0001493152-23-039898 | 10-Q | XBRL Viewer | Intelligent BIO Solutions INC

LIQUIDITY AND GOING CONCERN	3 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LIQUIDITY AND GOING CONCERN	NOTE 2. LIQUIDITY AND GOING CONCERN The Company incurred net losses of $2,425,204 (after losses attributable to non-controlling interest) for the three months ended September 30, 2023 (net loss of $1,208,293 for the three months ended September 30, 2022). As of September 30, 2023, the Company has shareholders’ equity of $1,236,558, a working capital deficit of $4,154,043, and an accumulated deficit of $44,232,777. The Company anticipates operating losses for the foreseeable future. The Company does not expect to generate positive cash flows from operating activities and may continue to incur operating losses until it completes the development of its products and 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 unaudited condensed consolidated financial statements. The Company expects that its cash and cash equivalents as of September 30, 2023, of $186,401, will be insufficient to allow the Company to fund its current operating plan through at least the next twelve months from the issuance of these unaudited condensed consolidated financial statements. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the date these unaudited condensed consolidated financial statements are issued. Accordingly, the Company will be required to raise additional funds during the next 12 months. However, there can be no assurance that when the Company requires additional financing, such financing will be available on terms which are favorable to the Company, or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations. In addition, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. Accordingly, these factors raise substantial doubt about the Company’s ability to continue as a going concern unless it can successfully raise additional capital. On October 4, 2023, subsequent to the quarter ended September 30, 2023, the Company raised approximately $4.378 million prior to deducting underwriting discounts and commissions and offering expenses via a registered underwritten public offering of the Company’s securities. Net proceeds to the Company, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, were approximately $3.35 million. Refer to Note 15 for details. The Company’s unaudited condensed consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities should the Company be unable to continue as a going concern.

LIQUIDITY AND GOING CONCERN

3 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE 2. LIQUIDITY AND GOING CONCERN

The Company incurred net losses of $2,425,204 (after losses attributable to non-controlling interest) for the three months ended September 30, 2023 (net loss of $1,208,293 for the three months ended September 30, 2022). As of September 30, 2023, the Company has shareholders’ equity of $1,236,558, a working capital deficit of $4,154,043, and an accumulated deficit of $44,232,777.

The Company anticipates operating losses for the foreseeable future. The Company does not expect to generate positive cash flows from operating activities and may continue to incur operating losses until it completes the development of its products and 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 unaudited condensed consolidated financial statements. The Company expects that its cash and cash equivalents as of September 30, 2023, of $186,401, will be insufficient to allow the Company to fund its current operating plan through at least the next twelve months from the issuance of these unaudited condensed consolidated financial statements. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the date these unaudited condensed consolidated financial statements are issued. Accordingly, the Company will be required to raise additional funds during the next 12 months. However, there can be no assurance that when the Company requires additional financing, such financing will be available on terms which are favorable to the Company, or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations. In addition, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business.

Accordingly, these factors raise substantial doubt about the Company’s ability to continue as a going concern unless it can successfully raise additional capital.

On October 4, 2023, subsequent to the quarter ended September 30, 2023, the Company raised approximately $4.378 million prior to deducting underwriting discounts and commissions and offering expenses via a registered underwritten public offering of the Company’s securities. Net proceeds to the Company, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, were approximately $3.35 million. Refer to Note 15 for details.

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

NOTE PAYABLE (Details Narrative)	3 Months Ended
NOTE PAYABLE (Details Narrative)	Sep. 30, 2023
Debt Disclosure [Abstract]
Interest rate, debt	0.97%
Gross revenue, rate	10.00%
Subsequent sales to distributor, rate	50.00%

SCHEDULE OF REVENUE AND OTHER INCOME SEGMENT (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Revenue from External Customer [Line Items]
Total Revenue	$ 796,094
Total Government Support Income	109,871	311,320
Total	1,136,454		$ 1,236,650
UNITED KINGDOM
Revenue from External Customer [Line Items]
Total Revenue	755,150
Total Government Support Income	45,321
Total	404,875		475,430
AUSTRALIA
Revenue from External Customer [Line Items]
Total Revenue	8,082
Total Government Support Income	64,550	311,320
Total	731,579		$ 761,220
Other Country [Member]
Revenue from External Customer [Line Items]
Total Revenue	32,862
Intelligent Finger printing Products [Member]
Revenue from External Customer [Line Items]
Total Revenue	796,094
Total Government Support Income	45,321
Intelligent Finger printing Products [Member] \| UNITED KINGDOM
Revenue from External Customer [Line Items]
Total Revenue	755,150
Total Government Support Income	45,321
Intelligent Finger printing Products [Member] \| AUSTRALIA
Revenue from External Customer [Line Items]
Total Revenue	8,082
Total Government Support Income
Intelligent Finger printing Products [Member] \| Other Country [Member]
Revenue from External Customer [Line Items]
Total Revenue	32,862
Saliva Glucose Biosensor Platform [Member]
Revenue from External Customer [Line Items]
Total Revenue
Total Government Support Income	64,550	311,320
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	64,550	$ 311,320
Saliva Glucose Biosensor Platform [Member] \| Other Country [Member]
Revenue from External Customer [Line Items]
Total Revenue

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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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 6: 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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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

SEGMENT INFORMATION

3 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 4. SEGMENT INFORMATION

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 three months ended September 30, 2023. No revenue was recognized during the three months ended September 30, 2022.

