0001493152-24-036953 | 10-K | XBRL Viewer | Intelligent BIO Solutions INC

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SCHEDULE OF MATURITIES OF OPERATING LEASES TO OPERATING LEASE LIABILITIES (Details)	Jun. 30, 2024 USD ($)
Leases [Abstract]
2025	$ 308,770
2026	83,509
Total lease payments	392,279
Less: imputed interest	(36,121)
Present value of lease liabilities	$ 356,158

FAIR VALUE MEASUREMENTS (Details Narrative)	12 Months Ended
FAIR VALUE MEASUREMENTS (Details Narrative)	Jun. 30, 2024 shares	Oct. 04, 2023	Feb. 09, 2023	Oct. 04, 2022
Conversion of stock shares	500,000
Conversion of stock shares	6,248
Series C Preferred Stock [Member]
Preferred stock convertible conversion ratio		0.15	0.0125
Series C Preferred Stock [Member] \| Share Exchange Agreement [Member]
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]
Preferred stock convertible conversion ratio	0.0125

SCHEDULE OF CLOSING HOLDBACK SHARES OF SERIES C PREFERRED STOCK AT FAIR VALUE ON RECURRING (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 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)	$ (616,800)
Conversion of Series C Preferred Stock into Common Stock	57,287	36,888
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	208,500
Fair value of holdback Series C Preferred Stock at acquisition		825,300
Fair value gain on revaluation of holdback Series C Preferred Stock	(175,738)	(616,800)
Conversion of Series C Preferred Stock into Common Stock	(32,762)
Preferred Stock carried at fair value, ending value		$ 208,500

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Tables)

12 Months Ended

Jun. 30, 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

Unaudited pro-forma consolidated results of operations for the year ended June 30, 2024, is 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 year ended June 30, 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:

	Reported			Pro forma
	Year Ended June 30, 2023
	Reported			Pro forma
Revenue	$	1,256,872		$	1,604,358
Net loss		(10,664,555	)		(11,906,109	)
Net loss attributable to Intelligent Bio Solutions Inc.		(10,631,720	)		(11,873,274	)
Net loss per share, basic and diluted		(127.00	)		(141.84	)

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

SCHEDULE OF OTHER INTANGIBLE ASSETS

Intangible assets, net consist of the following as June 30, 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	$	593,026	$	1,559,822	$	4,152,204
Customer relationships	3 years		252,000		29,194		164,030		117,164
Trade names and trademarks	Indefinite		92,000		10,658		-		102,658
Total intangible assets		$	5,463,000	$	632,878	$	1,723,852	$	4,372,026

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:


2025	$	884,627
2026		814,329
2027		790,896
2028		790,896
2029		790,896
Thereafter		197,724
Total	$	4,269,368

NOTE PAYABLE (Details Narrative)	12 Months Ended
NOTE PAYABLE (Details Narrative)	Jun. 30, 2024
Debt Disclosure [Abstract]
Interest rate, debt	0.97%
Gross revenue, rate	10.00%
Sales to distributor, rate	50.00%

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (Parenthetical) - Intelligent Fingerprinting Limited [Member] - Second Installment [Member]	12 Months Ended
	Jun. 30, 2024 USD ($) shares
Restructuring Cost and Reserve [Line Items]
Fair value of held-back shares \| $	$ 208,500
No. of held back Series C Preferred Stock \| shares	500,000

- Definition

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

+ References + Details

OTHER CURRENT ASSETS (Tables)

12 Months Ended

Jun. 30, 2024

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

SCHEDULE OF OTHER CURRENT ASSETS

Other current assets consist of the following:

SCHEDULE OF OTHER CURRENT ASSETS

	June 30, 2024		June 30, 2023
Prepayments	$	363,071	$	359,953
Goods and services tax receivable		17,011		20,418
Deposits		111,189		118,193
Deferred charges		-		34,100
Other receivables		6,301		20,127
Total	$	497,572	$	552,791

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 8. PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT

	June 30, 2024			June 30, 2023
Production equipment	$	35,724		$	30,348
Leasehold improvements		20,074			20,069
Other equipment		27,417			27,411
Construction in progress (CIP)		543,410			646,116
Gross property and equipment		626,625			723,944
Less: accumulated depreciation and amortization		(60,775	)		(33,769	)
Property and equipment, net	$	565,850		$	690,175

The Company recorded expense of $15,108 and $33,769 in relation to the depreciation of property and equipment for the year ended June 30, 2024, and 2023 respectively.

The Company incurred no costs toward the construction of a building at the University of Newcastle during the year ended June 30, 2024, compared to a total of $509,416 incurred during the year ended June 30, 2023. The Australian government reimbursed the Company for 50% of the incurred costs. Therefore, the Company has recorded the CIP as net of reimbursement received as of June 30, 2024 and 2023.

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

	June 30, 2024			June 30, 2023
Investments in construction in progress	$	1,086,820		$	1,292,232
Less: 50% contributed under government grant		(543,410	)		(646,116	)
Carrying amount	$	543,410		$	646,116

COMMITMENTS AND CONTINGENCIES (Details Narrative) - Cliantha Research [Member] - USD ($)	Feb. 09, 2024	Jun. 30, 2024
Payment for milestone	$ 494,197
Remaining milestone payments		$ 197,679

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Insider Trading Arrangements [Line Items]
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

OTHER CURRENT ASSETS

12 Months Ended

Jun. 30, 2024

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

OTHER CURRENT ASSETS

NOTE 7. OTHER CURRENT ASSETS

Other current assets consist of the following:

SCHEDULE OF OTHER CURRENT ASSETS

	June 30, 2024		June 30, 2023
Prepayments	$	363,071	$	359,953
Goods and services tax receivable		17,011		20,418
Deposits		111,189		118,193
Deferred charges		-		34,100
Other receivables		6,301		20,127
Total	$	497,572	$	552,791

FAIR VALUE MEASUREMENTS

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 14. FAIR VALUE MEASUREMENTS

Convertible notes

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, 2022	$	-
Fair value of holdback Series C Preferred Stock at acquisition (Note 5)		825,300
Fair value gain on revaluation of holdback Series C Preferred Stock		(616,800	)
Balance at June 30, 2023		208,500
Fair value gain on revaluation of holdback Series C Preferred Stock		(175,738	)
Conversion of Series C Preferred Stock into Common Stock		(32,762	)
Balance at June 30, 2024	$	-

The Company did not have assets or liabilities carried at fair value using Level 1 inputs as of June 30, 2024 and 2023.

The Company did not have assets or liabilities carried at fair value using Level 3 inputs as of June 30, 2024 and 2023.

The Company has not transferred any assets between fair value measurement levels during the years ended June 30, 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.

