0001493152-24-018167 | 10-Q | XBRL Viewer | Intelligent BIO Solutions INC

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	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	2,913,799	194,200
Common stock, shares outstanding	2,913,799	194,200
Treasury stock shares	116	116

SEGMENT INFORMATION

9 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 4. SEGMENT INFORMATION

ASC 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 and nine months ended March 31, 2024 and 2023.

The following tables set forth the Company’s revenue, government support income, net loss and long-lived assets and inventories by operating and reportable segments.

Revenue, government support income and net loss

	IFPG			SGBP			Total
	Three Months Ended March 31, 2024
	IFPG			SGBP			Total
Revenue
United Kingdom	$	799,811		$	-		$	799,811
Australia		8,789			-			8,789
Other		15,200			-			15,200
Total Revenue	$	823,800		$	-		$	823,800

Government Support Income
United Kingdom	$	19,767		$	-		$	19,767
Australia		-			64,075			64,075
Total Government Support Income	$	19,767		$	64,075		$	83,842

Total Revenue and Government Support Income	$	843,567		$	64,075		$	907,642

Net Loss	$	(1,083,630	)	$	(1,903,135	)	$	(2,986,765	)

	IFPG			SGBP			Total
	Three Months Ended March 31, 2023
	IFPG			SGBP			Total
Revenue
United Kingdom	$	371,210		$	-		$	371,210
Australia		-			-			-
Other		85,848			-			85,848
Total Revenue	$	457,058		$	-		$	457,058

Government Support Income
United Kingdom	$	49,267		$	-		$	49,267
Australia		-			68,413			68,413
Total Government Support Income	$	49,267		$	68,413		$	117,680

Total Revenue and Government Support Income	$	506,325		$	68,413		$	574,738

Net Loss	$	(4,792,919	)	$	(1,559,098	)	$	(6,352,017	)

	IFPG			SGBP			Total
	Nine Months Ended March 31, 2024
	IFPG			SGBP			Total
Revenue
United Kingdom	$	2,210,409		$	-		$	2,210,409
Australia		33,676			-			33,676
Other		139,872			-			139,872
Total Revenue	$	2,383,957		$	-		$	2,383,957

Government Support Income
United Kingdom	$	126,705		$	-		$	126,705
Australia		-			220,212			220,212
Total Government Support Income	$	126,705		$	220,212		$	346,917

Total Revenue and Government Support Income	$	2,510,662		$	220,212		$	2,730,874

Net Loss	$	(2,732,728	)	$	(4,662,844	)	$	(7,395,572	)

	IFPG			SGBP			Total
	Nine Months Ended March 31, 2023
	IFPG			SGBP			Total
Revenue
United Kingdom	$	676,883		$	-		$	676,883
Australia		-			-			-
Other		136,854			-			136,854
Total Revenue	$	813,737		$	-		$	813,737

Government Support Income
United Kingdom	$	156,824		$	-		$	156,824
Australia		-			541,801			541,801
Total Government Support Income	$	156,824		$	541,801		$	698,625

Total Revenue and Government Support Income	$	970,561		$	541,801		$	1,512,362

Net Loss	$	(4,454,451	)	$	(3,538,715	)	$	(7,993,166	)

Long-lived assets and inventories

	IFPG		SGBP		Total
	As of March 31, 2024
	IFPG		SGBP		Total
Long-lived assets, net
United Kingdom	$	4,899,114	$	-	$	4,899,114
Australia		-		619,248		619,248
Total Long-Lived Assets	$	4,899,114	$	619,248	$	5,518,362

Inventories, net
United Kingdom	$	810,889	$	-	$	810,889
Australia		67,016		-		67,016
Total Inventories	$	877,905	$	-	$	877,905

Total Long-Lived Assets and Inventory	$	5,777,019	$	619,248	$	6,396,267


	As of June 30, 2023
Long-lived assets, net
United Kingdom	$	5,730,831	$	-	$	5,730,831
Australia		-		761,220		761,220
Total Long-Lived Assets	$	5,730,831	$	761,220	$	6,492,051

Inventories, net
United Kingdom	$	880,696	$	-	$	880,696
Australia		99,211		-		99,211
Total Inventory	$	979,907	$	-	$	979,907

Total Long-Lived Assets and Inventory	$	6,710,738	$	761,220	$	7,471,958

- 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.

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+ Details

COMMITMENTS AND CONTINGENCIES (Details Narrative) - Cliantha Research [Member] - USD ($)	Feb. 09, 2024	Mar. 31, 2024
Payment for milestone	$ 494,197
Remaining milestone payments		$ 343,742

LEASES

9 Months Ended

Mar. 31, 2024

Leases

LEASES

NOTE 9. LEASES

The Company assumed a non-cancelable operating lease agreement in relation to IFP Acquisition on October 4, 2022. Additionally, the Company also 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 components of lease expense are as follows:

SCHEDULE OF LEASE EXPENSES

	2024		2023		2024		2023
	Three Months Ended March 31,				Nine Months Ended March 31,
	2024		2023		2024		2023
Amortization of operating lease right-of-use assets	$	60,062	$	45,548	$	178,891	$	94,171
Interest on operating lease liabilities		20,704		23,712		61,022		46,160
Total lease costs	$	80,766	$	69,260	$	239,913	$	140,331

As of March 31, 2024, the weighted average remaining lease-term and discount rate on the Company’s leases were 1.6 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 March 31, 2024, is as follows:


Remainder of 2024	$	74,181
2025		308,145
2026		82,964
Total lease payments		465,290
Less: present value discount		(50,751	)
Lease liabilities		414,539

SCHEDULE OF CLOSING HOLDBACK SHARES OF SERIES C PREFERRED STOCK AT FAIR VALUE ON RECURRING (Details) - USD ($)	3 Months Ended			9 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value gain on revaluation of holdback Series C Preferred Stock				$ (175,738)	$ (607,800)
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock carried at fair value, beginning value		$ 77,250	$ 208,500	208,500
Fair value gain on revaluation of holdback Series C Preferred Stock		(44,488)	(131,250)
Conversion of holdback Series C Preferred Stock into Common Stock		(32,762)
Preferred Stock carried at fair value, ending value			$ 77,250

SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED (Details) - USD ($)

3 Months Ended

9 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2024

Mar. 31, 2023

Earnings Per Share [Abstract]

Net loss attributable to Intelligent Bio Solutions Inc.

^[1]

$ (2,977,667)

$ (6,343,906)

$ (7,372,512)

$ (7,972,799)

Basic net loss per share attributed to common shareholders

^[1]

$ (1.43)

$ (68.67)

$ (6.64)

$ (104.04)

Diluted net loss per share attributed to common shareholders

^[1]

$ (1.43)

$ (68.67)

$ (6.64)

$ (104.04)

Weighted-average number of shares outstanding, basic

^[1]

2,079,864

92,389

1,110,089

76,629

Weighted-average number of shares outstanding, diluted

^[1]

2,079,864

92,389

1,110,089

76,629

[1]

Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

- Definition

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

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

SEGMENT INFORMATION (Tables)

9 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SCHEDULE OF REVENUE, GOVERNMENT SUPPORT INCOME, NET LOSS AND LONG LIVED ASSETS AND INVENTORIES

The following tables set forth the Company’s revenue, government support income, net loss and long-lived assets and inventories by operating and reportable segments.

Revenue, government support income and net loss

	IFPG			SGBP			Total
	Three Months Ended March 31, 2024
	IFPG			SGBP			Total
Revenue
United Kingdom	$	799,811		$	-		$	799,811
Australia		8,789			-			8,789
Other		15,200			-			15,200
Total Revenue	$	823,800		$	-		$	823,800

Government Support Income
United Kingdom	$	19,767		$	-		$	19,767
Australia		-			64,075			64,075
Total Government Support Income	$	19,767		$	64,075		$	83,842

Total Revenue and Government Support Income	$	843,567		$	64,075		$	907,642

Net Loss	$	(1,083,630	)	$	(1,903,135	)	$	(2,986,765	)

	IFPG			SGBP			Total
	Three Months Ended March 31, 2023
	IFPG			SGBP			Total
Revenue
United Kingdom	$	371,210		$	-		$	371,210
Australia		-			-			-
Other		85,848			-			85,848
Total Revenue	$	457,058		$	-		$	457,058

Government Support Income
United Kingdom	$	49,267		$	-		$	49,267
Australia		-			68,413			68,413
Total Government Support Income	$	49,267		$	68,413		$	117,680

Total Revenue and Government Support Income	$	506,325		$	68,413		$	574,738

Net Loss	$	(4,792,919	)	$	(1,559,098	)	$	(6,352,017	)

	IFPG			SGBP			Total
	Nine Months Ended March 31, 2024
	IFPG			SGBP			Total
Revenue
United Kingdom	$	2,210,409		$	-		$	2,210,409
Australia		33,676			-			33,676
Other		139,872			-			139,872
Total Revenue	$	2,383,957		$	-		$	2,383,957

Government Support Income
United Kingdom	$	126,705		$	-		$	126,705
Australia		-			220,212			220,212
Total Government Support Income	$	126,705		$	220,212		$	346,917

Total Revenue and Government Support Income	$	2,510,662		$	220,212		$	2,730,874

Net Loss	$	(2,732,728	)	$	(4,662,844	)	$	(7,395,572	)

	IFPG			SGBP			Total
	Nine Months Ended March 31, 2023
	IFPG			SGBP			Total
Revenue
United Kingdom	$	676,883		$	-		$	676,883
Australia		-			-			-
Other		136,854			-			136,854
Total Revenue	$	813,737		$	-		$	813,737

Government Support Income
United Kingdom	$	156,824		$	-		$	156,824
Australia		-			541,801			541,801
Total Government Support Income	$	156,824		$	541,801		$	698,625

Total Revenue and Government Support Income	$	970,561		$	541,801		$	1,512,362

Net Loss	$	(4,454,451	)	$	(3,538,715	)	$	(7,993,166	)

Long-lived assets and inventories

	IFPG		SGBP		Total
	As of March 31, 2024
	IFPG		SGBP		Total
Long-lived assets, net
United Kingdom	$	4,899,114	$	-	$	4,899,114
Australia		-		619,248		619,248
Total Long-Lived Assets	$	4,899,114	$	619,248	$	5,518,362

Inventories, net
United Kingdom	$	810,889	$	-	$	810,889
Australia		67,016		-		67,016
Total Inventories	$	877,905	$	-	$	877,905

Total Long-Lived Assets and Inventory	$	5,777,019	$	619,248	$	6,396,267


	As of June 30, 2023
Long-lived assets, net
United Kingdom	$	5,730,831	$	-	$	5,730,831
Australia		-		761,220		761,220
Total Long-Lived Assets	$	5,730,831	$	761,220	$	6,492,051

