount of CIP recorded in the Consolidated Balance Sheets:


	June 30, 2022			June 30, 2021
Investments in construction in progress	$	782,816		$	—
Less: 50% contributed under government grant		(391,408	)		—
Carrying amount	$	391,408		$	—

SCHEDULE OF CONVERTIBLE NOTE LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value gain on revaluation of convertible notes			$ (1,455,078)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at December 31, 2022	$ 523,703
Fair value of convertible notes at acquisition (Note 5)		1,683,764
Fair value gain on revaluation of convertible notes	(204,207)	(1,267,791)
Effect of foreign currency	69,865	107,730
Balance	$ 389,361	$ 523,703	$ 389,361

SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND ACCESSORIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Product Information [Line Items]
Total revenue	$ 457,058		$ 813,737
Sales Of Goods Cartidges [Member]
Product Information [Line Items]
Total revenue	252,682		467,043
Sales Of Goods Readers [Member]
Product Information [Line Items]
Total revenue	134,366		237,554
Other Sales [Member]
Product Information [Line Items]
Total revenue	$ 70,010		$ 109,140

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares	3 Months Ended		9 Months Ended		12 Months Ended
SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	150,000	150,000	150,000	150,000
Series C Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	354,432		354,432
Series D Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	26,464		26,464
Warrants - Common Stock (March 23 Public Raise) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	69,291		69,291
Warrants - Series A [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	70,068	70,068	70,068	70,068	1,401,377	1,401,377
Warrants - Series B [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	2,620	2,620	2,620	2,620	52,400	60,182
Private Placement Warrants (Dec 2022) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	26,478		26,478
Warrants Issued to Winx Capital Pty Ltd [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	1,324		1,324
Warrants Issued to Underwriters (IPO) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	3,177	3,177	3,177	3,177
Warrants Issued to Underwriters (March 23 Public Raise) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	32,750		32,750
Pre IPO Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	136,834	136,834	136,834	136,834	2,736,675	2,736,675
Warrants Issued to LSBD [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	150,000	150,000	150,000	150,000	3,000,000	3,000,000
Warrants Issued to Underwriters [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities					63,529	63,529
Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities						1,300,000

OTHER CURRENT ASSETS (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
OTHER CURRENT ASSETS (Details Narrative) - USD ($)	Apr. 20, 2021	Mar. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Oct. 04, 2022	Jun. 16, 2022
Unsecured term loan										$ 500,000
Interest Rate			0.97%		0.97%					2.00%
Note receivable, face amount										$ 500,000
Prepayments			$ 390,527		$ 390,527		$ 116,525	$ 2,424,143
Development and regulatory approval expenses			$ 299,898	$ 413,325	$ 380,363	$ 3,161,306	3,853,919	3,835,703
Research and Development Expense [Member]
Prepayments								2,600,000
Prepayments non-current assets								$ 504,000
Research and Development Expense [Member] \| Glucose Biosens [Member]
Development and regulatory approval expenses							$ 2,600,000
Rand D Agreement [Member] \| Life Science Biosensor Diagnostics Pty Ltd [Member]
Exercise price option		$ 5,000,000
Rand D Agreement [Member] \| Biosens X North America Inc [Member] \| Life Science Biosensor Diagnostics Pty Ltd [Member]
Development and regulatory approval expenses	$ 2,600,000
Equity interest percentage	50.00%
Series C Preferred Stock [Member] \| Share Exchange Agreement [Member]
Business combination loan receivable									$ 504,938

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

	March 31, 2023		June 30, 2022
Accounts and other payables	$	458,410	$	715,902
Accruals		385,724		909,187
Deferred consideration*		399,250		—
Other		355,447		—
Total	$	1,598,831	$	1,625,089

The deferred consideration relates to:

a) the second payment of $181,750 for bonus payments to be made on behalf of the selling shareholders of IFP due on the six-month anniversary of the closing date of the IFP Acquisition, being April 4, 2023, and

b) the fair value of $217,500 in relation to 500,000 Series C Preferred Stock that are being held back from the IFP Sellers for one year after the IFP Acquisition date to secure potential indemnification claims by the Company against the IFP Sellers. See Note 4 for further details of the IFP Acquisition.

NOTE 5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:


	June 30, 2022		June 30, 2021
Accounts and other payables	$	715,902	$	1,355,894
Accruals		909,187		112,074
Total	$	1,625,089	$	1,467,968

As on June 30, 2022 the company accrued $909,187 of which $634,518 relates to development and regulatory approval expenses, legal & consulting fees $ 136,324, audit and accounting service fees $ 99,454, and other general and administrative expenses $38,891.

SCHEDULE OF INVENTORIES (Details) - USD ($)	Mar. 31, 2023	Jun. 30, 2022
Inventory Disclosure [Abstract]
Work-in-progress	$ 551,897
Finished goods	378,174
Less: provision for inventory obsolescence	(193,850)
Inventory, net	$ 736,221

RELATED PARTY TRANSACTIONS

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

RELATED PARTY TRANSACTIONS

NOTE 16. RELATED PARTY TRANSACTIONS

LSBD

Sales to and purchases from related parties are made in arm’s length transactions both at normal market prices and on normal commercial terms.

The following transactions occurred with LSBD and senior management personnel during the period July 1, 2022, to March 31, 2023:

●

The Company incurred a total cost of $nil during the three and nine months ended March 31, 2023 (three and nine months ended March 31, 2022: $nil and $145,733), towards overhead cost reimbursement which includes salaries, rents and other related overheads directly attributable to the Company which are included in selling, general and administration expenses in the Condensed Consolidated Statements of Operations and Other Comprehensive Loss.

●

As of March 31, 2023, $8,821 (March 31, 2022: $9,833) remains payable to LSBD in relation to overhead reimbursements detailed above.

December 2022 Private Placement

Approximately 15.10% of funds raised in the December 2022 Private Placement were secured from Spiro Sakiris, our Chief Financial Officer (indirectly), and Manuel Kostandas, our Director of Global Integration, respectively. Mr. Sakiris indirectly invested $19,991 in the December 2022 Private Placement and Mr. Kostandas invested $13,327 in the December 2022 Private Placement.

NOTE 8. RELATED PARTY TRANSACTIONS

The Company completed certain financing transactions with, LSBD as described in Note 7.

Sales to, and purchases from, related parties are made at normal market prices and on normal commercial terms. The following transactions occurred with LSBD during the period July 1, 2021, to June 30, 2022 (FY 2021: July 1, 2020 to June 30, 2021):

The Company incurred a total of $ 0 (FY 2021: $523,767) 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. Fiscal year 2021 includes a fee of $500,000 that was paid to acquire an option and has been recognized as an expense within development and regulatory approval expenses. On March 31, 2021, GBS entered into an Option Agreement with LSBD to provide GBS the option to acquire an exclusive license for LSBD’s intellectual property. For further details, refer to Note 4.

The Company incurred a total of $145,733 (FY 2021: $212,032) 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.

During the year ended June 30, 2022, the Company contributed a total of $2,600,000 towards budgeted development and commercialization costs to be incurred by BiosensX (North America) Inc. relating to the development and preparation for submission of the Saliva Glucose Biosensor connected with regulatory approval for the U.S. market by the U.S. Food & Drug Administration. For further details, refer to Note 4.

As of June 30, 2022, $9,054 (June 30, 2021: $13,323) remains payable to LSBD in relation to overhead reimbursements detailed above.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)	9 Months Ended
SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)	Mar. 31, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Original cost technology	$ 5,463,000
Effect of foreign currency	518,804
Accumulated amortization technology	686,570
Carrying value technology	$ 5,295,234
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average useful lives (years)	5 years
Original cost technology	$ 5,119,000
Effect of foreign currency	486,135
Accumulated amortization technology	634,510
Carrying value technology	$ 4,970,625
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average useful lives (years)	3 years
Original cost technology	$ 252,000
Effect of foreign currency	23,932
Accumulated amortization technology	52,060
Carrying value technology	223,872
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Original cost technology	92,000
Effect of foreign currency	8,737
Accumulated amortization technology
Carrying value technology	$ 100,737
Weighted average useful lives (years)	Indefinite

SCHEDULE OF REVENUE AND OTHER INCOME SEGMENT (Details) - USD ($)	3 Months Ended		9 Months Ended			12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from External Customer [Line Items]
Total Revenue	$ 457,058		$ 813,737
Total Government Support Income	117,680	192,500	698,625	370,291		$ 437,146	$ 1,980,484
Intelligent Fingerprinting Products [Member]
Revenue from External Customer [Line Items]
Total Revenue	457,058		813,737
Total Government Support Income	49,267		156,824
Saliva Glucose Biosensor Platform [Member]
Revenue from External Customer [Line Items]
Total Revenue
Total Government Support Income	$ 68,413	$ 192,500	$ 541,801	$ 370,291

- Definition

+ References

+ Details

Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Revenue	$ 457,058		$ 813,737
Cost of revenue	(424,009)		(536,644)
Gross profit	33,049		277,093
Other income:
Government support income	117,680	192,500	698,625	370,291	$ 437,146	$ 1,980,484
Total revenue and other income					437,146	1,980,484
Operating expenses:
Selling, general and administrative expenses	(1,898,754)	(1,122,004)	(5,594,461)	(3,457,768)
General and administrative expenses					4,920,103	3,359,065
Development and regulatory approval expenses	(299,898)	(413,325)	(380,363)	(3,161,306)	(3,853,919)	(3,835,703)
Prospectus and capital raising expenses						359,198
Depreciation and amortization	(398,986)		(797,142)
Goodwill impairment	(4,096,490)		(4,096,490)
Total operating expenses	(6,694,128)	(1,535,329)	(10,868,456)	(6,619,074)	8,774,022	7,553,966
Loss from operations	(6,543,399)	(1,342,829)	(9,892,738)	(6,248,783)	(8,336,876)	(5,573,482)
Other income (expense):
Interest expense	(86,125)	(4,217)	(163,957)	(4,892)	(7,539)	(1,093,608)
Loss from unconsolidated equity method investment						(135,692)
Realized foreign exchange loss	7,212	10	(8,936)	(3,094)	(3,987)	(271,225)
Fair value movements through profit and loss	269,787		2,062,878
Interest income	508	2,903	9,587	10,973	14,426	13,806
Total other income (expense)	191,382	(1,304)	1,899,572	2,987	2,900	(1,486,719)
Loss before income taxes	(6,352,017)	(1,344,133)	(7,993,166)	(6,245,796)
Income taxes
Net loss	(6,352,017)	(1,344,133)	(7,993,166)	(6,245,796)	(8,333,976)	(7,060,201)
Net loss attributable to non-controlling interest	(8,111)	(8,887)	(20,367)	(17,900)	(27,925)	(22,915)
Net loss attributable to GBS Inc.	(6,343,906)	(1,335,246)	(7,972,799)	(6,227,896)	(8,306,051)	(7,037,286)
Other comprehensive loss, net of tax:
Foreign currency translation loss	(77,787)	2,793	148,251	(57,334)	(126,875)	(297,309)
Total other comprehensive loss	(77,787)	2,793	148,251	(57,334)	(126,875)	(297,309)
Comprehensive loss	(6,429,804)	(1,341,340)	(7,844,915)	(6,303,130)	(8,460,851)	(7,357,510)
Comprehensive loss attributable to non-controlling interest	(8,111)	(8,887)	(20,367)	(17,900)	(27,925)	(22,915)
Comprehensive loss attributable to GBS Inc.	$ (6,421,693)	$ (1,332,453)	$ (7,824,548)	$ (6,285,230)	$ (8,432,926)	$ (7,334,595)
Earnings per share, basic	$ (5.72)	$ (1.79)	$ (8.67)	$ (8.54)	$ (0.57)	$ (0.68)
Earnings per share, diluted	$ (5.72)	$ (1.79)	$ (8.67)	$ (8.54)	$ (0.57)	$ (0.68)
Weighted average number of shares outstanding, basic	1,108,672	744,495	919,545	729,533	14,665,263	10,414,886
Weighted average number of shares outstanding, diluted	1,108,672	744,495	919,545	729,533	14,665,263	10,414,886
Development and regulatory approval expenses	$ 299,898	$ 413,325	$ 380,363	$ 3,161,306	$ 3,853,919	$ 3,835,703

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($)	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2021
Construction In Progress
Net operating loss - U.S.		$ 4,321,600	$ 4,742,347
Net operating loss - Foreign		1,682,879	1,179,984
Employee benefits		59,546	24,400
Total deferred tax assets, net		6,064,025	5,946,731
Less: valuation allowance	$ (7,596,042)	(6,064,025)	(5,946,731)
Net deferred taxes

SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)														3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)	May 10, 2023	May 09, 2023	Mar. 09, 2023	Dec. 21, 2022	Oct. 06, 2022	Oct. 04, 2022	Oct. 04, 2022	Jan. 02, 2022	Sep. 09, 2021	Aug. 31, 2021	Dec. 28, 2020	Dec. 18, 2020	Dec. 14, 2020	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2021	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Apr. 08, 2023	Mar. 08, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants														150,000	150,000			150,000	150,000
Share based compensation shares granted					25,000
Stock compensation expense																	$ 260,000	$ 260,000
Payment of withholding taxes shares																		1,386
Equity issuance costs																		$ 464,727			$ 2,003,952
Life Science Biosensor Diagnostics Pty Ltd [Member] \| Five Year Transferrable Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Consideration period													5 years
Life Science Biosensor Diagnostics Pty Ltd [Member] \| Five Year Non Transferrable Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Consideration period													5 years
Life Science Biosensor Diagnostics Pty Ltd [Member] \| Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Consideration to be contributed towards research and development													$ 2,000,000
IPO [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity issuance costs											$ 2,153,564
Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Offering expenses																						$ 2,550,000
Underwriting Agreement [Member] \| March Shares [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrant to purchase common stock																							569,560
Number of shares of stock issued			85,430
Exchange Agreement [Member] \| Life Science Biosensor Diagnostics Pty Ltd [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
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 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.
Warrant [Member] \| Underwriting Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price																							$ 3.90
Series D Preferred Stock [Member] \| Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Conversion of shares	176,462
Series D Preferred Stock [Member] \| Securities Purchase Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Debt convertible per share				$ 0.15
Issuance of common stock at initial public offering, shares				176,462
Shares issues per share				$ 1.25
Conversion of shares				26,464
Series D Warrants [Member] \| Securities Purchase Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock at initial public offering, shares				529,386
Shares issues per share				$ 0.05
Series C Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock at initial public offering, shares						2,363,003
Series C Preferred Stock [Member] \| IFP Acquisition [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity issuance costs						$ 806,397
Series C Preferred Stock [Member] \| Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Conversion of shares		3,512,277
Series C Preferred Stock [Member] \| One Year Anniversary [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock at initial public offering, shares						500,000
Series A Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Convertible of warrants																				1,401,377
Series A Warrant [Member] \| IPO [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Convertible of warrants																				59,800
Series B Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock at initial public offering, shares								7,382	400
Convertible of warrants																				52,400
Series B Warrant [Member] \| IPO [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Convertible of warrants																				1,400,995
Series Aand Series B Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares conversion																				1
Series B Convertible Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Conversion of stock, shares converted										1,300,000											1,700,000
Conversion of stock, description										Each share of Series B Convertible Preferred Stock was converted into 1 share of the Company’s common stock.											Each share of Series B Convertible Preferred Stock was converted into 1 share of the Company’s common stock.
Conversion of convertible securities												1
Series B Convertible Preferred Stock [Member] \| Exchange Agreement [Member] \| Life Science Biosensor Diagnostics Pty Ltd [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Conversion of stock, shares converted												3,000,000
Series B Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants														2,620
March Warrant [Member] \| Underwriting Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrant to purchase common stock																							170,868
Number of shares of stock issued			25,629
Warrant [Member] \| Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price																						$ 4.875
Warrant [Member] \| Underwriting Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrant to purchase common stock																							32,750
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares of stock issued														654,990
Issuance of common stock at initial public offering, shares							148,183														1,270,589
Conversion of convertible securities																65,000					710,548
Common Stock [Member] \| Life Science Biosensor Diagnostics Pty Ltd [Member] \| Five Year Non Transferrable Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrant to purchase common stock													3,000,000
Exercise price													$ 17.00
Common Stock [Member] \| IPO [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Conversion of stock, shares converted											2,810,190
Common Stock [Member] \| Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price																						$ 3.90
Conversion of shares	26,464	526,818
Common Stock [Member] \| Exchange Agreement [Member] \| Life Science Biosensor Diagnostics Pty Ltd [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued upon conversion												3,000,000
Series D Warrants [Member] \| Securities Purchase Agreement [Member] \| Winx Capital Pty Ltd [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrant to purchase common stock				1,324
Exercise price				$ 10.40
Shares issues per share				$ 0.05
Convertible of warrants				26,469
Series D Warrant [Member] \| Securities Purchase Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrant to purchase common stock				26,478
Exercise price				$ 5.80
Warrants Common Stock March [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants														69,291
Warrants - Series A [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants														70,068	70,068			70,068	70,068	1,401,377	1,401,377
Warrants Issued To IPO [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants														3,177
Pre IPO Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants														136,834	136,834			136,834	136,834	2,736,675	2,736,675
Warrants Issued to LSBD [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants														150,000	150,000			150,000	150,000	3,000,000	3,000,000
Series D Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants														26,478
Warrants Issued To Winx [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants														1,324
Representatives Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants														32,750

LIQUIDITY

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Liquidity

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.

On March 8, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Ladenburg Thalmann & Co. Inc., as representative (the “Representative”) of the underwriters named therein (collectively, the “Underwriters”), relating to an underwritten public offering (the “March 2023 Offering”) of shares of the Company’s Common Stock (the “March Shares”) and warrants to purchase shares of Common Stock (the “March Warrants”). Each of the March Shares was sold in combination with an accompanying one-third Warrant. The combined purchase price for each March Share and accompanying March Warrant was $3.90 and the Underwriters agreed to purchase 569,560 March Shares and March Warrants to purchase 170,868 shares of common stock. On March 9, 2023, the Representative fully exercised an over-allotment option under the Underwriting Agreement and purchased an additional 85,430 March Shares and additional March Warrants to purchase 25,629 shares of Common Stock. The March 2023 Offering closed on March 10, 2023.

The March 2023 Offering was made pursuant to an effective shelf registration statement on Form S-3, which was filed with the SEC on April 8, 2022. The gross proceeds, before deducting underwriting discounts and commissions and other March 2023 Offering expenses, was approximately $2.55 million. As part of the Representative’s compensation, the Company issued to the Representative unregistered warrants (the “Representative’s Warrants”) to purchase 32,750 shares of common stock, which warrants have an exercise price of $4.875 per share (125% of the public offering price per share and accompanying warrant) and will terminate on March 8, 2028. The March Warrants have, (i) an exercise price of $3.90 per share of Common Stock, (ii) a cashless exercise option for a net number of shares of Common Stock determined according to the formula set forth in the March Warrant or (iii) an alternate cashless exercise option (beginning on or after the initial exercise date), to receive an aggregate number of shares of Common Stock equal to the product of (x) the aggregate number of shares of Common Stock that would be issuable upon a cash exercise and (y)1.00. Each whole March Warrant entitles the holder thereof to purchase 1 share of Common Stock. The March Warrants are exercisable upon issuance and will expire on March 10, 2028. The exercise price and the number of shares of Common Stock issuable upon exercise of the March Warrants is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the Common Stock.

On December 21, 2022, the Company entered into a Securities Purchase Agreement (the “December 2022 Purchase Agreement”) with 14 investors (the “Series D Investors”), pursuant to which the Company agreed to issue and sell to the Series D Investors in a Regulation S private placement (the “December 2022 Private Placement”) (i) 176,462 shares of the Company’s Series D Convertible Preferred Stock, par value $0.01 per share (the “Series D Preferred Stock”), with each share of Series D Preferred Stock convertible into 0.15 shares of Common Stock (subject to adjustment upon the occurrence of specified events); and (ii) 529,386 warrants (the “Series D Warrants”), with each Series D Warrants representing the right to purchase 0.05 shares of common stock (subject to adjustment upon the occurrence of specified events). An additional 26,469 warrants to purchase shares of common stock were issued to Winx Capital Pty Ltd., the placement agent for the December 2022 Private Placement (the “Winx Warrants”), with each Winx Warrant representing the right to purchase 0.05 shares of common stock (subject to adjustment upon the occurrence of specified events). The Series D Warrants have an exercise price of $5.80 per share (subject to adjustment) and expire June 22, 2028. The Winx Warrants have an exercise price of $10.40 per share (subject to adjustment) and expire five years following the effective date of a registration statement covering the resale of common stock underlying the Series D Preferred Stock acquired by the Series D Investors. The Series D Preferred Stock and Series D Warrants were sold together as a unit (“Unit”), with each Unit consisting of one share of Series D Preferred Stock and three Series D Warrants. The purchase price for the Units was $1.25 per Unit. The Unit offering price and the Series D Warrants exercise price were priced above the Nasdaq “Minimum Price” as that term is defined in Nasdaq Rule 5635(d)(1). The shares of Series D Preferred Stock are convertible into an aggregate of 26,464 shares of Common Stock following shareholder approval of such conversion and without the payment of additional consideration. The Series D Warrants are exercisable for an aggregate of 26,478 shares of Common Stock and the Winx Warrants are exercisable for an aggregate of 1,324 shares of Common Stock. The December 2022 Private Placement closed on December 22, 2022. See Note 21 for information and disclosures relating to the conversion of the Series D Preferred Stock.

The Company is an emerging growth company and has not generated sufficient revenues to date. As such, the Company is generally subject to 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 $6,343,906 and $7,972,799 for the three and nine months ended March 31, 2023, respectively (net loss of $1,335,246 and $6,227,896 for the three and nine months ended March 31, 2022). As of March 31, 2023, the Company has shareholders’ equity of $5,926,846, working capital of $887,136, and an accumulated deficit of $39,148,652.

In the near future, the Company anticipates incurring operating losses and does not expect to generate positive cash flows from operating activities and may continue to incur operating losses until it completes the development of its products and seek regulatory approvals to market such products.

The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise a substantial doubt about its ability to continue as going concern within one year after the date of release of the condensed consolidated financial statements. The Company expects that its cash and cash equivalents as of March 31, 2023, of $2,280,544, will be insufficient to allow the Company to fund its current operating plan through at least the next twelve months from the issuance of these financial statements. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the date these financial statements are issued. Accordingly, the Company will be required to raise additional funds during the next 12 months. The Company is currently evaluating raising additional funds through private placements and/or public equity financing. However, there can be no assurance that, in the event that the Company requires additional financing, such financing will be available on terms which are favorable to the Company, or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations. In addition, the entity may be unable to realize its assets and discharge its liabilities in the normal course of business. Accordingly, these factors raise substantial doubt about the Company’s ability to continue as a going concern unless it can successfully raise additional capital.

The Company’s unaudited condensed consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities should the Company be unable to continue as a going concern.

NOTE 2. LIQUIDITY

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 $8,306,051 for the year ended June 30, 2022 (net loss of $7,037,286 for the year ended June 30, 2021). As of June 30, 2022, the Company had shareholders’ equity of $6,545,771, working capital of $6,204,989, and an accumulated deficit of $31,175,853.

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 Company has evaluated whether there are conditions and events, considered in agreement that raise the substantial doubt about its ability to continue as going concern within one year after the date of signing of the consolidated financial statements. The Company expects that its cash and cash equivalents as of June 30, 2022, of $8.23 million, may be insufficient to allow the Company to fund its current operating plan through at least the next twelve months from the issuance of these financial statements, taking into the accounts the proposed acquisition of Intelligent Fingerprinting Limited (IFP). Should revenue not be generated during this period to cover expenses, then these conditions may raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the date these financial statements are issued. Accordingly, it appears that the Company may be required to raise additional funds during the next 12 months. The company is currently evaluating potential raising additional funds through private placements and or public equity financing. However, there can be no assurance that, in the event that the Company requires additional financing, such financing will be available on terms which are favorable to us, or at all. If we are unable to raise additional funding to meet our working capital needs in the future, we will be forced to delay or reduce the scope of our research programs and/or limit or cease our operations. Accordingly, there appears to be substantial doubt about our ability to continue as a going concern unless we can successfully raise additional capital. The report from our independent registered public accounting firm for the year ended June 30, 2022, includes an explanatory paragraph stating that our losses from operations and required additional funding to finance our operations may raise substantial doubt about our ability to continue as a going concern for a period of one year after the date the financial statements are issued.

Company’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 Company be unable to continue as a going concern.

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Payables and Accruals [Abstract]

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

	March 31, 2023		June 30, 2022
Accounts and other payables	$	458,410	$	715,902
Accruals		385,724		909,187
Deferred consideration*		399,250		—
Other		355,447		—
Total	$	1,598,831	$	1,625,089

The deferred consideration relates to:

Accounts payable and accrued expenses consist of the following:


	June 30, 2022		June 30, 2021
Accounts and other payables	$	715,902	$	1,355,894
Accruals		909,187		112,074
Total	$	1,625,089	$	1,467,968

SEGMENT INFORMATION

9 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 4. SEGMENT INFORMATION

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in two operating segments and has two reportable segments, as the CODM reviews financial information presented on a consolidated basis accompanied by disaggregated information about revenue and other income by product types for the purpose of allocating resources and evaluating financial performance. Currently, the Company has two products offerings. Accordingly, the Company has determined the following reporting segments:

	1)	Commercially available Intelligent Fingerprinting Products (“IFPG” or “IFPG segment”)
	2)	Development Stage Saliva Glucose Biosensor Platform (“SGBP” or “SGBP segment”)

The following table sets forth the Company’s revenue and other income by segment.

