0001493152-23-029992 | 10-K | XBRL Viewer | Intelligent BIO Solutions INC

Cash and cash equivalents

$ 10,631,720

$ 8,306,051

Shareholders' equity

^[1]

3,686,998

6,545,771

$ 15,006,622

Working capital deficit

2,021,124

Accumulated deficit

41,807,573

$ 31,175,853

$ 1,537,244

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 20 reverse stock split throughout the consolidated financial statements unless otherwise stated.

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

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Amount of accumulated undistributed earnings (deficit).

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-15

Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-16

Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I

Share based compensation shares granted

SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

May 10, 2023

May 08, 2023

Mar. 09, 2023

Dec. 21, 2022

Oct. 06, 2022

Oct. 04, 2022

Dec. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Apr. 08, 2023

Mar. 08, 2023

Jun. 30, 2021

Offering expenses

$ 2,550,000

25,000

Stock compensation expense

$ 260,000

Payment of withholding taxes shares

1,386

Underwriting Agreement [Member] | March Shares [Member]

$ 518,914

Number of shares of stock issued

569,560

85,430

Series C Preferred Stock [Member]

Series C Preferred Stock [Member] | IFP Acquisition [Member]

2,363,003

Series C Preferred Stock [Member] | One Year Anniversary [Member]

$ 806,397

Series C Preferred Stock [Member] | Stockholders [Member]

500,000

Converted into aggregate shares of common stock.

3,512,277

526,818

Warrant [Member] | Underwriting Agreement [Member]

Share price

$ 3.90

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

Debt convertible per share

176,462

$ 0.15

Shares issues per share

$ 1.25

Conversion of shares

26,464

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

Series B Warrants [Member]

529,386

Shares issues per share

$ 0.05

Lender Preferred Shares [Member] | Series C Preferred Stock [Member] | Stockholders [Member]

2,620

Closing Holdback Shares [Member] | Series C Preferred Stock [Member]

1,149,273

Converted into aggregate shares of common stock.

500,000

75,000

Closing Holdback Shares [Member] | Series C Preferred Stock [Member] | Stockholders [Member]

March Warrant [Member] | Underwriting Agreement [Member]

500,000

Number of shares of stock issued

170,868

25,629

Warrant [Member]

Warrant [Member] | Underwriting Agreement [Member]

$ 4.875

32,750

Common Stock [Member]

Number of shares of stock issued

^[1]

2,330,399

744,495

679,106

^[1]

654,990

$ 3.90

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

148,183

1,324

Class of Warrant or Right, Outstanding

$ 10.40

Shares issues per share

$ 0.05

26,469

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

26,478

Warrants Common Stock March [Member]

$ 5.80

Warrants - Series A [Member]

3,270

Warrants Issued to IPO [Member]

70,068

Pre IPO Warrants [Member]

3,177

Warrants Issued to LSBD [Member]

136,834

Series D Warrants [Member]

150,000

Warrants Issued to Winx [Member]

26,478

Representatives Warrants [Member]

1,324

SCHEDULE OF FINANCE LEASE EXPENSES

32,750

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 20 reverse stock split throughout the consolidated financial statements unless otherwise stated.

SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)	12 Months Ended
SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Original cost technology	$ 5,463,000
Effect of foreign currency	643,183
Accumulated amortization technology	850,782
Carrying value technology	$ 5,255,401
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average useful lives (years)	7 years
Original cost technology	$ 5,119,000
Effect of foreign currency	603,422
Accumulated amortization technology	780,500
Carrying value technology	$ 4,941,922
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	29,127
Accumulated amortization technology	70,282
Carrying value technology	210,845
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Original cost technology	92,000
Effect of foreign currency	10,634
Accumulated amortization technology
Carrying value technology	$ 102,634
Weighted average useful lives (years)	Indefinite

INVENTORIES (Tables)

12 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

SCHEDULE OF INVENTORIES

Inventories consist of the following:

SCHEDULE OF INVENTORIES

	June 30, 2023			June 30, 2022
Raw material and work-in-progress	$	419,889		$	—
Finished goods		757,518			—
Less: provision for inventory obsolescence		(197,500	)		—
Inventory, net	$	979,907		$	—

FAIR VALUE MEASUREMENTS (Details Narrative) - shares			12 Months Ended
FAIR VALUE MEASUREMENTS (Details Narrative) - shares	Feb. 09, 2023	Oct. 04, 2022	Jun. 30, 2023
Series C Convertible Preferred Stock [Member]
Conversion, shares			1,149,273
Series C Preferred Stock [Member]
Number of shares post-reverse stock split	0.15
Series C Preferred Stock [Member] \| Share Exchange Agreement [Member]
Held-back Series C Preferred Stock		500,000
Number of shares post-reverse stock split		0.15

LEASES (Tables)

12 Months Ended

Jun. 30, 2023

Leases

The components of operating lease expense are as follows:

SCHEDULE OF FINANCE LEASE EXPENSES

	2023
	Year Ended June 30, 2023
Amortization of operating lease right-of-use assets	$	152,251
Interest on operating lease liabilities		68,357
Total operating lease costs	$	220,608

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

The reconciliation of the maturities of the operating leases to the operating lease liabilities recorded in the consolidated balance sheet as of June 30, 2023, is as follows:


2024	$	295,369
2025		308,749
2026		83,534
Total lease payments		687,652
Less: imputed interest		(108,040	)
Present value of lease liabilities	$	579,612

RELATED-PARTY TRANSACTIONS (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Development and regulatory approval expenses		$ 507,424	$ 3,853,919
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		8,714	9,054
BiosensX [Member]
Related Party Transaction [Line Items]
Development and regulatory approval expenses			2,600,000
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Costs and expenses, related party			$ 145,733

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Jun. 30, 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

	June 30, 2023			June 30, 2022
Production equipment	$	30,348		$	—
Leasehold improvements		20,069			—
Other equipment		27,411			—
Construction in progress (CIP)		646,116			391,408
Gross property and equipment		723,944			391,408
Less: accumulated depreciation and amortization		(33,769	)		—
Property and equipment, net	$	690,175		$	391,408

The Company recorded an expense of $33,769 in relation to the depreciation of property and equipment for the year ended June 30, 2023. There was no depreciation of property and equipment during the year ended June 30, 2022.

During the years ended June 30, 2023 and 2022, the Company incurred a cost of $509,416 and $782,816, 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 June 30, 2023 and 2022.

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

	June 30, 2023			June 30, 2022
Investments in construction in progress	$	1,292,232		$	782,816
Less: 50% contributed under government grant		(646,116	)		(391,408	)
Gross property and equipment	$	646,116		$	391,408

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (Parenthetical) - Intelligent Fingerprinting Limited [Member] - Second Installment [Member]	12 Months Ended
	Jun. 30, 2023 USD ($) shares
Restructuring Cost and Reserve [Line Items]
Fair value of held-back shares \| $	$ 208,500
No. of held back Series C Preferred Stock \| shares	500,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

FAIR VALUE MEASUREMENTS

12 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 14. FAIR VALUE MEASUREMENTS

Convertible notes

As detailed in Note 5, 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. The convertible notes subsequently converted in May 2023 (see Note 13) and therefore remeasured at fair value a final time upon conversion. Accordingly, the fair value movement related to the decrease in the share price from the time of acquisition to conversion 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 the conversion in May 2023, are included as part of Interest expense in the condensed Consolidated Statements of Operations. None of the changes 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		(1,537,565	)
Effect of foreign currency		220,954
Conversion into Series C Preferred Stock		(367,153	)
Balance at June 30, 2023	$	—

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 June 30, 2023, the Company accounted for the fair value movement related to the decrease in the share price from the time of acquisition to reporting date. See Note 13 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		(616,800	)
Balance at June 30, 2023	$	208,500

The Company did not have assets or liabilities carried at fair value using Level 1 inputs during years ended June 30, 2023 and 2022.

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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

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, 2023 and 2022.

The consolidated financial statements and notes thereto give retrospective effect to the Reverse Stock Split for all periods presented. All common stock, options exercisable for common stock, restricted stock units, warrants and per share amounts contained in the consolidated financial statements have been retrospectively adjusted to reflect the Reverse Stock Split for all periods presented.