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 three months ended September 30, 2023. No revenue was recognized during the three months ended September 30, 2022.

Revenue:

	IFPG		SGBP		Total
	Three Months Ended September 30, 2023
	IFPG		SGBP		Total
United Kingdom	$	755,150	$	—	$	755,150
Australia		8,082		—		8,082
Other		32,862		—		32,862
Total Revenue	$	796,094	$	—	$	796,094

Other

	IFPG		SGBP		Total
	Three Months Ended September 30, 2023
	IFPG		SGBP		Total
Australia	$	—	$	64,550	$	64,550
United Kingdom		45,321		—		45,321
Total Government Support Income	$	45,321	$	64,550	$	109,871

	IFPG		SGBP		Total
	Three Months Ended September 30, 2022
	IFPG		SGBP		Total
Australia	$	—	$	311,320	$	311,320
United Kingdom		—		—		—
Total Government Support Income	$	—	$	311,320	$	311,320

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:

	September 30, 2023		June 30, 2023 (Audited)
Australia	$	731,579	$	761,220
United Kingdom		404,875		475,430
Total	$	1,136,454	$	1,236,650

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares	3 Months Ended
SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares	Sep. 30, 2023	Sep. 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 IPO [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

ORGANIZATION AND DESCRIPTION OF THE BUSINESS

3 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND DESCRIPTION OF THE BUSINESS

NOTE 1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS

Business

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

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

Reverse Stock 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 9, 2023, a 1-for-20 reverse split of the Company’s common stock (the “Reverse Stock Split”).

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

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

Common Stock [Member]

Treasury Stock, Common [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

AOCI Attributable to Parent [Member]

Noncontrolling Interest [Member]

Total

Balance at Jun. 30, 2022

^[1]

$ 7,445

$ 38,581,465

$ (31,175,853)

$ (788,135)

$ (79,151)

$ 6,545,771

Balance, shares at Jun. 30, 2022

^[1]

744,495

Foreign currency translation loss

^[1]

(135,559)

Net loss

^[1]

(1,208,293)

(5,785)

(1,214,078)

Balance at Sep. 30, 2022

^[1]

$ 7,445

38,581,465

(32,384,146)

(923,694)

(84,936)

5,196,134

Balance, shares at Sep. 30, 2022

^[1]

744,495

Balance at Jun. 30, 2023

^[1]

$ 23,304

$ (14)

46,158,763

(41,807,573)

(575,496)

(111,986)

3,686,998

Balance, shares at Jun. 30, 2023

^[1]

2,330,399

(1,386)

Foreign currency translation loss

^[1]

(18,016)

Net loss

^[1]

(2,425,204)

(7,220)

(2,432,424)

Balance at Sep. 30, 2023

^[1]

$ 23,304

$ (14)

$ 46,158,763

$ (44,232,777)

$ (593,512)

$ (119,206)

$ 1,236,558

Balance, shares at Sep. 30, 2023

^[1]

2,330,399

(1,386)

[1]	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 effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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+ Details

- Definition

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

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+ Details

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	1 Months Ended
	Nov. 30, 2022	Sep. 30, 2023
Purchase commitments		$ 0
University of Newcastle [Member]
Amount agreed as per deed of variation with University of Newcastle	$ 847,021
Remaining payable amount		$ 847,021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements. Normal and recurring adjustments considered necessary for a fair statement of the results for the interim periods, in the opinion of the Company’s management, have been included. Operating results for the three months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the year ending June 30, 2024. The accompanying unaudited condensed consolidated financial statements and related footnote disclosures should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K for the fiscal year ended June 30, 2023, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 23, 2023 (the “2023 Form 10-K”).

The unaudited condensed consolidated financial statements and notes thereto give retrospective effect to the 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 unaudited condensed consolidated financial statements have been retrospectively adjusted to reflect the Reverse Stock Split for all periods presented.

Principles of consolidation

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

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

Equity offering costs

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

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 quarter ended September 30, 2023. There were no revenues during the three months ended September 30, 2022.

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


	Three Months Ended September 30,
	2023		2022
Sales of goods - cartridges	$	380,059	$	—
Sales of goods - readers		238,802		—
Other sales		177,233		—
Total revenue	$	796,094	$	—

Other income

The other income is mainly comprised of grant income and research and development (“R&D”) tax refund.

a) Grant income

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

Accounting for the grant does not fall under ASC 606, Revenue from Contracts with Customers, as the Australian Government will not benefit directly from our manufacturing facility. As there is no authoritative guidance under U.S. GAAP on accounting for grants to for-profit business entities, we applied International Accounting Standards 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 Accounting Standards Update (“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 $629,354 and $646,116 was recognized as a reduction to the CIP asset on the consolidated balance sheets as of September 30, 2023 and June 30, 2023, respectively.