Revenue

	2023		2022		2023		2022
	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
IFPG	$	457,058	$	—	$	813,737	$	—
SGBP		—		—		—		—
Total Revenue	$	457,058	$	—	$	813,737	$	—

Other Income (Government Support Income)

	2023		2022		2023		2022
	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
IFPG	$	49,267	$	—	$	156,824	$	—
SGBP		68,413		192,500		541,801		370,291
Total Government Support Income	$	117,680	$	192,500	$	698,625	$	370,291

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

LOSS PER SHARE

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Earnings Per Share [Abstract]

LOSS PER SHARE

NOTE 20. LOSS PER SHARE

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

	2023			2022			2023			2022
	Three Months Ended March 31,						Nine Months Ended March 31,
	2023			2022			2023			2022
Net loss attributable to Intelligent Bio Solutions Inc.	$	(6,343,906	)	$	(1,335,246	)	$	(7,972,799	)	$	(6,227,896	)
Basic and diluted net loss per share attributed to common shareholders	$	(5.72	)	$	(1.79	)	$	(8.67	)	$	(8.54	)
Weighted-average number of shares outstanding		1,108,672			744,495			919,545			729,533

The following outstanding warrants 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 - Common Stock Equivalent

SCHEDULE OF ANTI-DILUTIVE WARRANTS

	2023		2022		2023		2022
	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
Preferred Stock - Series C		354,432		-		354,432		-
Preferred Stock - Series D		26,464		-		26,464		-
Warrants - Common stock (March 23 public raise)		69,291		-		69,291		-
Warrants - Series A		70,068		70,068		70,068		70,068
Warrants - Series B		2,620		2,620		2,620		2,620
Private placement warrants (Dec 2022)		26,478		-		26,478		-
Warrants issued to Winx Capital Pty Ltd		1,324		-		1,324		-
Warrants issued to underwriters (IPO)		3,177		3,177		3,177		3,177
Warrants issued to underwriters (March 23 public raise)		32,750		-		32,750		-
Pre IPO warrants		136,834		136,834		136,834		136,834
Warrants issued to LSBD		150,000		150,000		150,000		150,000
Anti-dilutive warrants and preferred shares		150,000		150,000		150,000		150,000

NOTE 13. LOSS PER SHARE

	2022			2021
	Year Ended June 30,
	2022			2021
Net loss attributable to GBS Inc.	$	(8,306,051	)	$	(7,037,286	)
Basic and diluted net loss per share attributed to common shareholders	$	(0.57	)	$	(0.68	)
Weighted-average number of shares outstanding		14,665,263			10,414,886

The following outstanding warrants, options and preferred shares were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive:

SCHEDULE OF ANTI-DILUTIVE WARRANTS

	2022		2021
	Year Ended June 30,
	2022		2021
Warrants - Series A		1,401,377		1,401,377
Warrants - Series B		52,400		60,182
Warrants issued to underwriters		63,529		63,529
Pre IPO warrants		2,736,675		2,736,675
Warrants issued to parent entity		3,000,000		3,000,000
Preferred stock - Series B		-		1,300,000
Anti-dilutive securities		-		1,300,000

SCHEDULE OF OTHER CURRENT ASSETS (Details) - USD ($)	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Intelligent Fingerprinting Limited note receivable		$ 500,445
Prepayments	390,527	116,525	2,424,143
Goods and services tax receivable	40,044	57,746	83,278
Deposits	101,253	46,602
Other receivables		25,443	1,596
Total	$ 531,824	$ 746,761	$ 2,509,017

CONVERTIBLE NOTES PAYABLE

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Debt Disclosure [Abstract]

CONVERTIBLE NOTES PAYABLE

NOTE 11. CONVERTIBLE NOTES

CONVERTIBLE NOTES PAYABLE

As a result of the IFP Acquisition, the Company became the guarantor to unsecured convertible notes (also referred to herein as the IFP Loan Agreements) for which IFP is the borrower. The convertible notes, plus certain accrued interest, will become due on October 4, 2024 (the second anniversary of the IFP Acquisition closing date), unless earlier converted. The convertible notes, if converted, will convert into shares of IFP, which shares of IFP will be immediately transferred to the Company in exchange for shares of Series C Preferred Stock that are convertible into common stock (as set forth in the Share Exchange Agreement) following approval by the Company’s stockholders of the Company Stockholder Approval Matters. See Note 21 for further information and disclosures relating to the conversion of the Series C Preferred Stock.

The convertible notes bear an interest rate of 17% per annum, on a compounded basis. The interest rate will increase to 22% per annum, on a compounded basis, on October 4, 2023 (the first anniversary of the IFP Acquisition closing date) if the Company’s shareholders have not yet approved the Company Stockholder Approval Matters have not been approved by the Company’s stockholders by such date.

Due to the Company’s election to apply the fair value option (FVO), the fair value of the convertible notes is subsequently re-measured at the end of each reporting period based on the changes in their estimated fair value. See Note 15 for additional information.

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 year ended June 30, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

OTHER CURRENT ASSETS

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

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

OTHER CURRENT ASSETS

NOTE 7. OTHER CURRENT ASSETS

Other current assets consist of the following:

SCHEDULE OF OTHER CURRENT ASSETS

	March 31, 2023		June 30, 2022
Intelligent Fingerprinting Limited note receivable	$	—	$	500,445
Prepayments		390,527		116,525
Goods and services tax receivable		40,044		57,746
Deposits		101,253		46,602
Other receivables		—		25,443
Total	$	531,824	$	746,761

On June 16, 2022, the Company entered into an agreement with IFP, providing the Company with the exclusive right, until December 31, 2022, to evaluate and negotiate a transaction to acquire IFP or its assets. In consideration for this exclusivity, on June 16, 2022, the Company provided IFP with an unsecured term loan facility in the amount of $500,000, which was payable by IFP on the earliest of the consummation of an acquisition, 30 days following the termination of exclusivity under the exclusivity agreement, an event of default under the term loan facility agreement, or December 31, 2022. This $500,000 term note receivable bore an interest rate of 2% per annum above the Sterling Barclays Bank Base Rate from time to time. The Company completed the acquisition of IFP on October 4, 2022, and, in connection therewith, the loan and accrued interest outstanding as at the date of acquisition, being $504,938, was treated as a cash consideration in accordance with ASC 805 Business Combinations. See Note 5.

NOTE 4. OTHER CURRENT ASSETS

Other current assets consist of the following:

SCHEDULE OF OTHER CURRENT ASSETS


	June 30, 2022		June 30, 2021
Intelligent Fingerprinting Limited note receivable	$	500,445	$	—
Prepayments		116,525		2,424,143
Goods and services tax receivable		57,746		83,278
Deposits		46,602		—
Other receivables		25,443		1,596
Total	$	746,761	$	2,509,017

On June 16, 2022, the Company entered into an agreement with Intelligent Fingerprinting Limited (“IFP”), providing the Company with the exclusive right, until December 31, 2022, to evaluate and negotiate a transaction to acquire IFP or its assets. In consideration for this exclusivity, on June 16, 2022, the Company provided IFP with an unsecured term loan facility in the amount of $500,000, which is payable by IFP on the earliest of the consummation of an acquisition, 30 days following the termination of exclusivity under the exclusivity agreement, an event of default under the term loan facility agreement, or December 31, 2022. This $500,000 short term note receivable bears an interest rate of 2% per annum above the Sterling Barclays Bank Base Rate from time to time.

As of the year ended June 30, 2021, the Company made $2,600,000 in prepayments for research and development. Of the total prepayments, $504,000 was recorded as a non-current asset based on the expected outflow of the budgeted research and development costs. Under the terms of the R&D agreement with BiosensX North America Inc., dated April 20, 2021, in which LSBD also committed to fund $2,600,000 as a direct 50% shareholder in BiosensX North America Inc., the Company would have the right to apply any differences in contributions between LSBD and the Company towards any amounts owing between the Company and LSBD, including the exercise price of the option ($5,000,000) as included in the Option Agreement dated March 31, 2021 with LSBD (see Note 3).

During the year ended June 30, 2022, the Company assessed the current status of the R&D activities and determined that the most likely outcome of the prepaid R&D contribution would be to be application against the exercise price in the Option Agreement and/or future royalty payments due for the Glucose Biosensor intellectual property. As this payment for the license of the Glucose Biosensor intellectual property occurred prior to regulatory approval and there is no alternative future use, the prepayment of $2,600,000 has been expensed as development and regulatory approval costs in the Consolidated Statements of Operations and Other Comprehensive Loss during the year ended June 30, 2022.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Jun. 30, 2022
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, issued	1,685,467	744,496
Common stock, shares outstanding	1,685,467	744,496
Treasury stock shares	1,386	0
Series C Preferred Stock [Member]
Preferred stock, shares designated	4,012,276	4,012,276
Preferred stock, shares issued	2,363,003	0
Preferred stock, shares outstanding	2,363,003	0
Series D Preferred Stock [Member]
Preferred stock, shares designated	500,000	500,000
Preferred stock, shares issued	176,462	0
Preferred stock, shares outstanding	176,462	0

INVESTMENT IN AFFILIATE

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Investments in and Advances to Affiliates [Abstract]

INVESTMENT IN AFFILIATE

NOTE 17. INVESTMENT IN AFFILIATE

On May 29, 2020, LSBD, 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.

At the date of this transaction, LSBD was the parent of both the Company and BiosensX (North America) Inc., 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.

During the year ended June 30, 2022, LSBD sold all the shares it held in the Company but retained ownership of 5-year non-transferrable warrants to purchase 150,000 common shares of the Company at an exercise price of $340 per share, expiring December 31, 2025. The Company determined whether it has a controlling financial interest in BiosensX (North America) Inc. by first evaluating whether the entity is a voting interest entity or a VIE under GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interests. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Company concluded that it does not have a controlling financial interest in BiosensX (North America) Inc., hence it continues to recognize its investments in BiosensX (North America) Inc. using the equity method.

The carrying amount of investments in BiosensX (North America) Inc. was $nil as of March 31, 2023, and June 30, 2022.

NOTE 9. INVESTMENT IN AFFILIATE

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.

During the year ended June 30, 2022, LSBD sold all its shares in GBS. GBS determined whether it has a controlling financial interest in BiosensX (North America) Inc. by first evaluating whether the entity is a voting interest entity or a VIE under GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interests. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. We concluded that GBS does not have a controlling financial interest in BiosensX (North America) Inc., hence it continues to recognize its investments in BiosensX (North America) Inc. using the equity method.

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

	June 30, 2022		June 30, 2021
Investment value	$	—	$	135,692
Loss from the affiliate		—		(135,692	)
Carrying amount	$	—	$	—

SCHEDULE OF PREFERRED STOCK AT FAIR VALUE ON RECURRING BASIS (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value gain on revaluation of hold back Series C Preferred Stock			$ (607,800)
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock carried at fair value, beginning value	$ 300,000
Fair value of holdback Series C Preferred Stock at acquisition (Note 5)	(82,500)	825,300
Fair value gain on revaluation of hold back Series C Preferred Stock		(525,300)
Preferred Stock carried at fair value, ending value	$ 217,500	$ 300,000	$ 217,500

LEASES (Details Narrative)	Mar. 31, 2023 USD ($)
Leases
Finance lease remaining lease, term	2 years 4 months 24 days
Finance lease, discount rate	17.00%
Minimun lease payment, outstanding	$ 137,780

LOSS PER SHARE (Tables)

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Earnings Per Share [Abstract]

SCHEDULE OF BASIC LOSS PER COMMON SHARE POTENTIAL DILUTIVE SECURITIES

	2023			2022			2023			2022
	Three Months Ended March 31,						Nine Months Ended March 31,
	2023			2022			2023			2022
Net loss attributable to Intelligent Bio Solutions Inc.	$	(6,343,906	)	$	(1,335,246	)	$	(7,972,799	)	$	(6,227,896	)
Basic and diluted net loss per share attributed to common shareholders	$	(5.72	)	$	(1.79	)	$	(8.67	)	$	(8.54	)
Weighted-average number of shares outstanding		1,108,672			744,495			919,545			729,533

	2022			2021
	Year Ended June 30,
	2022			2021
Net loss attributable to GBS Inc.	$	(8,306,051	)	$	(7,037,286	)
Basic and diluted net loss per share attributed to common shareholders	$	(0.57	)	$	(0.68	)
Weighted-average number of shares outstanding		14,665,263			10,414,886

SCHEDULE OF ANTI-DILUTIVE WARRANTS

The following outstanding warrants 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 - Common Stock Equivalent