Inventories, net
United Kingdom	$	880,696	$	-	$	880,696
Australia		99,211		-		99,211
Total Inventory	$	979,907	$	-	$	979,907

Total Long-Lived Assets and Inventory	$	6,710,738	$	761,220	$	7,471,958

SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares	3 Months Ended		9 Months Ended
SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	6,841,930	104,564	6,841,930	104,564
Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		380,896		380,896

LOSS PER SHARE (Tables)

9 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED

	2024			2023			2024			2023
	Three Months Ended March 31,						Nine Months Ended March 31,
	2024			2023			2024			2023
Net loss attributable to Intelligent Bio Solutions Inc.	$	(2,977,667	)	$	(6,343,906	)	$	(7,372,512	)	$	(7,972,799	)
Basic and diluted net loss per share attributed to common shareholders	$	(1.43	)	$	(68.67	)	$	(6.64	)	$	(104.04	)
Weighted-average number of shares outstanding		2,079,864			92,389			1,110,089			76,629

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:

Post-Consolidated Company Reverse Stock Split: Anti-dilutive warrants and preferred stock

SCHEDULE OF ANTI-DILUTIVE WARRANTS

	2024		2023		2024		2023
	Three Months Ended March 31,				Nine Months Ended March 31,
	2024		2023		2024		2023
Warrants		6,841,930		104,564		6,841,930		104,564
Preferred Stock		-		380,896		-		380,896
Anti-dilutive securities		-		380,896		-		380,896

LEASES (Tables)

9 Months Ended

Mar. 31, 2024

Leases

SCHEDULE OF LEASE EXPENSES

The components of lease expense are as follows:

SCHEDULE OF LEASE EXPENSES

	2024		2023		2024		2023
	Three Months Ended March 31,				Nine Months Ended March 31,
	2024		2023		2024		2023
Amortization of operating lease right-of-use assets	$	60,062	$	45,548	$	178,891	$	94,171
Interest on operating lease liabilities		20,704		23,712		61,022		46,160
Total lease costs	$	80,766	$	69,260	$	239,913	$	140,331

SCHEDULE OF MATURITIES OF OPERATING LEASES TO OPERATING LEASE LIABILITIES

The reconciliation of the maturities of the operating leases to the operating lease liabilities recorded in the consolidated balance sheet as of March 31, 2024, is as follows:


Remainder of 2024	$	74,181
2025		308,145
2026		82,964
Total lease payments		465,290
Less: present value discount		(50,751	)
Lease liabilities		414,539

SCHEDULE OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION (Details) - USD ($)

9 Months Ended

Oct. 04, 2022

Mar. 31, 2024

Mar. 31, 2023

Business Acquisition [Line Items]

Cash

$ 181,750

Note receivable settled for business acquisition

$ 504,398

Intelligent Fingerprinting Limited [Member]

Business Acquisition [Line Items]

Cash

$ 363,500

Note receivable settled for business acquisition

504,938

Total purchase price

^[1]

7,224,404

Intelligent Fingerprinting Limited [Member] | Series C Preferred Stock Base [Member]

Business Acquisition [Line Items]

Purchase consideration of Common Stock and Series C Preferred Stock

3,900,373

Intelligent Fingerprinting Limited [Member] | Series C Preferred Stock Holdback [Member]

Business Acquisition [Line Items]

Purchase consideration of Common Stock and Series C Preferred Stock

825,300

Intelligent Fingerprinting Limited [Member] | Common Stock [Member]

Business Acquisition [Line Items]

Purchase consideration of Common Stock and Series C Preferred Stock

$ 1,630,293

[1]	The description of the IFP Acquisition below this table describes the purchase consideration on a post-Company’s Reverse Stock Splits basis.

NOTE PAYABLE

9 Months Ended

Mar. 31, 2024

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

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

3 Months Ended

9 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2024

Mar. 31, 2023

Income Statement [Abstract]

Revenue

^[1]

$ 823,800

$ 457,058

$ 2,383,957

$ 813,737

Cost of revenue (exclusive of amortization shown separately below)

^[1]

(645,311)

(424,009)

(1,773,889)

(536,644)

Gross profit

^[1]

178,489

33,049

610,068

277,093

Other income:

Government support income

^[1]

83,842

117,680

346,917

698,625

Operating expenses:

Selling, general and administrative expenses

^[1]

(2,425,830)

(1,898,754)

(6,587,934)

(5,594,461)

Development and regulatory approval expenses

^[1]

(471,313)

(299,898)

(923,712)

(380,363)

Depreciation and amortization

^[1]

(318,923)

(398,986)

(916,796)

(797,142)

Goodwill impairment

^[1]

(4,096,490)

Total operating expenses

^[1]

(3,216,066)

(6,694,128)

(8,428,442)

(10,868,456)

Loss from operations

^[1]

(2,953,735)

(6,543,399)

(7,471,457)

(9,892,738)

Other income (expense), net:

Interest expense

^[1]

(42,674)

(86,125)

(112,590)

(163,957)

Realized foreign exchange income/(loss)

^[1]

(996)

7,212

(1,551)

(8,936)

Fair value gain on revaluation of financial instrument

^[1]

269,787

175,738

2,062,878

Interest income

^[1]

10,640

508

14,288

9,587

Total other income (expense), net

^[1]

(33,030)

191,382

75,885

1,899,572

Net loss

^[1]

(2,986,765)

^[2]

(6,352,017)

^[3]

(7,395,572)

(7,993,166)

Net loss attributable to non-controlling interest

^[1]

(9,098)

(8,111)

(23,060)

(20,367)

Net loss attributable to Intelligent Bio Solutions Inc.

^[1]

(2,977,667)

(6,343,906)

(7,372,512)

(7,972,799)

Other comprehensive income/(loss), net of tax:

Foreign currency translation gain/ (loss)

^[1]

(144,026)

^[2]

(77,787)

^[3]

(86,909)

148,251

Total other comprehensive income/(loss)

^[1]

(144,026)

(77,787)

(86,909)

148,251

Comprehensive loss

^[1]

(3,130,791)

(6,429,804)

(7,482,481)

(7,844,915)

Comprehensive loss attributable to non-controlling interest

^[1]

(9,098)

(8,111)

(23,060)

(20,367)

Comprehensive loss attributable to Intelligent Bio Solutions Inc.

^[1]

$ (3,121,693)

$ (6,421,693)

$ (7,459,421)

$ (7,824,548)

Net income per common unit, basic

^[1]

$ (1.43)

$ (68.67)

$ (6.64)

$ (104.04)

Net income per common unit, diluted

^[1]

$ (1.43)

$ (68.67)

$ (6.64)

$ (104.04)

Weighted average shares outstanding, basic

^[1]

2,079,864

92,389

1,110,089

76,629

Weighted average shares outstanding, diluted

^[1]

2,079,864

92,389

1,110,089

76,629

[1]	Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and 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-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.
[3]	Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

SCHEDULE OF FAIR VALUE OF THE CONSIDERATION TRANSFERRED IN THE ACQUISITION (Details)(Parenthetical) - Intelligent Fingerprinting Limited [Member]	Oct. 04, 2022 $ / shares shares
Series C Preferred Stock Holdback [Member]
Business Acquisition [Line Items]
Stock issued in acquisition \| shares	500,000
Share price \| $ / shares	$ 0.5502
Common Stock [Member]
Business Acquisition [Line Items]
Stock issued in acquisition \| shares	2,963,091
Share price \| $ / shares	$ 0.5502
Series C Preferred Stock Base [Member]
Business Acquisition [Line Items]
Stock issued in acquisition \| shares	2,363,003
Share price \| $ / shares	$ 0.5502

LEASES (Details Narrative)	Mar. 31, 2024
Leases
Weighted average remaining lease-term	1 year 7 months 6 days
Weighted average, discount rate	13.20%

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION

9 Months Ended

Mar. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

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-Company’s Reverse Stock Splits):

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

*	The description of the IFP Acquisition below this table describes the purchase consideration on a post-Company’s Reverse Stock Splits basis.

Pursuant to the Share Exchange Agreement, the Company acquired from the IFP Sellers all of the issued and outstanding shares of the capital stock of IFP, and as consideration therefore, the Company issued and sold to the IFP Sellers upon the closing of the IFP Acquisition (the “IFP Closing”) an aggregate number of 12,347 (as adjusted for Company’s Reverse Stock Splits) 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 were reserved for potential future issuance by the Company, consisting of (i) 500,000 shares of Series C Preferred Stock, that were 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 was convertible into 0.0125 shares of common stock at the time of conversion (after giving effect to the Company’s Reverse Stock Splits), which was contingent upon approval by the Company’s stockholders that was obtained on May 8, 2023.

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 remained outstanding following 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 was 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 was convertible into shares of IFP, which shares of IFP would then be immediately transferred to the Company in exchange for shares of Series C Preferred Stock that were 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 bore 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 had 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. The last of the Company Stockholder Approval Matters were approved at a special meeting of the Company’s stockholders (the “Special Meeting”) on May 8, 2023.

Each share of Series C Preferred Stock (other than the IFP Lender Preferred Shares) automatically converted 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 converted 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. The number of shares of common stock into which the Series C Preferred Stock was convertible was 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 Company’s Reverse Stock Splits, each share of Series C Preferred Stock was convertible into 0.0125 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.

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.

At the Special Meeting on May 8, 2023, 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 were not outstanding)) were converted into an aggregate of 43,902 shares of common stock (as adjusted for Company’s Reverse Stock Splits).

The 500,000 “Closing Holdback Shares” were shares of Series C Preferred Stock that were 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. Effective one year after the IFP Closing, the 500,000 Closing Holdback Shares were issued and immediately converted into an aggregate of 6,248 shares of common stock (as adjusted for Company’s Reverse Stock Splits).

