0001493152-24-043927 | 10-Q | XBRL Viewer | Intelligent BIO Solutions INC

Balance, shares at Sep. 30, 2023

^[1]

(2,425,204)

(7,220)

(2,432,424)

^[2]

Balance at Sep. 30, 2023

^[1]

$ 1,942

$ (1)

46,180,112

(44,232,777)

(593,512)

(119,206)

1,236,558

^[1]

194,200

(116)

Balance at Jun. 30, 2024

^[1]

$ 34,557

$ (1)

60,971,740

(51,964,332)

(712,614)

(146,159)

8,183,191

Balance, shares at Jun. 30, 2024

^[1]

3,456,000

(116)

Issuance of common stock upon cashless exercise of warrants

^[1]

$ 7,939

7,939

Issuanceof common stock upon cashless exercise of warrants, shares

^[1]

793,930

Stock awards issued to employees

^[1]

$ 995

189,050

190,045

Stock awards issued to employees, shares

^[1]

99,500

Issuance of restricted stock to vendors

^[1]

$ 112

11,888

12,000

Issuance of restricted stock to vendors, shares

^[1]

11,162

Issuance of common stock, net of issuance costs

^[1]

$ 172

34,339

34,511

Issuance of common stock, net of issuance costs, shares

^[1]

17,167

Foreign currency translation loss

^[1]

216,355

^[2]

Balance, shares at Sep. 30, 2024

^[1]

(2,685,633)

(9,166)

(2,694,799)

^[2]

Balance at Sep. 30, 2024

^[1]

$ 43,775

$ (1)

$ 61,207,017

$ (54,649,965)

$ (496,259)

$ (155,325)

$ 5,949,242

^[1]

4,377,759

(116)

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

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 11. COMMITMENTS AND CONTINGENCIES

On August 1, 2024, the Company signed an agreement with CenExel to perform a method comparison clinical study as part of the Company’s FDA 510(k) clinical study plan. As a part of the agreement, the Company is committed to pay $381,204 on completion of certain milestones. As of September 30, 2024, $381,204 remains payable under the agreement.

The Company has no material purchase commitments. For commitments under non-cancellable leases, refer to Note 8.

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

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

3 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Jun. 30, 2024

Revenues from External Customers and Long-Lived Assets [Line Items]

^[1]

$ 872,287

$ 796,094

Total Revenue and Government Support Income

^[1]

126,128

109,871

998,415

905,965

Net Loss

^[1],[2]

(2,694,799)

(2,432,424)

5,246,972

$ 5,244,620

Total Long-Lived Assets and Inventories, net

738,789

777,537

5,985,761

6,022,157

UNITED KINGDOM

Revenues from External Customers and Long-Lived Assets [Line Items]

833,788

755,150

45,321

4,611,041

4,626,798

Revenues from External Customers and Long-Lived Assets [Line Items]

688,262

731,813

AUSTRALIA

580

8,082

126,128

64,550

635,931

617,822

Revenues from External Customers and Long-Lived Assets [Line Items]

50,527

45,724

Other Country [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

37,919

32,862

IFPG [Member]

872,287

796,094

Total Revenue and Government Support Income

45,321

872,287

841,415

Net Loss

(1,465,185)

(740,589)

4,611,041

4,626,798

Total Long-Lived Assets and Inventories, net

738,789

777,537

5,349,830

5,404,335

IFPG [Member] | UNITED KINGDOM

Revenues from External Customers and Long-Lived Assets [Line Items]

833,788

755,150

45,321

4,611,041

4,626,798

IFPG [Member] | AUSTRALIA

688,262

731,813

Revenues from External Customers and Long-Lived Assets [Line Items]

580

8,082

IFPG [Member] | Other Country [Member]

50,527

45,724

Revenues from External Customers and Long-Lived Assets [Line Items]

Biosensor Platform Technology [Member]

37,919

32,862

Revenues from External Customers and Long-Lived Assets [Line Items]

Total Revenue and Government Support Income

126,128

64,550

126,128

64,550

Net Loss

(1,229,614)

(1,691,835)

635,931

617,822

Total Long-Lived Assets and Inventories, net

635,931

617,822

Biosensor Platform Technology [Member] | UNITED KINGDOM

Revenues from External Customers and Long-Lived Assets [Line Items]

Biosensor Platform Technology [Member] | AUSTRALIA

Revenues from External Customers and Long-Lived Assets [Line Items]

126,128

64,550

635,931

617,822

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

Revenues from External Customers and Long-Lived Assets [Line Items]

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

LEASES

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

LEASES

NOTE 8. LEASES

The Company assumed a non-cancellable operating lease agreement in relation to the acquisition of IFP 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
	Three Months Ended September 30,
	2024		2023
Amortization of operating lease right-of-use assets	$	61,489	$	59,962
Interest on operating lease liabilities		12,734		21,171
Total lease costs	$	74,223	$	81,133

As of September 30, 2024, the weighted average remaining lease-term and discount rate on the Company’s leases were 1.1 years and 13.2%, respectively.