SCHEDULE OF ANTI-DILUTIVE WARRANTS

	2023		2022		2023		2022
	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
Preferred Stock - Series C		354,432		-		354,432		-
Preferred Stock - Series D		26,464		-		26,464		-
Warrants - Common stock (March 23 public raise)		69,291		-		69,291		-
Warrants - Series A		70,068		70,068		70,068		70,068
Warrants - Series B		2,620		2,620		2,620		2,620
Private placement warrants (Dec 2022)		26,478		-		26,478		-
Warrants issued to Winx Capital Pty Ltd		1,324		-		1,324		-
Warrants issued to underwriters (IPO)		3,177		3,177		3,177		3,177
Warrants issued to underwriters (March 23 public raise)		32,750		-		32,750		-
Pre IPO warrants		136,834		136,834		136,834		136,834
Warrants issued to LSBD		150,000		150,000		150,000		150,000
Anti-dilutive warrants and preferred shares		150,000		150,000		150,000		150,000

SCHEDULE OF ANTI-DILUTIVE WARRANTS

	2022		2021
	Year Ended June 30,
	2022		2021
Warrants - Series A		1,401,377		1,401,377
Warrants - Series B		52,400		60,182
Warrants issued to underwriters		63,529		63,529
Pre IPO warrants		2,736,675		2,736,675
Warrants issued to parent entity		3,000,000		3,000,000
Preferred stock - Series B		-		1,300,000
Anti-dilutive securities		-		1,300,000

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION

9 Months Ended

Mar. 31, 2023

Intelligent Fingerprinting Limited Acquisition

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION

NOTE 5. INTELLIGENT FINGERPRINTING LIMITED ACQUISITION

On October 4, 2022, INBS acquired 100% of the outstanding shares of Intelligent Fingerprinting Limited (IFP), a company registered in England and Wales, pursuant to a Share Exchange Agreement, dated October 4, 2022 (the “Share Exchange Agreement”) by and among IFP, the holders of all of the issued shares in the capital of IFP (the “IFP Sellers”) and a representative of the IFP Sellers. IFP owns a portfolio of intellectual property for diagnostic tests and associated technologies, including drug testing through the analysis of fingerprint sweat. The acquisition of IFP has expanded the Company’s platform of rapid, non-invasive diagnostic testing technologies.

The table below summarizes the fair value of the consideration transferred in the acquisition (pre-Reverse Stock Split basis):

Purchase consideration	Amount
Cash	$	868,438
Common Stock - 2,963,091 shares @ $0.5502 / share		1,630,293
Series C Preferred Stock (base) - 2,363,003 shares @ 3 x $0.5502 / share		3,900,373
Series C Preferred Stock (holdback) - 500,000 shares @ 3 x $0.5502 / share		825,300
Total purchase price	$	7,224,404

Pursuant to the Share Exchange Agreement, the Company acquired from the IFP Sellers all of the issued and outstanding shares in the capital stock of IFP, and as consideration therefor, the Company issued and sold to the IFP Sellers upon the closing of the IFP Acquisition (the “IFP Closing”) an aggregate number of 148,183 shares of the Company’s common stock, and (ii) 2,363,003 shares of the Company’s Series C Convertible Preferred Stock, par value $0.01 per share (the “Series C Preferred Stock”).

Up to an additional 1,649,273 shares of Series C Preferred Stock have been reserved for potential future issuance by the Company, consisting of (i) 500,000 shares of Series C Preferred Stock, that are being held back from the IFP Sellers for one year after the IFP Closing to secure potential indemnification claims by the Company against the IFP Sellers and (ii) 1,149,273 shares of Series C Preferred Stock to certain lenders to IFP (the “IFP Lenders”). Each share of Series C Preferred Stock is convertible into 0.15 shares of Common Stock (subject to adjustment upon the occurrence of specified events), contingent upon approval by the Company’s stockholders.

Effective contemporaneously with the IFP Closing, the Company entered into an amendment to the bridge facility agreement between the Company and IFP, dated as of June 16, 2022, pursuant to which, among other things, the $504,938 (including accrued interest) loan from the Company to IFP that will remain outstanding following the date of the IFP Closing until the second anniversary of the date of the IFP Closing (the “Company-IFP Loan Agreement”).

The loan receivable from IFP of $504,938 as of October 4, 2022, was treated as a cash consideration in accordance with ASC 805, Business Combinations.

The Company entered into various loan agreements in the aggregate amount of £1,254,270, including accrued interest, pursuant to which IFP is the borrower and the Company became a guarantor of IFP’s obligations thereunder (the “IFP Loan Agreements” and, together with the Company-IFP Loan Agreement, the “Loan Agreements”). Under the Loan Agreements, the loans thereunder remained outstanding following the IFP Closing and (x) the loans and certain accrued interest will convert into shares of IFP, which shares of IFP will be immediately transferred to the Company in exchange for shares of Series C Preferred Stock that are convertible into common stock (as set forth in the Share Exchange Agreement) following approval of the Company Stockholder Approval Matters (defined below) or (y) the loans and certain accrued interest will become repayable on the second anniversary of the date of the IFP Closing. The loans bear interest at 17% per annum on a compounded basis, increasing to 22% per annum on a compounded basis with effect from the date that falls 12 months following the date of the IFP Closing, if the Company Stockholder Approval Matters have not been approved by the Company’s stockholders by such date. The “Company Stockholder Approval Matters” means the approval by the Company’s stockholders of (i) the conversion of the Series C Preferred Stock into common stock and (ii) any amendments to, or adoption of, any option or warrant plans to give effect to the transactions contemplated under the Share Exchange Agreement.

Each share of Series C Preferred Stock (other than the IFP Lender Preferred Shares) would automatically convert into common stock upon approval of the Company’s stockholders of the conversion of Series C Preferred Stock into common stock, and each IFP Lender Preferred Share would convert into common stock at the option of the applicable holder of such IFP Lender Preferred Shares following approval of the Company’s stockholders of the conversion of Series C Preferred Stock into common stock. In the event Company stockholder approval is not received, the convertible notes and accrued interest would remain outstanding. The number of shares of common stock into which the Series C Preferred Stock is convertible is subject to adjustment in the case of any stock dividend, stock split, combinations, or other similar recapitalization with respect to the common stock.

The rights, preferences and privileges of the Series C Preferred Stock are set forth in the Certificate of Designation of Preferences, Rights and Limitations of Series C Convertible Preferred Stock that the Company filed with the Secretary of State of the State of Delaware on October 4, 2022, as further described below (the “Series C Certificate of Designation”).

The Series C Preferred Stock does not have any voting rights (other than as required by law) and does not carry dividends or a liquidation preference. Each share of Series C Preferred Stock was initial convertible into 3 shares of common stock, subject to adjustment as noted above. Following the effectiveness of the 1-for-20 Reverse Stock Split effective on February 9, 2023, each share of Series C Preferred Stock is convertible into 0.15 shares of common stock. The loan receivable from IFP of $504,938 as of October 4, 2022, was treated as a cash consideration in accordance with ASC 805 Business Combinations. See Note 21 for further information and disclosures relating to the conversion of the Series C Preferred Stock.

The cash purchase consideration includes $504,938 (including accrued interest) of funds previously loaned to IFP by the Company, representing a note receivable from IFP and $363,500 for bonus payments made on behalf of the selling shareholders of IFP. The first installment of $181,750 was paid during the three months ended December 31, 2022. A second installment of $181,750 was paid in April 2023.

The Company incurred $806,397 of equity issuance costs in relation to issuing common and Series C Preferred Stock to acquire IFP. These costs were recognized as a reduction to additional paid-in capital on the condensed consolidated balance sheets.

The provisional allocation of the purchase price of IFP to the assets acquired and liabilities assumed, based on their relative fair values, is as follows:

Allocation of purchase consideration	Amount
Assets:
Cash and cash equivalents	$	174,481
Inventory		774,625
Other current assets		345,038
Property and Equipment		52,170
Intangible assets		5,463,000
Goodwill		3,803,293
Total assets acquired		10,612,607
Liabilities:
Accounts payable and accrued expenses		(1,027,302	)
Notes payable		(677,137	)
Convertible notes payable		(1,683,764	)
Total liabilities assumed		(3,388,203	)
Net assets	$	7,224,404

Acquired intangible assets of $5,463,000 include technology of $5,119,000 (which is estimated to have a useful life of 5 years), customer relationships of $252,000 (which are estimated to have a useful life of 3 years), and trade names and trademarks of $92,000 (which are estimated to have an indefinite useful life). The value assigned to technology was determined using the multi-period excess earnings methodology under the income approach, the customer relationships was valued using the distributor method under the income approach, and the trade name and trademarks was valued using the relief from royalty method.

The acquisition produced $3,803,293 of goodwill, which has been assigned to the IFPG reporting unit. The goodwill is attributable to a combination of IFP’s assembled workforce and other product and operating synergies. Goodwill arising from the IFP Acquisition is not deductible for tax purposes. As at March 31, 2023, the full amount of the goodwill has been impaired. Refer to note 3, summary of significant accounting policies, and note 10, goodwill and other intangible assets for further information.

The purchase price allocation is considered provisional as the Company finalizes its determination relating to the valuation of assets and liabilities and key assumptions, approaches and judgements with respect to intangible assets acquired and the related tax effects.

Transaction costs, except for the equity issuance costs discussed above, were not material.

Intangibles acquired from IFP were remeasured at March 31, 2023 using the applicable spot rate.

From the closing date of the IFP Acquisition through March 31, 2023, the Company recognized approximately $813,737 in revenue and $4,336,191 in net loss relating to IFP, which included goodwill impairment of $ 4,096,490, amortization of $697,684 for acquired intangibles and fair value gain on revaluation of convertible notes for $1,455,078. In addition, the Series C Preferred Stock holdback which has been treated as deferred consideration, was revalued as of March 31, 2023, and resulted in a revaluation gain of $607,800.

Pro-Forma Results of Operations

The following unaudited pro-forma consolidated results of operations for the three months ended March 31, 2022, nine months ended March 31, 2023, and March 31, 2022, respectively, have been prepared as if the acquisition of IFP had occurred on July 1, 2021, and includes adjustments for amortization related to the valuation of acquired intangibles:

	2022			2022			2023			2023			2022			2022
	Three Months Ended March 31						Nine Months Ended March 31
	2022			2022			2023			2023			2022			2022
	As Reported			Pro Forma			As Reported			Pro Forma			As Reported			Pro Forma
Revenue	$	-		$	370,687		$	813,737		$	1,161,223		$	-		$	996,937
Net loss	$	(1,344,133	)	$	(797,885	)	$	(7,993,166	)	$	(9,234,721	)	$	(6,245,796	)	$	(9,455,693	)
Net loss attributable to Intelligent Bio Solutions Inc.	$	(1,335,246	)	$	(797,885	)	$	(7,972,799	)	$	(9,214,354	)	$	(6,227,896	)	$	(9,437,795	)
Net loss per share, basic and diluted	$	(1.80	)	$	(0.89	)	$	(8.67	)	$	(8.67	)	$	(8.60	)	$	(10.75	)

LEASES

9 Months Ended

Mar. 31, 2023

Leases

LEASES

NOTE 13. LEASES

In relation to the IFP Acquisition, the Company assumed a non-cancelable finance lease agreement. The lease has an original lease period expiring in August 2025. The lease agreement does not contain any material residual value guarantees or material restrictive covenants.

The components of finance lease expense are as follows:

SCHEDULE OF FINANCE LEASE EXPENSES

	2023		2022		2023		2022
	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
Depreciation of finance lease right-of-use assets	$	45,548	$	—	$	94,171	$	—
Interest on finance lease liabilities		23,712		—		46,160		—
Total finance lease costs	$	69,260	$	—	$	140,331	$	—

As of March 31, 2023, the remaining lease-term and discount rate on the Company’s lease was 2.4 years and 17%, respectively.

The reconciliation of the maturities of the finance lease to the finance lease liabilities recorded in the condensed consolidated balance sheet as of March 31, 2023, is as follows:


2023	$	245,322
2024		255,135
2025		108,457
Total lease payments		608,914
Less: imputed interest		(113,974	)
Present value of lease liabilities	$	494,940

Lease payments in the table above exclude $137,780 of minimum lease payments for a lease signed, but not yet commenced, as of March 31, 2023.

INCOME TAX

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAX

NOTE 19. INCOME TAX

The Company shall file its income tax returns with the Internal Revenue Service, Australian Taxation Office and His Majesty Revenue & Customs. The Company has operating losses carried forward of $41,464,331 which are derived from its operations in Australia, the UK and the US and are available to reduce future taxable income. Such loss carry forwards may be carried forward indefinitely, subject to compliance with tests of continuity and additional rules.

The net operating loss carried forward gives rise to a deferred tax asset of approximately $7,596,042 after offsetting associated deferred tax liabilities. However, the Company has determined that a valuation allowance of $7,596,042 against such deferred tax asset is necessary, as it cannot be determined that the losses carried forward will be utilized.