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 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 March 31, 2024 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 March 2024, the nine months ended March 2024 and the three months ended March 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 nine months ended March 31, 2023, 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
	Nine Months Ended March 31, 2023
	As Reported			Pro Forma
Revenue	$	813,737		$	1,161,223
Net loss	$	(7,993,166	)	$	(9,234,721	)
Net loss attributable to Intelligent Bio Solutions Inc.	$	(7,972,799	)	$	(9,214,354	)
Net loss per share, basic and diluted	$	(104.04	)	$	(120.25	)

SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND ACCESSORIES (Details) - USD ($)

3 Months Ended

9 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2024

Mar. 31, 2023

Product Information [Line Items]

Total revenue

^[1]

$ 823,800

$ 457,058

$ 2,383,957

$ 813,737

Sales of Goods - Cartidges [Member]

Product Information [Line Items]

Total revenue

448,868

252,682

1,159,876

467,043

Sales of Goods - Readers [Member]

Product Information [Line Items]

Total revenue

227,361

134,366

752,052

237,554

Other Sales [Member]

Product Information [Line Items]

Total revenue

$ 147,571

$ 70,010

$ 472,029

$ 109,140

[1]

- 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
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-Section 50
-Paragraph 41
-Subparagraph (a)
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+ Details

Condensed Consolidated Statements of Changes in Shareholder's Equity (Unaudited) (Parenthetical)	Jan. 26, 2024	Feb. 09, 2023
Statement of Stockholders' Equity [Abstract]
Reverse stock split	1-for-12	1-for-20

SCHEDULE OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS (Details)	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 221,164
2025	884,656
2026	814,355
2027	790,921
2028	790,921
Thereafter	988,652
Total	$ 4,490,669

RELATED PARTY TRANSACTIONS

9 Months Ended

Mar. 31, 2024

RELATED PARTY TRANSACTIONS

NOTE 12. RELATED PARTY TRANSACTIONS

October 2023 Offering

Spiro Sakiris, our Chief Financial Officer, purchased 112,727 units on the same terms as the other purchasers in the October 2023 Offering. Mr. Christopher Towers, a member of our Board of Directors (the “Board”), purchased 9,090 units on the same terms as the other purchasers in the October 2023 Offering. Each unit consisted of one share of common stock, one Series E Warrant and one Series F Warrant.

- 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
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+ Details

INVENTORIES, NET (Tables)

9 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

SCHEDULE OF INVENTORIES

Inventories consist of the following:

SCHEDULE OF INVENTORIES

	March 31, 2024			June 30, 2023
Raw material & work-in-progress	$	625,771		$	419,889
Finished goods		518,468			757,518
Less: provision for inventory obsolescence		(266,334	)		(197,500	)
Inventory, net	$	877,905		$	979,907

SHAREHOLDERS’ EQUITY

9 Months Ended

Mar. 31, 2024

Equity [Abstract]

SHAREHOLDERS’ EQUITY

NOTE 10. SHAREHOLDERS’ EQUITY

As of March 31, 2024, there were warrants outstanding to purchase shares amounting to 6,841,930 of common stock held by certain shareholders. Each warrant initially represented the right to purchase one share of the Company’s common stock, subject to adjustment upon the occurrence of specified events including reverse stock splits. 

March 2024 Private Placement

On March 8, 2024, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with several institutional and accredited investors for the sale by the Company of (i) 675,183 shares (the “Shares”) of the Company’s common stock, (ii) Series I Pre-Funded Common Stock purchase warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 1,548,150 shares of common stock, (iii) Series H-1 warrants to purchase up to an aggregate of 2,223,333 shares of common stock (the “Series H-1 Warrants”), and (iv) Series H-2 warrants to purchase up to an aggregate of 2,223,333 shares of common stock (the “Series H-2 Warrants” and, collectively with the Series H-1 Warrants and Pre-Funded Warrants, the “March Warrants”), in a private placement offering (the “March 2024 Offering”). The combined purchase price of one share of common stock (or one Pre-Funded Warrant) and accompanying Series H-1 Warrant and Series H-2 Warrant was $4.55. The March 2024 Offering closed on March 12, 2024.

Subject to certain ownership limitations, the March Warrants are exercisable upon issuance. Each Pre-Funded Warrant is exercisable into one share of common stock at a price per share of $0.01 (as adjusted from time to time in accordance with the terms thereof) and may be exercised at any time until the Pre-Funded Warrants are exercised in full. Each Series H-1 Warrant and Series H-2 Warrant is exercisable into one share of common stock at a price per share of $4.55 (as adjusted from time to time in accordance with the terms thereof). The Series H-1 Warrants have a term of eighteen months following the date a registration statement registering all warrant shares underlying the Series H-1 Warrants is declared effective by the SEC. The Series H-2 Warrants have a term of exercise equal to five (5) years, which will be reduced to 20 calendar days following any date the Company makes a public announcement of 510(k) clearance by the U.S. Food and Drug Administration of the Company’s Intelligent Fingerprinting Drug Screening System.

The gross proceeds to the Company from the March 2024 Offering were approximately $10.1 million, before deducting the placement agent’s fees and other offering expenses, and excluding the proceeds, if any, from the cash exercise of the March Warrants. The Company intends to use the net proceeds from the March 2024 Offering for working capital and for general corporate purposes.

In connection with the Purchase Agreement, the Company entered in a Registration Rights Agreement and agreed to file by March 18, 2024, a resale registration statement (the “Resale Registration Statement”) with the SEC covering all shares of common stock sold to investors and the shares of common stock issuable upon exercise of the March Warrants, and to use its best efforts to cause the Resale Registration Statement to be declared effective no later than April 22, 2024.

The Shares, the March Warrants, and the shares issuable upon exercise of the March Warrants were sold and issued without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and Rule 506 of Regulation D promulgated under the Securities Act as sales to accredited investors, and in reliance on similar exemptions under applicable state laws.

On March 8, 2024, the Company entered into a Placement Agency Agreement with Ladenburg Thalmann & Co. Inc. (the “Agent”) pursuant to which the Company agreed to pay the Agent (i) a cash fee equal to 8.0% of the gross proceeds received by the Company in the March 2024 Offering, (ii) a management fee equal to 1.0% of the gross proceeds received by the Company in the March 2024 Offering, (iii) common stock purchase warrants to purchase such number of shares of common stock equal to 5% of the aggregate number Shares and Pre-Funded Warrants sold in the March 2024 Offering, which warrants are to have an exercise price equal to 125% of the offering price per share and an expiration date of 5 years from issuance (the “Placement Agent Warrants”); (iv) a cash fee equal to 9.0% of the gross proceeds received by the Company from the cash exercise of any H-1 Warrants and H-2 Warrants; and (vi) reimbursement of the Agent’s expenses in an amount up to $145,000. The Placement Agent Warrants and the shares issuable upon exercise of the Placement Agent Warrants were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and in reliance on similar exemptions under applicable state laws.

Warrant Inducement Transaction

On February 4, 2024, the Company entered into warrant inducement agreements (the “Inducement Agreements”) with certain accredited and institutional holders (collectively, the “Holders”) of the Company’s outstanding Series E Warrants issued on October 4, 2023 (the “Series E Warrants”). Pursuant to the Inducement Agreements, each Holder that exercised its Series E Warrants pursuant to the Inducement Agreement received one (1) replacement warrant (a “Series G Warrant”) for each Series E Warrant exercised (the “Warrant Inducement Transaction”). The Series E Warrants had an exercise price of $2.9232 per share. The Series G Warrants are exercisable immediately upon issuance, expire on the five and one half (5.5) year anniversary of the date of issuance, and have an initial exercise price equal to $4.50 per share.

The closing of the Warrant Inducement Transaction took place on February 7, 2024. Gross proceeds to the Company from the exercise of the Series E Warrants was approximately $1.77 million, prior to deducting closing costs and placement agent fees. As a result of the Holders exercising the Series E Warrants, the Company issued an aggregate of 606,064 shares of common stock.

The issuance of the Series G Warrants was made in reliance upon an exemption from the registration requirements pursuant to Section 4(a)(2) of the Securities Act.

October 2023 Offering

On October 4, 2023, the Company completed an underwritten public offering of its securities in the form of units (the “October 2023 Offering”) consisting a total of 2,232,221 shares (186,018 shares post January 2024 Reverse Stock Split) of common stock, 5,728,723 shares of the Company’s Series E Convertible Preferred Stock (each share of Series E Preferred Stock is convertible into one share the Company’s common stock (1/12 share post January 2024 Reverse Stock Split)), (“Series E Preferred Stock”), 7,960,944 warrants (663,412 warrants post January 2024 Reverse Stock Split) 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 (663,412 warrants post January 2024 Reverse Stock Split) 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 consisted of one share of common stock (1/12 share post January 2024 Reverse Stock Split) (or one share of Series E 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 $4.38 million. Net proceeds to the Company, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, were approximately $3.79 million.

The original exercise price of the Series E Warrants was $0.55 per share ($6.60 post-Company’s Reverse Stock Splits) which was subject to a one-time reset to a price equal to the lesser of (i) the then exercise price and (ii) 90% of the five-day volume weighted average price for the five trading days immediately following the date the Company effects a reverse stock split. As a result of the January 2024 Reverse Stock Split, the exercise price of the Series E Warrants was reset to $2.9232 per share. The original exercise price of the Series F Warrants was $0.55 per share ($6.60 post-Company’s Reverse Stock Splits), but is subject to an alternate cashless exercise option pursuant to which the holder has the right to receive an aggregate number of shares of common stock on a one-for-one basis (one-for-1/12 post-Company’s Reverse Stock Splits) (subject to adjustment).

The Company also agreed to issue to the Underwriters, warrants to purchase up to 5.0% of the shares of common stock (or common stock equivalents) sold in the October 2023 Offering (which equaled 398,047 shares of common stock (33,171 shares post January Reverse Stock Split)). These warrants have an exercise price of $0.6875 per share ($8.25 post January 2024 Reverse Stock Split) and will terminate on October 2, 2028.

Also on October 4, 2023, following the one-year anniversary of the IFP Acquisition, the Company issued 74,971 (6,248 shares post January 2024 Reverse Stock Split) shares of common stock to the IFP Sellers in connection with the release of the 500,000 Closing Holdback Shares, which consisted of Series C Preferred Stock that were then immediately converted to common stock at a rate of 0.15 shares (0.0125 shares post-Company’s Reverse Stock Splits) of common stock per share of Series C Preferred Stock. See Note 5 for further detail of the IFP Acquisition.

Subsequent to the October 2023 Offering, all 5,728,723 shares of the outstanding Series E Preferred Stock were converted into an aggregate of 5,728,723 shares (477,394 post-Company’s Reverse Stock Splits) of common stock. Additionally, the Company issued 7,346,178 shares (612,182 post-Company’s Reverse Stock Splits) of common stock pursuant in connection with the cashless exercise of the Company’s Series F Warrants.

Consulting Agreement

On February 29, 2024, the Company entered into a Consulting Agreement (the “C2C Agreement”) with C2C Advisors Inc. (“C2C”) pursuant to which C2C will provide certain advisory and investor relations services to the Company. As consideration for such services, the Company agreed pay a fee consisting of: (a) a cash fee of $25,000 per month and (b) a single grant of 37,500 restricted shares of common stock (the “C2C Grant Shares”). The C2C Agreement has an initial term of 6 months. For the three and nine months ended March 31, 2024, the Company recognized $179,625 and $179,625 of expense related to the C2C Agreement in the condensed consolidated statement of operations.