Principles of consolidation

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

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

Equity offering costs

The Company complies with the requirements of Accounting Standards Codification (“ASC”) 340, Other Assets and Deferred Costs, with regard to offering costs. Prior to the completion of an offering, offering costs will be capitalized as deferred offering costs on the consolidated balance sheets. The deferred offering costs will be charged to shareholders’ equity upon the completion of an 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.

Change in accounting principle

During the quarter ended June 30, 2023, the Company performed an analysis on the useful life of its technology asset which resulted in increasing the useful life from 5 years to 7 years. The consideration evaluated considered the lives of the underlying technology asset which is primarily patents with expirations ranging from 2026 to 2041 and industry benchmarking using the North American Industry Classification System (NAICS). Thus, the carrying value of the technology asset as at the end of March 31, 2023, was amortized using the new useful life prospectively.

As the result of change in useful life, the amortization expenses for the year ended June 30, 2023 decreased by $84,374 and the basic and diluted loss per share decreased by $0.07 to $10.58. The amortization expenses for fiscal year 2024-2027 is expected to decrease by approximately $ 337,496 each year and that for fiscal year 2028, fiscal year 2029 and fiscal year 2030 is expected to increase by $485,150, $759,366 and $189,841 respectively.

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 is accounted for under ASC 606 Revenue from Contracts with Customers through the following steps:

	●	Identify the contract with a customer;
	●	Identify the performance obligations in the contract;
	●	Determine the transaction price;
	●	Allocate the transaction price to performance obligations in the contract; and
	●	Recognize revenue when or as the Company satisfies a performance obligation.

The Company recognized revenue from contracts with customers it 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 year ended June 30, 2023. There were no revenues during the year ended June 30, 2022.

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

	2023		2022
	Year Ended June 30,
	2023		2022
Sales of goods - cartridges	$	724,304	$	—
Sales of goods - readers		335,863		—
Other sales		196,705		—
Total revenue	$	1,256,872	$	—

Other income

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

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. Furthermore, disclosures made below are in accordance with the disclosure requirements of ASU 2021-10 (see recently issued accounting pronouncements below for more information).

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. A total of $646,116 and $391,408 was recognized as a reduction to the CIP asset on the consolidated balance sheets as of June 30, 2023 and 2022, respectively.

Under IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met, and the grant will be received. As of June 30, 2021, management concluded that there was reasonable assurance the grant conditions will be met, and all milestone payment received. The total grant value of $4.7 million was recognized as both a grant receivable and deferred grant income on the grant effective date. The Company received payments of $1.4 million and $2.1 million during the years ended June 30, 2023 and 2022, respectively. The project has been delayed due to global shortages of semiconductors that are used in manufacturing equipment and global supply chain disruption due to the coronavirus pandemic in the preceding year. The Company has only completed 4 of the 8 milestones in the grant agreement. As of June 30, 2023, there was uncertainty regarding the potential extension of the grant agreement past its original end of March 28, 2024. Therefore, management concluded that there was no reasonable assurance that the remaining grant receivable will be received.

After initial recognition, under IAS 20, government grants are recognized in earnings on a systematic basis in a manner that mirrors the manner in which the Company recognizes the underlying costs for which the grant is intended to compensate. Further, IAS 20 permits for recognition 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 $127,944 and $51,258 deferred grant income was recognized within other income during the years ended June 30, 2023 and 2022, 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 as the Company believes that it is probable that the amount will be recovered in full through a future claim. A total of $609,684 and $385,888 of R&D tax refund income is recognized in other income during the years end June 30, 2023, and 2022, respectively.

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).

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 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 the Company is the United States dollar. Foreign currency movements are recognized in other comprehensive loss on the consolidated statement of operations and other comprehensive income (loss) and resulted in a gain of $212,639 and a loss of $126,875 for the years ended June 30, 2023 and 2022, respectively.

Income taxes

In accordance with the provisions of Financial Accounting Standards Board (“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 June 30, 2023, and 2022, 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.

Cash and Cash equivalent

The Company considers all highly liquid investments with a maturity of 90 days or less at the time of purchase to be cash equivalents. The carrying values of cash and cash equivalents approximate their fair values due to the short-term nature of these instruments. As of June 30, 2023 and 2022, there were no cash equivalents. The Company maintains cash accounts with financial institutions. At times, balances in these accounts may exceed federally insured limits. The amounts over these insured limits as of June 30, 2023 and 2022 was $1,114,687 and $7,816,077 respectively. No losses have been incurred to date on any deposits.

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.

Account receivable, net and other receivables

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

Based upon the assessment of these factors, the Company did not recognize bad debt provision during the year ended June 30, 2023 and June 30, 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, is stated at cost net of accumulated depreciation and impairment losses, if any. 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:

	●	Other equipment – 3 years
	●	Production equipment – 2-4 years
	●	Leasehold improvements – shorter of asset’s estimated useful life and the remaining term of the lease

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

Impairment of Long-lived Assets and Goodwill

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

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 year ended June 30, 2023, the Company’s market capitalization significantly declined and recurring cash burn of the reporting unit and continuous cash support from the parent entity led management to reassess whether an impairment had occurred considering these qualitative factors. Management’s evaluation indicated that the goodwill related to its IFPG reporting unit was potentially impaired. The Company then performed a quantitative impairment test by calculating the fair value of the reporting unit and comparing that amount to it’s 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 $4.2 million in the IFPG segment, which is related to the goodwill associated with the IFP Acquisition.

Intangible assets

Intangible assets are considered long-lived assets and are recorded at cost, less accumulated amortization and impairment losses, if any. The definite lived intangible assets are amortized over their estimated useful lives, which do not exceed any contractual periods. Certain of our intangible assets have been assigned an indefinite life as we currently anticipate that these trade names and trademarks will contribute cash flows to the Company indefinitely. Indefinite-lived intangible assets are not amortized, but are evaluated at least annually to determine whether the indefinite useful life is appropriate. Amortization is recorded on a straight-line basis over their estimated useful lives. Intangible assets acquired from a foreign operation are translated from the foreign entity’s functional currency to the presentational currency based on the exchange rate at the reporting date.

Leases

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

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

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

Employee benefits

The costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized as part of the cost of inventories or non-current assets. The cost of any unused holiday entitlement is recognized in the period in which the employee’s services are received. Termination benefits are recognized immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

The Company calculates earnings per share attributable to common shareholders in accordance with ASC 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.

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.

Recent 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.

Latest announcement:

In July 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718) (“ASU 2023-13”). This update requires to disclose and present income or loss related to common stock transactions on the face of the income statement, (2) to modify the existing classification and measurement of redeemable preferred shares and redeemable equity-classified shares (3) and modify accounting treatment for stock-based compensation. The FASB has not set an effective date on ASU 2023-03 and adoption is permitted. The Company is currently evaluating the impact of the provisions of ASU 2023-03 on its consolidated financial statement disclosures.

Adopted:

In November 2021, the FASB issued 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 adopted the provisions of this amendment effective July 1, 2022. There was no significant impact to the consolidated financial statements. Refer to disclosures within grant income in Note 3.

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 adopted ASU 2020-06 as of July 1, 2022 and the adoption did not have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). This update requires all leases with a term greater than 12 months to be recognized on the balance sheet through a right-of-use asset and a lease liability and the disclosure of key information pertaining to leasing arrangements. This new guidance is effective for fiscal years beginning after December 15, 2021, and interim period within fiscal years beginning after December 15, 2022, as amended by ASU 2020-05 with early adoption permitted. The Company adopted this standard on July 1, 2022. The Company notes there was no impact on adoption of ASU 2016-02 as the Company did not have any leases as of July 1, 2022, and, therefore, application of transitional practical expedients provided by the ASU is not applicable. ASC Topic 842 – Leases was applied to the two leases entered into during the current fiscal year. See Note 12 for further information and disclosures relating to the ASC 842 – Leases.

Pending adoption:

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 (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 of the provisions of ASU 2016-13 on its consolidated financial statements.

Concentration of credit risk

The Company places its cash and cash equivalents, which may at times be in excess of the Australia Financial Claims Scheme 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.