Under IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met, and the grant will be received. As of June 30, 2021, management concluded that there was reasonable assurance the grant conditions will be met, and all milestone payment received. The total grant value of $4.7 million was recognized as both a grant receivable and deferred grant income on the grant effective date. The project has been delayed due to global shortages of semiconductors that are used in manufacturing equipment and global supply chain disruption due to the coronavirus pandemic in the preceding year. The Company has only completed 4 of the 8 milestones in the grant agreement. As of September 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 $33,523 and $60,413 deferred grant income was recognized within other income during the three months ended September 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 $76,348 and $250,907 of R&D tax refund income is recognized in other income during the three months ended September 30, 2023, and 2022, respectively.

Development and regulatory approval expenses

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

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

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

Foreign currency translation

Assets and liabilities of foreign subsidiaries are translated from local (functional) currency to reporting currency (U.S. dollar) at the spot rate on the consolidated balance sheets date; income and expenses are translated at the average rate of exchange prevailing during the year. The functional currency of INBS is the United States dollar. Foreign currency movements resulted in a loss of $18,016 and $135,559 for the three months ended September 30, 2023 and 2022, respectively.

Income taxes

In accordance with the provisions of the 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 September 30, 2023, the Company had no uncertain tax positions that qualified for either recognition or disclosure in the unaudited condensed consolidated financial statements. Additionally, the Company had no interest and penalties related to income taxes.

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

Cash and Cash 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 September 30, 2023 and June 30, 2023, there were no cash equivalents. The Company maintains cash accounts with financial institutions. At times, balances in these accounts may exceed federally insured limits. The amounts over these insured limits as of September 30, 2023, and June 30, 2023, was $0 and $1,114,687, 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.

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 are ready for use, are capitalized in CIP at historical cost. The carrying amount of assets purchased or constructed out of the grant funds are presented net by deducting the grant proceeds received from the gross costs of the assets or CIP. CIP is not depreciated until such time when the asset is substantially completed and ready for its intended use. Expenditures for maintenance and repairs are charged to operations in the period in which the expense is incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset using the following terms:

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

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

Impairment of Long-lived Assets and Goodwill

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

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

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

Intangible assets

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

Leases

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

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

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

Employee benefits

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

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

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

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

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

Recent Accounting Pronouncements

The company assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on the Company’s financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023. There were no new material accounting standards issued in 2024 that impacted the Company.

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.

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION

3 Months Ended

Sep. 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 11 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 final 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 fiscal year ended June 30, 2023, the full amount of goodwill was impaired. Refer to Note 3, summary of significant accounting policies, and Note 7, 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 condensed consolidated statement of operations.

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

Pro-Forma Results of Operations

Unaudited pro-forma consolidated results of operations for the three months ended September 30, 2023 are not required because the results of the acquired business are included in the Company’s results. The following unaudited pro-forma consolidated results of operations for the three months ended September 30, 2022, has been prepared as if the acquisition of IFP had occurred on July 1, 2022 and includes adjustments for amortization related to the valuation of acquired intangibles:

	As Reported			Pro Forma
	Three Months Ended September 30, 2022
	As Reported			Pro Forma
Revenue	$	—		$	347,486
Net loss		(1,214,078	)		(2,455,633	)
Net loss attributable to Intelligent Bio Solutions Inc.		(1,208,293	)		(2,449,848	)
Net loss per share, basic and diluted		(1.62	)		(2.74	)

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	2,330,399	2,330,399
Common stock, shares outstanding	2,330,399	2,330,399
Treasury stock shares	1,386	1,386

LEASES (Tables)

3 Months Ended

Sep. 30, 2023

Leases

SCHEDULE OF FINANCE LEASE EXPENSES

The components of lease expense are as follows:

SCHEDULE OF FINANCE LEASE EXPENSES

	2023		2022
	Three Months Ended September 30,
	2023		2022
Amortization of operating lease right-of-use assets	$	59,962	$	—
Interest on operating lease liabilities		21,171		—
Total lease costs	$	81,133	$	—

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 September 30, 2023, is as follows:


Remainder of 2024	$	215,434
2025		299,090
2026		81,091
Total lease payments		595,615
Less: present value discount		(84,173	)
Lease liabilities	$	511,442

ORGANIZATION AND DESCRIPTION OF THE BUSINESS (Details Narrative)		3 Months Ended
	Feb. 09, 2023	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stockholders' Equity, Reverse Stock Split	1-for-20	1 for 20

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical)		3 Months Ended
	Feb. 09, 2023	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Reverse stock split	1-for-20	1 for 20