Advisory Agreement

On February 29, 2024, the Company entered into an Investor Relations and Corporate Development Advisory Agreement (the “ClearThink Agreement”) with ClearThink Capital LLC (“ClearThink”) pursuant to which ClearThink will provide certain advisory and investor relations services to the Company. As consideration for such services, the Company agreed pay a fee consisting of: (a) an initial grant of 5,260 restricted shares of common stock (the “Initial Grant”) and (b) a monthly fee consisting of (i) a cash fee of a $5,000 per month, and (ii) a grant of restricted common stock with a value of $4,000 per month ($12,000 per three-month period (a “Quarter”)), with the number of shares of common stock in each such Quarterly issuance (each a “Quarterly Grant”) calculated on the first business day of each Quarter based on the closing price of the Company’s common stock on the last trading day of the immediately preceding Quarter. The ClearThink Agreement remains in effect until terminated by either party after three months from the effective date. For the three and nine months ended March 31, 2024, the Company recognized $25,195 and $25,195 of expense related to the ClearThink Agreement in the condensed consolidated statement of operations respectively.

Stock-based payments

For the three and nine months ended March 31, 2024, the Company recognized $218,305 and $218,305 of expense related to the stock-based compensation in the condensed consolidated statement of operations. All restricted stock granted during the three and nine months ended March 31, 2024 vested immediately. There are no unvested shares of restricted stock as of March 31, 2024 and 2023.

- 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)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-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
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 18
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Pay vs Performance Disclosure - USD ($)

3 Months Ended

9 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2024

Mar. 31, 2023

Pay vs Performance Disclosure [Table]

Net Income (Loss)

^[1]

$ (2,977,667)

$ (6,343,906)

$ (7,372,512)

$ (7,972,799)

[1]

- Definition

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

+ References

+ Details

INVENTORIES, NET

9 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES, NET

NOTE 6. INVENTORIES, NET

Inventories consist of the following:

SCHEDULE OF INVENTORIES

	March 31, 2024			June 30, 2023
Raw material & work-in-progress	$	625,771		$	419,889
Finished goods		518,468			757,518
Less: provision for inventory obsolescence		(266,334	)		(197,500	)
Inventory, net	$	877,905		$	979,907

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 13. COMMITMENTS AND CONTINGENCIES

On February 9, 2024, the Company signed an agreement with Cliantha Research to conduct a clinical study as a part of the Company’s FDA 510(k) clinical study plan. As a part of the agreement, the Company is committed to pay $494,197 on completion of certain milestones. As of March 31, 2024, $343,742 remains payable under the agreement.

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.

FAIR VALUE MEASUREMENTS (Details Narrative)	9 Months Ended
FAIR VALUE MEASUREMENTS (Details Narrative)	Mar. 31, 2024 shares	Oct. 04, 2023	Mar. 31, 2023 USD ($)	Feb. 09, 2023	Oct. 04, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Conversion of stock shares	500,000
Conversion of stock shares	6,248
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes \| $			$ 389,361
Series C Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock convertible conversion ratio		0.15		0.0125
Series C Preferred Stock [Member] \| Share Exchange Agreement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Closing holdback shares	500,000
Preferred stock convertible conversion ratio					0.0125
Series C Preferred Stock [Member] \| Share Exchange Agreement [Member] \| January 2024 Reverse Stock Split [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock convertible conversion ratio	0.0125

LIQUIDITY AND GOING CONCERN

9 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

LIQUIDITY AND GOING CONCERN

NOTE 2. LIQUIDITY AND GOING CONCERN

On October 4, 2023, the Company raised approximately $4.38 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 $3.79 million. Refer to Note 10 for details.

On February 7, 2024, the Company raised approximately $1.77 million, prior to deducting closing costs and placement agent fees, via a warrant inducement transaction with holders of the Company’s Series E Warrants issued on October 4, 2023. Net proceeds to the Company, after deducting closing costs, placement agent fees, and other estimated expenses payable by the Company, were approximately $1.58 million. Refer to Note 10 for details.

On March 12, 2024, the Company raised approximately $10.1 million, prior to deducting placement agent’s fees and other offering expenses via a private placement of common stock and warrants priced at-the-market under Nasdaq rules. Net proceeds to the Company, after deducting placement agent’s fees and other estimated offering expenses payable by the Company, were approximately $9.1 million. Refer to Note 10 for details.

The Company incurred a net loss of $2,977,667 and $7,372,512 (after losses attributable to non-controlling interest) for the three and nine months ended March 31, 2024, respectively (net loss of $6,343,906 and $7,972,799 for the three and nine months ended March 31, 2023, respectively). As of March 31, 2024, the Company has shareholders’ equity of $10,997,772, working capital of $5,814,284, and an accumulated deficit of $49,180,085.

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 sufficiently delivers on its objectives which include completion of the regulatory approval process in the United States of America (USA) and other markets where such approval may be required, expansion of its revenue base into target markets, and the continued development of its products.

The ability to achieve these objectives is subject to inherent risks and no assurance can be provided that these objectives will be fully achieved within the next 12 months.

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. As a result, the Company believes there is material risk that its cash and cash equivalents as of March 31, 2024, of $9,397,523, may be insufficient to allow the Company to fund its current operating plan through at least the next twelve months from the issuance of these 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 may 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 meet the stated objectives and/or raise additional capital.

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

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Details Narrative)

3 Months Ended

9 Months Ended

May 10, 2023

May 08, 2023

Oct. 04, 2022

USD ($)

$ / shares

Dec. 31, 2023

Dec. 31, 2022

Mar. 31, 2024

USD ($)

Mar. 31, 2023

USD ($)

Oct. 04, 2023

Sep. 30, 2023

^[2]

Jun. 30, 2023

^[2]

Feb. 09, 2023

Oct. 04, 2022

GBP (£)

Sep. 30, 2022

^[1]

Jun. 30, 2022

^[1]

Jun. 16, 2022

USD ($)

Business Acquisition [Line Items]

Equity issuance costs | $

$ 464,727

Conversion of Stock, Shares Issued

500,000

Series C Preferred Stock [Member]

Business Acquisition [Line Items]

Reserved for future issuance

1,649,273

Conversion ratio

0.15

0.0125

Shares, Outstanding

3,512,277

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

Business Acquisition [Line Items]

Stock issued during period shares acquisitions

500,000

Conversion ratio

0.0125

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

Business Acquisition [Line Items]

Stock issued during period shares new issues

1,149,273

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

Business Acquisition [Line Items]

Stock issued during period shares acquisitions

500,000

Common Stock [Member]

Business Acquisition [Line Items]

Stock issued during period shares acquisitions

^[1]

12,347

Shares, Outstanding

1,476,042

^[2]

76,473

^[1]

2,913,799

^[2]

140,459

^[1]

194,200

62,042

Conversion of Stock, Shares Issued

43,902

5,728,723

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

Business Acquisition [Line Items]

Shares, Outstanding

1,149,273

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

Business Acquisition [Line Items]

Shares, Outstanding

500,000

Conversion of Stock, Shares Issued

6,248

Shares, Issued

500,000

Intelligent Fingerprinting Limited [Member]

Business Acquisition [Line Items]

Acquisition percentage

100.00%

Loan receivable | $

$ 504,938

Acquired intangible assets | $

5,463,000

Goodwill | $

3,803,293

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

Business Acquisition [Line Items]

Acquired intangible assets | $

$ 5,119,000

Estimated useful life

7 years

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

Business Acquisition [Line Items]

Acquired intangible assets | $

$ 252,000

Estimated useful life

3 years

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

Business Acquisition [Line Items]

Acquired intangible assets | $

$ 92,000

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

Business Acquisition [Line Items]

Accrued liabilities

$ 1,425,307

£ 1,254,270

Loan interest percentage

17.00%

Loan variable interest percentage

22.00%

Intelligent Fingerprinting Limited [Member] | Series C Convertible Preferred Stock [Member]

Business Acquisition [Line Items]

Business Acquisition, Equity Interest Issued or Issuable, Number of Shares

2,363,003

Intelligent Fingerprinting Limited [Member] | Series C Preferred Stock [Member]

Business Acquisition [Line Items]

Equity issuance costs | $

$ 806,397

Intelligent Fingerprinting Limited [Member] | Common Stock [Member]

Business Acquisition [Line Items]

Business Acquisition, Equity Interest Issued or Issuable, Number of Shares

2,963,091

Intelligent Fingerprinting Limited [Member] | Common Stock [Member] | February 2023 Reverse Stock Split [Member]

Business Acquisition [Line Items]

Business Acquisition, Equity Interest Issued or Issuable, Number of Shares

12,347

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

Business Acquisition [Line Items]

Preferred Stock, Par or Stated Value Per Share | $ / shares

$ 0.01

[1]	Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and 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-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

RELATED PARTY TRANSACTIONS (Details Narrative) - October 2023 Offering [Member]	9 Months Ended
	Mar. 31, 2024 shares
Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Stock purchased, shares	112,727
Christopher Towers [Member]
Related Party Transaction [Line Items]
Stock purchased, shares	9,090

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2024

Mar. 31, 2023

Jun. 30, 2023

Apr. 16, 2024

Apr. 01, 2024

Jun. 30, 2021

Property, Plant and Equipment [Line Items]

Deferred grant income

$ 4,700,000

Construction in progress

$ 535,863

$ 646,116

Research and development tax refund

49,831

$ 91,104

234,624

$ 573,497

Foreign currency translation gain (loss)

144,026

77,787

86,909

148,251

Income tax interest and penalties

Cash equivalents

Cash, uninsured amount

8,963,120

1,114,687

Impairment charges

^[1]

4,096,490

^[1]

4,096,490

^[1]

$ 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, Useful Life, Term, Description [Extensible Enumeration]

us-gaap:UsefulLifeTermOfLeaseMember

Grant Income [Member]

Property, Plant and Equipment [Line Items]

Other income

$ 34,011

$ 26,576

$ 112,293

$ 125,128

Subsequent Event [Member]

Property, Plant and Equipment [Line Items]

Project cost

$ 1,650,000

[1]

SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)	9 Months Ended	12 Months Ended
SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Acquisition cost	$ 5,463,000	$ 5,463,000
Intangible assets, Effect of foreign currency	633,074	643,183
Intangible assets, Accumulated amortization	1,502,744	850,782
Intangible assets, Carrying value	$ 4,593,330	$ 5,255,401
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average useful lives (years)	7 years	7 years
Intangible assets, Acquisition cost	$ 5,119,000	$ 5,119,000
Intangible assets, Effect of foreign currency	593,210	603,422
Intangible assets, Accumulated amortization	1,362,142	780,500
Intangible assets, Carrying value	$ 4,350,068	$ 4,941,922
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average useful lives (years)	3 years	3 years
Intangible assets, Acquisition cost	$ 252,000	$ 252,000
Intangible assets, Effect of foreign currency	29,203	29,127
Intangible assets, Accumulated amortization	140,602	70,282
Intangible assets, Carrying value	140,601	210,845
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Acquisition cost	92,000	92,000
Intangible assets, Effect of foreign currency	10,661	10,634
Intangible assets, Accumulated amortization
Intangible assets, Carrying value	$ 102,661	$ 102,634
Weighted average useful lives (years)	Indefinite	Indefinite

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Tables)

9 Months Ended

Mar. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

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-Company’s Reverse Stock Splits):

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

*	The description of the IFP Acquisition below this table describes the purchase consideration on a post-Company’s Reverse Stock Splits basis.