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 recognized as part of interest expense. Changes in fair value of the convertible notes are included in the change in fair value of convertible notes in the condensed consolidated statements of operations. During the year ended June 30, 2023, the Company converted all of the convertible notes into Common Stock.

SCHEDULE OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 1,256,872
Net loss	(10,664,555)	(8,333,976)
Net loss attributable to Intelligent Bio Solutions Inc.	$ (10,631,720)	$ (8,306,051)
Net loss per share, basic and diluted	$ (10.58)	$ (11.33)
Pro Forma [Member]
Revenue	$ 1,604,358	$ 1,564,224
Net loss	(11,906,109)	(12,248,340)
Net loss attributable to Intelligent Bio Solutions Inc.	$ (11,873,274)	$ (12,220,415)
Net loss per share, basic and diluted	$ (11.82)	$ (13.51)

SCHEDULE OF FINANCE LEASE EXPENSES (Details)	12 Months Ended
SCHEDULE OF FINANCE LEASE EXPENSES (Details)	Jun. 30, 2023 USD ($)
Leases
Amortization of operating lease right-of-use assets	$ 152,251
Interest on operating lease liabilities	68,357
Total operating lease costs	$ 220,608

SCHEDULE OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION (Details) - USD ($)		12 Months Ended
	Oct. 04, 2022	Jun. 30, 2023	Jun. 30, 2022	May 08, 2023
Cash	$ 363,500
Note receivable settled for business acquisition	504,938	$ 504,938
Total purchase price	7,224,404			$ 7,224,404
Series C Preferred Stock Base [Member]
Purchase Consideration of Common Stock and Series C Preferred Stock	3,900,373
Series C Preferred Stock Holdback [Member]
Purchase Consideration of Common Stock and Series C Preferred Stock	825,300
Common Stock [Member]
Purchase Consideration of Common Stock and Series C Preferred Stock	$ 1,630,293

LIQUIDITY AND GOING CONCERN

12 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

LIQUIDITY AND GOING CONCERN

NOTE 2. LIQUIDITY AND GOING CONCERN

The Company incurred a net loss of $10,631,720 for the year ended June 30, 2023 (net loss of $8,306,051 for the year ended June 30, 2022). As of June 30, 2023, the Company has shareholders’ equity of $3,686,998, a working capital deficit of $2,021,124, and an accumulated deficit of $41,807,573.

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 consolidated financial statements. The Company expects that its cash and cash equivalents as of June 30, 2023, of $1,537,244, 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 consolidated financial statements. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the date these consolidated 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 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.

SCHEDULE OF OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Intelligent Fingerprinting Limited note receivable		$ 500,445
Prepayments	359,953	116,525
Goods and services tax receivable	20,418	57,746
Deposits	118,193	46,602
Deferred charges	34,100
Other receivables	20,127	25,443
Total	$ 552,791	$ 746,761

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND ACCESSORIES

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

	2023		2022
	Year Ended June 30,
	2023		2022
Sales of goods - cartridges	$	724,304	$	—
Sales of goods - readers		335,863		—
Other sales		196,705		—
Total revenue	$	1,256,872	$	—

SCHEDULE OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS (Details)	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 884,416
2025	884,416
2026	814,135
2027	790,708
2028	790,708
Thereafter	988,384
Total	$ 5,152,767

Consolidated Statements of Cash Flows - USD ($)

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Cash flows from operating activities:

Adjustments to reconcile net loss to net cash used in operating activities:

^[1]

$ (10,664,555)

$ (8,333,976)

Depreciation and amortization

814,481

Amortization of right-of-use assets

152,251

Non-cash loss (gain) on foreign currency translation, net

9,829

(3,987)

Provision for inventory obsolescence

189,670

Goodwill impairment

4,158,670

Share-based compensation

260,000

Non-cash research and development charge

2,600,000

Non-cash refund of R&D expenditure claims

(127,944)

(50,958)

Fair value gain on revaluation of convertible notes

(1,537,565)

Fair value gain on revaluation of holdback Series C preferred stock

(616,800)

Non-cash other operating activities

(94,332)

(8,179)

Changes in operating assets and liabilities:

Accounts receivable

(293,861)

Inventories

(345,390)

Grant receivable / deferred grant income

1,031,357

1,828,891

Research and development tax incentive receivable

(145,710)

672,407

Other current assets

(118,335)

(333,743)

Accounts and other payables

84,502

255,978

Accounts payable - related party

(13,323)

Operating lease liabilities

(107,922)

Other long-term liabilities

(25,724)

28,856

Net cash used in operating activities

(7,377,378)

(3,358,034)

Cash flows from investing activities:

Issuance of note receivable

(500,000)

Cash acquired from business acquisition

174,481

Cash payment for business acquisition

(363,500)

Amount invested on construction in progress

(505,123)

(380,221)

Net cash used in investing activities

(694,142)

(880,221)

Cash flows from financing activities:

Proceeds from issuance of common stock and warrants

2,554,463

Proceeds from issuance of preferred stock

220,578

Payment of equity issuance costs - others

(518,914)

Payment of equity issuance costs relating to acquisition of IFP

(806,397)

Payment of tax withholding for employee stock awards

(14,407)

Net cash provided by financing activities

1,435,323

Effect of foreign exchange rates on cash and cash equivalents

(64,860)

(97,129)

Decrease in cash and cash equivalents

(6,701,057)

(4,335,384)

Cash and cash equivalents, beginning of period

8,238,301

12,573,685

Cash and cash equivalents, end of period

1,537,244

8,238,301

Non-cash investing and financing activities

Shares issued for business acquisition

5,530,667

Deferred consideration payable for business acquisition

504,938

208,500

Recording of right-of-use asset and lease liability

702,566

Conversion of convertible notes payable into preferred stock

367,153

Conversion of preferred shares into common shares

$ 36,888

$ 13,000

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 20 reverse stock split throughout the consolidated financial statements unless otherwise stated.

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

Preferred Stock [Member]

Convertible Preferred Stock [Member]

Common Stock [Member]

Treasury Stock, Common [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

AOCI Attributable to Parent [Member]

Noncontrolling Interest [Member]

Total

Balance at Jun. 30, 2021

$ 13,000

$ 6,791

^[1]

$ 38,569,119

^[1]

$ (22,869,802)

^[1]

$ (661,260)

^[1]

$ (51,226)

$ 15,006,622

^[1]

Balance, shares at Jun. 30, 2021

^[1]

1,300,000

679,106

Series B warrants exercised to purchase common shares

^[1]

$ 4

(4)

Series B warrants exercised to purchase common shares, shares

^[1]

389

Conversion of convertible preferred shares into common shares

^[1]

$ (13,000)

$ 650

12,350

Conversion of convertible preferred shares into common shares, shares

^[1]

(1,300,000)

65,000

Foreign currency translation income

^[1]

(126,875)

Balance, shares at Jun. 30, 2022

^[1]

(8,306,051)

(27,925)

(8,333,976)

Balance at Jun. 30, 2022

$ 7,445

^[1]

38,581,465

^[1]

(31,175,853)

^[1]

(788,135)

^[1]

(79,151)

6,545,771

^[1]

^[1]

744,495

Conversion of convertible preferred shares into common shares

^[1]

$ (36,888)

$ 5,533

31,355

Conversion of convertible preferred shares into common shares, shares

^[1]

(3,688,739)

553,282

Foreign currency translation income

^[1]

212,639

Reverse stock split rounding adjustment

^[1]

(10,631,720)

(32,835)

(10,664,555)

^[1]

$ 112

(112)

Reverse stock split rounding adjustment, shares

^[1]

11,250

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

^[1]

$ 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

^[1]

2,363,003

148,155

Issuance of Series D preferred stock, net of issuance costs

^[1]

$ 1,765

160,695

162,460

Issuance of Series D preferred stock, net of issuance costs, shares

^[1]

176,462

Stock awards issued to employees

^[1]

$ 250

259,750

260,000

Stock awards issued to employees, shares

^[1]

25,000

Payment of tax withholding for employee stock awards

^[1]

$ (14)

(14,393)

(14,407)

Payment of tax withholding for employee stock awards, shares

(1,386)

Issuance of common stock and warrants, net of issuance costs

^[1]

$ 6,550

2,087,117

2,093,667

Issuance of common stock and warrants, net of issuance costs, shares

^[1]

654,990

Issuance of common stock upon cashless exercise of warrants

^[1]

$ 1,932

(1,932)

Issuanceof common stock upon cashless exercise of warrants, shares

^[1]

193,227

Conversion of convertible notes payable into Series C preferred stock

^[1]

$ 11,493

355,660

367,153

Conversion of convertible notes payable into Series C preferred stock, shares

^[1]

1,149,274

Balance at Jun. 30, 2023

$ 23,304

^[1]

$ (14)

^[1]

$ 46,158,763

^[1]

$ (41,807,573)

^[1]

$ (575,496)

^[1]

$ (111,986)

$ 3,686,998

^[1]

Balance, shares at Jun. 30, 2023

^[1]

2,330,399

(1,386)

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 20 reverse stock split throughout the consolidated financial statements unless otherwise stated.