NOTE PAYABLE

3 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

NOTE PAYABLE

NOTE 8. NOTE PAYABLE

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

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

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

- Definition

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

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+ Details

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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, 2023	$	208,500
Fair value gain on revaluation of holdback Series C Preferred Stock		(131,250	)
Balance at September 30, 2023	$	77,250

LIQUIDITY AND GOING CONCERN (Details Narrative) - USD ($)

3 Months Ended

Oct. 04, 2023

Sep. 30, 2023

Sep. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Subsequent Event [Line Items]

Net loss

$ 2,425,204

$ 1,208,293

Shareholders' equity

^[1]

1,236,558

$ 5,196,134

$ 3,686,998

$ 6,545,771

Working capital deficit

4,154,043

Accumulated deficit

44,232,777

41,807,573

Cash and cash equivalents

$ 186,401

$ 1,537,244

Subsequent Event [Member]

Subsequent Event [Line Items]

Gross proceeds from October 2023 capital raise

$ 4,378,000

Net proceeds from October 2023 capital raise

$ 3,350,000

[1]	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 effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

- Definition

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

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

- Definition

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

+ References

+ Details

Cover - shares	3 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--06-30
Entity File Number	001-39825
Entity Registrant Name	Intelligent Bio Solutions Inc.
Entity Central Index Key	0001725430
Entity Tax Identification Number	82-1512711
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	Intelligent Bio Solutions Inc
Entity Address, Address Line Two	142 West, 57th Street
Entity Address, Address Line Three	11th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(646)
Local Phone Number	828-8258
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	INBS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,734,381

SUBSEQUENT EVENTS

3 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 15. SUBSEQUENT EVENTS

Subsequent to the quarter ended September 30, 2023, on October 4, 2023, the Company completed a capital raise consisting a total of 2,232,221 shares of common stock, 5,728,723 shares of the Company’s Series E Convertible Preferred Stock (“Preferred Stock”) that were issued in lieu of Common Stock, 7,960,944 warrants to purchase shares of Common Stock that will expire on the five-and-a-half-year anniversary of the original issuance date (the “Series E Warrants”), and 7,960,944 warrants to purchase shares of Common Stock that will expire on the one-and-a-half-year anniversary of the original issuance date (the “Series F Warrants”, collectively with the Series E Warrants, the “Warrants”). Each Unit consists of one share of Common Stock (or one share of Preferred Stock), one Series E Warrant and one Series F Warrant. The Units were priced at a combined public offering price of $0.55 per Unit for initial gross proceeds of approximately $4.378 million. Net proceeds to the Company, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, were approximately $3.35 million.

Subsequent to the quarter ended September 30, 2023, through to November 7, 2023, a total of 4,571,761 Series E Convertible Preferred Stock were converted to common stock.

SCHEDULE OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION (Details)	Oct. 04, 2022 USD ($)
Cash	$ 363,500
Note receivable settled for business acquisition	504,938
Total purchase price	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 Hold back [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

LEASES

3 Months Ended

Sep. 30, 2023

Leases

LEASES

NOTE 9. 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 three months ended September 30, 2022.

The components of lease expense are as follows:

SCHEDULE OF FINANCE LEASE EXPENSES

	2023		2022
	Three Months Ended September 30,
	2023		2022
Amortization of operating lease right-of-use assets	$	59,962	$	—
Interest on operating lease liabilities		21,171		—
Total lease costs	$	81,133	$	—

As of September 30, 2023, the weighted average remaining lease-term and discount rate on the Company’s leases were 2.1 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 September 30, 2023, is as follows:


Remainder of 2024	$	215,434
2025		299,090
2026		81,091
Total lease payments		595,615
Less: present value discount		(84,173	)
Lease liabilities	$	511,442

FAIR VALUE MEASUREMENTS

3 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 11. FAIR VALUE MEASUREMENTS

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. See Note 5 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, 2023	$	208,500
Fair value gain on revaluation of holdback Series C Preferred Stock		(131,250	)
Balance at September 30, 2023	$	77,250

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

- Definition

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

+ References + Details

LOSS PER SHARE (Tables)

3 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

SCHEDULE OF ANTI-DILUTIVE WARRANTS

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

SCHEDULE OF ANTI-DILUTIVE WARRANTS

	2023		2022
	September 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 licensor - LSBD		150,000		150,000
Anti-dilutive		150,000		150,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Sep. 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:


	Three Months Ended September 30,
	2023		2022
Sales of goods - cartridges	$	380,059	$	—
Sales of goods - readers		238,802		—
Other sales		177,233		—
Total revenue	$	796,094	$	—

SEGMENT INFORMATION (Tables)

3 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SCHEDULE OF REVENUE AND OTHER INCOME SEGMENT

Revenue:

	IFPG		SGBP		Total
	Three Months Ended September 30, 2023
	IFPG		SGBP		Total
United Kingdom	$	755,150	$	—	$	755,150
Australia		8,082		—		8,082
Other		32,862		—		32,862
Total Revenue	$	796,094	$	—	$	796,094