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
	Nine Months Ended March 31, 2023
	As Reported			Pro Forma
Revenue	$	813,737		$	1,161,223
Net loss	$	(7,993,166	)	$	(9,234,721	)
Net loss attributable to Intelligent Bio Solutions Inc.	$	(7,972,799	)	$	(9,214,354	)
Net loss per share, basic and diluted	$	(104.04	)	$	(120.25	)

LOSS PER SHARE

9 Months Ended

Mar. 31, 2024

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 after adjusting for the February 2023 Reverse Stock Split, and the January 2024 Reverse Stock Split. 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.

	2024			2023			2024			2023
	Three Months Ended March 31,						Nine Months Ended March 31,
	2024			2023			2024			2023
Net loss attributable to Intelligent Bio Solutions Inc.	$	(2,977,667	)	$	(6,343,906	)	$	(7,372,512	)	$	(7,972,799	)
Basic and diluted net loss per share attributed to common shareholders	$	(1.43	)	$	(68.67	)	$	(6.64	)	$	(104.04	)
Weighted-average number of shares outstanding		2,079,864			92,389			1,110,089			76,629

Post-Consolidated Company Reverse Stock Split: Anti-dilutive warrants and preferred stock

SCHEDULE OF ANTI-DILUTIVE WARRANTS

	2024		2023		2024		2023
	Three Months Ended March 31,				Nine Months Ended March 31,
	2024		2023		2024		2023
Warrants		6,841,930		104,564		6,841,930		104,564
Preferred Stock		-		380,896		-		380,896
Anti-dilutive securities		-		380,896		-		380,896

FAIR VALUE MEASUREMENTS

9 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 11. FAIR VALUE MEASUREMENTS

The Company held back 500,000 Series C Preferred Stock (Closing Holdback Shares), from the IFP Sellers for one year after the IFP Closing to secure potential indemnification claims by the Company against the IFP Sellers. Each share of Series C Preferred Stock was convertible into 0.0125 shares of common stock (as adjusted for January 2024 Reverse Stock Split).

Effective one year after the IFP Closing, the 500,000 Closing Holdback Shares were issued and immediately converted into an aggregate of 6,248 shares of common stock (as adjusted for January 2024 Reverse Stock Split).

See Note 5 for further information and disclosures relating to the conversion of the Series C Preferred Stock, including the Closing Holdback Shares.

The following table provides a reconciliation of the beginning and ending balance of the Closing Holdback Shares (in the form of Series C 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
Fair value gain on revaluation of holdback Series C Preferred Stock		(44,488	)
Conversion of holdback Series C Preferred Stock into Common Stock		(32,762	)
Balance at December 31, 2023		-
Fair value gain on revaluation of holdback Series C Preferred Stock		-
Balance at March 31, 2024	$	-

The Company did not have assets or liabilities carried at fair value using Level 1 inputs as of March 31, 2024 and 2023.

The Company did not have assets or liabilities carried at fair value using Level 3 inputs as of March 31, 2024. The Company had liabilities carried at fair value using Level 3 inputs as of March 31, 2023 amounting to $389,361 related to convertible note liabilities measured at fair value on a recurring basis.

The Company has not transferred any assets between fair value measurement levels during the three and nine months ended March 31, 2024 and 2023.

- 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

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements. Normal and recurring adjustments considered necessary for a fair statement of the results for the interim periods, in the opinion of the Company’s management, have been included. Operating results for the three and nine months ended March 31, 2024, 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 stock splits 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 stock splits 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 the related offering.

Use of estimates

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

Business combinations

The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of the acquisition. The Company uses the acquisition method of accounting and allocates the purchase price to the identifiable assets and liabilities of the relevant acquired business at their acquisition date fair values. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognized as goodwill. The allocation of the purchase price in a business combination requires the Company to perform valuations with significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates and selection of comparable companies. The Company engages the assistance of valuation specialists in concluding on fair value measurements in connection with determining fair value 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 a 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 expenses 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 that 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 the good or service deliverable.

Financial information presented on a consolidated basis is accompanied by disaggregated information about revenue and other income by product type 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” or “IFPG segment”)
	2)	Development Stage Saliva Glucose Biosensor Platform (“SGBP” or “SGBP segment”)

Revenues are used to evaluate the performance of the Company’s segments, the progress of major initiatives and the allocation of resources. All of the Company’s revenues are attributable to the IFPG segment during the three and nine months ended March 31, 2024 and 2023.

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

	2024		2023		2024		2023
	Three Months ended March 31,				Nine Months ended March 31,
	2024		2023		2024		2023
Sales of goods - cartridges	$	448,868	$	252,682	$	1,159,876	$	467,043
Sales of goods - readers		227,361		134,366		752,052		237,554
Other sales		147,571		70,010		472,029		109,140
Total revenue	$	823,800	$	457,058	$	2,383,957	$	813,737

Other income

The other income is mainly comprised of grant income and Research & 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 (extended to March 28, 2025 on April 16, 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 (“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.

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 deduct 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 $535,863 and $646,116 was recognized as a reduction to the CIP asset on the consolidated balance sheets as of March 31, 2024 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 March 31, 2024. Subsequent to the quarter ended March 31, 2024, on April 16, 2024, the Company entered into a Deed of Variation with Australian Government, Department of Industry, Science and Resources, extending the project completion date to March 28, 2025. The deed of variation also made certain modifications to the project costs. The overall budget of the project has been reduced by $1.65 million to account for the changes in scope of the project.

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 of 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 $34,011 and $112,293 deferred grant income was recognized within other income during the three and nine months ended March 31, 2024, respectively. Deferred grant income recognized within other income during the three and nine months ended March 31, 2023, was $26,576 and $125,128, respectively.

b) R&D tax refund

The Company measures the R&D grant income and receivable by considering the time spent by employees on eligible R&D activities and R&D costs incurred to external service providers. The R&D tax refund receivable is recognized when it is probable that the amount will be recovered in full through a future claim. A total of $49,831 and $234,624 of R&D tax refund income was recognized in other income during the three and nine months ended March 31, 2024, respectively. R&D tax refund income was $91,104 and $573,497 during the three and nine months ended March 31, 2023, 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.

Equity-Based Compensation

Equity-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, based on the terms of the awards. The fair value of the stock-based payments to nonemployees that are fully vested and non-forfeitable as at the grant date is measured and recognized at that date, unless there is a contractual term for services in which case such compensation would be amortized over the contractual term. To the extent possible, the Company will estimate and recognize expected forfeitures.

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 $144,026 and $86,909 for the three and nine months ended March 31, 2024, respectively. Foreign currency movements resulted in a loss of $77,787 and a gain of $148,251 for the three and nine months ended March 31, 2023, respectively.

Income taxes

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

As of March 31, 2024, 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 equivalents

The Company considers all highly liquid investments with a maturity of 90 days or less 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 March 31, 2024 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 March 31, 2024, and June 30, 2023, were $8,963,120 and $1,114,687, respectively. No losses have been incurred to date on any deposits.

Inventories, net

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.

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

In accordance with the ASC 360, Property, Plant, and Equipment, the Company’s PPE, except land, is stated at cost net of accumulated depreciation and impairment losses, if any. Land is stated at cost less any impairment losses. Costs incurred to acquire, construct, or install PPE, before the assets 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. The Company did not recognize any impairments of long-lived assets during the three and nine months ended March 31, 2024 and 2023.

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 its carrying value. Significant assumptions inherent in the valuation methodologies include, but were not limited to prospective financial information, growth rates, terminal value and discount rate. The Company determined the fair value of the reporting unit utilizing the discounted cash flow model. The fair value of the reporting unit was determined to be less than its carrying value. 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.

Recently issued accounting pronouncements

The Company assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board (“FASB”) 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 adopted during 2024 that impacted the Company.

Pending adoption:

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”)

In November 2023, the FASB issued ASU 2023-07 to enhance disclosures about significant segment expenses. The amendments in this ASU require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The amendments in this ASU also clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and provide new segment disclosure requirements for entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted. The ASU is to be applied retrospectively to all periods presented in the financial statements. The Company has not early adopted and continues to evaluate the impact of the provisions of ASU 2023-07 on its unaudited condensed consolidated financial statements.

Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”)

In December 2023, the FASB issued ASU 2023-09 to enhance disclosures about income taxes. The amendments in this ASU require a public entity to disclose in tabular format, using both percentages and reporting currency amounts, specific categories in the rate reconciliation and to provide additional information for reconciling items that meet a quantitative threshold. The amendments in this ASU also require taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. The ASU is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. The ASU is to be applied prospectively upon adoption. The Company has not early adopted and continues to evaluate the impact of the provisions of ASU 2023-09 on its unaudited condensed consolidated financial statements.

Concentration of credit risk

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

Fair value of financial instruments

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

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

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

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

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

The carrying amounts of cash equivalents, prepaid and other assets, accounts payable and accrued liabilities are representative of their respective fair values because of the short-term nature of those instruments.

SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED, BASED ON THEIR RELATIVE FAIR VALUES (Details) - Intelligent Fingerprinting Limited [Member]

Oct. 04, 2022

USD ($)

Business Acquisition [Line Items]

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

^[1]

[1]	The description of the IFP Acquisition below this table describes the purchase consideration on a post-Company’s Reverse Stock Splits basis.