SCHEDULE OF INVENTORIES (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Inventory Disclosure [Abstract]
Raw material and work-in-progress	$ 419,889
Finished goods	757,518
Less: provision for inventory obsolescence	(197,500)
Inventory, net	$ 979,907

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 10. GOODWILL AND OTHER INTANGIBLE ASSETS

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		355,377
Impairment		(4,158,670	)
Balance at June 30, 2023	$	—

The Company did not have any goodwill during the year ended June 30, 2022. Goodwill resulting from the acquisition of IFP was allocated to the IFPG operating and reportable segment.

Other intangible assets

Other intangible assets consist of the following as of June 30, 2023:

SCHEDULE OF OTHER INTANGIBLE ASSETS

	Weighted average useful lives (years)	Acquisition cost		Effect of foreign currency		Accumulated amortization		Carrying value
Technology	7 years	$	5,119,000	$	603,422	$	780,500	$	4,941,922
Customer relationships	3 years		252,000		29,127		70,282		210,845
Trade names and trademarks	Indefinite		92,000		10,634		—		102,634
Total intangible assets		$	5,463,000	$	643,183	$	850,782	$	5,255,401

The Company did not have any other intangible assets during the year ended June 30, 2022. Intangibles assets recognized from the acquisition of IFP were allocated to the IFPG operating and reportable segment.

Expense related to the amortization of other intangible assets for the year ended June 30, 2023, was $850,782. There was no amortization of other intangible assets during the year ended June 30, 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:


2024	$	884,416
2025		884,416
2026		814,135
2027		790,708
2028		790,708
Thereafter		988,384
Total	$	5,152,767

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

SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Investments in construction in progress	$ 1,292,232	$ 782,816
Less: 50% contributed under government grant	(646,116)	(391,408)
Gross property and equipment	$ 646,116	$ 391,408

SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Current
Deferred
Total

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

SCHEDULE OF CARRYING AMOUNT OF GOODWILL (Details)	12 Months Ended
SCHEDULE OF CARRYING AMOUNT OF GOODWILL (Details)	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance, value
Acquisition of IFP	3,803,293
Effect of foreign currency	355,377
Impairment	(4,158,670)
Balance, value

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.

SCHEDULE OF ANTI-DILUTIVE WARRANTS

LOSS PER SHARE (Tables)

12 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

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

	2023		2022
	Year Ended June 30,
	2023		2022
Warrants - Common stock (March 23 public raise)		3,270		-
Warrants - Series A		70,068		70,068
Warrants - Series B		2,620		2,620
Private placement warrants (Dec 2022)		26,478		-
Warrants issued to Winx Capital Pty Ltd		1,324		-
Warrants issued to underwriters (IPO)		3,177		3,177
Warrants issued to underwriters (March 23 public raise)		32,750		-
Pre IPO warrants		136,834		136,834
Warrants issued to LSBD		150,000		150,000
Anti-dilutive		150,000		150,000

RELATED-PARTY TRANSACTIONS

12 Months Ended

Jun. 30, 2023

RELATED-PARTY TRANSACTIONS

NOTE 15. 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 during the years ended June 30, 2023 and 2022.

The Company incurred a total cost of $nil during the year ended June 30, 2023 (year ended June 30, 2022: $145,733), 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 in the Condensed Consolidated Statements of Operations and Other Comprehensive Loss.

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.

As of June 30, 2023, $8,714 (June 30, 2022: $9,054) 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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

SEGMENT REPORTING

12 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 4. SEGMENT REPORTING

FASB ASC Topic 280, Segment Reporting, establishes standards for the manner in which companies report financial information about operating segments, products, services, geographic areas and major customers.

Our Segments

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer.

Following the acquisition of IFP, we conduct our business through two operating segments:

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

The Company has determined it operates in two operating and reportable segments, as the CODM reviews financial information presented on a consolidated basis accompanied by disaggregated information about revenue and other income by product types for the purpose of allocating resources and evaluating financial performance. Currently, the Company has two products offerings.

The IFPG segment accounted for 100% of the Company’s revenue during the year ended June 30, 2023.

The following table sets forth the Company’s revenue and other income by operating and reportable segment, disaggregated into geographic locations based on sales billed from the respective county, for the years ended June 30, 2023 and 2022, respectively.

Revenue


	Year Ended June 30, 2023
	IFPG		SGBP		Total
United Kingdom	$	1,061,191	$	—	$	1,061,191
Australia		6,491		—		6,491
Other		189,190		—		189,190
Total Revenue	$	1,256,872		—	$	1,256,872

No revenue was recognized during the year ended June 30, 2022.

Other Income (Government Support Income)


	Year Ended June 30, 2023
	IFPG		SGBP		Total
Australia	$	—		544,010		544,010
United Kingdom		193,618		—		193,618
Total Government Support Income	$	193,618		544,010	$	737,628


	Year Ended June 30, 2022
	IFPG		SGBP		Total
Australia	$	—		437,146		437,146
United Kingdom		—		—		—
Total Government Support Income	$	—		437,146	$	437,146

The Company operates in various geographic locations. The Company does not discretely allocate assets to its operating segments, nor does management evaluate operating segments using discrete asset information. The Company’s consolidated assets are not specifically ascribed to its individual reportable segments. Rather, assets used in operations are generally shared across the Company’s operating and reportable segments.

Property and equipment, net and operating lease right-of-use assets, by geographic location, are summarized as follows:

	2023		2022
	June 30, 2023		June 30, 2022
Australia	$	761,220		391,408
United Kingdom		475,430		—
Total	$	1,236,650	$	391,408

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.

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
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 31
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-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
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-Name Accounting Standards Codification
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-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

Cost of revenue (exclusive of amortization shown separately below)

Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($)

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Income Statement [Abstract]

Revenue

$ 1,256,872

(930,204)

Gross profit

326,668

Other income:

Government support income

737,628

437,146

Operating expenses:

Selling, general and administrative expenses

(8,026,703)

(4,920,103)

Development and regulatory approval expenses

(507,424)

(3,853,919)

Depreciation and amortization

(966,732)

Goodwill impairment

(4,158,670)

Total operating expenses

(13,659,529)

(8,774,022)

Loss from operations

(12,595,233)

(8,336,876)

Other income (expense):

Interest expense

(223,534)

(7,539)

Realized foreign exchange loss

(9,829)

(3,987)

Fair value gain on revaluation of financial instruments

2,154,365

Interest income

9,676

14,426

Total other income

1,930,678

2,900

Net loss attributable to non-controlling interest

^[1]

(10,664,555)

(8,333,976)

(32,835)

(27,925)

Net loss attributable to Intelligent Bio Solutions Inc.

(10,631,720)

(8,306,051)

Other comprehensive income (loss), net of tax:

Foreign currency translation income (loss)

^[1]

212,639

(126,875)

Total other comprehensive income (loss)

212,639

(126,875)

Comprehensive loss

(10,451,916)

(8,460,851)

Comprehensive loss attributable to non-controlling interest

(32,835)

(27,925)

Comprehensive loss attributable to Intelligent Bio Solutions Inc.

$ (10,419,081)

$ (8,432,926)

Net loss per share, basic

^[2]

$ (10.58)

$ (11.33)

Net loss per share, diluted

^[2]

$ (10.58)

$ (11.33)

Weighted average shares outstanding, basic

^[2]

1,004,593

733,263

Weighted average shares outstanding, diluted

^[2]

1,004,593

733,263

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 20 reverse stock split throughout the consolidated financial statements unless otherwise stated.
[2]	Common Stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 20 reverse stock split throughout the consolidated financial statement unless otherwise stated.