NOTE 12. INCOME TAX

We compute income taxes using the asset and liability method in accordance with FASB ASC Topic 740, Income Taxes. Under the asset and liability method, we determine deferred income tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities and measure them using currently enacted tax rates and laws. We provide a valuation allowance for deferred tax assets that, based on available evidence, are more likely than not to be realized. Realization of our net operating loss carry forward was not reasonably assured as of June 30, 2022 and 2021, and we have recorded a valuation allowance of $6,064,025 and $5,946,731, respectively, against deferred tax assets in excess of deferred tax liabilities.

The components of net deferred taxes are as follows:

	June 30, 2022			June 30, 2021
Deferred tax assets (liabilities):
Net operating loss - U.S.		4,321,600		$	4,742,347
Net operating loss - Foreign		1,682,879			1,179,984
Employee benefits		59,546			24,400
Total deferred tax assets, net		6,064,025			5,946,731
Less: valuation allowance		(6,064,025	)		(5,946,731	)
Net deferred taxes	$	—		$	—

Our statutory income tax rate is expected to be approximately 21%. The provision for income taxes consisted of the following:

SCHEDULE OF PROVISION FOR INCOME TAXES

		2022		2021
		Year Ended June 30,
		2022		2021
Current			$	—
Deferred				—
Total	$	—	$	—

The reconciliation between the income tax expense (benefit) calculated by applying statutory rates to net loss and the income tax expense reported in the accompanying consolidated financial statements is as follows:

	2022			2021
	Year Ended June 30,
	2022			2021
U.S. federal statutory rate applies to pretax income (loss)		(1,770,915	)	$	(1,452,905	)
Different tax rate of subsidiary		(106,634	)		(87,360	)
State taxes, net of federal benefit					—
Permanent differences		117,039			281,730
Benefit of federal operating loss carryforwards					—
Cumulative adjustment to deferred taxes		1,643,216			(512,847	)
Change in state tax rates and other					—
Change in valuation allowance		(117,294	)		(1,771,382	)
Total	$	—		$	—

As of June 30, 2022, and 2021, we had federal and foreign income tax net operating loss carry forwards of approximately $27,310,563 and $19,291,293, respectively, which expire at various dates ranging from 2038 through unlimited expiration.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 15. FAIR VALUE MEASUREMENTS

Convertible notes

As detailed in Note 11, the Company assumed convertible notes as a result of the IFP Acquisition and elected to account for the convertible notes under the FVO. The Company estimated the fair value of the convertible notes based on the fair value of the maximum shares issuable upon conversion (1,149,273 shares of Series C convertible preferred stock) less one year of estimated interest to be incurred until October 4, 2023, since the number of shares to be issued factors in the interest charges for one year. If the note converts earlier than one year less shares will be issued as a result of this. If the note converts between year 1 and year 2 the maximum amount of shares gets issued and the Company will incur 22% annual interests for the period up to the date of conversion in the second year. The Company continues to estimate the fair value of the convertible notes using this method, reducing the estimated interest adjustment each quarter as the 1-year anniversary of the IFP Acquisition approaches. Accordingly, as of March 31, 2023, the fair value movement related to the decrease in the share price from the time of acquisition to reporting date.

Increases or decreases in the fair value of the Company’s convertible notes carried at fair value are recognized as part of Other Income (expenses) in the Condensed Consolidated Statements of Operations. The interest incurred from the date of acquisition until March 31, 2023, are included as part of Interest expense in the condensed Consolidated Statements of Operations. None of the change in the value of the convertible notes was attributable to instrument specific credit risk.

The following table provides a reconciliation of the beginning and ending balance of the convertible note liabilities measured at fair value on a recurring basis during the period:

	Convertible notes carried at fair value (Level 3)
Balance at June 30, 2022	$	—
Fair value of convertible notes at acquisition (Note 5)		1,683,764
Fair value gain on revaluation of convertible notes		(1,267,791	)
Effect of foreign currency		107,730
Balance at December 31, 2022		523,703
Fair value gain on revaluation of convertible notes		(204,207	)
Effect of foreign currency		69,865
Balance at March 31, 2023	$	389,361
Balance	$	389,361

The Company has held back 500,000 Series C Preferred Stock, from the IFP Sellers for one year after the IFP Closing to secure potential indemnification claims by the Company against the IFP Sellers. Therefore, the final number of shares to be issued after the one year measurement period is contingent on any potential claims and can be variable. Each share of Series C Preferred Stock is convertible into 0.15 shares of Common Stock (subject to adjustment upon the occurrence of specified events), contingent upon approval by the Company’s stockholders of the conversion of Series C Preferred Stock. These shares are reserved, not issued, or held in Escrow account. As at March 31, 2023, the Company accounted for the fair value movement relates to the decrease in the share price from the time of acquisition to reporting date. See Note 21 for further information and disclosures relating to the conversion of the Series C Preferred Stock.

The following table provides a reconciliation of the beginning and ending balance of the holdback Preferred Stock measured at fair value on a recurring basis during the period:

	Preferred stock carried at fair value (Level 2)
Balance at June 30, 2022	$	—
Fair value of holdback Series C Preferred Stock at acquisition (Note 5)		825,300
Fair value gain on revaluation of holdback Series C Preferred Stock		(525,300	)
Balance at December 31, 2022		300,000
Fair value gain on revaluation of holdback Series C Preferred Stock		(82,500	)
Balance at March 31, 2023	$	217,500

The Company did not have assets or liabilities carried at fair value using Level 1 inputs during the three and nine months ended March 31, 2023 and 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LEASES (Tables)

9 Months Ended

Mar. 31, 2023

Leases

SCHEDULE OF FINANCE LEASE EXPENSES

The components of finance lease expense are as follows:

SCHEDULE OF FINANCE LEASE EXPENSES

	2023		2022		2023		2022
	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
Depreciation of finance lease right-of-use assets	$	45,548	$	—	$	94,171	$	—
Interest on finance lease liabilities		23,712		—		46,160		—
Total finance lease costs	$	69,260	$	—	$	140,331	$	—

SCHEDULE OF MATURITIES OF THE FINANCE LEASE TO THE FINANCE LEASE LIABILITIES

The reconciliation of the maturities of the finance lease to the finance lease liabilities recorded in the condensed consolidated balance sheet as of March 31, 2023, is as follows:


2023	$	245,322
2024		255,135
2025		108,457
Total lease payments		608,914
Less: imputed interest		(113,974	)
Present value of lease liabilities	$	494,940

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Tables)

9 Months Ended

Mar. 31, 2023

Intelligent Fingerprinting Limited Acquisition

SCHEDULE OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION

The table below summarizes the fair value of the consideration transferred in the acquisition (pre-Reverse Stock Split basis):

Purchase consideration	Amount
Cash	$	868,438
Common Stock - 2,963,091 shares @ $0.5502 / share		1,630,293
Series C Preferred Stock (base) - 2,363,003 shares @ 3 x $0.5502 / share		3,900,373
Series C Preferred Stock (holdback) - 500,000 shares @ 3 x $0.5502 / share		825,300
Total purchase price	$	7,224,404

SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED, BASED ON THEIR RELATIVE FAIR VALUES

The provisional allocation of the purchase price of IFP to the assets acquired and liabilities assumed, based on their relative fair values, is as follows:

Allocation of purchase consideration	Amount
Assets:
Cash and cash equivalents	$	174,481
Inventory		774,625
Other current assets		345,038
Property and Equipment		52,170
Intangible assets		5,463,000
Goodwill		3,803,293
Total assets acquired		10,612,607
Liabilities:
Accounts payable and accrued expenses		(1,027,302	)
Notes payable		(677,137	)
Convertible notes payable		(1,683,764	)
Total liabilities assumed		(3,388,203	)
Net assets	$	7,224,404

SCHEDULE OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS

	2022			2022			2023			2023			2022			2022
	Three Months Ended March 31						Nine Months Ended March 31
	2022			2022			2023			2023			2022			2022
	As Reported			Pro Forma			As Reported			Pro Forma			As Reported			Pro Forma
Revenue	$	-		$	370,687		$	813,737		$	1,161,223		$	-		$	996,937
Net loss	$	(1,344,133	)	$	(797,885	)	$	(7,993,166	)	$	(9,234,721	)	$	(6,245,796	)	$	(9,455,693	)
Net loss attributable to Intelligent Bio Solutions Inc.	$	(1,335,246	)	$	(797,885	)	$	(7,972,799	)	$	(9,214,354	)	$	(6,227,896	)	$	(9,437,795	)
Net loss per share, basic and diluted	$	(1.80	)	$	(0.89	)	$	(8.67	)	$	(8.67	)	$	(8.60	)	$	(10.75	)

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

SCHEDULE OF CARRYING AMOUNT OF GOODWILL

The changes in the carrying amount of goodwill were as follows:

SCHEDULE OF CARRYING AMOUNT OF GOODWILL

Balance at June 30, 2022	$	—
Acquisition of IFP		3,803,293
Effect of foreign currency		326,744
Balance at December 31, 2022		4,130,037
Impairment		(4,096,490	)
Effect of foreign currency		(33,547	)
Balance at March 31, 2023	$	—

SCHEDULE OF OTHER INTANGIBLE ASSETS

Other intangible assets consist of the following as of March 31, 2023:

SCHEDULE OF OTHER INTANGIBLE ASSETS

	Weighted average useful lives (years)		Acquisition cost		Effect of foreign currency		Accumulated amortization		Carrying value
Technology		5 years	$	5,119,000	$	486,135	$	634,510	$	4,970,625
Customer relationships		3 years		252,000		23,932		52,060		223,872
Trade names and trademarks		Indefinite		92,000		8,737		—		100,737
Total intangible assets			$	5,463,000	$	518,804	$	686,570	$	5,295,234

SCHEDULE OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS

Amortization expense for the intangible assets is expected to be as follows over the next five years, and thereafter:


2023	$	895,599
2024		1,194,132
2025		1,171,745
2026		1,104,583
2027		828,438
Total	$	5,194,497

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

CONSTRUCTION IN PROGRESS (Tables)

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Construction In Progress

SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED BALANCE SHEETS

The following table summarizes the amount of CIP recorded in property and equipment, net on the condensed consolidated balance sheets:

	March 31, 2023			June 30, 2022
Investments in construction in progress	$	873,826		$	782,816
Less: 50% contributed under government grant		(436,913	)		(391,408	)
Gross property and equipment	$	436,913		$	391,408

The following table summarizes the amount of CIP recorded in the Consolidated Balance Sheets:


	June 30, 2022			June 30, 2021
Investments in construction in progress	$	782,816		$	—
Less: 50% contributed under government grant		(391,408	)		—
Carrying amount	$	391,408		$	—

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The components of net deferred taxes are as follows:

	June 30, 2022			June 30, 2021
Deferred tax assets (liabilities):
Net operating loss - U.S.		4,321,600		$	4,742,347
Net operating loss - Foreign		1,682,879			1,179,984
Employee benefits		59,546			24,400
Total deferred tax assets, net		6,064,025			5,946,731
Less: valuation allowance		(6,064,025	)		(5,946,731	)
Net deferred taxes	$	—		$	—

SCHEDULE OF PROVISION FOR INCOME TAXES

Our statutory income tax rate is expected to be approximately 21%. The provision for income taxes consisted of the following:

SCHEDULE OF PROVISION FOR INCOME TAXES

		2022		2021
		Year Ended June 30,
		2022		2021
Current			$	—
Deferred				—
Total	$	—	$	—

SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE (BENEFIT)

	2022			2021
	Year Ended June 30,
	2022			2021
U.S. federal statutory rate applies to pretax income (loss)		(1,770,915	)	$	(1,452,905	)
Different tax rate of subsidiary		(106,634	)		(87,360	)
State taxes, net of federal benefit					—
Permanent differences		117,039			281,730
Benefit of federal operating loss carryforwards					—
Cumulative adjustment to deferred taxes		1,643,216			(512,847	)
Change in state tax rates and other					—
Change in valuation allowance		(117,294	)		(1,771,382	)
Total	$	—		$	—

NOTE PAYABLE

9 Months Ended

Mar. 31, 2023

Note Payable

NOTE PAYABLE

NOTE 12. NOTE PAYABLE

As a result of the acquisition of IFP, the Company assumed a note payable due to a distributor of IFP. The unpaid principal balance of the loan will accrue interest at a rate of 0.97% per annum. The balance is offset by

	●	Payments of 10% of the Company’s monthly worldwide gross revenue received in the preceding month;
	●	50% of sales by the company to the distributor.

The classification of the notes payables is based on sales forecast prepared by the management.