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.

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


Fiscal year	Amount
Remainder of 2025	$	246,773
2026		87,990
Total lease payments		334,763
Less: imputed interest		(25,087	)
Present value of lease liabilities	$	309,676

SCHEDULE OF MATURITIES OF OPERATING LEASES TO OPERATING LEASE LIABILITIES (Details)	Sep. 30, 2024 USD ($)
Leases [Abstract]
Remainder of 2025	$ 246,773
2026	87,990
Total lease payments	334,763
Less: imputed interest	(25,087)
Present value of lease liabilities	$ 309,676

SEGMENT INFORMATION

3 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 4. SEGMENT INFORMATION

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

Our Segments

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

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

	1)	Commercially available Intelligent Fingerprinting Products (IFPG or IFPG segment)
	2)	Development Stage 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 three months ended September 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
	Three Months Ended September 30, 2024
	IFPG			BPT			Total
Revenue
United Kingdom	$	833,788		$	-		$	833,788
Australia		580			-			580
Other		37,919			-			37,919
Total Revenue	$	872,287		$	-		$	872,287

Government Support Income
United Kingdom		-			-			-
Australia		-			126,128			126,128
Total Government Support Income	$	-		$	126,128		$	126,128

Total Revenue and Government Support Income	$	872,287		$	126,128		$	998,415

Net Loss	$	(1,465,185	)	$	(1,229,614	)	$	(2,694,799	)

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

Government Support Income
United Kingdom		45,321			-			45,321
Australia		-			64,550			64,550
Total Government Support Income	$	45,321		$	64,550		$	109,871

Total Revenue and Government Support Income	$	841,415		$	64,550		$	905,965

Net Loss	$	(740,589	)	$	(1,691,835	)	$	(2,432,424	)

Long-lived assets and inventories

	IFPG		BPT		Total
	September 30, 2024
	IFPG		BPT		Total
Long-lived assets, net
United Kingdom	$	4,611,041	$	-	$	4,611,041
Australia		-		635,931		635,931
Total Long-Lived Assets	$	4,611,041	$	635,931	$	5,246,972

Inventories, net
United Kingdom		688,262		-		688,262
Australia		50,527		-		50,527
Total Inventories	$	738,789	$	-	$	738,789

Total Long-Lived Assets and Inventories, net	$	5,349,830	$	635,931	$	5,985,761

	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

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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SCHEDULE OF BASIC LOSS PER COMMON SHARE POTENTIAL DILUTIVE SECURITIES

LOSS PER SHARE (Tables)

3 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

	2024			2023
	Three Months Ended September 30,
	2024			2023
Net loss attributable to Intelligent Bio Solutions Inc.	$	(2,685,633	)	$	(2,425,204	)
Basic and diluted net loss per share attributed to common shareholders	$	(0.70	)	$	(12.48	)
Weighted average number of shares outstanding		3,811,090			194,200

SCHEDULE OF ANTI-DILUTIVE WARRANTS

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

SCHEDULE OF ANTI-DILUTIVE WARRANTS

	2024		2023*
	September 30,
	2024		2023*
Warrants		5,516,754		35,547
Anti-dilutive		5,516,754		35,547

The warrants have been adjusted to give effect to 1-for-12 reverse stock split effected on January 26, 2024.