ORGANIZATION AND DESCRIPTION OF THE BUSINESS (Details Narrative)		12 Months Ended
	Feb. 10, 2023	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split	1-for-20	1 for 20

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 16. COMMITMENTS AND CONTINGENCIES

During September 2022, the Company entered into a purchase agreement of $528,431 with Grafisk Maskinfabrik A/S for a printing machine for the construction of a factory at the University of Newcastle. The Company made an advance payment of $105,656. As per the terms of the contract, the Company owes $422,625 towards the progress payments which remain payable as of June 30, 2023.

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 June 30, 2023.

The Company has no material purchase commitments. For commitments under non-cancellable leases, refer to Note 12.

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.

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

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 30, 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		(1,537,565	)
Effect of foreign currency		220,954
Conversion into Series C Preferred Stock		(367,153	)
Balance at June 30, 2023	$	—

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		(616,800	)
Balance at June 30, 2023	$	208,500

INCOME TAX (Tables)

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The components of net deferred taxes are as follows:

	June 30, 2023			June 30, 2022
Deferred tax assets (liabilities):
Net operating loss - U.S.	$	3,914,445		$	4,321,600
Net operating loss - Foreign		5,347,487			1,682,879
Employee benefits		153,199			59,546
Inventory adjustments		38,034			—
Foreign exchange		77,539			—
Total deferred tax assets, net		9,530,704			6,064,025
Less: valuation allowance		(9,530,704	)		(6,064,025	)
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

	2023		2022
	Year Ended June 30,
	2023		2022
Current	$	—	$	—
Deferred		—		—
Total	$	—	$	—

SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE (BENEFIT)

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:

	2023			2022
	Year Ended June 30,
	2023			2022
U.S. federal statutory rate applies to pretax income (loss)	$	(2,310,635	)	$	(1,770,915	)
Different tax rate of subsidiary		(18,715	)		(106,634	)
Permanent differences		680,221			117,039
Tax benefit on carry forward losses of acquired business		(3,289,886	)		—
Cumulative adjustment to deferred taxes		1,681,562			1,643,216
Change in state tax rates and other		(209,226	)		—
Change in valuation allowance		(3,466,679	)		(117,294	)
Total	$	—		$	—

SEGMENT REPORTING (Tables)

12 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

SCHEDULE OF REVENUE AND OTHER INCOME SEGMENT

Revenue


	Year Ended June 30, 2023
	IFPG		SGBP		Total
United Kingdom	$	1,061,191	$	—	$	1,061,191
Australia		6,491		—		6,491
Other		189,190		—		189,190
Total Revenue	$	1,256,872		—	$	1,256,872


	Year Ended June 30, 2023
	IFPG		SGBP		Total
Australia	$	—		544,010		544,010
United Kingdom		193,618		—		193,618
Total Government Support Income	$	193,618		544,010	$	737,628


	Year Ended June 30, 2022
	IFPG		SGBP		Total
Australia	$	—		437,146		437,146
United Kingdom		—		—		—
Total Government Support Income	$	—		437,146	$	437,146

	2023		2022
	June 30, 2023		June 30, 2022
Australia	$	761,220		391,408
United Kingdom		475,430		—
Total	$	1,236,650	$	391,408

NOTE PAYABLE (Details Narrative)	12 Months Ended
NOTE PAYABLE (Details Narrative)	Jun. 30, 2023
Debt Disclosure [Abstract]
Interest rate, debt	0.97%
Gross revenue, rate	10.00%
Subsequent sales to distributor, rate	50.00%

SUBSEQUENT EVENTS

12 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 19. SUBSEQUENT EVENTS

External Administrator of LSBD (the Licensor of our SGT and COV2T products), pursuant to a creditors meeting held on July 21, 2023, sent notice to the creditors on July 24, 2023, stating that LSBD has appointed a liquidator on July 21, 2023. Our understanding is that the ownership of the intellectual property rights licensed by us reverts to the University of Newcastle. Accordingly, the Company plans to discuss the future licensing of the SGT products with the University of Newcastle. As of the date of this report, our understanding is the Intellectual property rights have not reverted back to University of Newcastle.

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

SCHEDULE OF PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT

	June 30, 2023			June 30, 2022
Production equipment	$	30,348		$	—
Leasehold improvements		20,069			—
Other equipment		27,411			—
Construction in progress (CIP)		646,116			391,408
Gross property and equipment		723,944			391,408
Less: accumulated depreciation and amortization		(33,769	)		—
Property and equipment, net	$	690,175		$	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 consolidated balance sheets:

	June 30, 2023			June 30, 2022
Investments in construction in progress	$	1,292,232		$	782,816
Less: 50% contributed under government grant		(646,116	)		(391,408	)
Gross property and equipment	$	646,116		$	391,408

SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory rate applies to pretax income (loss)	$ (2,310,635)	$ (1,770,915)
Different tax rate of subsidiary	(18,715)	(106,634)
Permanent differences	680,221	117,039
Tax benefit on carry forward losses of acquired business	(3,289,886)
Cumulative adjustment to deferred taxes	1,681,562	1,643,216
Change in state tax rates and other	(209,226)
Change in valuation allowance	(3,466,679)	(117,294)
Total

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

Cash and cash equivalents

Consolidated Balance Sheets - USD ($)

Jun. 30, 2023

Jun. 30, 2022

Current assets:

$ 1,537,244

$ 8,238,301

Accounts receivable, net

293,861

Inventories, net

979,907

Grant receivable, current portion

1,529,882

Research and development tax incentive receivable

498,758

353,048

Other current assets

552,791

746,761

Total current assets

3,862,561

10,867,992

Property and equipment, net

690,175

391,408

Operating lease right-of-use assets

546,475

Intangible assets, net

5,255,401

Long-term grant receivable

1,092,773

TOTAL ASSETS

10,354,612

12,352,173

Current liabilities:

Accounts payable and accrued expenses

2,610,028

1,625,089

Current portion of operating lease liabilities

223,447

Current portion of deferred grant income

2,338,057

2,836,582

Current employee benefit liabilities

358,942

201,332

Current portion of notes payable

353,211

Total current liabilities

5,883,685

4,663,003

Employee benefit liabilities, less current portion

24,902

50,626

Operating lease liabilities, less current portion

356,165

Long-term deferred grant income

1,092,773

Notes payable, less current portion

402,862

Total liabilities

6,667,614

5,806,402

Commitments and contingencies (Note 16)

Shareholders’ equity:

Common stock, $0.01 par value, 100,000,000 shares authorized, 2,330,399 and 744,495 shares issued and outstanding at June 30, 2023 and 2022, respectively

^[1]

23,304

7,445

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

(14)

Additional paid-in capital

46,158,763

38,581,465

Accumulated deficit

(41,807,573)

(31,175,853)

Accumulated other comprehensive loss

(575,496)

(788,135)

Total consolidated Intelligent Bio Solutions Inc. equity

3,798,984

6,624,922

Non-controlling interest

(111,986)

(79,151)

Total shareholders’ equity

^[2]

3,686,998

6,545,771

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

10,354,612

12,352,173

Series C Preferred Stock [Member]

Shareholders’ equity:

Preferred stock value

Series D Preferred Stock [Member]

Shareholders’ equity:

Preferred stock value

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 20 reverse stock split throughout the consolidated financial statements unless otherwise stated.
[2]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 20 reverse stock split throughout the consolidated financial statements unless otherwise stated.

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION

12 Months Ended

Jun. 30, 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	$	363,500
Note receivable settled for business acquisition		504,938
Common Stock - 2,963,091 shares @ $0.5502 / share		1,630,293
Series C Preferred Stock (base) - 2,363,003 shares @ 3 x $0.5502 / share		3,900,373
Series C Preferred Stock (holdback) - 500,000 shares @ 3 x $0.5502 / share		825,300
Purchase Consideration of Common Stock and Series C Preferred Stock		825,300
Total purchase price	$	7,224,404

Pursuant to the Share Exchange Agreement, the Company acquired from the IFP Sellers all of the issued and outstanding shares 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 (as adjusted for reverse stock split) 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 (“ASC 805”).