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+ Details

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

12 Months Ended

Mar. 12, 2024

Feb. 07, 2024

Oct. 04, 2023

Jun. 30, 2024

Jun. 30, 2023

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

$ 9,120,000

$ 1,580,000

$ 3,790,000

Net loss

^[1]

$ 10,156,759

$ 10,631,720

Shareholders' equity

8,183,191

^[2]

3,686,998

^[2]

$ 6,545,771

Working capital

3,080,000.00

Accumulated deficit

^[2]

51,964,332

41,807,573

Cash and cash equivalents

^[2]

$ 6,304,098

$ 1,537,244

[1]	Common Stock and per share amounts have been retroactively adjusted to reflect the decreased number of shares resulting from the
[2]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the
[3]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the

- Definition

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

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

- Definition

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

+ References

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+ Details

INCOME TAX (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The components of net deferred taxes are as follows:

	June 30, 2024			June 30, 2023
Deferred tax assets (liabilities):
Net operating loss - U.S.	$	4,182,278		$	3,914,445
Net operating loss - Foreign		6,090,380			5,347,487
Employee benefits		118,132			153,199
Inventory adjustments		(1,124	)		38,034
Foreign exchange		31,902			77,539
Total deferred tax assets, net		10,421,568			9,530,704
Less: valuation allowance		(10,421,568	)		(9,530,704	)
Net deferred taxes	$	—		$	—

SCHEDULE OF PROVISION FOR INCOME TAXES

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

SCHEDULE OF PROVISION FOR INCOME TAXES

	2024		2023
	Year Ended June 30,
	2024		2023
Current	$	—	$	—
Deferred		—		—
Total	$	—	$	—

SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE (BENEFIT)

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

	2024			2023
	Year Ended June 30,
	2024			2023
U.S. federal statutory rate applies to pretax income (loss)	$	(1,848,116	)	$	(2,310,635	)

Different tax rate of subsidiary		(99,401	)		(18,715	)
Permanent differences		246,168			680,221
Tax benefit on carry forward losses of acquired business		-			(3,289,886	)
Cumulative adjustment to deferred taxes		797,234			1,681,562
Change in state tax rates and other		13,250			(209,226	)
Change in valuation allowance		890,865			3,466,679
Total income tax provision (benefit)	$	—		$	—

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Jun. 30, 2024	Sep. 16, 2024	Dec. 31, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	FY
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	135 West, 41ST Street,
Entity Address, Address Line Three	5th Floor,
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 5,986,356
Entity Common Stock, Shares Outstanding		4,249,782
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	1195
Auditor Name	UHY LLP
Auditor Location	Melville, New York

SCHEDULE OF OTHER CURRENT ASSETS (Details) - USD ($)

Jun. 30, 2024

Jun. 30, 2023

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

Prepayments

$ 363,071

$ 359,953

Goods and services tax receivable

17,011

20,418

Deposits

111,189

118,193

Deferred charges

34,100

Other receivables

6,301

20,127

Total

^[1]

$ 497,572

$ 552,791

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the

SHAREHOLDERS’ EQUITY (Details Narrative)

3 Months Ended

12 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

Dec. 31, 2023

Jun. 30, 2024

USD ($)

$ / shares

Jun. 30, 2023

USD ($)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Warrants to purchase common stock

6,310,684

Common Stock, Shares, Issued

3,456,000

194,200

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

$ 9,120,000

$ 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 | $

$ 230,496

$ 260,000

Board of Directors Chairman [Member] | 2019 Stock Incentive Plan [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Shares issuance

133,333

Employees [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Expense related agreement | $

$ 19,578

Shares granted

5,762

Weighted average grant date fair value | $ / shares

$ 3.40

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

Issuance of common stock upon cashless exercise of warrants, shares

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

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

Grant of restricted common stock | $

$ 4,000

12,000

Clear Think Agreement [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Expense related agreement | $

$ 25,195

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

Issuance of common stock upon cashless exercise of warrants, shares

^[1]

655,086

16,099

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

Shares issuance

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]

Shares issuance

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]

Shares issuance

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]

Shares issuance

2,223,333

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)

Jun. 30, 2024

Jun. 30, 2023

Property, Plant and Equipment [Line Items]

Gross property and equipment

$ 626,625

$ 723,944

Less: accumulated depreciation and amortization

(60,775)

(33,769)

Property and equipment, net

^[1]

565,850

690,175

Equipment [Member]

Property, Plant and Equipment [Line Items]

Gross property and equipment

35,724

30,348

Leasehold Improvements [Member]

Property, Plant and Equipment [Line Items]

Gross property and equipment

20,074

20,069

Other Machinery and Equipment [Member]

Property, Plant and Equipment [Line Items]

Gross property and equipment

27,417

27,411

Construction in Progress [Member]

Property, Plant and Equipment [Line Items]

Gross property and equipment

$ 543,410

$ 646,116

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

SCHEDULE OF PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT

	June 30, 2024			June 30, 2023
Production equipment	$	35,724		$	30,348
Leasehold improvements		20,074			20,069
Other equipment		27,417			27,411
Construction in progress (CIP)		543,410			646,116
Gross property and equipment		626,625			723,944
Less: accumulated depreciation and amortization		(60,775	)		(33,769	)
Property and equipment, net	$	565,850		$	690,175

SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED BALANCE SHEETS

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

	June 30, 2024			June 30, 2023
Investments in construction in progress	$	1,086,820		$	1,292,232
Less: 50% contributed under government grant		(543,410	)		(646,116	)
Carrying amount	$	543,410		$	646,116

SCHEDULE OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS (Details)	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 884,627
2026	814,329
2027	790,896
2028	790,896
2029	790,896
Thereafter	197,724
Total	$ 4,269,368

SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
U.S. federal statutory rate applies to pretax income (loss)	$ (1,848,116)	$ (2,310,635)
Different tax rate of subsidiary	(99,401)	(18,715)
Permanent differences	246,168	680,221
Tax benefit on carry forward losses of acquired business		(3,289,886)
Cumulative adjustment to deferred taxes	797,234	1,681,562
Change in state tax rates and other	13,250	(209,226)
Change in valuation allowance	890,865	3,466,679
Total

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

INVENTORIES, NET (Tables)

12 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

SCHEDULE OF INVENTORIES

Inventories consist of the following:

SCHEDULE OF INVENTORIES

	June 30, 2024		June 30, 2023

Raw material /Work-in-progress	$	188,693	$	419,889
Finished goods		588,844		757,518
Less: provision for inventory obsolescence		-		(197,500	)
Inventories, net	$	777,537	$	979,907

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

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Product Information [Line Items]

Total revenue

^[1]

$ 3,111,781

$ 1,256,872

Sales of Goods - Cartidges [Member]

Product Information [Line Items]

Total revenue

1,549,409

724,304

Sales of Goods - Readers [Member]

Product Information [Line Items]

Total revenue

938,897

335,863

Other Sales [Member]

Product Information [Line Items]

Total revenue

$ 623,475

$ 196,705

[1]	Common Stock and per share amounts have been retroactively adjusted to reflect the decreased number of shares resulting from the

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

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

Preferred Stock [Member]

Convertible Preferred Stock [Member]

Common Stock [Member]

Treasury Stock, Common [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

AOCI Attributable to Parent [Member]

Noncontrolling Interest [Member]

Total

Balance at Jun. 30, 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

Reverse stock split rounding adjustment

^[1]

$ 9

(9)

Reverse stock split rounding adjustment, shares

^[1]

938

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

^[1]

$ 23,630

$ 124

4,700,516

$ 4,724,270

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)

(14,406)

(14,407)

Payment of tax withholding for employee stock awards, shares

^[1]

(116)

Issuance of common stock, Series E Preferred Stock and warrants, net of issuance costs

^[1]

$ 546

2,093,121

2,093,667

Issuance of common stock, Series E preferred stock and warrants, net of issuance costs, shares

^[1]

54,583

Issuance of common stock upon cashless exercise Series F warrants

^[1]

$ 161

(161)

Issuance of common stock upon cashless exercise Series F warrants, shares

^[1]

16,099

Conversion of convertible notes payable into Series C preferred stock

^[1]

$ 11,493

355,660

367,153

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

^[1]

1,149,274

Conversion of convertible preferred shares into common stock

^[1]

$ (36,888)

$ 461

36,427

Conversion of convertible preferred shares into common stock, shares

^[1]

(3,688,739)

46,107

Foreign currency translation loss

^[1]

212,639

^[2]

Net loss

^[1]

(10,631,720)

(32,835)

(10,664,555)

^[2]

Balance at Jun. 30, 2023

^[1]

$ 1,942

^[1]

$ (1)

^[1]