INVENTORIES, NET (Tables)

3 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

SCHEDULE OF INVENTORIES

Inventories consist of the following:

SCHEDULE OF INVENTORIES

	September 30, 2024		June 30, 2024
Raw material & work-in-progress	$	219,050	$	188,693
Finished goods		519,739		588,844
Inventory, net	$	738,789	$	777,537

Pay vs Performance Disclosure - USD ($)

3 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Pay vs Performance Disclosure [Table]

Net Income (Loss)

^[1]

$ (2,685,633)

$ (2,425,204)

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

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

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Goodwill and Intangible Assets Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES (Details Narrative) - Cliantha Research [Member] - USD ($)	Aug. 01, 2024	Sep. 30, 2024
Payment for milestone	$ 381,204
Remaining milestone payments		$ 381,204

SCHEDULE OF INVENTORIES (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Inventory Disclosure [Abstract]
Raw material & work-in-progress	$ 219,050	$ 188,693
Finished goods	519,739	588,844
Inventory, net	$ 738,789	$ 777,537

LEASES (Details Narrative)	Sep. 30, 2024	Jun. 30, 2024
Leases [Abstract]
Weighted average remaining lease-term	1 year 1 month 6 days	1 year 3 months 18 days
Weighted average, discount rate	13.20%	13.20%

INTANGIBLE ASSETS, NET (Tables)

3 Months Ended

Sep. 30, 2024

SCHEDULE OF OTHER INTANGIBLE ASSETS

Intangible assets, net consist of the following as of September 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	$	935,983	$	1,863,072	$	4,191,911
Customer relationships	3 years		252,000		46,077		198,718		99,359
Trade names and trademarks	Indefinite		92,000		16,822		-		108,822
Total intangible assets		$	5,463,000	$	998,882	$	2,061,790	$	4,400,092

Intangible assets, net consist of the following as of June 30, 2024:

	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

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:


Fiscal year	Amount
Remainder of 2025	$	703,306
2026		863,222
2027		838,382
2028		838,382
2029		838,382
Thereafter		209,596
Total	$	4,291,270

LIQUIDITY AND GOING CONCERN

3 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

LIQUIDITY AND GOING CONCERN

NOTE 2. LIQUIDITY AND GOING CONCERN

On September 18, 2024, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with Ladenburg Thalmann & Co. Inc. (“Ladenburg”). Pursuant to the terms of the ATM Agreement, the Company may sell from time to time through Ladenburg, as sales agent and/or principal, shares of the Company’s common stock, with an aggregate sales price of up to $3.0 million. During the period between September 18, 2024, through to September 30, 2024, the Company raised approximately $34,511 (net of commission) through the sale and issuance of 17,167 shares of Company common stock pursuant to the ATM Agreement. Any sale of shares pursuant to the ATM Agreement are made under the Company’s effective “shelf” registration statement on Form S-3 (File No. 333-264218), which became effective on April 20, 2022, and included base prospectus, and under the related prospectus supplement filed with U.S. Securities and Exchange Commission (the “SEC”) dated September 18, 2024.

The Company incurred net losses of $2,685,633 (after losses attributable to non-controlling interest) for the three months ended September 30, 2024 (net loss of $2,425,204 for the three months ended September 30, 2023). As of September 30, 2024, the Company has shareholders’ equity of $5,949,242, working capital of $800,112, and an accumulated deficit of $54,649,965.

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 (US) 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 unaudited condensed consolidated financial statements. Management believes there is material risk that the Company’s cash and cash equivalents as of September 30, 2024, of approximately $3.99 million, may be insufficient to fund its current operating plan through at least the next twelve months from the issuance of these unaudited condensed 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 unaudited condensed consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities should the Company be unable to continue as a going concern.

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

3 Months Ended

Sep. 30, 2024

Sep. 18, 2024

Sep. 30, 2024

Sep. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Proceeds from Issuance or Sale of Equity

$ 3,000,000.0

Proceeds from Issuance of Common Stock

$ 34,511

Number of shares issued

17,167

Cash and cash equivalents

^[1]

2,685,633

2,425,204

Shareholders' equity

^[2]

$ 5,949,242

5,949,242

$ 1,236,558

$ 8,183,191

$ 3,686,998

Working capital

800,112

Accumulated deficit

54,649,965

51,964,332

$ 3,989,431

$ 6,304,098

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

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

Amount of accumulated undistributed earnings (deficit).