The Company entered into various loan agreements in the aggregate amount of $1,425,307 (£1,254,270), including accrued interest, pursuant to which IFP 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 initially convertible into 3 shares of common stock, subject to adjustment as noted above. Following the effectiveness of the 1-for-20 Reverse Stock Split effective on February 9, 2023, 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. See Note 14 for further information and disclosures relating to the conversion of the Series C Preferred Stock.

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.

On May 8, 2023, at a special meeting of the Company’s stockholders (the “Special Meeting”), the last of the remaining Company Stockholder Approval Matters were approved when the Company’s stockholders approved the full conversion of all Series C Preferred Stock and an increase in the number of shares authorized for issuance under the 2019 Long Term Incentive Plan (“2019 Plan” or the “Plan”). Subsequently, effective as of May 10, 2023, all 3,512,277 shares of outstanding Series C Preferred Stock (which included the 1,149,273 Lender Preferred Shares, but not the 500,000 Closing Holdback Shares (which are not deemed outstanding)) were converted into an aggregate of 526,818 shares of common stock.

The 500,000 Closing Holdback Shares (consisting of Series C Preferred Stock) are being held back from issuance to the IFP Sellers for one year after the IFP Closing in order to secure potential indemnification claims by the Company against the IFP Sellers. These Closing Holdback Shares, which are not deemed outstanding, are currently convertible into approximately 75,000 shares of common stock (subject to rounding for fractional shares).

The 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 7 years), customer relationships of $252,000 (which are estimated to have a useful life of 3 years), and trade names and trademarks of $92,000 (which are estimated to have an indefinite useful life). The value assigned to technology was determined using the multi-period excess earnings methodology under the income approach, the customer relationships was valued using the distributor method under the income approach, and the trade name and trademarks was valued using the relief from royalty method.

The acquisition produced $3,803,293 of goodwill, which has been assigned to the IFPG reporting unit. The goodwill is attributable to a combination of IFP’s assembled workforce and other product and operating synergies. Goodwill arising from the IFP Acquisition is not deductible for tax purposes. During the year ended June 30, 2023, the full amount of goodwill was impaired. Refer to Note 3, summary of significant accounting policies, and Note 10, goodwill and other intangible assets for further information.

Transaction costs, except for the equity issuance costs discussed above, were not material and are included in Selling, general and administrative expenses on the Company’s consolidated statement of operations.

Intangible assets acquired from IFP were remeasured at June 30, 2023 using the applicable spot rate.

From the closing date of the IFP Acquisition through June 30, 2023, the Company recognized approximately $1,256,872 in revenue and $5,131,628 in net loss relating to IFP, which included goodwill impairment of $4,158,670, amortization of $805,764 for acquired intangible assets and fair value gain on revaluation of convertible notes for $1,537,565. In addition, the Series C Preferred Stock holdback which has been treated as deferred consideration, was revalued as of June 30, 2023, and resulted in a revaluation gain of $616,800.

Pro-Forma Results of Operations

	Reported			Pro forma			As Reported			Pro Forma
	Year Ended June 30, 2023						Year Ended June 30, 2022
	Reported			Pro forma			As Reported			Pro Forma
Revenue	$	1,256,872		$	1,604,358		$	—		$	1,564,224
Net loss		(10,664,555	)		(11,906,109	)		(8,333,976	)		(12,248,340	)
Net loss attributable to Intelligent Bio Solutions Inc.		(10,631,720	)		(11,873,274	)		(8,306,051	)		(12,220,415	)
Net loss per share, basic and diluted		(10.58	)		(11.82	)		(11.33	)		(13.51	)

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Details Narrative)

12 Months Ended

May 10, 2023

May 08, 2023

USD ($)

Feb. 09, 2023

Oct. 04, 2022

USD ($)

$ / shares

Oct. 04, 2022

USD ($)

$ / shares

Oct. 04, 2022

USD ($)

$ / shares

Jun. 30, 2023

USD ($)

$ / shares

Jun. 30, 2022

USD ($)

$ / shares

Oct. 04, 2022

GBP (£)

Jun. 30, 2021

Preferred stock, par value | $ / shares

$ 0.01

$ 504,938

518,914

$ 5,463,000

Goodwill

$ 3,803,293

Revenue

1,256,872

Amortization of other intangible assets

(10,631,720)

(8,306,051)

Goodwill impairment

4,158,670

850,782

$ 0

Series C Preferred Stock [Member]

Number of shares post-reverse stock split | shares

0.15

Stock issued during period shares new issues | shares

2,363,003

Reserved for future issuance | shares

1,649,273

Convertible notes

$ 616,800

Series C Preferred Stock [Member] | Stockholders [Member]

Converted into shares of common stock. | shares

3,512,277

526,818

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

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

Stock issued during period shares acquisitions | shares

^[1]

148,155

Lender Preferred Shares [Member] | Series C Preferred Stock [Member] | Stockholders [Member]

^[1]

2,330,399

744,495

679,106

Closing Holdback Shares [Member] | Series C Preferred Stock [Member]

1,149,273

Converted into shares of common stock. | shares

500,000

75,000

Closing Holdback Shares [Member] | Series C Preferred Stock [Member] | Stockholders [Member]

Intelligent Fingerprinting Limited [Member]

500,000

Stock issued during period shares new issues | shares

2,363,003

$ 504,938

$ 5,463,000

Goodwill

3,803,293

Revenue

$ 1,256,872

Amortization of other intangible assets

5,131,628

805,764

Convertible notes

$ 1,537,565

Intelligent Fingerprinting Limited [Member] | Technology-Based Intangible Assets [Member]

Intelligent Fingerprinting Limited [Member] | Customer Relationships [Member]

$ 5,119,000

Estimated useful life

7 years

Intelligent Fingerprinting Limited [Member] | Trademarks and Trade Names [Member]

$ 252,000

Estimated useful life

3 years

Weighted average useful lives (years)

$ 92,000

indefinite

Intelligent Fingerprinting Limited [Member] | Bridge Facility Agreement [Member]

Intelligent Fingerprinting Limited [Member] | Various Loan Agreement [Member]

504,938

Accrued liabilities

$ 1,425,307

£ 1,254,270

Loan bear interest percentage

17.00%

Loan bear variable interest percentage

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

2,963,091

Share Exchange Agreement [Member] | Series C Convertible Preferred Stock [Member]

Preferred stock, par value | $ / shares

$ 0.01

IFP Acquisition [Member] | Series C Preferred Stock [Member]

Intelligent Fingerprinting Limited [Member]

$ 806,397

Equity method ownership percentage

100.00%

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 20 reverse stock split throughout the consolidated financial statements unless otherwise stated.

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

Jun. 30, 2023

Jun. 30, 2022

Payables and Accruals [Abstract]

Accounts and other payables

$ 1,196,222

$ 715,902

Accruals

777,086

909,187

Deferred consideration

^[1]

208,500

Other

428,220

Total

$ 2,610,028

$ 1,625,089

[1]	Deferred consideration relates to the fair value of $208,500

LEASES (Details Narrative)	Jun. 30, 2023
Leases
Finance lease remaining lease, term	2 years 3 months 18 days
Finance lease, discount rate	13.20%

LEASES

12 Months Ended

Jun. 30, 2023

Leases

LEASES

NOTE 12. LEASES

In relation to the IFP Acquisition, the Company assumed a non-cancelable operating lease agreement. The Company entered into another non-cancelable operating lease that commenced in May 2023. The leases have original lease periods expiring from August 2025 to April 2026. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company did not have any lease during the year ended June 30, 2022.

The components of operating lease expense are as follows:

SCHEDULE OF FINANCE LEASE EXPENSES

	2023
	Year Ended June 30, 2023
Amortization of operating lease right-of-use assets	$	152,251
Interest on operating lease liabilities		68,357
Total operating lease costs	$	220,608

As of June 30, 2023, the weighted average remaining lease-term and discount rate on the Company’s leases were 2.3 years and 13.2%, respectively.