46,180,112

^[1]

(41,807,573)

^[1]

(575,496)

^[1]

(111,986)

^[1]

3,686,998

^[3]

Balance, shares at Jun. 30, 2023

^[1]

194,200

(116)

Reverse stock split rounding adjustment

^[1]

$ 475

(475)

Reverse stock split rounding adjustment, shares

^[1]

47,501

Stock awards issued to employees

^[1]

$ 58

13,617

13,675

Stock awards issued to employees, shares

^[1]

5,762

Issuance of common stock, Series E Preferred Stock and warrants, net of issuance costs

^[1]

$ 57,287

$ 1,860

3,727,017

3,786,164

Issuance of common stock, Series E preferred stock and warrants, net of issuance costs, shares

^[1]

5,728,723

186,018

Issuance of common stock upon cashless exercise Series F warrants

^[1]

$ 6,551

(6,122)

429

Issuance of common stock upon cashless exercise Series F warrants, shares

^[1]

655,086

Conversion of convertible preferred shares into common stock

^[1]

$ (57,287)

$ 4,774

52,513

Conversion of convertible preferred shares into common stock, shares

^[1]

(5,728,723)

477,394

Foreign currency translation loss

^[1]

(137,118)

^[2]

Net loss

^[1]

(10,156,759)

(34,173)

(10,190,932)

^[2]

Conversion of holdback Series C Preferred Stock into common stock

^[1]

$ 62

32,700

32,762

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

^[1]

6,248

Issuance of common stock upon cash exercise of Series E warrants

^[1]

$ 6,291

1,645,207

1,651,498

Issuance of common stock, Series E preferred stock and warrants, net of issuance costs, shares

^[1]

629,409

Issuance of restricted stock to vendors

^[1]

$ 479

216,342

216,821

Issuance of restricted stock to vendors, shares

^[1]

47,889

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

^[1]

$ 6,752

9,110,829

9,117,581

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

^[1]

675,183

Issuance of common stock upon exercise of Pre-funded warrants

^[1]

$ 5,313

5,313

Issuance of common stock upon exercise of Pre-funded warrants, shares

^[1]

531,310

Balance at Jun. 30, 2024

^[1]

$ 34,557

^[1]

$ (1)

^[1]

$ 60,971,740

^[1]

$ (51,964,332)

^[1]

$ (712,614)

^[1]

$ (146,159)

^[1]

$ 8,183,191

^[3]

Balance, shares at Jun. 30, 2024

^[1]

3,456,000

(116)

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the
[2]	Common Stock and per share amounts have been retroactively adjusted to reflect the decreased number of shares resulting from the
[3]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the

RELATED-PARTY TRANSACTIONS (Details Narrative) - October 2023 Offering [Member] - $ / shares	12 Months Ended
	Jun. 30, 2024	Oct. 04, 2023
Related Party Transaction [Line Items]
Public offering price		$ 0.55
Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Stock purchased, shares	112,727
Public offering price	$ 0.55
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

LEASES

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

NOTE 12. LEASES

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

SCHEDULE OF LEASE EXPENSES

	2024		2023
	Year Ended June 30,
	2024		2023
Amortization of operating lease right-of-use assets	$	238,730	$	152,251
Interest on operating lease liabilities		71,667		68,357
Total operating lease costs	$	310,397	$	220,608

As of June 30, 2024, the weighted average remaining lease-term and discount rate on the Company’s leases were 1.3 years and 13.2%, respectively.

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

The reconciliation of the maturities of the operating leases to the operating lease liabilities recorded in the consolidated balance sheet as of June 30, 2024, is as follows:


2025	$	308,770
2026		83,509
Total lease payments		392,279
Less: imputed interest		(36,121	)
Present value of lease liabilities	$	356,158

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 16. 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 June 30, 2024, $197,679 remains payable under the agreement.

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

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

Consolidated Statements of Cash Flows - USD ($)

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Cash Flows from Operating Activities

Net loss

^[1],[2]

$ (10,190,932)

$ (10,664,555)

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

Depreciation and amortization

974,355

814,481

Amortization on right-of-use assets

238,730

152,251

Non-cash loss on foreign currency translation, net

1,178

9,829

Provision for credit losses

6,772

Provision for inventory obsolescence

69,676

189,670

Goodwill impairment

^[2]

4,158,670

Share-based compensation

230,496

260,000

Non-cash refund of R&D expenditure claims

(127,944)

Fair value gain on revaluation of convertible notes

(1,537,565)

Fair value gain on revaluation of holdback Series C Preferred Stock

(175,738)

(616,800)

Non-cash other operating activities

(24,177)

(94,332)

Changes in operating assets and liabilities:

Accounts receivable

(135,843)

(293,861)

Inventories

202,370

(345,390)

Grant receivable/deferred grant income

148,611

1,031,357

Research and development tax incentive receivable

(26,574)

(145,710)

Other current assets

55,219

(118,335)

Accounts and other payables

(632,950)

84,502

Other long-term liabilities

(364,149)

(25,724)

Operating lease liabilities

51,387

(107,922)

Net cash used in operating activities

(9,571,569)

(7,377,378)

Cash flows from Investing Activities

Cash acquired from business acquisition

174,481

Cash payment for business acquisition

(363,500)

Purchase of fixed assets

(5,368)

Amount invested on capital work in progress

(216,058)

(505,123)

Net cash used in investing activities

(221,426)

(694,142)

Cash flows from Financing Activities

Proceeds from issuance of common stock and warrants

3,786,164

2,554,463

Proceeds from exercise of warrants

1,656,811

Proceeds from private placement

9,117,581

Proceeds from issuance of preferred stock

220,578

Payment of equity issuance costs - others

(518,914)

Payment of equity issuance costs relating to acquisition of IFP

(806,397)

Payment of tax withholding for employee stock awards

(14,407)

Net cash provided by financing activities

14,560,556

1,435,323

Effect of foreign exchange rates on cash and cash equivalents

(707)

(64,860)

Net increase in cash and cash equivalents

4,766,854

(6,701,057)

Cash and cash equivalents, beginning of period

1,537,244

8,238,301

Cash and cash equivalents, end of the period

6,304,098

1,537,244

Non-cash investing and financing activities

Shares issued for business acquisition

5,530,667

Note receivable settled for business acquisition

504,938

Deferred consideration payable for business combination

208,500

Recording of right-of-use asset and lease liability

702,566

Conversion of convertible notes payable into preferred stock

367,153

Conversion of preferred stock into common stock

57,287

36,888

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 has been retroactively adjusted to reflect the decreased number of shares resulting from the
[2]	Common Stock and per share amounts have been retroactively adjusted to reflect the decreased number of shares resulting from the

SUBSEQUENT EVENTS

12 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 19. SUBSEQUENT EVENTS

No material subsequent events have taken place that require disclosure in this financial report noted between June 30, 2024, and the date of this report.