+ References + Details

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

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Cost of revenue (exclusive of amortization shown separately below)

LOSS PER SHARE

3 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

LOSS PER SHARE

NOTE 12. LOSS PER SHARE

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

	2024			2023
	Three Months Ended September 30,
	2024			2023
Net loss attributable to Intelligent Bio Solutions Inc.	$	(2,685,633	)	$	(2,425,204	)
Basic and diluted net loss per share attributed to common shareholders	$	(0.70	)	$	(12.48	)
Weighted average number of shares outstanding		3,811,090			194,200

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

SCHEDULE OF ANTI-DILUTIVE WARRANTS

	2024		2023*
	September 30,
	2024		2023*
Warrants		5,516,754		35,547
Anti-dilutive		5,516,754		35,547

The warrants have been adjusted to give effect to 1-for-12 reverse stock split effected on January 26, 2024.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
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	4,377,759	3,456,000
Common stock, shares outstanding	4,377,759	3,456,000
Treasury stock shares	116	116

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

3 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Income Statement [Abstract]

Revenue

^[1]

$ 872,287

$ 796,094

^[1]

(525,486)

(563,763)

Gross profit

^[1]

346,801

232,331

Other income

Government support income

^[1]

126,128

109,871

Operating expenses

Selling, general and administrative expenses

^[1]

(1,949,016)

(2,457,060)

Development and regulatory approval expenses

^[1]

(948,752)

(103,947)

Depreciation and amortization

^[1]

(300,422)

(307,560)

Total operating expenses

^[1]

(3,198,190)

(2,868,567)

Loss from operations

^[1]

(2,725,261)

(2,526,365)

Other income (expense), net

Interest expense

^[1]

(22,327)

(37,448)

Realized foreign exchange loss

^[1]

(51)

Fair value gain on revaluation of financial instrument

^[1]

131,250

Interest income

^[1]

52,840

139

Total other income, net

^[1]

30,462

93,941

Net loss attributable to non-controlling interest

^[1],[2]

(2,694,799)

(2,432,424)

^[1]

(9,166)

(7,220)

Net loss attributable to Intelligent Bio Solutions Inc.

^[1]

(2,685,633)

(2,425,204)

Other comprehensive income (loss), net of tax

Foreign currency translation gain / (loss)

^[1],[2]

216,355

(18,016)

Total other comprehensive income / (loss)

^[1]

216,355

(18,016)

Comprehensive loss

^[1]

(2,478,444)

(2,450,440)

Comprehensive loss attributable to non-controlling interest

^[1]

(9,166)

(7,220)

Comprehensive loss attributable to Intelligent Bio Solutions Inc.

^[1]

$ (2,469,278)

$ (2,443,220)

Net loss per share, basic

^[1]

$ (0.70)

$ (12.48)

Net loss per share, diluted

^[1]

$ (0.70)

$ (12.48)

Weighted average shares outstanding, basic

^[1]

3,811,090

194,200

Weighted average shares outstanding, diluted

^[1]

3,811,090

194,200

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

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

3 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sales of Goods Cartidges [Member]

^[1]

$ 872,287

$ 796,094

Sales of Goods Readers [Member]

448,514

380,059

233,786

238,802

Other Sales [Member]

$ 189,987

$ 177,233

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

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.

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RELATED PARTY TRANSACTIONS

SCHEDULE OF EXPECTED AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS (Details)	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 703,306
2026	863,222
2027	838,382
2028	838,382
2029	838,382
Thereafter	209,596
Total	$ 4,291,270

Cover - shares	3 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,386,816

RELATED PARTY TRANSACTIONS

3 Months Ended

Sep. 30, 2024

NOTE 10. RELATED PARTY TRANSACTIONS

There were no related party transactions during the reporting period.

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.

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Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

3 Months Ended

Sep. 30, 2024

INTANGIBLE ASSETS, NET

NOTE 6. INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following as of September 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	$	935,983	$	1,863,072	$	4,191,911
Customer relationships	3 years		252,000		46,077		198,718		99,359
Trade names and trademarks	Indefinite		92,000		16,822		-		108,822
Total intangible assets		$	5,463,000	$	998,882	$	2,061,790	$	4,400,092

Intangible assets, net consist of the following as of June 30, 2024:

	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

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

Expenses related to the amortization of intangible assets charged to the condensed consolidated statements of operations and other comprehensive income (loss) for the three months ended September 30, 2024 and 2023 was $235,464 and $243,153, respectively.

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


Fiscal year	Amount
Remainder of 2025	$	703,306
2026		863,222
2027		838,382
2028		838,382
2029		838,382
Thereafter		209,596
Total	$	4,291,270

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

SUBSEQUENT EVENTS

3 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 13. SUBSEQUENT EVENTS

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

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

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

3 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Earnings Per Share [Abstract]

Net loss attributable to Intelligent Bio Solutions Inc.