The reconciliation of the maturities of the operating leases to the operating lease liabilities recorded in the consolidated balance sheet as of June 30, 2023, is as follows:


2024	$	295,369
2025		308,749
2026		83,534
Total lease payments		687,652
Less: imputed interest		(108,040	)
Present value of lease liabilities	$	579,612

GOODWILL AND OTHER INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Indefinite-Lived Intangible Assets [Line Items]
Goodwill impairment charges		$ 4,200,000
Amortization of other intangible assets		850,782	$ 0
Impairment charges of goodwill and intangible assets
Technology-Based Intangible Assets [Member] \| Minimum [Member]
Indefinite-Lived Intangible Assets [Line Items]
Weighted average useful lives (years)	5 years
Technology-Based Intangible Assets [Member] \| Maximum [Member]
Indefinite-Lived Intangible Assets [Line Items]
Weighted average useful lives (years)	7 years

SCHEDULE OF REVENUE AND OTHER INCOME SEGMENT (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue from External Customer [Line Items]
Total Revenue	$ 1,256,872
Total Government Support Income	737,628	437,146
Total	1,236,650	391,408
UNITED KINGDOM
Revenue from External Customer [Line Items]
Total Revenue	1,061,191
Total Government Support Income	193,618
Total	475,430
AUSTRALIA
Revenue from External Customer [Line Items]
Total Revenue	6,491
Total Government Support Income	544,010	437,146
Total	761,220	391,408
Other Country [Member]
Revenue from External Customer [Line Items]
Total Revenue	189,190
Intelligent Finger printing Products [Member]
Revenue from External Customer [Line Items]
Total Revenue	1,256,872
Total Government Support Income	193,618
Intelligent Finger printing Products [Member] \| UNITED KINGDOM
Revenue from External Customer [Line Items]
Total Revenue	1,061,191
Total Government Support Income	193,618
Intelligent Finger printing Products [Member] \| AUSTRALIA
Revenue from External Customer [Line Items]
Total Revenue	6,491
Total Government Support Income
Intelligent Finger printing Products [Member] \| Other Country [Member]
Revenue from External Customer [Line Items]
Total Revenue	189,190
Saliva Glucose Biosensor Platform [Member]
Revenue from External Customer [Line Items]
Total Revenue
Total Government Support Income	544,010	437,146
Saliva Glucose Biosensor Platform [Member] \| UNITED KINGDOM
Revenue from External Customer [Line Items]
Total Revenue
Total Government Support Income
Saliva Glucose Biosensor Platform [Member] \| AUSTRALIA
Revenue from External Customer [Line Items]
Total Revenue
Total Government Support Income	544,010	$ 437,146
Saliva Glucose Biosensor Platform [Member] \| Other Country [Member]
Revenue from External Customer [Line Items]
Total Revenue

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.

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

Principles of consolidation

SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares	12 Months Ended
SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares	Jun. 30, 2023	Jun. 30, 2022
Warrants Common Stock March Twenty Three Public Raise [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive	3,270
Warrants - Series A [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive	70,068	70,068
Warrants Series B [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive	2,620	2,620
Private Placement Warrants December Two Thousand Twenty Two [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive	26,478
Warrants Issued To Winx Capital Pty Ltd [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive	1,324
Warrants Issued To Underwriters I P O [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive	3,177	3,177
Warrants Issued To Underwriters March Twenty Three Public Raise [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive	32,750
Pre IPO Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive	136,834	136,834
Warrants Issued to LSBD [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive	150,000	150,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of presentation

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

Equity offering costs

Use of estimates

Change in accounting principle

Change in accounting principle

Business combinations

Revenue recognition

Revenue is accounted for under ASC 606 Revenue from Contracts with Customers through the following steps:

	●	Identify the contract with a customer;
	●	Identify the performance obligations in the contract;
	●	Determine the transaction price;
	●	Allocate the transaction price to performance obligations in the contract; and
	●	Recognize revenue when or as the Company satisfies a performance obligation.

	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
	Year Ended June 30,
	2023		2022
Sales of goods - cartridges	$	724,304	$	—
Sales of goods - readers		335,863		—
Other sales		196,705		—
Total revenue	$	1,256,872	$	—

Other income

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

a) Grant income

b) R&D tax refund

Development and regulatory approval costs

Foreign currency translation

Income taxes

Cash and Cash equivalent

Inventories

Account receivable, net and other receivables

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

	●	Other equipment – 3 years
	●	Production equipment – 2-4 years
	●	Leasehold improvements – shorter of asset’s estimated useful life and the remaining term of the lease

Impairment of Long-lived Assets and Goodwill

Intangible assets

Leases

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Employee benefits

Employee benefits

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

Recent 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.

Latest announcement:

Adopted:

Pending adoption:

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 option (“FVO”) for convertible notes

SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND ACCESSORIES (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Product Information [Line Items]
Total revenue	$ 1,256,872
Sales Of Goods Cartidges [Member]
Product Information [Line Items]
Total revenue	724,304
Sales Of Goods Readers [Member]
Product Information [Line Items]
Total revenue	335,863
Other Sales [Member]
Product Information [Line Items]
Total revenue	$ 196,705

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

OTHER CURRENT ASSETS

12 Months Ended

Jun. 30, 2023

OTHER CURRENT ASSETS

NOTE 7. OTHER CURRENT ASSETS

Other current assets consist of the following:

SCHEDULE OF OTHER CURRENT ASSETS

	June 30, 2023		June 30, 2022
Intelligent Fingerprinting Limited note receivable	$	—	$	500,445
Prepayments		359,953		116,525
Goods and services tax receivable		20,418		57,746
Deposits		118,193		46,602
Deferred charges		34,100		-
Other receivables		20,127		25,443
Total	$	552,791	$	746,761

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Earnings per share basic decreased	$ 0.07
Earnings per share diluted decreased	$ 10.58
Revenue	$ 1,256,872
Deferred grant income			$ 4,700,000
Construction in progress	646,116	391,408
Account receivable, grant	1,400,000	2,100,000
Research and development tax refund	609,684	385,888
Foreign currency translation gain (loss)	212,639	126,875
Cash, FDIC insured amount	$ 1,114,687	7,816,077
Other Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	3 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
Grant Income [Member]
Property, Plant and Equipment [Line Items]
Other income	$ 127,944	$ 51,258
Technology Asset [Member]
Property, Plant and Equipment [Line Items]
Amortization expenses	84,374
Technology Asset [Member] \| FY 2024 - 2027 [Member]
Property, Plant and Equipment [Line Items]
Amortization expenses	337,496
Technology Asset [Member] \| FY 2028 [Member]
Property, Plant and Equipment [Line Items]
Amortization expenses	485,150
Technology Asset [Member] \| FY 2029 [Member]
Property, Plant and Equipment [Line Items]
Amortization expenses	759,366
Technology Asset [Member] \| FY 2023 [Member]
Property, Plant and Equipment [Line Items]
Amortization expenses	$ 189,841
Minimum [Member] \| Production Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	2 years
Minimum [Member] \| Technology Asset [Member]
Property, Plant and Equipment [Line Items]
Technology assets useful life	5 years
Maximum [Member] \| Production Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	4 years
Maximum [Member] \| Technology Asset [Member]
Property, Plant and Equipment [Line Items]
Technology assets useful life	7 years

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Jun. 30, 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		355,377
Impairment		(4,158,670	)
Balance at June 30, 2023	$	—

SCHEDULE OF OTHER INTANGIBLE ASSETS

Other intangible assets consist of the following as of June 30, 2023:

SCHEDULE OF OTHER INTANGIBLE ASSETS

	Weighted average useful lives (years)	Acquisition cost		Effect of foreign currency		Accumulated amortization		Carrying value
Technology	7 years	$	5,119,000	$	603,422	$	780,500	$	4,941,922
Customer relationships	3 years		252,000		29,127		70,282		210,845
Trade names and trademarks	Indefinite		92,000		10,634		—		102,634
Total intangible assets		$	5,463,000	$	643,183	$	850,782	$	5,255,401

SCHEDULE OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS

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


2024	$	884,416
2025		884,416
2026		814,135
2027		790,708
2028		790,708
Thereafter		988,384
Total	$	5,152,767

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND DESCRIPTION OF THE BUSINESS

12 Months Ended

Jun. 30, 2023

ORGANIZATION AND DESCRIPTION OF THE BUSINESS

NOTE 1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS

Intelligent Bio Solutions Inc. (formerly known as GBS Inc.), and its wholly owned Delaware subsidiary, GBS Operations Inc. were each formed on December 5, 2016, under the laws of the state of Delaware. Our Australian subsidiary Intelligent Bio Solutions (APAC) Pty Ltd (formerly known as Glucose Biosensor Systems (Greater China) Pty Ltd) was formed on August 4, 2016, under the laws of New South Wales, Australia and was renamed to Intelligent Bio Solutions (APAC) Pty Ltd on January 6, 2023. On October 4, 2022, INBS acquired Intelligent Fingerprinting Limited (“IFP”), a company registered in England and Wales (the “IFP Acquisition”). Our headquarters are in New York, New York.