	IFPG		SGBP		Total
	Three Months Ended September 30, 2023
	IFPG		SGBP		Total
Australia	$	—	$	64,550	$	64,550
United Kingdom		45,321		—		45,321
Total Government Support Income	$	45,321	$	64,550	$	109,871

	IFPG		SGBP		Total
	Three Months Ended September 30, 2022
	IFPG		SGBP		Total
Australia	$	—	$	311,320	$	311,320
United Kingdom		—		—		—
Total Government Support Income	$	—	$	311,320	$	311,320

	September 30, 2023		June 30, 2023 (Audited)
Australia	$	731,579	$	761,220
United Kingdom		404,875		475,430
Total	$	1,136,454	$	1,236,650

INTANGIBLE ASSETS, NET

3 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

NOTE 7. INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following as of September 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	$	407,724	$	935,292	$	4,591,432
Customer relationships	3 years		252,000		20,072		90,691		181,381
Trade names and trademarks	Indefinite		92,000		7,328		—		99,328
Total intangible assets		$	5,463,000	$	435,124	$	1,025,983	$	4,872,141

Intangible assets, net consist of the following as of June 30, 2023:

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

Intangibles assets recognized from the acquisition of IFP were allocated to the IFPG operating and reportable segment.

Expense related to the amortization of intangible assets for the three months ended September 30, 2023, was $175,201. There was no amortization of intangible assets during the three months ended September 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:


Remainder of 2024	$	641,947
2025		855,929
2026		787,911
2027		765,239
2028		765,239
Thereafter		956,548
Total	$	4,772,813

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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)

3 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Cash flows from operating activities:

Net loss

^[1]

$ (2,432,424)

$ (1,214,078)

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

Depreciation and amortization

247,598

Amortization of right-of-use assets

59,962

Non-cash loss on foreign currency translation, net

2,247

Provision for inventory obsolescence

67,851

Non-cash refund of R&D expenditure claims

(33,523)

(60,413)

Fair value gain on revaluation of holdback Series C preferred stock

(131,250)

Non-cash other operating activities

104,485

25,035

Changes in operating assets and liabilities:

Accounts receivable

(273,649)

Inventories

(53,035)

Grant receivable / deferred grant income

(97,128)

(177,476)

Research and development tax incentive receivable

(60,830)

(218,812)

Other current assets

139,486

(207,104)

Accounts and other payables

1,215,964

(13,299)

Operating lease liabilities

(68,170)

Other long-term liabilities

2,830

(29,835)

Net cash used in operating activities

(1,311,833)

(1,893,735)

Cash flows from investing activities:

Amount invested on construction in progress

(474,891)

Net cash used in investing activities

(474,891)

Effect of foreign exchange rates on cash and cash equivalents

(39,010)

(127,049)

Decrease in cash and cash equivalents

(1,350,843)

(2,495,675)

Cash and cash equivalents, beginning of period

1,537,244

8,238,301

Cash and cash equivalents, end of period

$ 186,401

$ 5,742,626

[1]	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 effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

SHAREHOLDERS’ EQUITY (Details Narrative)	Sep. 30, 2023 shares
Equity [Abstract]
Warrants to purchase common stock	426,521

SCHEDULE OF INVENTORIES (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Inventory Disclosure [Abstract]
Raw material and work-in-progress		$ 419,889
Finished goods	1,221,689	757,518
Less: provision for inventory obsolescence	(256,598)	(197,500)
Inventory, net	$ 965,091	$ 979,907

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

SCHEDULE OF FINANCE LEASE EXPENSES (Details) - USD ($)	3 Months Ended
SCHEDULE OF FINANCE LEASE EXPENSES (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Leases
Amortization of operating lease right-of-use assets	$ 59,962
Interest on operating lease liabilities	21,171
Total lease costs	$ 81,133

SCHEDULE OF MATURITIES OF THE FINANCE LEASE TO THE FINANCE LEASE LIABILITIES (Details)	Sep. 30, 2023 USD ($)
Leases
Remainder of 2024	$ 215,434
2025	299,090
2026	81,091
Total lease payments	595,615
Less: present value discount	(84,173)
Lease liabilities	$ 511,442

Condensed Consolidated Balance Sheets - USD ($)

Sep. 30, 2023

Jun. 30, 2023

Current assets:

Cash and cash equivalents

$ 186,401

$ 1,537,244

Accounts receivable, net

567,510

293,861

Inventories, net

965,091

979,907

Research and development tax incentive receivable

559,588

498,758

Other current assets

413,305

552,791

Total current assets

2,691,895

3,862,561

Property and equipment, net

664,922

690,175

Operating lease right-of-use assets

471,532

546,475

Intangible assets, net

4,872,141

5,255,401

TOTAL ASSETS

8,700,490

10,354,612

Current liabilities:

Accounts payable and accrued expenses

3,628,797

2,610,028

Current portion of operating lease liabilities

227,414

223,447

Current portion of deferred grant income

2,240,929

2,338,057

Current employee benefit liabilities

406,964

358,942

Current portion of notes payable

341,834

353,211

Total current liabilities

6,845,938

5,883,685

Employee benefit liabilities, less current portion

27,732

24,902

Operating lease liabilities, less current portion

284,028

356,165

Notes payable, less current portion

306,234

402,862

Total liabilities

7,463,932

6,667,614

Commitments and contingencies (Note 13)

Shareholders’ equity:

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

23,304

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

(14)

Additional paid-in capital

46,158,763

Accumulated deficit

(44,232,777)

(41,807,573)

Accumulated other comprehensive loss

(593,512)

(575,496)

Total consolidated Intelligent Bio Solutions Inc. equity

1,355,764

3,798,984

Non-controlling interest

(119,206)

(111,986)

Total shareholders’ equity

^[1]

1,236,558

3,686,998

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 8,700,490

$ 10,354,612

[1]	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 effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Details Narrative)

3 Months Ended

May 10, 2023

May 08, 2023

USD ($)

Feb. 09, 2023

Oct. 04, 2022

USD ($)

$ / shares

Oct. 04, 2022

USD ($)

$ / shares

Sep. 30, 2023

Jun. 30, 2023

Oct. 04, 2022

GBP (£)

Sep. 30, 2022

Jun. 30, 2022

Note receivable settled for business acquisition | $

$ 504,938

Acquired intangible assets | $

5,463,000

$ 5,463,000

Goodwill | $

$ 3,803,293

Series C Preferred Stock [Member]

Number of shares post-reverse stock split

0.15

Reserved for future issuance

1,649,273

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

Shares outstanding

3,512,277

Converted into shares of common stock.

526,818

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

Number of shares post-reverse stock split

0.15

Stock issued during period shares acquisitions

500,000

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

Stock issued during period shares new issues

1,149,273

Hold Back Series C Preferred Stock [Member] | Share Exchange Agreement [Member]

Stock issued during period shares acquisitions

500,000

Common Stock [Member]

Shares outstanding

^[1]

2,330,399

744,495

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

Shares outstanding

1,149,273

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

Shares outstanding

500,000

Converted into shares of common stock.

75,000

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

Shares outstanding

500,000

Intelligent Fingerprinting Limited [Member]

Stock issued during period shares new issues

2,363,003

Note receivable settled for business acquisition | $

$ 504,938

Acquired intangible assets | $

$ 5,463,000

Goodwill | $

3,803,293

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

Acquired intangible assets | $

$ 5,119,000

Estimated useful life

7 years

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

Acquired intangible assets | $

$ 252,000

Estimated useful life

3 years

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

Acquired intangible assets | $

$ 92,000

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

Note receivable settled for business acquisition | $

504,938

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

Accrued liabilities

$ 1,425,307

£ 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

148,183

Stock issued during period shares new issues

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]

Equity issuance costs | $

$ 806,397

[1]	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 effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 13. COMMITMENTS AND CONTINGENCIES

During November 2022, the Company signed a deed of variation with the University of Newcastle for the research and development of the Saliva Glucose Biosensor. The Company agreed to pay the University of Newcastle $847,021, of which $847,021 remains payable as of September 30, 2023.

The Company has no material purchase commitments. For commitments under non-cancellable leases, refer to Note 9.

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

Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) (Parenthetical)		3 Months Ended
	Feb. 09, 2023	Sep. 30, 2023
Income Statement [Abstract]
Reverse stock split	1-for-20	1 for 20

RELATED PARTY TRANSACTIONS

3 Months Ended

Sep. 30, 2023

RELATED PARTY TRANSACTIONS

NOTE 12. 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.

As of September 30, 2023 and June 30, 2023, $0 and $8,714, respectively, remains payable to LSBD in relation to overhead reimbursements.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

LEASES (Details Narrative)	Sep. 30, 2023
Leases
Finance lease remaining lease, term	2 years 1 month 6 days
Finance lease, discount rate	13.20%

LOSS PER SHARE

3 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

LOSS PER SHARE

NOTE 14. LOSS PER SHARE

Basic loss per common share is computed by dividing net loss allocable to common shareholders by the weighted average number of shares of common stock or common stock equivalents outstanding. 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
	September 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 licensor - LSBD		150,000		150,000
Anti-dilutive		150,000		150,000

INTANGIBLE ASSETS, NET (Tables)

3 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

SCHEDULE OF OTHER INTANGIBLE ASSETS

Intangible assets, net consist of the following as of September 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	$	407,724	$	935,292	$	4,591,432
Customer relationships	3 years		252,000		20,072		90,691		181,381
Trade names and trademarks	Indefinite		92,000		7,328		—		99,328
Total intangible assets		$	5,463,000	$	435,124	$	1,025,983	$	4,872,141

Intangible assets, net consist of the following as of June 30, 2023:

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

SCHEDULE OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS

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


Remainder of 2024	$	641,947
2025		855,929
2026		787,911
2027		765,239
2028		765,239
Thereafter		956,548
Total	$	4,772,813

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Oct. 04, 2023	Nov. 07, 2023	Sep. 30, 2023	Jun. 30, 2023
Subsequent Event [Line Items]
Common stock, shares, issued			2,330,399	2,330,399
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares, issued	2,232,221
Warrants issuance date	5 years 6 months
Gross proceeds from October 2023 capital raise	$ 4,378,000
Net proceeds from October 2023 capital raise	$ 3,350,000
Subsequent Event [Member] \| IPO [Member]
Subsequent Event [Line Items]
Share price	$ 0.55
Subsequent Event [Member] \| Series E Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares issued	5,728,723
Warrants purchased	7,960,944
Convertible preferred stock		4,571,761
Subsequent Event [Member] \| Series F Warrants [Member]
Subsequent Event [Line Items]
Warrants purchased	7,960,944
Warrants issuance date	1 year 6 months

SHAREHOLDERS’ EQUITY

3 Months Ended

Sep. 30, 2023

Equity [Abstract]

SHAREHOLDERS’ EQUITY

NOTE 10. SHAREHOLDERS’ EQUITY

As of September 30, 2023, there were warrants outstanding to purchase 426,521 shares of common stock, held by certain shareholders. Each warrant initially represented the right to purchase one share of the Company’s common stock and was subject to adjustment upon the occurrence of specified events including reverse stock splits.

- Definition

The entire disclosure for equity.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
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+ Details

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Tables)

3 Months Ended

Sep. 30, 2023

Intelligent Fingerprinting Limited Acquisition

SCHEDULE OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION

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

Purchase consideration	Amount
Cash	$	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

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

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

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

SCHEDULE OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS

	As Reported			Pro Forma
	Three Months Ended September 30, 2022
	As Reported			Pro Forma
Revenue	$	—		$	347,486
Net loss		(1,214,078	)		(2,455,633	)
Net loss attributable to Intelligent Bio Solutions Inc.		(1,208,293	)		(2,449,848	)
Net loss per share, basic and diluted		(1.62	)		(2.74	)

SCHEDULE OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS (Details)	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 641,947
2025	855,929
2026	787,911
2027	765,239
2028	765,239
Thereafter	956,548
Total	$ 4,772,813

INVENTORIES (Tables)

3 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

SCHEDULE OF INVENTORIES

Inventories consist of the following:

SCHEDULE OF INVENTORIES

	September 30, 2023			June 30, 2023 (Audited)
Raw material and work-in-progress	$	—		$	419,889
Finished goods		1,221,689			757,518
Less: provision for inventory obsolescence		(256,598	)		(197,500	)
Inventory, net	$	965,091		$	979,907

FAIR VALUE MEASUREMENTS (Details Narrative) - Series C Preferred Stock [Member] - shares			3 Months Ended
	Feb. 09, 2023	Oct. 04, 2022	Sep. 30, 2023
Number of shares post-reverse stock split	0.15
Share Exchange Agreement [Member]
Held-back Series C Preferred Stock			500,000
Number of shares post-reverse stock split		0.15	0.15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Revenue	$ 796,094
Deferred grant income				$ 4,700,000
Construction in progress	629,354		$ 646,116
Research and development tax refund	76,348	250,907
Foreign currency translation gain (loss)	18,016	135,559
Income tax interest and penalties	0
Cash equivalents	0		0
Cash, FDIC insured amount	$ 0		1,114,687
Impairment charges			$ 4,200,000
Other Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	3 years
Production Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	2 years
Production Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	4 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, description	shorter of asset’s estimated useful life and the remaining term of the lease
Grant Income [Member]
Property, Plant and Equipment [Line Items]
Other income	$ 33,523	$ 60,413

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Life Science Biosensor Diagnostics Pty Ltd [Member]
Remaining amount payble to related party	$ 0	$ 8,714

SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended	12 Months Ended
SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Original cost technology	$ 5,463,000	$ 5,463,000
Effect of foreign currency	435,124	643,183
Accumulated amortization technology	1,025,983	850,782
Carrying value technology	$ 4,872,141	$ 5,255,401
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average useful lives (years)	7 years	7 years
Original cost technology	$ 5,119,000	$ 5,119,000
Effect of foreign currency	407,724	603,422
Accumulated amortization technology	935,292	780,500
Carrying value technology	$ 4,591,432	$ 4,941,922
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average useful lives (years)	3 years	3 years
Original cost technology	$ 252,000	$ 252,000
Effect of foreign currency	20,072	29,127
Accumulated amortization technology	90,691	70,282
Carrying value technology	181,381	210,845
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Original cost technology	92,000	92,000
Effect of foreign currency	7,328	10,634
Accumulated amortization technology
Carrying value technology	$ 99,328	$ 102,634
Weighted average useful lives (years)	Indefinite	Indefinite