SCHEDULE OF FINANCE LEASE EXPENSES (Details) - USD ($)	3 Months Ended		9 Months Ended
SCHEDULE OF FINANCE LEASE EXPENSES (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Leases
Depreciation of finance lease right-of-use assets	$ 45,548		$ 94,171
Interest on finance lease liabilities	23,712		46,160
Total finance lease costs	$ 69,260		$ 140,331

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)

Mar. 31, 2023

Jun. 30, 2022

Jun. 30, 2021

Payables and Accruals [Abstract]

Accounts and other payables

$ 458,410

$ 715,902

Accruals

385,724

909,187

Deferred consideration

^[1]

399,250

Other

355,447

Total

$ 1,598,831

1,625,089

$ 1,467,968

Accounts and other payables

715,902

1,355,894

Accruals

909,187

112,074

Total

$ 1,625,089

$ 1,467,968

[1]	The deferred consideration relates to:

SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Construction In Progress
U.S. federal statutory rate applies to pretax income (loss)					$ (1,770,915)	$ (1,452,905)
Different tax rate of subsidiary					(106,634)	(87,360)
State taxes, net of federal benefit
Permanent differences					117,039	281,730
Benefit of federal operating loss carryforwards
Cumulative adjustment to deferred taxes					1,643,216	(512,847)
Change in state tax rates and other
Change in valuation allowance					(117,294)	(1,771,382)
Total

SCHEDULE OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION (Details)(Parenthetical) - $ / shares				12 Months Ended
	Oct. 04, 2022	Oct. 04, 2022	Oct. 04, 2022	Jun. 30, 2021
Common Stock [Member]
Stock issued during period shares new issues			148,183	1,270,589
Intelligent Fingerprinting Limited [Member] \| Series C Preferred Stock Holdback [Member]
Stock issued during period shares new issues		500,000
Share price	$ 0.5502	$ 0.5502	$ 0.5502
Intelligent Fingerprinting Limited [Member] \| Common Stock [Member]
Stock issued during period shares new issues	2,363,003	2,963,091
Share price	$ 0.5502	$ 0.5502	0.5502
Intelligent Fingerprinting Limited [Member] \| Series C Preferred Stock Base [Member]
Stock issued during period shares new issues		2,363,003
Share price	$ 0.5502	$ 0.5502	$ 0.5502

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)			1 Months Ended
	Feb. 28, 2021	Jan. 21, 2021	Nov. 30, 2022	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2021
Purchase commitments				$ 0		$ 0
University Of Newcastle [Member]
Research and development expense	$ 2,054,880		$ 847,021
Remaining payable amount				$ 847,021	$ 517,502
Johns Hopkins Bloomberg School [Member] \| Sponsored Research Agreement [Member]
Research and development expense		$ 423,589
Milestone payable					$ 0

LIQUIDITY (Details Narrative) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

May 10, 2023

May 09, 2023

Mar. 09, 2023

Dec. 21, 2022

Oct. 04, 2022

Mar. 31, 2023

Mar. 31, 2022

Mar. 31, 2023

Mar. 31, 2022

Jun. 30, 2022

Jun. 30, 2021

Apr. 08, 2023

Mar. 08, 2023

Dec. 31, 2022

Sep. 30, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2020

Convertible preferred stock

$ 0.01

Net loss

$ 6,343,906

$ 1,335,246

$ 7,972,799

$ 6,227,896

$ 8,306,051

$ 7,037,286

Shareholders' equity

5,926,846

8,703,491

5,926,846

8,703,491

6,545,771

15,006,621

^[1]

$ 10,262,983

$ 5,196,134

$ 10,044,831

$ 13,501,299

Working capital

887,136

6,204,989

Accumulated deficit

39,148,652

31,175,853

22,869,803

Cash and cash equivalents

$ 2,280,544

2,280,544

8,230,000

Shareholders' equity

6,545,771

$ 15,006,621

$ (5,214,828)

Subsequent Event [Member]

Offering expenses

$ 2,550,000

Warrant [Member] | Subsequent Event [Member]

Warrants exercise price

$ 4.875

Common Stock [Member]

Number of shares of stock issued

654,990

Stock issued durimg the period value new issue

148,183

1,270,589

Shareholders' equity

$ 16,855

$ 7,445

$ 16,855

$ 7,445

7,445

$ 6,791

^[1]

$ 9,177

$ 7,445

$ 7,441

Shareholders' equity

$ 148,899

$ 135,821

$ 86,300

Common Stock [Member] | Subsequent Event [Member]

Warrants exercise price

$ 3.90

Conversion of shares

26,464

526,818

Underwriting Agreement [Member] | March Warrant [Member]

Warrants exercisable

170,868

Number of shares of stock issued

25,629

Underwriting Agreement [Member] | Warrant [Member]

Warrants exercisable

32,750

Underwriting Agreement [Member] | March Shares [Member]

Warrants exercisable

569,560

Number of shares of stock issued

85,430

Securities Purchase Agreement [Member] | Series D Warrants [Member] | Winx Capital Pty Ltd [Member]

Warrants exercisable

1,324

Warrants exercise price

$ 10.40

Shares issues per share

$ 0.05

Class of Warrant or Right, Outstanding

26,469

Securities Purchase Agreement [Member] | Series D Warrant [Member]

Warrants exercisable

26,478

Warrants exercise price

$ 5.80

Warrant [Member] | Underwriting Agreement [Member]

Share price

$ 3.90

Series D Preferred Stock [Member] | Subsequent Event [Member]

Conversion of shares

176,462

Series D Preferred Stock [Member] | Securities Purchase Agreement [Member]

Stock issued durimg the period value new issue

176,462

Convertible preferred stock

$ 0.01

Debt convertible per share

0.15

Shares issues per share

$ 1.25

Conversion of shares

26,464

Series D Warrants [Member] | Securities Purchase Agreement [Member]

Stock issued durimg the period value new issue

529,386

Shares issues per share

$ 0.05

[1]	Include adjustments for effect of reverse stock split

SCHEDULE OF CARRYING AMOUNT OF GOODWILL (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Balance	$ 4,130,037
Acquisition of IFP		3,803,293
Effect of foreign currency	(33,547)	326,744
Impairment	(4,096,490)
Balance		$ 4,130,037

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

INVENTORIES (Tables)

9 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

SCHEDULE OF INVENTORIES

Inventories consist of the following:

SCHEDULE OF INVENTORIES

	March 31, 2023			June 30, 2022
Work-in-progress	$	551,897		$	—
Finished goods		378,174			—
Less: provision for inventory obsolescence		(193,850	)		—
Inventory, net	$	736,221		$	—

NOTE PAYABLE (Details Narrative)	9 Months Ended
NOTE PAYABLE (Details Narrative)	Mar. 31, 2023	Jun. 16, 2022
Note Payable
Interest rate, debt	0.97%	2.00%
Gross revenue, rate	10.00%
Subsequent sales to distributor, rate	50.00%

SCHEDULE OF BASIC LOSS PER COMMON SHARE POTENTIAL DILUTIVE SECURITIES (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss attributable to GBS Inc.	$ (6,343,906)	$ (1,335,246)	$ (7,972,799)	$ (6,227,896)	$ (8,306,051)	$ (7,037,286)
Basic and diluted net loss per share attributed to common shareholders	$ (5.72)	$ (1.79)	$ (8.67)	$ (8.54)	$ (0.57)	$ (0.68)
Weighted-average number of shares outstanding	1,108,672	744,495	919,545	729,533	14,665,263	10,414,886

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 18. COMMITMENTS AND CONTINGENCIES

During November 2022, the Company signed a deed of variation with the University of Newcastle for the research and development of the Saliva Glucose Biosensor. The Company agreed to pay the University of Newcastle $847,021 of which $847,021 remains payable as of March 31, 2023.

The Company has no material purchase commitments. For commitments on leases, refer to Note 13.

From time to time, the Company may become a party to various legal proceedings arising in the ordinary course of business. Based on information currently available, the Company is not involved in any pending or threatened legal proceedings that it believes could reasonably be expected to have a material adverse effect on its financial condition, results of operations or liquidity. However, legal matters are inherently uncertain, and the Company cannot guarantee that the outcome of any potential legal matter will be favorable to the Company.

NOTE 11. COMMITMENTS AND CONTINGENCIES

On January 21, 2021, the Company entered into a sponsored research agreement with Johns Hopkins Bloomberg School of Public Health to accelerate the development of next-generation saliva-based diagnostic tests. The Company is collaborating with the Bloomberg School of Public Health to optimize the collection of saliva and monitoring of diverse biomarkers across a number of modalities including clinical chemistry and infectious diseases. Johns Hopkins intend to utilize biosensor products to conduct in-field epidemiological studies. The Company agreed to pay Johns Hopkins a total amount of $423,589 as a part of this sponsored research agreement of which $0 remains payable as of June 30, 2022.

During February 2021 the Company signed a deed of confirmation and variation with the University of Newcastle for the research and development of the Saliva Glucose Biosensor and the SARS-CoV-2 Antibody Biosensor. The Company agreed to pay the University of Newcastle $2,054,880 of which $517,502 remains payable as of June 30, 2022.

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

SCHEDULE OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Revenue		$ 813,737
Net loss	(1,344,133)	(7,993,166)	(6,245,796)
Net loss attributable to Intelligent Bio Solutions Inc.	$ (1,335,246)	$ (7,972,799)	$ (6,227,896)
Net loss per share, basic and diluted	$ (1.80)	$ (8.67)	$ (8.60)
Pro Forma [Member]
Revenue	$ 370,687	$ 1,161,223	$ 996,937
Net loss	(797,885)	(9,234,721)	(9,455,693)
Net loss attributable to Intelligent Bio Solutions Inc.	$ (797,885)	$ (9,214,354)	$ (9,437,795)
Net loss per share, basic and diluted	$ (0.89)	$ (8.67)	$ (10.75)

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation of property and equipment	$ 6,406	$ 0	$ 15,917	$ 0
Percentage of reimbursement on construction cost	50.00%		50.00%		50.00%
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Construction in progress incurred cost	$ 5,368		$ 91,010

FAIR VALUE MEASUREMENTS (Details Narrative) - shares		9 Months Ended
FAIR VALUE MEASUREMENTS (Details Narrative) - shares	Oct. 04, 2022	Mar. 31, 2023	Oct. 04, 2023
Intelligent Fingerprinting Limited [Member] \| Various Loan Agreement [Member]
Loan bear variable interest percentage	22.00%
Intelligent Fingerprinting Limited [Member] \| Various Loan Agreement [Member] \| Forecast [Member]
Loan bear variable interest percentage			22.00%
Series C Convertible Preferred Stock [Member]
Conversion, shares		1,149,273
Series C Preferred Stock [Member] \| Share Exchange Agreement [Member]
Stock issued during period shares acquisitions	500,000
Number of shares post-reverse stock split	0.15

SCHEDULE OF MATURITIES OF THE FINANCE LEASE TO THE FINANCE LEASE LIABILITIES (Details)	Mar. 31, 2023 USD ($)
Leases
2023	$ 245,322
2024	255,135
2025	108,457
Total lease payments	608,914
Less: imputed interest	(113,974)
Present value of lease liabilities	$ 494,940

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)

Preferred Stock [Member]

Convertible Preferred Stock [Member]

Preferred Stock [Member]

Common Stock [Member]

Treasury Stock, Common [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

AOCI Attributable to Parent [Member]

Noncontrolling Interest [Member]

Total

Balance at Jun. 30, 2020

$ 23,709

$ 86,300

$ 10,899,942

$ (15,832,517)

$ (363,951)

$ (28,311)

$ (5,214,828)

Balance, shares at Jun. 30, 2020

2,370,891

8,630,000

Foreign currency translation loss

(297,309)

Net loss

(7,037,286)

(22,915)

(7,060,201)

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 of convertible preferred shares

$ 4,393

3,290,352

3,294,745

Issuance of convertible preferred shares, shares

439,299

Series B warrants exercised to purchase common shares

$ 14,010

(14,010)

Series B warrants exercised to purchase common shares, shares

1,400,995

Conversion of convertible notes into common stock at initial public offering

$ 7,105

5,126,601

5,133,706

Conversion of convertible notes into common stock at initial public offering, shares

710,548

Issuance cost of common stock at initial public offering

(3,867,565)

Cancellation of common stock in exchange for preferred shares

$ 30,000

$ (30,000)

Cancellation of common stock in exchange for preferred shares, shares

3,000,000

(3,000,000)

Conversion of convertible preferred shares into common stock at initial public offering

$ (28,102)

$ 28,102

Conversion of convertible preferred shares into common stock at initial public offering, shares

(2,810,190)

2,810,190

Beneficial conversion feature

905,948

Series A warrants exercised to purchase common shares

$ 598

507,702

508,300

Series A warrants exercised to purchase common shares, shares

59,800

Series A and B warrants acquired

3,812

Conversion of convertible preferred shares into common shares

$ (17,000)

$ 17,000

Conversion of convertible preferred shares into common shares, shares

(1,700,000)

1,700,000

Balance at Jun. 30, 2021

^[1]