SUMMARY OF AMOUNT RECORDED IN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Investments in construction in progress	$ 1,086,820	$ 1,292,232
Less: 50% contributed under government grant	(543,410)	(646,116)
Carrying amount	$ 543,410	$ 646,116

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical)	Jan. 26, 2024	Feb. 09, 2023
Statement of Stockholders' Equity [Abstract]
Stockholders' Equity, Reverse Stock Split	1-for-12	1-for-20

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

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Apr. 16, 2024

Jun. 30, 2021

Property, Plant and Equipment [Line Items]

Foreign currency translation gain (loss)

$ 137,118

$ 212,639

Cash equivalents

Cash FDIC insured amount

5,781,130

1,114,687

Goodwill, Impairment Loss

^[1]

4,158,670

Deferred grant income

$ 4,700,000

Construction in progress

543,410

646,116

Project cost

$ 1,650,000

Research and development tax refund

$ 424,776

609,684

Grant Income [Member]

Property, Plant and Equipment [Line Items]

Other Income

$ 127,944

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]

Useful Life, Lease Term [Member]

[1]	Common Stock and per share amounts have been retroactively adjusted to reflect the decreased number of shares resulting from the

SCHEDULE OF INVENTORIES (Details) - USD ($)

Jun. 30, 2024

Jun. 30, 2023

Inventory Disclosure [Abstract]

Raw material /Work-in-progress

$ 188,693

$ 419,889

Finished goods

588,844

757,518

Less: provision for inventory obsolescence

(197,500)

Inventories, net

^[1]

$ 777,537

$ 979,907

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

SCHEDULE OF REVENUE SALES OF READERS CARTRIDGES AND OTHER SALES WHICH REPRESENTS ACCESSORIES

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

	2024		2023
	Year ended June 30,
	2024		2023
Sales of goods - cartridges	$	1,549,409	$	724,304
Sales of goods - readers		938,897		335,863
Other sales		623,475		196,705
Total revenue	$	3,111,781	$	1,256,872

INVENTORIES, NET

12 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES, NET

NOTE 6. INVENTORIES, NET

Inventories consist of the following:

SCHEDULE OF INVENTORIES

	June 30, 2024		June 30, 2023

Raw material /Work-in-progress	$	188,693	$	419,889
Finished goods		588,844		757,518
Less: provision for inventory obsolescence		-		(197,500	)
Inventories, net	$	777,537	$	979,907

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

	June 30, 2024		June 30, 2023
Accounts and other payables	$	602,337	$	1,196,222
Accruals		607,176		777,086
Deferred consideration*		-		208,500
Goods and services tax payable		50,283		-
Accrued compensation and related payables		444,772		428,220
Total	$	1,704,568	$	2,610,028

Deferred consideration relates to the fair value of $208,500 in relation to 500,000 Series C Preferred Stock that was held back from the IFP Sellers for one year after the IFP Acquisition date to secure potential indemnification claims by the Company against the IFP Sellers. 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), hence none outstanding as at 30 June, 2024. See Note 5 for further details of the IFP Acquisition.

NOTE PAYABLE

12 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

NOTE PAYABLE

NOTE 11. NOTE PAYABLE

As a result of the acquisition of IFP, the Company assumed a note payable due to a distributor of IFP. The unpaid principal balance of the loan will accrue interest at a rate of 0.97% per annum. The balance is reduced 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
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-Paragraph 1
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
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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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-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
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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

Reference 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
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

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

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Pay vs Performance Disclosure - USD ($)

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Pay vs Performance Disclosure [Table]

Net Income (Loss)

^[1]

$ (10,156,759)

$ (10,631,720)

[1]	Common Stock and per share amounts have been retroactively adjusted to reflect the decreased number of shares resulting from the

- Definition

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

+ References

+ Details

LOSS PER SHARE

12 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

LOSS PER SHARE

NOTE 18. LOSS PER SHARE

Basic loss per common share is computed by dividing net loss allocable to common shareholders by the weighted average number of shares of common stock or common stock equivalents outstanding 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.


	Years Ended June 30,
	2024			2023
Net loss attributable to Intelligent Bio Solutions Inc.	$	(10,156,759	)	$	(10,631,720	)
Basic and diluted net loss per share attributed to common shareholders	$	(6.38	)	$	(127.00	)
Weighted-average number of shares outstanding		1,592,746			83,717

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

SCHEDULE OF ANTI-DILUTIVE WARRANTS

	2024		2023
	Year Ended June 30,
	2024		2023
Warrants		6,310,684		35,547
Anti-dilutive		6,310,684		35,547

SCHEDULE OF BASIC LOSS PER COMMON SHARE POTENTIAL DILUTIVE SECURITIES (Details) - USD ($)

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Earnings Per Share [Abstract]

Net loss attributable to Intelligent Bio Solutions Inc.

^[1]

$ (10,156,759)

$ (10,631,720)

Basic net loss per share attributed to common shareholders

^[1]

$ (6.38)

$ (127.00)

Diluted net loss per share attributed to common shareholders

^[1]

$ (6.38)

$ (127.00)

Weighted-average number of shares outstanding, basic

^[1]

1,592,746

83,717

Weighted-average number of shares outstanding, diluted

^[1]

1,592,746

83,717

[1]	Common Stock and per share amounts have been retroactively adjusted to reflect the decreased number of shares resulting from the

- 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.

+ References

+ Details

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

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Revenue from External Customer [Line Items]

Total Revenue

^[1]

$ 3,111,781

$ 1,256,872

Total Government Support Income

^[1]

424,776

737,628

Total Revenue and Government Support Income

3,536,557

1,994,500

Net Loss

^[1],[2]

(10,190,932)

(10,664,555)

Total Long-Lived Assets

5,244,620

6,492,051

Total Inventories

^[3]

777,537

979,907

Total Long-Lived Assets and Inventories, net

6,022,157

7,471,958

UNITED KINGDOM

Revenue from External Customer [Line Items]

Total Revenue

2,597,264

1,061,191

Total Government Support Income

210,605

193,618

Total Long-Lived Assets

4,626,798

5,730,831

Total Inventories

731,813

880,696

AUSTRALIA

Revenue from External Customer [Line Items]

Total Revenue

43,955

6,491

Total Government Support Income

214,171

544,010

Total Long-Lived Assets

617,822

761,220

Total Inventories

45,724

99,211

Other Country [Member]

Revenue from External Customer [Line Items]

Total Revenue

470,562

189,190

IFPG [Member]

Revenue from External Customer [Line Items]

Total Revenue

3,111,781

1,256,872

Total Government Support Income

210,605

193,618

Total Revenue and Government Support Income

3,322,386

1,450,490

Net Loss

(2,992,228)

(5,260,588)

Total Long-Lived Assets

4,626,798

5,730,831

Total Inventories

777,537

979,907

Total Long-Lived Assets and Inventories, net

5,404,335

6,710,738

IFPG [Member] | UNITED KINGDOM

Revenue from External Customer [Line Items]

Total Revenue

2,597,264

1,061,191

Total Government Support Income

210,605

193,618

Total Long-Lived Assets

4,626,798

5,730,831

Total Inventories

731,813

880,696

IFPG [Member] | AUSTRALIA

Revenue from External Customer [Line Items]

Total Revenue

43,955

6,491

Total Government Support Income

Total Long-Lived Assets

Total Inventories

45,724

99,211

IFPG [Member] | Other Country [Member]

Revenue from External Customer [Line Items]

Total Revenue

470,562

189,190

Biosensor Platform Technology [Member]

Revenue from External Customer [Line Items]

Total Revenue

Total Government Support Income

214,171

544,010

Total Revenue and Government Support Income

214,171

544,010

Net Loss

(7,198,704)

(5,403,967)

Total Long-Lived Assets

617,822

761,220

Total Inventories

Total Long-Lived Assets and Inventories, net

617,822

761,220

Biosensor Platform Technology [Member] | UNITED KINGDOM

Revenue from External Customer [Line Items]

Total Revenue

Total Government Support Income

Total Long-Lived Assets

Total Inventories

Biosensor Platform Technology [Member] | AUSTRALIA

Revenue from External Customer [Line Items]

Total Revenue

Total Government Support Income

214,171

544,010

Total Long-Lived Assets

617,822

761,220

Total Inventories

Biosensor Platform Technology [Member] | Other Country [Member]

Revenue from External Customer [Line Items]

Total Revenue

[1]	Common Stock and per share amounts have been retroactively adjusted to reflect the decreased number of shares resulting from the
[2]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the
[3]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the

SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Finite-Lived Intangible Assets [Line Items]

Intangible assets, Acquisition cost

$ 5,463,000

Intangible assets, Effect of foreign currency

632,878

643,183

Intangible assets, Accumulated amortization

1,723,852

850,782

Intangible assets, Carrying value

^[1]

$ 4,372,026

$ 5,255,401

Technology-Based Intangible Assets [Member]

Finite-Lived Intangible Assets [Line Items]

Weighted average useful lives (years)

7 years

Intangible assets, Acquisition cost

$ 5,119,000

Intangible assets, Effect of foreign currency

593,026

603,422

Intangible assets, Accumulated amortization

1,559,822

780,500

Intangible assets, Carrying value

$ 4,152,204

$ 4,941,922

Customer Relationships [Member]

Finite-Lived Intangible Assets [Line Items]

Weighted average useful lives (years)

3 years

Intangible assets, Acquisition cost

$ 252,000

Intangible assets, Effect of foreign currency

29,194

29,127

Intangible assets, Accumulated amortization

164,030

70,282

Intangible assets, Carrying value

117,164

210,845

Trademarks and Trade Names [Member]

Finite-Lived Intangible Assets [Line Items]

Intangible assets, Acquisition cost

92,000

Intangible assets, Effect of foreign currency

10,658

10,634

Intangible assets, Accumulated amortization

Intangible assets, Carrying value

$ 102,658

$ 102,634

Weighted average useful lives (years)

Indefinite

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the

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.

Consolidated Balance Sheets - USD ($)

Jun. 30, 2024

Jun. 30, 2023

Current assets

Cash and cash equivalents

^[1]

$ 6,304,098

$ 1,537,244

Accounts receivable, net

^[1]

429,704

293,861

Inventories, net

^[1]

777,537

979,907

Research and development tax incentive receivable

^[1]

525,332

498,758

Other current assets

^[1]

497,572

552,791

Total current assets

^[1]

8,534,243

3,862,561

Property and equipment, net

^[1]

565,850

690,175

Operating lease right of use assets

^[1]

306,744

546,475

Intangible assets, net

^[1]

4,372,026

5,255,401

Total assets

^[1]

13,778,863

10,354,612

Current liabilities

Accounts payable and accrued expenses

^[1]

1,704,568

2,610,028

Current portion of operating lease liabilities

^[1]

274,834

223,447

Current portion of deferred grant income

^[1]

2,486,668

2,338,057

Current employee benefit liabilities

^[1]

469,381

358,942

Current portion of notes payable

^[1]

515,282

353,211

Total current liabilities

^[1]

5,450,733

5,883,685

Employee benefit liabilities, less current portion

^[1]

63,615

24,902

Operating lease liabilities, less current portion

^[1]

81,324

356,165

Notes payable, less current portion

^[1]

402,862

Total liabilities

^[1]

5,595,672

6,667,614

Commitments and contingencies (Note 16)

^[1]

Shareholders’ equity

Common stock, $0.01 par value, 100,000,000 shares authorized, 3,456,000 and 194,200 shares issued and outstanding at June 30, 2024 and 2023, respectively

^[1]

34,557

1,942

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

^[1]

(1)

Additional paid-in capital

^[1]

60,971,740

46,180,112

Accumulated deficit

^[1]

(51,964,332)

(41,807,573)

Accumulated other comprehensive loss

^[1]

(712,614)

(575,496)

Total consolidated Intelligent Bio Solutions Inc. equity

^[1]

8,329,350

3,798,984

Non-controlling interest

^[1]

(146,159)

(111,986)

Total shareholders’ equity

^[1]

8,183,191

3,686,998

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

^[1]

$ 13,778,863

$ 10,354,612

[1]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the

INCOME TAX

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAX

NOTE 17. INCOME TAX

The Company computes income taxes using the asset and liability method in accordance with FASB ASC Topic 740, Income Taxes. Under the asset and liability method, we determine deferred income tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities and measure them using currently enacted tax rates and laws. The Company provides a valuation allowance for deferred tax assets that, based on available evidence, are more likely than not to be realized. Realization of our net operating loss carryforward was not reasonably assured as of June 30, 2024 and 2023, and we have recorded a valuation allowance of $10,421,568 and $9,530,704, respectively, against deferred tax assets in excess of deferred tax liabilities.

The components of net deferred taxes are as follows:

	June 30, 2024			June 30, 2023
Deferred tax assets (liabilities):
Net operating loss - U.S.	$	4,182,278		$	3,914,445
Net operating loss - Foreign		6,090,380			5,347,487
Employee benefits		118,132			153,199
Inventory adjustments		(1,124	)		38,034
Foreign exchange		31,902			77,539
Total deferred tax assets, net		10,421,568			9,530,704
Less: valuation allowance		(10,421,568	)		(9,530,704	)
Net deferred taxes	$	—		$	—

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

SCHEDULE OF PROVISION FOR INCOME TAXES

	2024		2023
	Year Ended June 30,
	2024		2023
Current	$	—	$	—
Deferred		—		—
Total	$	—	$	—

	2024			2023
	Year Ended June 30,
	2024			2023
U.S. federal statutory rate applies to pretax income (loss)	$	(1,848,116	)	$	(2,310,635	)

Different tax rate of subsidiary		(99,401	)		(18,715	)
Permanent differences		246,168			680,221
Tax benefit on carry forward losses of acquired business		-			(3,289,886	)
Cumulative adjustment to deferred taxes		797,234			1,681,562
Change in state tax rates and other		13,250			(209,226	)
Change in valuation allowance		890,865			3,466,679
Total income tax provision (benefit)	$	—		$	—

As of June 30, 2024, and 2023, the Company had federal and foreign income tax net operating loss carry forwards of approximately $49,097,053 and $44,492,527, respectively, which expire at various dates ranging from 2038 through unlimited expiration.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

ORGANIZATION AND DESCRIPTION OF THE BUSINESS

12 Months Ended

Jun. 30, 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. and its wholly owned Delaware subsidiary, GBS Operations Inc., were each formed on December 5, 2016, under the laws of the state of Delaware. The Company’s Australian subsidiary, Intelligent Bio Solutions (APAC) Pty Ltd, was formed on August 4, 2016, under the laws of New South Wales, Australia and was renamed to Intelligent Bio Solutions (APAC) Pty Ltd on January 6, 2023. On October 4, 2022, INBS acquired Intelligent Fingerprinting Limited (“IFP”), a company registered in England and Wales (the “IFP Acquisition”). The Company’s headquarters are in New York, New York.

Intelligent Bio Solutions Inc. is a medical technology company focused on developing and delivering intelligent, rapid, non-invasive testing and screening solutions. The Company operates 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 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”.

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

12 Months Ended

Oct. 04, 2022

Jun. 30, 2024

Jun. 30, 2023

Business Acquisition [Line Items]

Cash

$ 363,500

Note receivable settled for business acquisition

$ 504,938

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.

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

INTANGIBLE ASSETS, NET (Details Narrative) - USD ($)	12 Months Ended
INTANGIBLE ASSETS, NET (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, Accumulated amortization	$ 1,723,852	$ 850,782
Amortization of intangible assets	$ 947,436	$ 805,764

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 30, 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, 2022	$	-
Fair value of holdback Series C Preferred Stock at acquisition (Note 5)		825,300
Fair value gain on revaluation of holdback Series C Preferred Stock		(616,800	)
Balance at June 30, 2023		208,500
Fair value gain on revaluation of holdback Series C Preferred Stock		(175,738	)
Conversion of Series C Preferred Stock into Common Stock		(32,762	)
Balance at June 30, 2024	$	-

LIQUIDITY AND GOING CONCERN

12 Months Ended

Jun. 30, 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 13 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, was approximately $1.58 million. Refer to Note 13 for details.