^[1]

$ (2,685,633)

$ (2,425,204)

Basic net loss per share attributed to common shareholders

^[1]

$ (0.70)

$ (12.48)

Diluted net loss per share attributed to common shareholders

^[1]

$ (0.70)

$ (12.48)

Weighted-average number of shares outstanding, basic

^[1]

3,811,090

194,200

Weighted-average number of shares outstanding, diluted

^[1]

3,811,090

194,200

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

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

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.

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

Cash and cash equivalents

SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended	12 Months Ended
SCHEDULE OF OTHER INTANGIBLE ASSETS (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Acquisition cost	$ 5,463,000	$ 5,463,000
Intangible assets, Effect of foreign currency	998,882	632,878
Intangible assets, Accumulated amortization	2,061,790	1,723,852
Intangible assets, Carrying value	$ 4,400,092	$ 4,372,026
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average useful lives (years)	7 years	7 years
Intangible assets, Acquisition cost	$ 5,119,000	$ 5,119,000
Intangible assets, Effect of foreign currency	935,983	593,026
Intangible assets, Accumulated amortization	1,863,072	1,559,822
Intangible assets, Carrying value	$ 4,191,911	$ 4,152,204
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average useful lives (years)	3 years	3 years
Intangible assets, Acquisition cost	$ 252,000	$ 252,000
Intangible assets, Effect of foreign currency	46,077	29,194
Intangible assets, Accumulated amortization	198,718	164,030
Intangible assets, Carrying value	99,359	117,164
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Acquisition cost	92,000	92,000
Intangible assets, Effect of foreign currency	16,822	10,658
Intangible assets, Accumulated amortization
Intangible assets, Carrying value	$ 108,822	$ 102,658
Weighted average useful lives (years)	Indefinite	Indefinite

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Foreign currency translation gain (loss)	$ 216,355	$ 18,016
Cash equivalents	0		$ 0
Impairment of long-lived assets	0	0
Deferred income				$ 4,700,000
Construction in progress	568,678		$ 543,410
Research and development tax refund	110,087	76,348
Grant Income [Member]
Property, Plant and Equipment [Line Items]
Other income	$ 16,041	$ 33,523
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]

Condensed Consolidated Balance Sheets - USD ($)

Sep. 30, 2024

Jun. 30, 2024

Current assets

$ 3,989,431

$ 6,304,098

Accounts receivable, net

578,578

429,704

Inventories, net

738,789

777,537

Research and development tax incentive receivable

648,334

525,332

Deferred charges

127,586

Other current assets

396,193

497,572

Total current assets

6,478,911

8,534,243

Property and equipment, net

586,120

565,850

Operating lease right-of-use assets

260,760

306,744

Intangibles, net

4,400,092

4,372,026

Total assets

11,725,883

13,778,863

Current liabilities

Accounts payable and accrued expenses

1,834,416

1,704,568

Current portion of operating lease liabilities

281,565

274,834

Current portion of deferred grant income

2,585,696

2,486,668

Current employee benefit liabilities

477,517

469,381

Current portion of notes payable

499,605

515,282

Total current liabilities

5,678,799

5,450,733

Employee benefit liabilities, less current portion

69,731

63,615

Operating lease liabilities, less current portion

28,111

81,324

Total liabilities

5,776,641

5,595,672

Commitments and contingencies (Note 11)

Shareholders’ equity

Common stock, $0.01 par value, 100,000,000 shares authorized, 4,377,759 and 3,456,000 shares issued and outstanding at September 30, 2024 and June 30, 2024, respectively

43,775

34,557

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

(1)

Additional paid-in capital

61,207,017

60,971,740

Accumulated deficit

(54,649,965)

(51,964,332)

Accumulated other comprehensive loss

(496,259)

(712,614)

Total consolidated Intelligent Bio Solutions Inc. equity

6,104,567

8,329,350

Non-controlling interest

(155,325)

(146,159)

Total shareholders’ equity

^[1]

5,949,242

8,183,191

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 11,725,883

$ 13,778,863

[1]	Common stock has been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, throughout the condensed consolidated financial statements unless otherwise stated.