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

SCHEDULE OF CLOSING HOLDBACK SHARES OF SERIES C PREFERRED STOCK AT FAIR VALUE ON RECURRING

	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
Fair value gain on revaluation of holdback Series C Preferred Stock		(44,488	)
Conversion of holdback Series C Preferred Stock into Common Stock		(32,762	)
Balance at December 31, 2023		-
Fair value gain on revaluation of holdback Series C Preferred Stock		-
Balance at March 31, 2024	$	-

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

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2024

Sep. 30, 2023

Mar. 31, 2023

Sep. 30, 2022

Mar. 31, 2024

Mar. 31, 2023

Jun. 30, 2023

Cash Flows from Operating Activities

Net loss

$ (2,986,765)

^[1],[2]

$ (2,432,424)

^[2]

$ (6,352,017)

^[1],[3]

$ (1,214,078)

^[3]

$ (7,395,572)

^[1]

$ (7,993,166)

^[1]

Adjustment to reconcile net loss to cash used in operating activities

Depreciation and amortization

737,906

702,487

Depreciation included in cost of revenue

8,602

Depreciation on leased assets

178,891

94,171

Non-cash loss on foreign currency translation, net

8,936

Provision for credit losses

6,759

Provision for inventory write-off

69,279

186,834

Goodwill impairment

^[1]

4,096,490

^[1]

4,096,490

^[1]

$ 4,200,000

Stock-based compensation

218,305

260,000

Non-cash refund of R&D expenditure claims

(112,293)

(125,128)

Fair value gain on revaluation of convertible notes

(1,455,078)

Fair value gain on revaluation of holdback Series C Preferred Stock

(175,738)

(607,800)

Non-cash other operating activities

8,053

Changes in operating assets and liabilities:

Accounts receivable

(66,040)

(296,049)

Inventories

102,002

(74,866)

Grant receivable/deferred grant income

(213,543)

Research and development tax incentive receivable

166,287

(225,408)

Other current assets

(187,273)

Accounts and other payables

(481,281)

(937,960)

Other payables

266,973

Other long-term liabilities

5,384

(25,687)

Operating lease liabilities

(165,072)

Net cash used in operating activities

(6,627,555)

(6,793,040)

Cash flows from Investing Activities

Cash acquired from business acquisition

174,481

Cash payment for business acquisition

(181,750)

Amount invested on construction in progress

(54,118)

(505,123)

Net cash used in investing activities

(54,118)

(512,392)

Cash flows from Financing Activities

Proceeds from issuance of common stock and warrants, net of issuance costs

3,786,164

2,554,463

Proceeds from exercise of warrants, net of issuance costs

1,651,498

Proceeds from private placement, net of issuance costs

9,117,581

Proceeds from issuance of preferred stock

220,578

Payment of equity issuance costs - others

(464,727)

Payment of equity issuance costs relating to acquisition of IFP

(806,397)

Payment of tax withholding for employee stock awards

(14,407)

Payment of finance lease liabilities

(100,297)

Net cash provided by financing activities

14,555,243

1,389,213

Effect of foreign exchange rates on cash and cash equivalents

(13,291)

(41,538)

Net increase (decrease) in cash and cash equivalents

7,860,279

(5,957,757)

Cash and cash equivalents, beginning of period

$ 1,537,244

$ 8,238,301

1,537,244

8,238,301

Cash and cash equivalents, end of period

$ 9,397,523

$ 2,280,544

9,397,523

2,280,544

$ 1,537,244

Non-cash investing and financing activities

Shares issued for business acquisition

5,530,667

Note receivable settled for business acquisition

504,398

Deferred consideration payable for business combination

399,250

Equity issuance costs in accounts payable and accrued expenses

185,688

54,187

Conversion of preferred shares into common shares

57,287

Conversion of holdback Series C Preferred Stock into common stock

32,762

Issuance of common stock upon cashless exercise of Series F warrants

$ 6,551

[1]	Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and 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-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.
[3]	Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

ORGANIZATION AND DESCRIPTION OF THE BUSINESS

9 Months Ended

Mar. 31, 2024

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 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 Splits

January 2024 Reverse Stock Split

On January 26, 2024, the Company filed a certificate of amendment to its amended and restated certificate of incorporation to effect, as of 5:00 p.m. January 26, 2024, a 1-for-12 reverse split of the Company’s common stock (the “January 2024 Reverse Stock Split”). The Company’s common stock began trading on a reverse stock split-adjusted basis on The Nasdaq Capital Market (“Nasdaq Capital Market” or “Nasdaq”) on January 29, 2024.

February 2023 Reverse Stock Split

On February 9, 2023, the Company filed a certificate of amendment to its amended and restated certificate of incorporation to effect, as of 5:00 p.m. February 9, 2023, a 1-for-20 reverse split of the Company’s common stock (the “February 2023 Reverse Stock Split”). The Company’s common stock began trading on a reverse stock split-adjusted basis on The Nasdaq Capital Market on February 10, 2023.

The reverse stock splits were implemented for the purpose of regaining compliance with the minimum bid price requirement for continued listing of the Company’s common stock on the Nasdaq Capital Market.

Unless otherwise indicated, all authorized, issued, and outstanding stock and per share amounts contained in the accompanying condensed consolidated financial statements have been adjusted to reflect both the 1-for-20 Reverse Stock Split on February 9, 2023 and the 1-for-12 Reverse Stock Split on January 26, 2024. The February 2023 Reverse Stock Split and the January 2024 Reverse Stock Split are collectively referred to herein as the “Company’s Reverse Stock Splits”.

Condensed Consolidated Statement of Changes in Shareholder's Equity (Unaudited) - USD ($)

Preferred Stock [Member]

Convertible Preferred Stock [Member]

Common Stock [Member]

Treasury Stock, Common [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

AOCI Attributable to Parent [Member]

Noncontrolling Interest [Member]

Total

Balance at Jun. 30, 2022

^[1]

$ 620

$ 38,588,290

$ (31,175,853)

$ (788,135)

$ (79,151)

$ 6,545,771

Balance, shares at Jun. 30, 2022

^[1]

62,042

Foreign currency translation loss

^[1]

(135,559)

Net loss

^[1]

(1,208,293)

(5,785)

(1,214,078)

Balance at Sep. 30, 2022

^[1]

$ 620

38,588,290

(32,384,146)

(923,694)

(84,936)

5,196,134

Balance, shares at Sep. 30, 2022

^[1]

62,042

Balance at Jun. 30, 2022

^[1]

$ 620

38,588,290

(31,175,853)

(788,135)

(79,151)

6,545,771

Balance, shares at Jun. 30, 2022

^[1]

62,042

Foreign currency translation loss

^[2]

148,251

Net loss

^[2]

(7,993,166)

Balance at Mar. 31, 2023

^[1]

$ 25,395

$ 1,405

$ (1)

45,788,100

(39,148,652)

(639,884)

(99,518)

5,926,846

Balance, shares at Mar. 31, 2023

^[1]

2,539,465

140,459

(116)

Balance at Sep. 30, 2022

^[1]

$ 620

38,588,290

(32,384,146)

(923,694)

(84,936)

5,196,134

Balance, shares at Sep. 30, 2022

^[1]

62,042

Foreign currency translation loss

^[1]

361,597

Net loss

^[1]

(420,600)

(6,471)

(427,071)

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

^[1]

$ 23,630

$ 124

4,700,517

4,724,271

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

^[1]

2,363,003

12,347

Issuance of Series D preferred stock, net of issuance costs

^[1]

$ 1,765

160,695

162,460

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

^[1]

176,462

Stock awards issued to employees

^[1]

$ 21

259,979

260,000

Stock awards issued to employees, shares

^[1]

2,084

Payment of tax withholding for employee stock awards

^[1]

$ (1)

(14,407)

Payment of tax withholding for employee stock awards, shares

^[1]

(116)

Balance at Dec. 31, 2022

^[1]

$ 25,395

$ 765

$ (1)

43,695,074

(32,804,746)

(562,097)

(91,407)

10,262,984

Balance, shares at Dec. 31, 2022

^[1]

2,539,465

76,473

(116)

Foreign currency translation loss

^[1]

(77,787)

^[2]

Net loss

^[1]

(6,343,906)

(8,111)

(6,352,017)

^[2]

Issuance of common stock and warrants, net of issuance costs

^[1]

$ 546

2,093,120

2,093,666

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

^[1]

54,583

Issuance of common stock upon cashless exercise of warrants

^[1]

$ 85

(85)

Issuanceof common stock upon cashless exercise of warrants, shares

^[1]

8,465

Reverse stock split rounding adjustment

^[1]

$ 9

(9)

Reverse stock split rounding adjustment, shares

^[1]

938

Balance at Mar. 31, 2023

^[1]

$ 25,395

$ 1,405

$ (1)

45,788,100

(39,148,652)

(639,884)

(99,518)

$ 5,926,846

Balance, shares at Mar. 31, 2023

^[1]

2,539,465

140,459

(116)

Balance at Jun. 30, 2023

$ 1,942

$ (1)

46,180,112

(41,807,573)

(575,496)

(111,986)

3,686,998

Balance, shares at Jun. 30, 2023

^[3]

194,200

(116)

Foreign currency translation loss

^[3]

(18,016)

Net loss

^[3]

(2,425,204)

(7,220)

(2,432,424)

Balance at Sep. 30, 2023

^[3]

$ 1,942

$ (1)

46,180,112

(44,232,777)

(593,512)

(119,206)

1,236,558

Balance, shares at Sep. 30, 2023

^[3]

194,200

(116)

Balance at Jun. 30, 2023

$ 1,942

$ (1)

46,180,112

(41,807,573)

(575,496)

(111,986)

3,686,998

Balance, shares at Jun. 30, 2023

^[3]

194,200

(116)

Foreign currency translation loss

^[2]

(86,909)

Net loss

^[2]

(7,395,572)

Balance at Mar. 31, 2024

^[3]

$ 29,135

$ (1)

60,946,174

(49,180,085)

(662,405)

(135,046)

10,997,772

Balance, shares at Mar. 31, 2024

^[3]

2,913,799

(116)

Balance at Sep. 30, 2023

^[3]

$ 1,942

$ (1)

46,180,112

(44,232,777)

(593,512)

(119,206)

1,236,558

Balance, shares at Sep. 30, 2023

^[3]

194,200

(116)

Foreign currency translation loss

^[3]

75,133

Net loss

^[3]

(1,969,641)

(6,742)

(1,976,383)

Issuance of common stock and warrants, net of issuance costs

^[3]

$ 57,287

$ 1,860

3,727,017

3,786,164

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

^[3]

5,728,723

186,018

Conversion of convertible preferred shares into common stock

^[3]

$ (57,287)

$ 4,774

52,513

Conversion of convertible preferred shares into common stock, shares

^[3]

(5,728,723)

477,394

Conversion of holdback Series C Preferred Stock into common stock

^[3]

$ 62

32,700

32,762

Conversion of holdback Series C Preferred Stock into common stock, shares

^[3]

6,248

Issuance of common stock upon cashless exercise of warrants

^[3]

$ 6,122

(6,122)

Issuanceof common stock upon cashless exercise of warrants, shares

^[3]

612,182

Balance at Dec. 31, 2023

^[3]

$ 14,760

$ (1)

49,986,220

(46,202,418)

(518,379)

(125,948)

3,154,234

Balance, shares at Dec. 31, 2023

^[3]

1,476,042

(116)

Foreign currency translation loss

^[3]

(144,026)

^[2]

Net loss

^[3]

(2,977,667)

(9,098)

(2,986,765)

^[2]

Issuance of common stock and warrants, net of issuance costs

^[3]

$ 6,291

1,645,207

1,651,498

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

^[3]

629,409

Issuance of common stock upon cashless exercise of warrants

^[3]

$ 429

429

Issuanceof common stock upon cashless exercise of warrants, shares

^[3]

42,904

Reverse stock split rounding adjustment

^[3]

$ 475

(475)

Reverse stock split rounding adjustment, shares

^[3]