On March 12, 2024, the Company raised approximately $10.10 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 $9.12 million. Refer to Note 13 for details.

The Company incurred a net loss of approximately $10.16 million for the year ended June 30, 2024. As of June 30, 2024, the Company had shareholders’ equity of approximately $8.18 million, working capital of approximately $3.08 million, and an accumulated deficit of approximately $51.96 million.

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 these consolidated financial statements. Management believes there is material risk that the Company’s cash and cash equivalents as of June 30, 2024, of approximately $6.30 million, may be insufficient to fund its current operating plan through at least the next twelve months from the issuance of these consolidated financial statements. 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 consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities should the Company be unable to continue as a going concern.

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION

12 Months Ended

Jun. 30, 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 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.

During the fiscal year ended June 30, 2023, the full amount of goodwill was impaired.

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

Intangible assets acquired from IFP were remeasured at June 30, 2024 and 2023 using the applicable spot rate.

Pro-Forma Results of Operations

	Reported			Pro forma
	Year Ended June 30, 2023
	Reported			Pro forma
Revenue	$	1,256,872		$	1,604,358
Net loss		(10,664,555	)		(11,906,109	)
Net loss attributable to Intelligent Bio Solutions Inc.		(10,631,720	)		(11,873,274	)
Net loss per share, basic and diluted		(127.00	)		(141.84	)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) as of June 30, 2024 and 2023.

The 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 consolidated financial statements have been retrospectively adjusted to reflect the stock splits for all periods presented.

Principles of consolidation

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

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

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. Adjustments resulting from translating local currency financial statements into U.S. dollars are reflected in accumulated other comprehensive loss in total shareholders’ equity.

The functional currency of INBS is the United States dollar. The settlement of transactions denominated in a currency other than the functional currency resulted in a loss of $137,118 and a gain of $212,639 for the years ended June 30, 2024 and 2023, respectively.

Use of estimates

The preparation of consolidated financial statements in conformity with US 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. Significant estimates made by management in connection with the preparation of the accompanying consolidated financial statements including the fair value measurement of and the useful lives of long-lived assets, inventory valuations, the allocation of transaction price among various performance obligations, and the allowance for credit losses. Actual results could materially differ from those estimates.

Risks and Uncertainties

The Company’s future results of operations and liquidity could be materially adversely affected by macroeconomic factors contributing to delays in payments from customers and inflationary pressure, uncertain or reduced demand, and the impact of any initiatives or programs that the Company may undertake to address financial and operational challenges faced by its customers. See associated risk factors in Item 1A. Risk Factors in Item 1A Risk Factors in this Annual Report on Form 10-K.

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 June 30, 2024 and 2023, there were no cash equivalents.

Concentration of credit risk

The Company places its cash and cash equivalents, which may at times be in excess of the Australia Financial Claims Scheme, 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. The amounts over these insured limits as of June 30, 2024 and 2023 were $5,781,130 and $1,114,687, respectively. No losses have been incurred to date on any deposits.

Fair value measurements

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.

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.

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.

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 a 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.

Leases

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

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

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

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.

Impairment of long-lived assets

Long-lived assets include acquired property and equipment, right of use assets and other intangible assets subject to amortization. The Company evaluates the recoverability of long-lived assets for possible impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable.

Such events and changes may include significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in the Company’s business strategy. Recoverability is measured by a comparison of the carrying amount of an asset or asset group to the undiscounted future cash flows expected to be generated by the asset or asset group. When required, impairment losses on assets to be held and used are recognized based on the excess of the asset’s carrying amount over the fair value of the asset, while long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

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.

For the year ended June 30, 2024, the Company did not record any impairment charges on its long-lived assets.

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

In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue from its contracts with customers when it satisfies its performance obligations by delivering the promised goods or service deliverables to the customers. A good or service deliverable is transferred to a customer when, or as, the customer obtains control of 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 Biosensor Platform Technology (“BPT segment”)

Revenue is 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 is attributable to the IFPG segment during the years ended June 30, 2024 and 2023.

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

	2024		2023
	Year ended June 30,
	2024		2023
Sales of goods - cartridges	$	1,549,409	$	724,304
Sales of goods - readers		938,897		335,863
Other sales		623,475		196,705
Total revenue	$	3,111,781	$	1,256,872

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 US 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, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance.

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. Pursuant to 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 $543,410 and $646,116 was recognized as a reduction to the CIP asset on the consolidated balance sheets as of June 30, 2024 and 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 payments 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 June 30, 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. Pursuant to IS 20, 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. There was no deferred grant income recognized within other income during the year ended June 30, 2024. A total of $127,944 deferred grant income was recognized within other income during the year ended June 30, 2023.

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 $424,776 and $609,684 of R&D tax refund income was recognized in other income during the years end June 30, 2024 and 2023 respectively.

Development and regulatory approval costs

Expenditures relating to R&D are expensed as incurred and recorded in development and regulatory approval in the consolidated statements of operations and other comprehensive loss. R&D expenses include external expenses incurred under arrangements with third parties; salaries and personnel-related costs; license fees to acquire in-process technology and other expenses. The Company recognizes the benefit of refundable R&D tax refunds as a R&D tax refund income when there is reasonable assurance that the amount claimed will be recovered (refer to the R&D tax refund discussion 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, if any, based on the terms of the awards. The fair value of the stock-based payments to employees and nonemployees that are fully vested and non-forfeitable at the grant date is measured by reference to the Company’s stock price and recognized immediately, unless there is a contractual term for services in which case such compensation would be amortized over the contractual term.

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.

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 June 30, 2024 and 2023, the Company had no uncertain tax positions that qualified for either recognition or disclosure in the consolidated financial statements. Additionally, the Company had no interest and penalties related to income taxes.

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.

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

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

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

Recent accounting pronouncements

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

Adopted:

Financial Instruments – Credit Losses (“ASU 2016-13”)

In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments – Credit Losses (“ASU 2016-13”). This update provides more decision-useful information about the expected credit losses on financial instruments, other commitments to extend credit held by a reporting entity at each reporting date and requires the entity to estimate its credit losses as far as it can reasonably estimate. This update became effective for the Company on July 1, 2023. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Pending adoption:

Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”)

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

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 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 consolidated financial statements.

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

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Income Statement [Abstract]

Revenue

^[1]

$ 3,111,781

$ 1,256,872

Cost of revenue (exclusive of amortization shown separately below)

^[1]

(1,686,155)

(930,204)

Gross profit

^[1]

1,425,626

326,668

Other income:

Government support income

^[1]

424,776

737,628

Operating expenses:

Selling, general and administrative expenses

^[1]

(9,258,496)

(8,026,703)

Development and regulatory approval expenses

^[1]

(1,673,806)

(507,424)

Depreciation and amortization

^[1]

(1,201,274)

(966,732)

Goodwill impairment

^[1]

(4,158,670)

Total operating expenses

^[1]

(12,133,576)

(13,659,529)

Loss from operations

^[1]

(10,283,174)

(12,595,233)

Other income (expense), net:

Interest expense

^[1]

(167,140)

(223,534)

Realized foreign exchange loss

^[1]

(1,178)

(9,829)

Fair value gain on revaluation of financial instrument

^[1]

175,738

2,154,365

Interest income

^[1]

84,822

9,676

Total other income, net

^[1]

92,242

1,930,678

Net loss

^[1],[2]

(10,190,932)

(10,664,555)

Net loss attributable to non-controlling interest

^[1]

(34,173)

(32,835)

Net loss attributable to Intelligent Bio Solutions Inc.