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

3 Months Ended

Sep. 30, 2024

Sep. 25, 2024

Sep. 18, 2024

Feb. 29, 2024

Sep. 30, 2024

Sep. 30, 2023

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Warrants to purchase common stock

5,516,754

Proceeds from Issuance or Sale of Equity

$ 3,000,000.0

Proceeds from Issuance of Common Stock

$ 34,511

Number of shares issued

17,167

Expense related agreement

202,045

Stock awards issued to employees, shares

99,500

Stock compensation expense

^[1]

$ 190,045

Grant date fair value

$ 1.91

Advisory Agreement [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Restricted shares of common stock

5,260

Cash fee

$ 5,000

Grant of restricted common stock

$ 4,000

$ 12,000

Clear Think Agreement [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Expense related agreement

$ 12,000

$ 0

[1]	Common stock has been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, throughout the condensed consolidated financial statements unless otherwise stated.

INTANGIBLE ASSETS, NET (Details Narrative) - USD ($)	3 Months Ended
INTANGIBLE ASSETS, NET (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 235,464	$ 243,153
Impairment charges	$ 0

SCHEDULE OF ANTI-DILUTIVE WARRANTS (Details) - shares

3 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Warrant [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Anti-dilutive

5,516,754

35,547

^[1]

[1]	The warrants have been adjusted to give effect to 1-for-12 reverse stock split effected on January 26, 2024.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Principles of consolidation

All significant inter-company transactions and balances have been eliminated upon consolidation.

Foreign currency translation

Use of estimates

Cash and cash equivalents

Concentration of credit risk

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

Equity offering costs

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

Intangible assets

Impairment of long-lived assets

During the three months ended September 30, 2024, and 2023, the Company did not record any impairment charges on its long-lived assets.

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
	Three Months Ended September 30,
	2024		2023
Sales of goods - cartridges	$	448,514	$	380,059
Sales of goods - readers		233,786		238,802
Other sales		189,987		177,233
Total revenue	$	872,287	$	796,094

Other income

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

a) Grant income

b) R&D tax refund

Development and regulatory approval expenses

Equity-Based Compensation

Employee benefits

Income taxes

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

Recent Accounting Pronouncements

SEGMENT INFORMATION (Tables)

3 Months Ended

Sep. 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
	Three Months Ended September 30, 2024
	IFPG			BPT			Total
Revenue
United Kingdom	$	833,788		$	-		$	833,788
Australia		580			-			580
Other		37,919			-			37,919
Total Revenue	$	872,287		$	-		$	872,287

Government Support Income
United Kingdom		-			-			-
Australia		-			126,128			126,128
Total Government Support Income	$	-		$	126,128		$	126,128

Total Revenue and Government Support Income	$	872,287		$	126,128		$	998,415

Net Loss	$	(1,465,185	)	$	(1,229,614	)	$	(2,694,799	)

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

Government Support Income
United Kingdom		45,321			-			45,321
Australia		-			64,550			64,550
Total Government Support Income	$	45,321		$	64,550		$	109,871

Total Revenue and Government Support Income	$	841,415		$	64,550		$	905,965

Net Loss	$	(740,589	)	$	(1,691,835	)	$	(2,432,424	)

Long-lived assets and inventories

	IFPG		BPT		Total
	September 30, 2024
	IFPG		BPT		Total
Long-lived assets, net
United Kingdom	$	4,611,041	$	-	$	4,611,041
Australia		-		635,931		635,931
Total Long-Lived Assets	$	4,611,041	$	635,931	$	5,246,972

Inventories, net
United Kingdom		688,262		-		688,262
Australia		50,527		-		50,527
Total Inventories	$	738,789	$	-	$	738,789

Total Long-Lived Assets and Inventories, net	$	5,349,830	$	635,931	$	5,985,761

	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

NOTE PAYABLE (Details Narrative)	3 Months Ended
NOTE PAYABLE (Details Narrative)	Sep. 30, 2024
Debt Disclosure [Abstract]
Interest rate, debt	0.97%
Gross revenue, rate	10.00%
Sales to distributor, rate	50.00%

SCHEDULE OF LEASE EXPENSES (Details) - USD ($)	3 Months Ended
SCHEDULE OF LEASE EXPENSES (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Amortization of operating lease right-of-use assets	$ 61,489	$ 59,962
Interest on operating lease liabilities	12,734	21,171
Total lease costs	$ 74,223	$ 81,133

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

3 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Cash Flows from Operating Activities

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

^[1],[2]

$ (2,694,799)

$ (2,432,424)

Depreciation and amortization

241,622

247,598

Amortization on right-of-use assets

61,489

59,962

Provision for inventory obsolescence

67,851

Share-based compensation

202,045

Non-cash refund of R&D expenditure claims

(86,037)

(33,523)