$ 13,000

$ 6,791

38,569,119

(22,869,803)

(661,260)

(51,226)

15,006,621

Balance, shares at Jun. 30, 2021

^[1]

1,300,000

679,106

Balance at Jun. 30, 2021

$ 13,000

$ 135,821

38,440,089

(22,869,803)

(661,260)

(51,226)

15,006,621

Balance, shares at Jun. 30, 2021

1,300,000

13,582,122

Foreign currency translation loss

(67,482)

Net loss

(1,432,652)

(5,188)

(1,437,840)

Series B warrants exercised to purchase common shares

Series B warrants exercised to purchase common shares, shares

Conversion of convertible notes into common stock at initial public offering

$ (13,000)

$ 650

12,350

Conversion of convertible notes into common stock at initial public offering, shares

(1,300,000)

65,000

Balance at Sep. 30, 2021

$ 7,441

38,581,469

(24,302,455)

(728,742)

(56,414)

13,501,299

Balance, shares at Sep. 30, 2021

744,126

Balance at Jun. 30, 2021

^[1]

$ 13,000

$ 6,791

38,569,119

(22,869,803)

(661,260)

(51,226)

15,006,621

Balance, shares at Jun. 30, 2021

^[1]

1,300,000

679,106

Balance at Jun. 30, 2021

$ 13,000

$ 135,821

38,440,089

(22,869,803)

(661,260)

(51,226)

15,006,621

Balance, shares at Jun. 30, 2021

1,300,000

13,582,122

Foreign currency translation loss

(57,334)

Net loss

(6,245,796)

Balance at Mar. 31, 2022

$ 7,445

38,581,465

(29,097,699)

(718,594)

(69,126)

8,703,491

Balance, shares at Mar. 31, 2022

744,495

Balance at Jun. 30, 2021

^[1]

$ 13,000

$ 6,791

38,569,119

(22,869,803)

(661,260)

(51,226)

15,006,621

Balance, shares at Jun. 30, 2021

^[1]

1,300,000

679,106

Balance at Jun. 30, 2021

$ 13,000

$ 135,821

38,440,089

(22,869,803)

(661,260)

(51,226)

15,006,621

Balance, shares at Jun. 30, 2021

1,300,000

13,582,122

Foreign currency translation loss

(126,875)

Net loss

(8,306,051)

(27,925)

(8,333,976)

Series B warrants exercised to purchase common shares

$ 78

(78)

Series B warrants exercised to purchase common shares, shares

7,782

Conversion of convertible preferred shares into common shares

$ (13,000)

$ 13,000

Conversion of convertible preferred shares into common shares, shares

(1,300,000)

1,300,000

Balance at Jun. 30, 2022

$ 7,445

38,581,465

(31,175,853)

(788,135)

(79,151)

6,545,771

Balance, shares at Jun. 30, 2022

744,495

Balance at Jun. 30, 2022

$ 148,899

38,440,011

(31,175,853)

(788,135)

(79,151)

6,545,771

Balance, shares at Jun. 30, 2022

14,889,904

Balance at Sep. 30, 2021

$ 7,441

38,581,469

(24,302,455)

(728,742)

(56,414)

13,501,299

Balance, shares at Sep. 30, 2021

744,126

Foreign currency translation loss

7,355

Net loss

(3,459,998)

(3,825)

(3,463,823)

Balance at Dec. 31, 2021

$ 7,441

38,581,469

(27,762,453)

(721,387)

(60,239)

10,044,831

Balance, shares at Dec. 31, 2021

744,126

Foreign currency translation loss

2,793

Net loss

(1,335,246)

(8,887)

(1,344,133)

Series B warrants exercised to purchase common shares

$ 4

(4)

Series B warrants exercised to purchase common shares, shares

369

Balance at Mar. 31, 2022

$ 7,445

38,581,465

(29,097,699)

(718,594)

(69,126)

8,703,491

Balance, shares at Mar. 31, 2022

744,495

Balance at Jun. 30, 2022

$ 7,445

38,581,465

(31,175,853)

(788,135)

(79,151)

6,545,771

Balance, shares at Jun. 30, 2022

744,495

Foreign currency translation loss

(135,559)

Net loss

(1,208,293)

(5,785)

(1,214,078)

Balance at Sep. 30, 2022

$ 7,445

38,581,465

(32,384,146)

(923,694)

(84,936)

5,196,134

Balance, shares at Sep. 30, 2022

744,495

Balance at Jun. 30, 2022

$ 7,445

38,581,465

(31,175,853)

(788,135)

(79,151)

6,545,771

Balance, shares at Jun. 30, 2022

744,495

Balance at Jun. 30, 2022

$ 148,899

38,440,011

(31,175,853)

(788,135)

(79,151)

6,545,771

Balance, shares at Jun. 30, 2022

14,889,904

Foreign currency translation loss

148,251

Net loss

(7,993,166)

Balance at Mar. 31, 2023

$ 25,395

$ 16,855

$ (14)

45,772,664

(39,148,652)

(639,884)

(99,518)

5,926,846

Balance, shares at Mar. 31, 2023

2,539,465

1,685,467

(1,386)

Balance at Sep. 30, 2022

$ 7,445

38,581,465

(32,384,146)

(923,694)

(84,936)

5,196,134

Balance, shares at Sep. 30, 2022

744,495

Foreign currency translation loss

361,597

Net loss

(420,600)

(6,471)

(427,071)

Issuance of Series C preferred stock and common stock for acquisition, net of issuance costs

$ 23,630

$ 1,482

4,699,158

4,724,270

Issuance of Series C preferred stock and common stock for acquisition, net of issuance costs, shares

2,363,003

148,155

Issuance of common stock at initial public offering

$ 1,765

160,695

162,460

Issuance of common stock at initial public offering, shares

176,462

Stock awards issued to employees

$ 250

259,750

260,000

Stock awards issued to employees, shares

25,000

Payment of tax withholding for employee stock awards

$ (14)

(14,393)

(14,407)

Payment of tax withholding for employee stock awards, shares

(1,386)

Balance at Dec. 31, 2022

$ 25,395

$ 9,177

$ (14)

43,686,675

(32,804,746)

(562,097)

(91,407)

10,262,983

Balance, shares at Dec. 31, 2022

2,539,465

917,650

(1,386)

Foreign currency translation loss

(77,787)

Net loss

(6,343,906)

(8,111)

(6,352,017)

Reverse stock split rounding adjustment

$ 112

(112)

Reverse stock split rounding adjustment, shares

11,250

Issuance of convertible preferred shares

$ 6,550

2,087,117

2,093,667

Issuance of convertible preferred shares, shares

654,990

Issuance of common stock upon cashless exercise of warrants

$ 1,016

(1,016)

Issuanceof common stock upon cashless exercise of warrants, shares

101,577

Balance at Mar. 31, 2023

$ 25,395

$ 16,855

$ (14)

$ 45,772,664

$ (39,148,652)

$ (639,884)

$ (99,518)

$ 5,926,846

Balance, shares at Mar. 31, 2023

2,539,465

1,685,467

(1,386)

[1]	Include adjustments for effect of reverse stock split

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 10. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

During the three months ended March 31, 2023, the Company’s market capitalization significantly declined and recurring cash burn of the reporting unit and continuous cash support from the parent entity led management to reassess whether an impairment had occurred considering these qualitative factors. Management’s evaluation indicated that the goodwill related to its IFPG reporting unit was potentially impaired. The Company then performed a quantitative impairment test by calculating the fair value of the reporting unit and comparing that amount to its carrying value. Significant assumptions inherent in the valuation methodologies include, but were not limited to prospective financial information, growth rates, terminal value and discount rate. The Company determined the fair value of the reporting unit utilizing the discounted cash flow model. The fair value of the reporting unit was determined to be less than its carrying value. The Company recognized an impairment charge of $4.1 million in the IFPG segment, which is related to the goodwill associated with the IFP Acquisition.

The changes in the carrying amount of goodwill were as follows:

SCHEDULE OF CARRYING AMOUNT OF GOODWILL

Balance at June 30, 2022	$	—
Acquisition of IFP		3,803,293
Effect of foreign currency		326,744
Balance at December 31, 2022		4,130,037
Impairment		(4,096,490	)
Effect of foreign currency		(33,547	)
Balance at March 31, 2023	$	—

Goodwill resulting from the acquisition of IFP is allocated to the IFPG operating and reportable segment.

Other intangible assets

Other intangible assets consist of the following as of March 31, 2023:

SCHEDULE OF OTHER INTANGIBLE ASSETS

	Weighted average useful lives (years)		Acquisition cost		Effect of foreign currency		Accumulated amortization		Carrying value
Technology		5 years	$	5,119,000	$	486,135	$	634,510	$	4,970,625
Customer relationships		3 years		252,000		23,932		52,060		223,872
Trade names and trademarks		Indefinite		92,000		8,737		—		100,737
Total intangible assets			$	5,463,000	$	518,804	$	686,570	$	5,295,234

Expense related to the amortization of other intangible assets for the three and nine months ended March 31, 2023, was $346,548 and $686,570, respectively. There was no amortization of other intangible assets during the three and nine months ended March 31, 2022. Refer to note 3, summary of significant accounting policies for further information.

Amortization expense for the intangible assets is expected to be as follows over the next five years, and thereafter:


2023	$	895,599
2024		1,194,132
2025		1,171,745
2026		1,104,583
2027		828,438
Total	$	5,194,497

There were no impairment charges related to other intangible assets incurred in the periods presented.

SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED, BASED ON THEIR RELATIVE FAIR VALUES (Details) - USD ($)	Dec. 31, 2022	Oct. 04, 2022
Intelligent Fingerprinting Limited Acquisition
Cash and cash equivalents		$ 174,481
Inventory		774,625
Other current assets		345,038
Property and Equipment		52,170
Intangible assets		5,463,000
Goodwill	$ 4,130,037	3,803,293
Total assets acquired		10,612,607
Accounts payable and accrued expenses		(1,027,302)
Notes payable		(677,137)
Convertible notes payable		(1,683,764)
Total liabilities assumed		(3,388,203)
Net assets		$ 7,224,404

SHAREHOLDERS’ EQUITY

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Equity [Abstract]

SHAREHOLDERS’ EQUITY

NOTE 14. SHAREHOLDERS’ EQUITY

As of March 31, 2023 there were March Warrants (defined below) to purchase 69,291 shares of common stock; Series A Warrants to purchase 70,068 shares of common stock; Series B Warrants to purchase 2,620 shares of common stock; IPO underwriter warrants to purchase 3,177 shares of common stock; pre-IPO warrants to purchase 136,834 shares of common stock; LSBD warrants to purchase 150,000 shares of common stock; Series D Warrants (defined below) to purchase 26,478 shares of common stock; Winx Warrants (defined below) to purchase 1,324 shares of common stock; and Representative’s Warrants (defined below) to purchase 32,750 shares of common stock, outstanding and held by certain shareholders. Each warrant initially represented the right to purchase one share of the Company’s common stock (subject to adjustment upon the occurrence of specified events).

On March 8, 2023, the Company entered into the Underwriting Agreement with Ladenburg Thalmann & Co. Inc., as representative (the Representative) of the underwriters named therein, relating to the March 2023 Offering of shares of the Company’s Common Stock (the March Shares) and warrants to purchase shares of Common Stock (the March Warrants). Each of the March Shares was sold in combination with an accompanying one-third Warrant. The combined purchase price for each March Share and accompanying March Warrant was $3.90 and the Underwriters agreed to purchase 569,560 March Shares and 170,868 March Warrant. On March 9, 2023, the Representative fully exercised an over-allotment option under the Underwriting Agreement and purchased an additional 85,430 March Shares and additional March Warrants to purchase 25,629 shares of Common Stock. The March 2023 Offering closed on March 10, 2023.

The March 2023 Offering was made pursuant to an effective shelf registration statement on Form S-3, which was filed with the SEC on April 8, 2022. The gross proceeds, before deducting underwriting discounts and commissions and other March 2023 Offering expenses, was approximately $2.55 million. As part of the Representative’s compensation, the Company issued to the Representative unregistered warrants to purchase 32,750 shares of common stock, which warrants have an exercise price of $4.875 per share (125% of the public offering price per share and accompanying warrant) and will terminate on March 8, 2028. The March Warrants have, (i) an exercise price of $3.90 per share of Common Stock, (ii) a cashless exercise option for a net number of shares of Common Stock determined according to the formula set forth in the March Warrant or (iii) an alternate cashless exercise option (beginning on or after the initial exercise date), to receive an aggregate number of shares of Common Stock equal to the product of (x) the aggregate number of shares of Common Stock that would be issuable upon a cash exercise and (y)1.00. Each whole March Warrant entitles the holder thereof to purchase 1 share of Common Stock. The March Warrants are exercisable upon issuance and will expire on March 10, 2028. The exercise price and the number of shares of Common Stock issuable upon exercise of the March Warrants is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the Common Stock.