47,501

Issuance of restricted stock to vendors

^[3]

$ 428

204,393

$ 204,821

Issuance of restricted stock to vendors, shares

^[3]

42,760

Issuance of common stock, Series I, H1 and H2 warrants, net of issuance costs

^[3]

$ 6,752

9,110,829

9,117,581

Issuance of common stock, Series I, H1 and H2 warrants, net of issuance costs, shares

^[3]

675,183

Balance at Mar. 31, 2024

^[3]

$ 29,135

$ (1)

$ 60,946,174

$ (49,180,085)

$ (662,405)

$ (135,046)

$ 10,997,772

Balance, shares at Mar. 31, 2024

^[3]

2,913,799

(116)

[1]	Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and 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-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.
[3]	Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Mar. 31, 2024

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” or “IFPG segment”)
	2)	Development Stage Saliva Glucose Biosensor Platform (“SGBP” or “SGBP segment”)

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

	2024		2023		2024		2023
	Three Months ended March 31,				Nine Months ended March 31,
	2024		2023		2024		2023
Sales of goods - cartridges	$	448,868	$	252,682	$	1,159,876	$	467,043
Sales of goods - readers		227,361		134,366		752,052		237,554
Other sales		147,571		70,010		472,029		109,140
Total revenue	$	823,800	$	457,058	$	2,383,957	$	813,737

Other income

Other income

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

a) Grant income

b) R&D tax refund

Development and regulatory approval expenses

Development and regulatory approval expenses

Equity-Based Compensation

Equity-Based Compensation

Foreign currency translation

Foreign currency translation

Income taxes

Income taxes

Cash and Cash equivalents

Cash and Cash equivalents

Inventories, net

Inventories, net

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”)

Recently issued accounting pronouncements

Recently issued accounting pronouncements

Pending adoption:

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”)

Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”)

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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Mar. 31, 2024

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:

	2024		2023		2024		2023
	Three Months ended March 31,				Nine Months ended March 31,
	2024		2023		2024		2023
Sales of goods - cartridges	$	448,868	$	252,682	$	1,159,876	$	467,043
Sales of goods - readers		227,361		134,366		752,052		237,554
Other sales		147,571		70,010		472,029		109,140
Total revenue	$	823,800	$	457,058	$	2,383,957	$	813,737

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

3 Months Ended

9 Months Ended

Mar. 12, 2024

Feb. 07, 2024

Oct. 04, 2023

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

^[2]

Sep. 30, 2023

^[2]

Jun. 30, 2023

Dec. 31, 2022

^[3]

Sep. 30, 2022

^[3]

Jun. 30, 2022

^[3]

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Proceeds from issuance of preferred stocks and warrants

$ 10,100,000

$ 1,770,000

$ 4,380,000

Sale of stock, consideration received net of transaction costs

$ 9,100,000

$ 1,580,000

$ 3,790,000

Net loss

^[1]

$ 2,977,667

$ 6,343,906

$ 7,372,512

$ 7,972,799

Shareholders' equity

10,997,772

^[2]

$ 5,926,846

^[3]

10,997,772

^[2]

$ 5,926,846

^[3]

$ 3,154,234

$ 1,236,558

$ 3,686,998

$ 10,262,984

$ 5,196,134

$ 6,545,771

Working capital

5,814,284

Accumulated deficit

49,180,085

41,807,573

Cash and cash equivalents

$ 9,397,523

$ 1,537,244

[1]	Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and 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-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.
[3]	Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and 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.

+ References

+ 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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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-Name Accounting Standards Codification
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
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-Section 65
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+ Details

SCHEDULE OF REVENUE, GOVERNMENT SUPPORT INCOME, NET LOSS AND LONG LIVED ASSETS AND INVENTORIES (Details) - USD ($)

3 Months Ended

9 Months Ended

Mar. 31, 2024

Dec. 31, 2023

^[2]

Sep. 30, 2023

^[2]

Mar. 31, 2023

Dec. 31, 2022

^[3]

Sep. 30, 2022

^[3]

Mar. 31, 2024

Mar. 31, 2023

Jun. 30, 2023

Revenue from External Customer [Line Items]

Total Revenue

^[1]

$ 823,800

$ 457,058

$ 2,383,957

$ 813,737

Total Government Support Income

^[1]

83,842

117,680

346,917

698,625

Total Revenue and Government Support Income

907,642

574,738

2,730,874

1,512,362

Net Loss

(2,986,765)

^[1],[2]

$ (1,976,383)

$ (2,432,424)

(6,352,017)

^[1],[3]

$ (427,071)

$ (1,214,078)

(7,395,572)

^[1]

(7,993,166)

^[1]

Total Long-Lived Assets

5,518,362

$ 6,492,051

Total Inventory

877,905

979,907

Total Long-Lived Assets and Inventory

6,396,267

7,471,958

UNITED KINGDOM

Revenue from External Customer [Line Items]

Total Revenue

799,811

371,210

2,210,409

676,883

Total Government Support Income

19,767

49,267

126,705

156,824

Total Long-Lived Assets

4,899,114

5,730,831

Total Inventory

810,889

880,696

AUSTRALIA

Revenue from External Customer [Line Items]

Total Revenue

8,789

33,676

Total Government Support Income

64,075

68,413

220,212

541,801

Total Long-Lived Assets

619,248

761,220

Total Inventory

67,016

99,211

Other Country [Member]

Revenue from External Customer [Line Items]

Total Revenue

15,200

85,848

139,872

136,854

IFPG [Member]

Revenue from External Customer [Line Items]

Total Revenue

823,800

457,058

2,383,957

813,737

Total Government Support Income

19,767

49,267

126,705

156,824

Total Revenue and Government Support Income

843,567

506,325

2,510,662

970,561

Net Loss

(1,083,630)

(4,792,919)

(2,732,728)

(4,454,451)

Total Long-Lived Assets

4,899,114

5,730,831

Total Inventory

877,905

979,907

Total Long-Lived Assets and Inventory

5,777,019

6,710,738

IFPG [Member] | UNITED KINGDOM

Revenue from External Customer [Line Items]

Total Revenue

799,811

371,210

2,210,409

676,883

Total Government Support Income

19,767

49,267

126,705

156,824

Total Long-Lived Assets

4,899,114

5,730,831

Total Inventory

810,889

880,696

IFPG [Member] | AUSTRALIA

Revenue from External Customer [Line Items]

Total Revenue

8,789

33,676

Total Government Support Income

Total Long-Lived Assets

Total Inventory

67,016

99,211

IFPG [Member] | Other Country [Member]

Revenue from External Customer [Line Items]

Total Revenue

15,200

85,848

139,872

136,854

SGBP [Member]

Revenue from External Customer [Line Items]

Total Revenue

Total Government Support Income

64,075

68,413

220,212

541,801

Total Revenue and Government Support Income

64,075

68,413

220,212

541,801

Net Loss

(1,903,135)

(1,559,098)

(4,662,844)

(3,538,715)

Total Long-Lived Assets

619,248

761,220

Total Inventory

Total Long-Lived Assets and Inventory

619,248

761,220

SGBP [Member] | UNITED KINGDOM

Revenue from External Customer [Line Items]

Total Revenue

Total Government Support Income

Total Long-Lived Assets

Total Inventory

SGBP [Member] | AUSTRALIA

Revenue from External Customer [Line Items]

Total Revenue

Total Government Support Income

64,075

68,413

220,212

541,801

Total Long-Lived Assets

619,248

761,220

Total Inventory

SGBP [Member] | Other Country [Member]

Revenue from External Customer [Line Items]

Total Revenue

[1]	Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and 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-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.
[3]	Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

Condensed Consolidated Statement of Operations and Other Comprehensive Loss (Unaudited) (Parenthetical)	Jan. 26, 2024	Feb. 09, 2023
Income Statement [Abstract]
Reverse stock split	1-for-12	1-for-20

INTANGIBLE ASSETS, NET (Tables)

9 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

SCHEDULE OF OTHER INTANGIBLE ASSETS

Intangible assets, net consist of the following as March 31, 2024:

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	$	593,210	$	1,362,142	$	4,350,068
Customer relationships	3 years		252,000		29,203		140,602		140,601
Trade names and trademarks	Indefinite		92,000		10,661		-		102,661
Total intangible assets		$	5,463,000	$	633,074	$	1,502,744	$	4,593,330

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	$	221,164
2025		884,656
2026		814,355
2027		790,921
2028		790,921
Thereafter		988,652
Total	$	4,490,669

INTANGIBLE ASSETS, NET

9 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

NOTE 7. INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following as March 31, 2024:

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	$	593,210	$	1,362,142	$	4,350,068
Customer relationships	3 years		252,000		29,203		140,602		140,601
Trade names and trademarks	Indefinite		92,000		10,661		-		102,661
Total intangible assets		$	5,463,000	$	633,074	$	1,502,744	$	4,593,330

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 and nine months ended March 31, 2024, was $283,708 and $726,168, respectively. Expenses related to the amortization of intangible assets for the three and nine months ended March 31, 2023, was $346,548 and $686,570, respectively.

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


Remainder of 2024	$	221,164
2025		884,656
2026		814,355
2027		790,921
2028		790,921
Thereafter		988,652
Total	$	4,490,669

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

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($) $ in Thousands	Apr. 01, 2024	Apr. 16, 2024
Project cost	$ 1,650	$ 1,650
Employee [Member] \| 2019 Long Term Incentive Plan [Member]
Shares issued under incentive plan	3,250
Prefunded Warrants [Member]
Warrant exercised	200,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

SCHEDULE OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS (Details)	9 Months Ended
	Mar. 31, 2023 USD ($) $ / shares
Revenue	$ 813,737
Net loss	(7,993,166)
Net loss attributable to Intelligent Bio Solutions Inc.	$ (7,972,799)
Net loss per share, basic \| $ / shares	$ (104.04)
Net loss per share, diluted \| $ / shares	$ (104.04)
Pro Forma [Member]
Revenue	$ 1,161,223
Net loss	(9,234,721)
Net loss attributable to Intelligent Bio Solutions Inc.	$ (9,214,354)
Net loss per share, basic \| $ / shares	$ (120.25)
Net loss per share, diluted \| $ / shares	$ (120.25)

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUBSEQUENT EVENTS

9 Months Ended

Mar. 31, 2024

Subsequent Events

SUBSEQUENT EVENTS

NOTE 15. SUBSEQUENT EVENTS

Subsequent to the quarter ended March 31, 2024, (i) an investor in the March 2024 Offering exercised 200,000 Pre-Funded Warrants and (ii) the Company issued 3,250 employee shares of common stock to an employee under the 2019 Plan.

Subsequent to the quarter ended March 31, 2024, the Company entered into a Deed of Variation with Australian Government, Department of Industry, Science and Resources amending the original grant agreement dated June 30, 2021. The deed of variation extended the project completion date to March 28, 2025. The deed of variation also made certain modifications to the project costs. The overall budget of the project has been reduced by $1.65 million to account for changes in scope of the project.