Fair value gain on revaluation of holdback Series C preferred stock

(131,250)

Non-cash other operating activities

(33,170)

104,485

Changes in operating assets and liabilities:

Accounts receivable

(148,874)

(273,649)

Inventories

38,748

(53,035)

Grant receivable / deferred grant income

(97,128)

Research and development tax incentive receivable

(123,002)

(60,830)

Deferred charges

(127,586)

Other current assets

101,379

139,486

Accounts and other payables

221,335

1,215,964

Other long-term liabilities

6,116

2,830

Operating lease liabilities

(46,482)

(68,170)

Net cash used in operating activities

(2,387,216)

(1,311,833)

Cash flows from Financing Activities

Proceeds from issuance of common stock, net of costs

34,511

Proceeds from exercise of warrants

7,939

Net cash provided by financing activities

42,450

Effect of foreign exchange rates on cash and cash equivalents

30,099

(39,010)

Net decrease in cash and cash equivalents

(2,314,667)

(1,350,843)

Cash and cash equivalents, beginning of period

6,304,098

1,537,244

Cash and cash equivalents, end of the period

3,989,431

186,401

Non-cash investing and financing activities

Equity issuance costs in accounts payable and accrued expenses

$ 127,586

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Sep. 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
	Three Months Ended September 30,
	2024		2023
Sales of goods - cartridges	$	448,514	$	380,059
Sales of goods - readers		233,786		238,802
Other sales		189,987		177,233
Total revenue	$	872,287	$	796,094

SHAREHOLDERS’ EQUITY

3 Months Ended

Sep. 30, 2024

Equity [Abstract]

SHAREHOLDERS’ EQUITY

NOTE 9. SHAREHOLDERS’ EQUITY

As of September 30, 2024, there were warrants outstanding to purchase 5,516,754 shares of common stock, held by certain shareholders. Each warrant initially represented the right to purchase one share of the Company’s common stock and was subject to adjustment upon the occurrence of specified events including reverse stock splits.

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.

At The Market (ATM) Offering

On September 18, 2024, the Company entered into an At The Market Offering Agreement (the ATM Agreement) with Ladenburg. Pursuant to the terms of the ATM Agreement, the Company may sell from time to time through Ladenburg, as sales agent and/or principal, shares of the Company’s common stock with an aggregate sales price of up to $3.0 million. During the period between September 18, 2024, through to September 30, 2024, the Company raised approximately $34,511 (net of commission) through the sale and issuance of 17,167 shares of Company common stock pursuant to the ATM Agreement. Any sale of shares pursuant to the ATM Agreement are made under the Company’s effective “shelf” registration statement on Form S-3 (File No. 333-264218), which became effective on April 20, 2022, and included base prospectus, and under the related prospectus supplement filed with SEC dated September 18, 2024.

Advisory Agreement

On February 29, 2024, the Company entered into an Investor Relations and Corporate Development Advisory Agreement (the “ClearThink Agreement”) with ClearThink Capital LLC (“ClearThink”) pursuant to which ClearThink 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 three months ended September 30, 2024 and 2023, the Company recognized $12,000 and $0, respectively, of expense related to the ClearThink Agreement in the accompanying condensed consolidated statements of operations.

Stock-based payments under 2019 Stock Incentive Plan

On September 25, 2024, the Company granted its employees 99,500 shares of common stock as compensation. The Company recorded stock compensation expense of $190,045, based on a grant date fair value of $1.91 per share in the accompanying condensed consolidated statement of operations. All shares of common stock granted vested immediately.

The entire disclosure for equity.

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SCHEDULE OF LEASE EXPENSES

LEASES (Tables)

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

The components of operating lease expense are as follows:

SCHEDULE OF LEASE EXPENSES

	2024		2023
	Three Months Ended September 30,
	2024		2023
Amortization of operating lease right-of-use assets	$	61,489	$	59,962
Interest on operating lease liabilities		12,734		21,171
Total lease costs	$	74,223	$	81,133

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 condensed consolidated balance sheet as of September 30, 2024, is as follows:


Fiscal year	Amount
Remainder of 2025	$	246,773
2026		87,990
Total lease payments		334,763
Less: imputed interest		(25,087	)
Present value of lease liabilities	$	309,676

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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

NOTE PAYABLE

3 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

NOTE PAYABLE

NOTE 7. NOTE PAYABLE

As a result of the acquisition of IFP in October 2022, 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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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