On December 21, 2022, the Company entered into a December 2022 Purchase Agreement with 14 Series D Investors, pursuant to which the Company agreed to issue and sell to the Series D Investors in the December 2022 Private Placement (i) 176,462 shares of Series D Preferred Stock, with each share of Series D Preferred Stock convertible into 0.15 shares of Common Stock (subject to adjustment upon the occurrence of specified events); and (ii) 529,386 Series D Warrants, with each Series D Warrants representing the right to purchase 0.05 shares of common stock (subject to adjustment upon the occurrence of specified events). In addition, 26,469 Winx Warrants were issued to Winx Capital Pty Ltd., the placement agent for the December 2022 Private Placement, with each Winx Warrant representing the right to purchase 0.05 shares of common stock (subject to adjustment upon the occurrence of specified events). The Series D Warrants have an exercise price of $5.80 per share (subject to adjustment) and expire June 22, 2028. The Winx Warrants have an exercise price of $10.40 per share (subject to adjustment) and expire five years following the effective date of a registration statement covering the resale of common stock underlying the Series D Preferred Stock acquired by the Series D Investors. The Series D Preferred Stock and Series D Warrants were sold together as a unit, with each Unit consisting of one share of Series D Preferred Stock and three Series D Warrants. The purchase price for the Units was $1.25 per Unit. The Unit offering price and the Series D Warrants exercise price were priced above the Nasdaq “Minimum Price” as that term is defined in Nasdaq Rule 5635(d)(1). The shares of Series D Preferred Stock are convertible into an aggregate of 26,464 shares of Common Stock following shareholder approval of such conversion and without the payment of additional consideration. The Series D Warrants are exercisable for an aggregate of 26,478 shares of Common Stock and the Winx Warrants are exercisable for an aggregate of 1,324 shares of Common Stock. The December 2022 Private Placement closed on December 22, 2022. See Note 21 for information and disclosures relating to the conversion of the Series D Preferred Stock.

On October 6, 2022, the Company granted its employees 25,000 shares of Common Stock as compensation. The Company recorded stock compensation expense of $260,000 in relation to the issuance during the three and six months ended December 31, 2022. The Company withheld 1,386 shares for the payment of withholding taxes.

On October 4, 2022, the Company issued 148,183 shares of common stock and 2,363,003 shares of Series C Preferred Stock as partial consideration in connection with the IFP Acquisition. The Company recognized $806,397 of equity issuance costs in relation to this transaction and recorded them as reduction to additional paid-in capital on the Condensed Consolidated Balance Sheets. An additional 500,000 shares of Series C Preferred Stock will be issued by the Company on the one-year anniversary of the IFP Acquisition, pending satisfaction of potential indemnification claims by the Company against the IFP Sellers. See Note 5 for further detail of the IFP Acquisition.

The Series C Preferred Stock and Series D Preferred Stock are convertible into the Company’s common stock following approval of the Company’s stockholders of such conversion.

NOTE 7. SHAREHOLDERS’ EQUITY

As of June 30, 2022, 1,401,377 Series A warrant and 52,400 Series B warrants were held by certain shareholders, respectively. Each warrant is convertible into 1 share of the Company’s common stock.

On January 1, 2022, and September 9, 2021, the Company issued 7,382 and 400 shares, respectively, of common stock as a result of Series B warrants that were exercised pursuant to the cashless exercise provision offered during the December 2020 IPO (see Note 1) and converted into common stock.

On August 31, 2021, all 1,300,000 Series B Convertible Preferred Stock was converted into common stock. Each share of Series B Convertible Preferred Stock was converted into 1 share of the Company’s common stock.

A total of 59,800 Series A warrants and 1,400,995 Series B warrants were exercised and converted into common stock during the period from the initial public offering to June 30, 2022.

A total of 1,700,000 Series B Convertible Preferred Stock was also converted into common stock as of June 30, 2021. Each share of Series B Convertible Preferred Stock was converted into 1 share of the Company’s common stock.

On December 28, 2020, the Company completed its initial public offering. See Note 1.

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.

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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
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+ Details

SUBSEQUENT EVENTS (Details Narrative)			1 Months Ended	3 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details Narrative)	May 10, 2023 shares	May 09, 2023 GBP (£) shares	Apr. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Mar. 31, 2023 $ / shares	Aug. 05, 2022 $ / shares shares	Jun. 30, 2022 $ / shares
Subsequent Event [Line Items]
Stock issued during period shares new issues \| $				$ 162,460	$ 21,600,013
Common stock stated value per share \| $ / shares						$ 0.01		$ 0.01
Common Stock [Member]
Subsequent Event [Line Items]
Stock issued during period shares new issues				148,155
Stock issued during period shares new issues \| $					$ 12,706
Subsequent Event [Member]
Subsequent Event [Line Items]
Payment to shareholders \| $			$ 181,750
Common stock registration of shares							500,000
Common stock stated value per share \| $ / shares							$ 0.001
Subsequent Event [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Conversion of Units	26,464	526,818
Subsequent Event [Member] \| Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Principal and accrued interest \| £		£ 1,360,761
Stock issued during period shares new issues		1,149,273
Stock issued during period shares new issues \| £		£ 1,254,270
Stock Issued During Period, Shares, Conversion of Units		3,512,277
Subsequent Event [Member] \| Series D Preferred Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Conversion of Units	176,462

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)		3 Months Ended			6 Months Ended	9 Months Ended			12 Months Ended
	Mar. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2019	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Revenue		$ 457,058				$ 813,737
Deferred income										$ 4,700,000
Grant received									$ 2,100,000
Grants receivable						0			2,600,000
Research and development tax refund		91,104	35,206			573,497	181,598		385,888	1,850,175
Foreign currency translation loss		77,787	2,793			148,251	57,334		126,875	297,309
Expenses		299,898	413,325			380,363	3,161,306		$ 3,853,919	3,835,703
Provision for bad debts		22,918
Goodwill impairment loss		$ 4,096,490				$ 4,096,490
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life		3 years				3 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life		2 years				2 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life		4 years				4 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life		shorter of asset’s estimated useful life and the remaining term of the lease
Option Agreement [Member]
Property, Plant and Equipment [Line Items]
Option to Acquire North American Region Option term	2 years
Option Agreement [Member] \| Life Science Biosensor Diagnostics Pty Ltd [Member]
Property, Plant and Equipment [Line Items]
Option to Acquire North American Region Option term	2 years
Exercise price	$ 5,000,000
Expenses	500,000
Glucose Biosensor Technology [Member]
Property, Plant and Equipment [Line Items]
Purchase of license right				$ 976,308							$ 976,308
Life Science Biosensor Diagnostics Pty Ltd [Member]
Property, Plant and Equipment [Line Items]
Expenses	$ 500,000									500,000
Selling, General and Administrative Expenses [Member]
Property, Plant and Equipment [Line Items]
Labor costs					$ 123,800
Other Income [Member]
Property, Plant and Equipment [Line Items]
Deferred income										$ 51,258
Other Income		$ 26,576	$ 147,865			$ 125,128	$ 179,264

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

SCHEDULE OF CONVERTIBLE NOTE LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table provides a reconciliation of the beginning and ending balance of the convertible note liabilities measured at fair value on a recurring basis during the period:

	Convertible notes carried at fair value (Level 3)
Balance at June 30, 2022	$	—
Fair value of convertible notes at acquisition (Note 5)		1,683,764
Fair value gain on revaluation of convertible notes		(1,267,791	)
Effect of foreign currency		107,730
Balance at December 31, 2022		523,703
Fair value gain on revaluation of convertible notes		(204,207	)
Effect of foreign currency		69,865
Balance at March 31, 2023	$	389,361
Balance	$	389,361

SCHEDULE OF PREFERRED STOCK AT FAIR VALUE ON RECURRING BASIS

The following table provides a reconciliation of the beginning and ending balance of the holdback Preferred Stock measured at fair value on a recurring basis during the period:

	Preferred stock carried at fair value (Level 2)
Balance at June 30, 2022	$	—
Fair value of holdback Series C Preferred Stock at acquisition (Note 5)		825,300
Fair value gain on revaluation of holdback Series C Preferred Stock		(525,300	)
Balance at December 31, 2022		300,000
Fair value gain on revaluation of holdback Series C Preferred Stock		(82,500	)
Balance at March 31, 2023	$	217,500

ORGANIZATION AND DESCRIPTION OF THE BUSINESS (Details Narrative) - USD ($)			9 Months Ended		12 Months Ended
	Feb. 08, 2023	Dec. 28, 2020	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Common stock outstanding			1,685,467		744,496
Common stock authorized	100,000,000		100,000,000		100,000,000
Net proceeds from issuance of ipo		$ 17,732,448				$ 21,600,013
Payment of offering costs			$ 464,727			$ 2,003,952
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
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
Maximum [Member]
Common stock outstanding	18,325,289
Minimum [Member]
Common stock outstanding	916,265
Stockholders [Member]
Stockholders' equity, reverse stock split	1-for-2 and not more than 1-for-35
Board Of Directors [Member]
Stockholders' equity, reverse stock split	1-for-20 reverse stock split

PROPERTY AND EQUIPMENT, NET (Tables)

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

SCHEDULE OF PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT

	March 31, 2023			June 30, 2022
Production equipment	$	29,788		$	—
Leasehold improvements		19,698			—
Other equipment		7,638			—
Construction in progress (CIP)		436,913			391,408
Gross property and equipment		494,037			391,408
Less: accumulated depreciation		(15,917	)
Property and equipment, net	$	478,120		$	391,408

SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED BALANCE SHEETS

The following table summarizes the amount of CIP recorded in property and equipment, net on the condensed consolidated balance sheets:

	March 31, 2023			June 30, 2022
Investments in construction in progress	$	873,826		$	782,816
Less: 50% contributed under government grant		(436,913	)		(391,408	)
Gross property and equipment	$	436,913		$	391,408

The following table summarizes the amount of CIP recorded in the Consolidated Balance Sheets:


	June 30, 2022			June 30, 2021
Investments in construction in progress	$	782,816		$	—
Less: 50% contributed under government grant		(391,408	)		—
Carrying amount	$	391,408		$	—

SUBSEQUENT EVENTS

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 21. SUBSEQUENT EVENTS

The Company made the second payment of $181,750 for bonus payments on behalf of the selling shareholders of IFP in April 2023.

At the special meeting of the Company’s stockholders held on May 8, 2023 (the “Special Meeting”), the stockholders of the Company approved, (a) for purposes of complying with Nasdaq Listing Rule 5635, the full conversion of Series C Preferred Stock issued by the Company pursuant to the terms of a Share Exchange Agreement, dated as of October 4, 2022, and the issuance of shares of Common Stock in connection with such conversion (the “Series C Conversion Approval”); and (b) the full conversion of Series D Preferred Stock, issued by the Company pursuant to the terms of a Securities Purchase Agreement, dated as of December 21, 2022, and the issuance of shares of Common Stock in connection with such conversion (the “Series D Conversion Approval”).

As of May 9, 2023, pursuant to the Series C Conversion Approval and the terms of the Share Exchange Agreement, the convertible notes to which the Company is a guarantor as a result of the IFP Acquisition, with an outstanding balance of £1,360,761 in principal and accrued interest as of May 8, 2023, were convertible into shares of IFP, which shares are immediately exchangeable for an aggregate of 1,149,273 shares of Series C Preferred Stock. The outstanding balance of the convertible notes as at the closing date of the IFP Acquisition was £1,254,270.

Upon conversion of the convertible notes into shares of Series C Preferred Stock, there will be 3,512,277 shares of Series C Preferred Stock outstanding and convertible into an aggregate of 526,818 shares of Common Stock. As of May 10, 2023, there were 176,462 shares of Series D Preferred Stock outstanding and convertible into an aggregate of 26,464 shares of Common Stock.

NOTE 14. SUBSEQUENT EVENTS

The Company filed a registration statement (Form S-8) on August 5, 2022, for the registration of 500,000 shares of the Company’s common stock at $0.001 par value per share, issuable pursuant to the GBS Inc. 2019 Long Term Incentive Plan. However, the Company has not issued these shares to its employees and directors as of the date of filing these accounts.

SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED BALANCE SHEETS (Details) (Parenthetical)	Mar. 31, 2023	Jun. 30, 2022
Construction In Progress
Percentage of reimbursement on construction cost	50.00%	50.00%

INCOME TAX (Details Narrative) - USD ($)	12 Months Ended
INCOME TAX (Details Narrative) - USD ($)	Jun. 30, 2022	Mar. 31, 2023	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 27,310,563	$ 41,464,331	$ 19,291,293
Deferred Tax Assets, Net		7,596,042
Deferred tax assets, valuation allowance	$ 6,064,025	$ 7,596,042	$ 5,946,731
Operating loss carryforwards expiration	which expire at various dates ranging from 2038 through unlimited expiration