^[1]

(10,156,759)

(10,631,720)

Other comprehensive income (loss), net of tax:

Foreign currency translation gain/ (loss)

^[1],[2]

(137,118)

212,639

Total other comprehensive income (loss)

^[1]

(137,118)

212,639

Comprehensive loss

^[1]

(10,328,050)

(10,451,916)

Comprehensive loss attributable to non-controlling interest

^[1]

(34,173)

(32,835)

Comprehensive loss attributable to Intelligent Bio Solutions Inc.

^[1]

$ (10,293,877)

$ (10,419,081)

Net loss per share basic

^[1]

$ (6.38)

$ (127.00)

Net loss per share diluted

^[1]

$ (6.38)

$ (127.00)

Weighted average shares outstanding, basic

^[1]

1,592,746

83,717

Weighted average shares outstanding, diluted

^[1]

1,592,746

83,717

[1]	Common Stock and per share amounts have been retroactively adjusted to reflect the decreased number of shares resulting from the
[2]	Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the

INTANGIBLE ASSETS, NET

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

NOTE 9. INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following as June 30, 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	$	593,026	$	1,559,822	$	4,152,204
Customer relationships	3 years		252,000		29,194		164,030		117,164
Trade names and trademarks	Indefinite		92,000		10,658		-		102,658
Total intangible assets		$	5,463,000	$	632,878	$	1,723,852	$	4,372,026

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

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

The cumulative balance of the accumulated amortization as of June 30, 2024 and 2023 was $ 1,723,852 and $850,782 respectively.

Expense related to the amortization of intangible assets charged to the Consolidated Statements of Operations and Other Comprehensive Income (Loss) for the years ended June 30, 2024 and 2023 was $947,436 and $805,764, respectively

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


2025	$	884,627
2026		814,329
2027		790,896
2028		790,896
2029		790,896
Thereafter		197,724
Total	$	4,269,368

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

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Payables and Accruals [Abstract]

Accounts and other payables

$ 602,337

$ 1,196,222

Accruals

607,176

777,086

Deferred consideration

^[1]

208,500

Goods and services tax payable

50,283

Accrued compensation and related payables

444,772

428,220

Total

^[2]

$ 1,704,568

$ 2,610,028

Conversion of stock shares

500,000

Conversion of stock shares

6,248

[1]

[2]

Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the

RELATED-PARTY TRANSACTIONS

12 Months Ended

Jun. 30, 2024

RELATED-PARTY TRANSACTIONS

NOTE 15. 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, at the time of the October 2023 Offering, 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. The units were priced at a combined public offering price of $0.55 per unit.

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jun. 30, 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.

Foreign currency translation

Foreign currency translation

Use of estimates

Use of estimates

Risks and Uncertainties

Risks and Uncertainties

Cash and cash equivalents

Cash and cash equivalents

Concentration of credit risk

Concentration of credit risk

Fair value measurements

Fair value measurements

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.

Inventories, net

Inventories, net

Equity offering costs

Equity offering costs

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

Leases

Leases

Intangible assets

Intangible assets

Impairment of long-lived assets

Impairment of long-lived assets

For the year ended June 30, 2024, the Company did not record any impairment charges on its long-lived assets.

Business combinations

Business combinations

Revenue recognition

Revenue recognition

	1)	Commercially available Intelligent Fingerprinting Products (“IFPG” or “IFPG segment”)
	2)	Development Stage Biosensor Platform Technology (“BPT segment”)

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

	2024		2023
	Year ended June 30,
	2024		2023
Sales of goods - cartridges	$	1,549,409	$	724,304
Sales of goods - readers		938,897		335,863
Other sales		623,475		196,705
Total revenue	$	3,111,781	$	1,256,872

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 costs

Development and regulatory approval costs

Equity-Based Compensation

Equity-Based Compensation

Employee benefits

Employee benefits

Income taxes

Income taxes

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

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

Recent accounting pronouncements

Recent accounting pronouncements

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

Adopted:

Financial Instruments – Credit Losses (“ASU 2016-13”)

Pending adoption:

Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”)

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

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

SCHEDULE OF LEASE EXPENSES (Details) - USD ($)	12 Months Ended
SCHEDULE OF LEASE EXPENSES (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Amortization of operating lease right-of-use assets	$ 238,730	$ 152,251
Interest on operating lease liabilities	71,667	68,357
Total operating lease costs	$ 310,397	$ 220,608

LEASES (Details Narrative)	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Weighted average remaining lease-term	1 year 3 months 18 days	2 years 3 months 18 days
Weighted average, discount rate	13.20%	13.20%

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	3,456,000	194,200
Common stock, shares outstanding	3,456,000	194,200
Treasury stock shares	116	116

LEASES (Tables)

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

SCHEDULE OF LEASE EXPENSES

The components of operating lease expense are as follows:

SCHEDULE OF LEASE EXPENSES

	2024		2023
	Year Ended June 30,
	2024		2023
Amortization of operating lease right-of-use assets	$	238,730	$	152,251
Interest on operating lease liabilities		71,667		68,357
Total operating lease costs	$	310,397	$	220,608

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 June 30, 2024, is as follows:


2025	$	308,770
2026		83,509
Total lease payments		392,279
Less: imputed interest		(36,121	)
Present value of lease liabilities	$	356,158

SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares	12 Months Ended
SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares	Jun. 30, 2024	Jun. 30, 2023
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive	6,310,684	35,547

SCHEDULE OF UNAUDITED PRO-FORMA CONSOLIDATED RESULTS OF OPERATIONS (Details)	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares
Revenue	$ 1,256,872
Net loss	(10,664,555)
Net loss attributable to Intelligent Bio Solutions Inc.	$ (10,631,720)
Net loss per share, basic \| $ / shares	$ (127.00)
Net loss per share, diluted \| $ / shares	$ (127.00)
Pro Forma [Member]
Revenue	$ 1,604,358
Net loss	(11,906,109)
Net loss attributable to Intelligent Bio Solutions Inc.	$ (11,873,274)
Net loss per share, basic \| $ / shares	$ (141.84)
Net loss per share, diluted \| $ / shares	$ (141.84)

SEGMENT REPORTING

12 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 4. SEGMENT REPORTING

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 Biosensor Platform Technology (BPT segment)

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

The IFPG segment accounted for 100% of the Company’s revenue during the year ended June 30, 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			BPT			Total
	Year Ended June 30, 2024
	IFPG			BPT			Total
Revenue
United Kingdom	$	2,597,264		$	-		$	2,597,264
Australia		43,955			-			43,955
Other		470,562			-			470,562
Total Revenue	$	3,111,781		$	-		$	3,111,781

Government Support Income
United Kingdom		210,605			-			210,605
Australia		-			214,171			214,171
Total Government Support Income	$	210,605		$	214,171		$	424,776

Total Revenue and Government Support Income	$	3,322,386		$	214,171		$	3,536,557

Net Loss	$	(2,992,228	)	$	(7,198,704	)	$	(10,190,932	)

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

Government Support Income
United Kingdom		193,618			-			193,618
Australia		-			544,010			544,010
Total Government Support Income	$	193,618		$	544,010		$	737,628

Total Revenue and Government Support Income	$	1,450,490		$	544,010		$	1,994,500

Net Loss	$	(5,260,588	)	$	(5,403,967	)	$	(10,664,555	)

Long-lived assets and inventories

	IFPG		BPT		Total
	June 30, 2024
	IFPG		BPT		Total
Long-lived assets, net
United Kingdom	$	4,626,798	$	-	$	4,626,798
Australia		-		617,822		617,822
Total Long-Lived Assets	$	4,626,798	$	617,822	$	5,244,620

Inventories, net
United Kingdom		731,813		-		731,813
Australia		45,724		-		45,724
Total Inventories	$	777,537	$	-	$	777,537

Total Long-Lived Assets and Inventories, net	$	5,404,335	$	617,822	$	6,022,157

	IFPG		BPT		Total
	June 30, 2023
	IFPG		BPT		Total
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 Inventories	$	979,907	$	-	$	979,907

Total Long-Lived Assets and Inventories, net	$	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

SHAREHOLDERS’ EQUITY

12 Months Ended

Jun. 30, 2024

Equity [Abstract]

SHAREHOLDERS’ EQUITY

NOTE 13. SHAREHOLDERS’ EQUITY

As of June 30, 2024, there were warrants outstanding to purchase shares amounting to 6,310,684 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. 