We are a medical technology company focused on developing and delivering non-invasive, rapid and pain free innovative testing and screening solutions. We operate globally with the objective of providing intelligent, pain-free, and accessible solutions that improve the quality of life.

Our current product portfolio includes:

	●	Intelligent Fingerprinting Platform - Our proprietary portable platform analyzes fingerprint sweat using a one-time (recyclable) cartridge and portable handheld reader. Our flagship product from this platform, which is commercially available in certain countries outside of the United States, is the Intelligent Fingerprinting Drug Screening System (the “IFP System” or “IFP Products”), a two-part system that consists of non-invasive, sweat-based fingerprint diagnostic testing products designed to detect drugs of abuse including opioids, cocaine, methamphetamines, benzodiazepines, cannabis, methadone, and buprenorphine. The system comprises a small, tamper-evident drug screening cartridge onto which ten fingerprint sweat samples are collected in under a minute, before the portable analysis unit provides an on-screen result in under ten minutes. Samples collected with our confirmatory kits can also be sent to a third-party laboratory service provider to perform confirmation testing. Customers include safety-critical industries such as construction, transportation and logistics firms, manufacturing, engineering, drug treatment organizations in the rehabilitation sector, and judicial organizations.

	●	The Biosensor Platform – Our “Biosensor Platform” consists of a small, printable modified organic thin-film transistor strip that we license across the Asia Pacific Region from Life Science Biosensor Diagnostics Pty Ltd (“LSBD” or “Licensor”). The Biosensor Platform, which is designed to detect multiple biological analytes by substituting the Glucose Oxidase (“GOX”) enzyme with a suitable alternative for each analyte, is currently in the development stage. Our flagship product candidate based on the Biosensor Platform technology is the Saliva Glucose Biosensor (“SGB” and, together with a software app that interfaces the SGB with the Company’s digital information system, the Saliva Glucose Test or “SGT”), a Point of Care Test (POCT) expected to complement the finger pricking invasive blood glucose monitoring test for diabetic patients. Our products based on the SGT are referred to herein as the “SGT products.”

	●	These platform technologies have the potential to develop a range of POCT including the modalities of clinical chemistry, immunology, tumor markers, allergens, and endocrinology.

Reverse Stock Split

On February 9, 2023, the Company filed a certificate of amendment (the “Certificate of Amendment”) to its amended and restated certificate of incorporation to effect, as of February 10, 2023, a 1-for-20 reverse split of the Company’s common stock (the “Reverse Stock Split”). On February 10, 2023, the Company effected the Reverse Stock Split.

Conversion of Series C and Series D Preferred Stocks

On May 8, 2023, the stockholders of the Company approved, (a) 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; 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.

SHAREHOLDERS’ EQUITY

12 Months Ended

Jun. 30, 2023

Equity [Abstract]

SHAREHOLDERS’ EQUITY

NOTE 13. SHAREHOLDERS’ EQUITY

As of June 30, 2023 there were March Warrants (defined below) to purchase 3,270 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 May 8, 2023, the Company’s stockholders approved the full conversion of all Series C Preferred Stock and an increase in the number of shares authorized for issuance under the 2019 Plan. Subsequently, effective as of May 10, 2023, all 3,512,277 shares of outstanding Series C Preferred Stock (which included the 1,149,273 Lender Preferred Shares, but not the 500,000 Closing Holdback Shares (which are not deemed outstanding)) were converted into an aggregate of 526,818 shares of common stock.

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.

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 entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

12 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accounts payable and accrued expenses consist of the following:

	June 30, 2023		June 30, 2022
Accounts and other payables	$	1,196,222	$	715,902
Accruals		777,086		909,187
Deferred consideration*		208,500		—
Other		428,220		—
Total	$	2,610,028	$	1,625,089

SCHEDULE OF MATURITIES OF THE FINANCE LEASE TO THE FINANCE LEASE LIABILITIES (Details)	Jun. 30, 2023 USD ($)
Leases
2024	$ 295,369
2025	308,749
2026	83,534
Total lease payments	687,652
Less: imputed interest	(108,040)
Present value of lease liabilities	$ 579,612

NOTE PAYABLE

12 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

NOTE PAYABLE

NOTE 11. 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 payable is based on sales forecast prepared by the management.

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.

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-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

LOSS PER SHARE

12 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

LOSS PER SHARE

NOTE 18. 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.

SCHEDULE OF ANTI-DILUTIVE WARRANTS

	2023		2022
	Year Ended June 30,
	2023		2022
Warrants - Common stock (March 23 public raise)		3,270		-
Warrants - Series A		70,068		70,068
Warrants - Series B		2,620		2,620
Private placement warrants (Dec 2022)		26,478		-
Warrants issued to Winx Capital Pty Ltd		1,324		-
Warrants issued to underwriters (IPO)		3,177		3,177
Warrants issued to underwriters (March 23 public raise)		32,750		-
Pre IPO warrants		136,834		136,834
Warrants issued to LSBD		150,000		150,000
Anti-dilutive		150,000		150,000

Consolidated Statements of Operations and Other Comprehensive Loss (Parenthetical)		12 Months Ended
	Feb. 10, 2023	Jun. 30, 2023
Income Statement [Abstract]
Reverse stock split	1-for-20	1 for 20

SCHEDULE OF PREFERRED STOCK AT FAIR VALUE ON RECURRING BASIS (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 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	$ (616,800)
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
Fair value of holdback Series C Preferred Stock at acquisition (Note 5)	825,300
Fair value gain on revaluation of hold back Series C Preferred Stock	(616,800)
Preferred Stock carried at fair value, ending value	$ 208,500

INCOME TAX

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAX

NOTE 17. INCOME TAX

The Company computes 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. The Company provides 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 carryforward was not reasonably assured as of June 30, 2023 and 2022, and we have recorded a valuation allowance of $9,530,704 and $6,064,025, respectively, against deferred tax assets in excess of deferred tax liabilities.

The components of net deferred taxes are as follows:

	June 30, 2023			June 30, 2022
Deferred tax assets (liabilities):
Net operating loss - U.S.	$	3,914,445		$	4,321,600
Net operating loss - Foreign		5,347,487			1,682,879
Employee benefits		153,199			59,546
Inventory adjustments		38,034			—
Foreign exchange		77,539			—
Total deferred tax assets, net		9,530,704			6,064,025
Less: valuation allowance		(9,530,704	)		(6,064,025	)
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

	2023		2022
	Year Ended June 30,
	2023		2022
Current	$	—	$	—
Deferred		—		—
Total	$	—	$	—

	2023			2022
	Year Ended June 30,
	2023			2022
U.S. federal statutory rate applies to pretax income (loss)	$	(2,310,635	)	$	(1,770,915	)
Different tax rate of subsidiary		(18,715	)		(106,634	)
Permanent differences		680,221			117,039
Tax benefit on carry forward losses of acquired business		(3,289,886	)		—
Cumulative adjustment to deferred taxes		1,681,562			1,643,216
Change in state tax rates and other		(209,226	)		—
Change in valuation allowance		(3,466,679	)		(117,294	)
Total	$	—		$	—

As of June 30, 2023, and 2022, the Company had federal and foreign income tax net operating loss carryforwards of approximately $44,492,527 and $27,310,563, respectively, which expire at various dates ranging from 2038 through unlimited expiration.

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.

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))
-Publisher FASB
-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
-Publisher FASB
-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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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section S99
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2