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of presentation

Basis of presentation

Principles of consolidation

Principles of consolidation

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

Equity offering costs

Equity offering costs

Use of estimates

Use of estimates

Business combinations

Business combinations

Revenue recognition

Revenue recognition

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

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

	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:


	Three Months Ended September 30,
	2023		2022
Sales of goods - cartridges	$	380,059	$	—
Sales of goods - readers		238,802		—
Other sales		177,233		—
Total revenue	$	796,094	$	—

Other income

The other income is mainly comprised of grant income and research and development (“R&D”) tax refund.

a) Grant income

b) R&D tax refund

Development and regulatory approval expenses

Development and regulatory approval expenses

Foreign currency translation

Foreign currency translation

Income taxes

Income taxes

Cash and Cash equivalent

Cash and Cash equivalent

Inventories

Inventories

Account receivable, net and other receivables

Account receivable, net and other receivables

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

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

Impairment of Long-lived Assets and Goodwill

Intangible assets

Intangible assets

Leases

Leases

Employee benefits

Employee benefits

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

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

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Concentration of credit risk

Concentration of credit risk

Fair value of financial instruments

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.

INTANGIBLE ASSETS, NET (Details Narrative) - USD ($)	3 Months Ended
INTANGIBLE ASSETS, NET (Details Narrative) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of other intangible assets	$ 175,201	$ 0
Impairment charges of goodwill and intangible assets	$ 0

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

3 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Income Statement [Abstract]

Revenue

$ 796,094

Cost of revenue (exclusive of amortization shown separately below)

(563,763)

Gross profit

232,331

Other income:

Government support income

109,871

311,320

Operating expenses:

Selling, general and administrative expenses

(2,457,060)

(1,450,418)

Development and regulatory approval expenses

(103,947)

(79,274)

Depreciation and amortization

(307,560)

Total operating expenses

(2,868,567)

(1,529,692)

Loss from operations

(2,526,365)

(1,218,372)

Other income (expense):

Interest expense

(37,448)

(1,065)

Realized foreign exchange loss

(2,247)

Fair value gain on revaluation of financial instrument

131,250

Interest income

139

7,606

Total other income

93,941

4,294

Net loss

^[1]

(2,432,424)

(1,214,078)

Net loss attributable to non-controlling interest

(7,220)

(5,785)

Net loss attributable to Intelligent Bio Solutions Inc.

(2,425,204)

(1,208,293)

Other comprehensive loss, net of tax:

Foreign currency translation loss

^[1]

(18,016)

(135,559)

Total other comprehensive loss

(18,016)

(135,559)

Comprehensive loss

(2,450,440)

(1,349,637)

Comprehensive loss attributable to non-controlling interest

(7,220)

(5,785)

Comprehensive loss attributable to Intelligent Bio Solutions Inc.

$ (2,443,220)

$ (1,343,852)

Net loss per share, basic

^[2]

$ (1.04)

$ (1.62)

Net loss per share, diluted

^[2]

$ (1.04)

$ (1.62)

Weighted average shares outstanding, basic

^[2]

2,330,399

Weighted average shares outstanding, diluted

^[2]

2,330,399

744,495

[1]	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 effected on February 9, 2023, throughout the condensed consolidated financial statement 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 effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

SCHEDULE OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS (Details)	3 Months Ended
	Sep. 30, 2022 USD ($) $ / shares
Revenue
Net loss	(1,214,078)
Net loss attributable to Intelligent Bio Solutions Inc.	$ (1,208,293)
Net loss per share, basic and diluted \| $ / shares	$ (1.62)
Pro Forma [Member]
Revenue	$ 347,486
Net loss	(2,455,633)
Net loss attributable to Intelligent Bio Solutions Inc.	$ (2,449,848)
Net loss per share, basic and diluted \| $ / shares	$ (2.74)

INVENTORIES

3 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 6. INVENTORIES

Inventories consist of the following:

SCHEDULE OF INVENTORIES

	September 30, 2023			June 30, 2023 (Audited)
Raw material and work-in-progress	$	—		$	419,889
Finished goods		1,221,689			757,518
Less: provision for inventory obsolescence		(256,598	)		(197,500	)
Inventory, net	$	965,091		$	979,907

SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND ACCESSORIES (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Product Information [Line Items]
Total revenue	$ 796,094
Sales of Goods Cartidges [Member]
Product Information [Line Items]
Total revenue	380,059
Sales of Goods Readers [Member]
Product Information [Line Items]
Total revenue	238,802
Other Sales [Member]
Product Information [Line Items]
Total revenue	$ 177,233

- Definition

+ References

+ Details

SCHEDULE OF PREFERRED STOCK AT FAIR VALUE ON RECURRING BASIS (Details) - Fair Value, Inputs, Level 2 [Member]	3 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock carried at fair value, beginning value	$ 208,500
Fair value of holdback Series C Preferred Stock at acquisition (Note 5)	(131,250)
Preferred Stock carried at fair value, ending value	$ 77,250