The Company accounts for warrants in accordance with the guidance contained in ASC 815-40, Derivatives and Hedging - Contracts on an Entity’s Own Equity, and determined that the warrants do not meet the criteria for liability treatment thereunder.

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 $10.10 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, which was effective as of March 28, 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 details 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.

Stock-based payments under 2019 Stock Incentive Plan

The 2019 Long Term Incentive Plan, the 2019 Stock Incentive Plan, was originally adopted by the Board and approved by the Company’s stockholders on June 18, 2019. The purpose of the 2019 Stock Incentive Plan is to enable the Company to offer its employees, officers, directors and consultants whose past, present and/or potential future contributions have been, are, or will be important to the Company’s success. Under the 2019 Stock Incentive Plan the Company may grant certain employees, consultants and advisors an award, such as (a) incentive stock options, (b) non-qualified stock options, (c) stock appreciation rights (d) restricted stock and (e) RSUs, of the Company.

The 2019 Plan is administered by the Board of Directors or by a committee of the Board. As approved by the Company’s board and stockholders, the third plan amendment provides for 133,333 shares of the Company’s common stock to be available for issuance under the 2019 Stock Incentive Plan. Shares of stock subject to other awards that are forfeited or terminated will be available for future award grants under the 2019 Stock Incentive Plan.

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 to 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 had an initial term of 6 months expiring on August 29, 2024. Subsequent to the expiration of the initial term, the agreement is continuing on month-on-month rolling basis. For the year ended June 30, 2024, the Company recognized $179,625 of expense related to the C2C Agreement in the accompanying consolidated statements of operations.

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 provides 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 year ended June 30, 2024, the Company recognized $25,195 of expense related to the ClearThink Agreement in the accompanying consolidated statements of operations respectively.

During the year ended June 30, 2024, the Company granted 5,762 shares of restricted stock at a weighted average grant date fair value of $3.40 to certain employees. The Company recognized $19,578 of expense related to these awards in the accompanying consolidated statement of operations. All restricted stock granted during the year ended June 30, 2024, vested immediately. There are no unvested shares of restricted stock as of June 30, 2024, and 2023. There is no unrecognized share-based compensation expense as of June 30, 2024.

- Definition

The entire disclosure for equity.

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-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
-Topic 946
-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
-Section 50
-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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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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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-Section 50
-Paragraph 18
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Net operating loss - U.S.	$ 4,182,278	$ 3,914,445
Net operating loss - Foreign	6,090,380	5,347,487
Employee benefits	118,132	153,199
Inventory adjustments	(1,124)	38,034
Foreign exchange	31,902	77,539
Total deferred tax assets, net	10,421,568	9,530,704
Less: valuation allowance	(10,421,568)	(9,530,704)
Net deferred taxes

SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Current
Deferred
Total

- Definition

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

+ References

+ Details

LOSS PER SHARE (Tables)

12 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

SCHEDULE OF BASIC LOSS PER COMMON SHARE POTENTIAL DILUTIVE SECURITIES


	Years Ended June 30,
	2024			2023
Net loss attributable to Intelligent Bio Solutions Inc.	$	(10,156,759	)	$	(10,631,720	)
Basic and diluted net loss per share attributed to common shareholders	$	(6.38	)	$	(127.00	)
Weighted-average number of shares outstanding		1,592,746			83,717

SCHEDULE OF ANTI-DILUTIVE WARRANTS

Post-Consolidated Company Reverse Stock Split: Anti-dilutive warrants

SCHEDULE OF ANTI-DILUTIVE WARRANTS

	2024		2023
	Year Ended June 30,
	2024		2023
Warrants		6,310,684		35,547
Anti-dilutive		6,310,684		35,547

INTELLIGENT FINGERPRINTING LIMITED ACQUISITION (Details Narrative)

3 Months Ended

12 Months Ended

May 10, 2023

May 08, 2023

Oct. 04, 2022

USD ($)

$ / shares

Dec. 31, 2023

Jun. 30, 2024

USD ($)

Jun. 30, 2023

USD ($)

Oct. 04, 2023

Feb. 09, 2023

Oct. 04, 2022

GBP (£)

Jun. 30, 2022

Jun. 16, 2022

USD ($)

Business Acquisition [Line Items]

Equity issuance costs | $

$ 518,914

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]

3,456,000

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

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 has been retroactively adjusted to reflect the decreased number of shares resulting from the

INCOME TAX (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 10,421,568	$ 9,530,704
Operating Loss Carryforwards	$ 49,097,053	$ 44,492,527

Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Parenthetical)	Jan. 26, 2024	Feb. 09, 2023
Income Statement [Abstract]
Stockholders' Equity, Reverse Stock Split	1-for-12	1-for-20

SEGMENT REPORTING (Tables)

12 Months Ended

Jun. 30, 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			BPT			Total
	Year Ended June 30, 2024
	IFPG			BPT			Total
Revenue
United Kingdom	$	2,597,264		$	-		$	2,597,264
Australia		43,955			-			43,955
Other		470,562			-			470,562
Total Revenue	$	3,111,781		$	-		$	3,111,781

Government Support Income
United Kingdom		210,605			-			210,605
Australia		-			214,171			214,171
Total Government Support Income	$	210,605		$	214,171		$	424,776

Total Revenue and Government Support Income	$	3,322,386		$	214,171		$	3,536,557

Net Loss	$	(2,992,228	)	$	(7,198,704	)	$	(10,190,932	)

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

Government Support Income
United Kingdom		193,618			-			193,618
Australia		-			544,010			544,010
Total Government Support Income	$	193,618		$	544,010		$	737,628

Total Revenue and Government Support Income	$	1,450,490		$	544,010		$	1,994,500

Net Loss	$	(5,260,588	)	$	(5,403,967	)	$	(10,664,555	)

Long-lived assets and inventories

	IFPG		BPT		Total
	June 30, 2024
	IFPG		BPT		Total
Long-lived assets, net
United Kingdom	$	4,626,798	$	-	$	4,626,798
Australia		-		617,822		617,822
Total Long-Lived Assets	$	4,626,798	$	617,822	$	5,244,620

Inventories, net
United Kingdom		731,813		-		731,813
Australia		45,724		-		45,724
Total Inventories	$	777,537	$	-	$	777,537

Total Long-Lived Assets and Inventories, net	$	5,404,335	$	617,822	$	6,022,157

	IFPG		BPT		Total
	June 30, 2023
	IFPG		BPT		Total
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 Inventories	$	979,907	$	-	$	979,907

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

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation of property and equipment	$ 15,108	$ 33,769
Construction of building		$ 509,416
Percentage of reimbursement on construction cost	50.00%

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

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

12 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

	June 30, 2024		June 30, 2023
Accounts and other payables	$	602,337	$	1,196,222
Accruals		607,176		777,086
Deferred consideration*		-		208,500
Goods and services tax payable		50,283		-
Accrued compensation and related payables		444,772		428,220
Total	$	1,704,568	$	2,610,028