Cover - shares	9 Months Ended
Cover - shares	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q3
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		3,117,049

NOTE PAYABLE (Details Narrative)	9 Months Ended
NOTE PAYABLE (Details Narrative)	Mar. 31, 2024
Debt Disclosure [Abstract]
Interest rate, debt	0.97%
Gross revenue, rate	10.00%
Sales to distributor, rate	50.00%

SCHEDULE OF LEASE EXPENSES (Details) - USD ($)	3 Months Ended		9 Months Ended
SCHEDULE OF LEASE EXPENSES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Leases
Amortization of operating lease right-of-use assets	$ 60,062	$ 45,548	$ 178,891	$ 94,171
Interest on operating lease liabilities	20,704	23,712	61,022	46,160
Total lease costs	$ 80,766	$ 69,260	$ 239,913	$ 140,331

SHAREHOLDERS’ EQUITY (Details Narrative)

3 Months Ended

9 Months Ended

Mar. 12, 2024

USD ($)

Mar. 08, 2024

USD ($)

$ / shares

Feb. 29, 2024

USD ($)

Feb. 07, 2024

USD ($)

Feb. 04, 2024

USD ($)

$ / shares

Jan. 26, 2024

Oct. 04, 2023

USD ($)

$ / shares

May 10, 2023

Feb. 09, 2023

Mar. 31, 2024

USD ($)

Dec. 31, 2023

Mar. 31, 2023

^[1]

Dec. 31, 2022

Mar. 31, 2024

USD ($)

Mar. 31, 2023

USD ($)

Jun. 30, 2023

Accumulated Other Comprehensive Income (Loss) [Line Items]

Warrants to purchase common stock

6,841,930

Common Stock, Shares, Issued

2,913,799

194,200

Sale of stock, consideration received net of transaction costs | $

$ 9,100,000

$ 1,580,000

$ 3,790,000

Stockholders equity, reverse stock split

1-for-12

1-for-20

Underwriters warrants to purchase percentage

5.00%

Number of shares converted

6,248

Number of shares issued

500,000

Expense related agreement | $

$ 218,305

$ 260,000

IFP Sellers [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Post company reverse stock splits

6,248

Closing holdback shares

74,971

Series E Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Warrants exercise price, per share | $ / shares

$ 0.55

Reverse stock split per share | $ / shares

$ 6.60

Series E Convertible Preferred Stock [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Number of shares converted

5,728,723

Series F Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Post company reverse stock splits

612,182

Common stock issued upon warrant exercise

7,346,178

Series C Preferred Stock [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Preferred stock convertible conversion ratio

0.15

0.0125

Reverse stock split convertible conversion ratio

0.0125

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

Closing holdback shares

500,000

January 2024 Reverse Stock Split [Member] | Series E Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Warrants exercise price, per share | $ / shares

$ 2.9232

Stockholders equity, reverse stock split

(i) the then exercise price and (ii) 90% of the five-day volume weighted average price for the five trading days immediately following the date the Company effects a reverse stock split. As a result of the January 2024 Reverse Stock Split, the exercise price of the Series E Warrants was reset to $2.9232 per share. The original exercise price of the Series F Warrants was $0.55 per share ($6.60 post-Company’s Reverse Stock Splits), but is subject to an alternate cashless exercise option pursuant to which the holder has the right to receive an aggregate number of shares of common stock on a one-for-one basis (one-for-1/12 post-Company’s Reverse Stock Splits) (subject to adjustment)

January 2024 Reverse Stock Split [Member] | Series F Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Warrants exercise price, per share | $ / shares

$ 0.55

Reverse stock split per share | $ / shares

6.60

Securities Purchase Agreement [Member] | March 2024 Private Placement [Member] | Series H-2 Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Warrants expiration term

5 years 6 months

Securities Purchase Agreement [Member] | March 2024 Private Placement [Member] | Series H-1 and H-2 Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Series H-1 and H-2 warrants exercised | $ / shares

$ 4.55

October 2023 Offering [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Series H-1 and H-2 warrants exercised | $ / shares

$ 0.55

Common Stock, Shares, Issued

2,232,221

Post company reverse stock splits

186,018

Proceeds from Issuance or Sale of Equity | $

$ 4,380,000

Sale of stock, consideration received net of transaction costs | $

$ 3,790,000

October 2023 Offering [Member] | Series E Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Warrants expiration term

5 years 6 months

October 2023 Offering [Member] | Series E Convertible Preferred Stock [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Preferred Stock, Shares Issued

5,728,723

October 2023 Offering [Member] | Series E Preferred Stock [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Post company reverse stock splits

663,412

Number of warrants, shares

7,960,944

October 2023 Offering [Member] | Series F Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Post company reverse stock splits

663,412

Number of warrants, shares

7,960,944

October 2023 Offering [Member] | March 2024 Private Placement [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Proceeds from offering | $

$ 10,100,000

Placement Agency Agreement [Member] | March 2024 Private Placement [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Sale of stock description of transaction

(i) a cash fee equal to 8.0% of the gross proceeds received by the Company in the March 2024 Offering, (ii) a management fee equal to 1.0% of the gross proceeds received by the Company in the March 2024 Offering, (iii) common stock purchase warrants to purchase such number of shares of common stock equal to 5% of the aggregate number Shares and Pre-Funded Warrants sold in the March 2024 Offering, which warrants are to have an exercise price equal to 125% of the offering price per share and an expiration date of 5 years from issuance (the “Placement Agent Warrants”); (iv) a cash fee equal to 9.0% of the gross proceeds received by the Company from the cash exercise of any H-1 Warrants and H-2 Warrants; and (vi) reimbursement of the Agent’s expenses in an amount up to $145,000.

Cash fee | $

$ 145,000

Warrant Inducement Agreements [Member] | Series E Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Warrants exercise price, per share | $ / shares

$ 2.9232

Proceeds from issuance of warrants | $

$ 1,770,000

Warrant Inducement Agreements [Member] | Series G Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Series G warrrants exercise price | $ / shares

$ 4.50

Warrants expiration term

5 years 6 months

Consulting Agreement [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Cash fee | $

$ 25,000

Restricted shares of common stock

37,500

Expense related agreement | $

179,625

Advisory Agreement [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Cash fee | $

$ 5,000

Restricted shares of common stock

5,260

Expense related agreement | $

25,195

$ 25,195

Grant of restricted common stock | $

$ 4,000

$ 12,000

Common Stock [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Warrants exercise price, per share | $ / shares

$ 0.6875

Post company reverse stock splits

33,171

477,394

Reverse stock split per share | $ / shares

$ 8.25

Public offering shares

398,047

Closing holdback shares

^[1]

12,347

Number of shares issued

43,902

5,728,723

Common stock issued upon warrant exercise

42,904

^[2]

612,182

^[2]

8,465

Common Stock [Member] | Securities Purchase Agreement [Member] | March 2024 Private Placement [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stock Issued During Period, Shares, New Issues

675,183

Series G warrrants exercise price | $ / shares

$ 0.01

Common Stock [Member] | Warrant Inducement Agreements [Member] | Series E Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Shares, issued

606,064

Warrant [Member] | Securities Purchase Agreement [Member] | March 2024 Private Placement [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stock Issued During Period, Shares, New Issues

1,548,150

Warrant [Member] | Securities Purchase Agreement [Member] | March 2024 Private Placement [Member] | Series H-1 Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stock Issued During Period, Shares, New Issues

2,223,333

Warrant [Member] | Securities Purchase Agreement [Member] | March 2024 Private Placement [Member] | Series H-2 Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stock Issued During Period, Shares, New Issues

2,223,333

[1]	Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and 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-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.

INTANGIBLE ASSETS, NET (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
INTANGIBLE ASSETS, NET (Details Narrative) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of other intangible assets	$ 283,708	$ 346,548	$ 726,168	$ 686,570
Impairment charges of goodwill and intangible assets			$ 0

SCHEDULE OF INVENTORIES (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Inventory Disclosure [Abstract]
Raw material & work-in-progress	$ 625,771	$ 419,889
Finished goods	518,468	757,518
Less: provision for inventory obsolescence	(266,334)	(197,500)
Inventory, net	$ 877,905	$ 979,907

ORGANIZATION AND DESCRIPTION OF THE BUSINESS (Details Narrative)	Jan. 26, 2024	Feb. 09, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reverse stock split	1-for-12	1-for-20
February 2023 Reverse Stock Split [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reverse stock split		1-for-20

SCHEDULE OF MATURITIES OF OPERATING LEASES TO OPERATING LEASE LIABILITIES (Details)	Mar. 31, 2024 USD ($)
Leases
Remainder of 2024	$ 74,181
2025	308,145
2026	82,964
Total lease payments	465,290
Less: present value discount	(50,751)
Lease liabilities	$ 414,539

Condensed Consolidated Balance Sheets - USD ($)

Mar. 31, 2024

Jun. 30, 2023

Current assets:

Cash and cash equivalents

$ 9,397,523

$ 1,537,244

Accounts receivable, net

431,646

293,861

Inventories, net

877,905

979,907

Research and development tax incentive receivable

332,471

498,758

Other current assets

481,046

552,791

Total current assets

11,520,591

3,862,561

Property and equipment, net

559,520

690,175

Operating lease right-of-use assets

365,512

546,475

Intangibles, net

4,593,330

5,255,401

Total assets

17,038,953

10,354,612

Current liabilities:

Accounts payable and accrued expenses

2,128,747

2,610,028

Current portion of operating lease liabilities

260,377

223,447

Current portion of deferred grant income

2,288,660

2,338,057

Current employee benefit liabilities

660,010

358,942

Current portion of notes payable

368,513

353,211

Total current liabilities

5,706,307

5,883,685

Employee benefit liabilities, less current portion

30,286

24,902

Operating lease liabilities, less current portion

154,162

356,165

Notes payable, less current portion

150,426

402,862

Total liabilities

6,041,181

6,667,614

Commitments and contingencies (Note 13)

Shareholders’ equity

Common stock, $0.01 par value, 100,000,000 shares authorized, 2,913,799 and 194,200 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively

^[1]

29,135

1,942

Treasury stock, at cost, 116 shares as of March 31, 2024 and June 30, 2023, respectively

^[1]

(1)

Additional paid-in capital

60,946,174

46,180,112

Accumulated deficit

(49,180,085)

(41,807,573)

Accumulated other comprehensive loss

(662,405)

(575,496)

Total consolidated Intelligent Bio Solutions Inc. equity

11,132,818

3,798,984

Non-controlling interest

(135,046)

(111,986)

Total shareholders’ equity

10,997,772

^[2]

3,686,998

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 17,038,953

$ 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-12 reverse stock split effected on January 26, 2024, and 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-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.