What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2024-05-15 compared with 2024-02-20 · 144 added, 142 removed, 223 unchanged (56% of the section changed)

2 unchanged sentences

following discussion and analysis of the results of operations and financial condition of Propanc Biopharma, Inc., and its wholly-owned

Australian subsidiary, Propanc PTY LTD (collectively, “Propanc” or the “Company”) as of December 31, 2023 and

for the six months ended December 31, 2023 and 2022 should be read in conjunction with our unaudited financial statements and the notes

to those unaudited financial statements that are included elsewhere in this Quarterly Report on Form 10-Q for the period ended December

Australian subsidiary, Propanc PTY LTD (collectively, “Propanc” or the “Company”) as of March 31, 2024 and for

the nine months ended March 31, 2024 and 2023 should be read in conjunction with our unaudited financial statements and the notes to

those unaudited financial statements that are included elsewhere in this Quarterly Report on Form 10-Q for the period ended March 31,

2024 (this “Quarterly Report”).

References in this Management’s Discussion and Analysis of Financial Condition

and Results of Operations section to “us”, “we”, “our” and similar terms refer to Propanc.

References in this Management’s Discussion and Analysis of Financial Condition and

Results of Operations section to “us”, “we”, “our” and similar terms refer to Propanc.

This Quarterly

48 unchanged sentences

a total of 87 patents filed in major global jurisdictions.

16, 2024, PRP Lead Product Candidate

certificate of grant for the Company’s “composition of proenzymes for cancer treatment,” patent was received from the

European Patent Office.

The patent covers lower dosage ratios of the two proenzymes (trypsinogen and chymotrypsinogen) contained in the

PRP formulation.

2024, PRP Lead Product Candidate

application for the Company’s “proenzymes composition,” patent was allowed by the Japanese Patent Office.

covers claims for the dosing regimen of the PRP formulation.

of Operations

2 unchanged sentences

The results discussed below are of the Company and its wholly-owned Australian subsidiary, Propanc

the Three and Six months ended December 31, 2023, as compared to the Three and Six months ended December 31, 2022.

the three and six months ended December 31, 2023 and 2022, we generated no revenue because we are currently undertaking research and

development activities for market approval and no sales were generated in this period.

the Three and Nine months ended March 31, 2024, as compared to the Three and Nine months ended March 31, 2023.

the three and nine months ended March 31, 2024 and 2023, we generated no revenue because we are currently undertaking research and development

activities for market approval and no sales were generated in this period.

Administration

expense decreased to $318,185 for the three months ended December 31, 2023 as compared to $525,620 for the three months ended December

This decrease of approximately $207,000 is primarily attributable to a decrease of approximately $83,000 in general consulting,

legal and investor relation fees and decrease in stock-based expenses of approximately $51,000, decrease in accounting fees of approximately

$13,000, decrease of approximately $91,000 in employee remuneration expense offset by increase in marketing expenses of approximately

$26,000, and increase in other general and administrative expenses of approximately $5,000.

expense increased to $348,841 for the three months ended March 31, 2024 as compared to $311,824 for the three months ended March 31,

This increase of approximately $37,000 is primarily attributable to an increase in marketing expenses of approximately $34,000,

increase in accounting fees of approximately $9,000, increase of approximately $6,000 in employee remuneration expense offset by decrease

of approximately $9,000 in general consulting, legal and investor relation fees and decrease in other general and administrative expenses

of approximately $3,000.

Administration

expense decreased to $712,013 for the six months ended December 31, 2023 as compared to $990,752 for the six months ended December 31,

expense decreased to $1,060,854 for the nine months ended March 31, 2024 as compared to $1,302,576 for the nine months ended March 31,

This decrease of approximately $242,000 is primarily attributable to a decrease of approximately $197,000 in general consulting,

legal and investor relation fees and decrease in stock-based expenses of approximately $54,000, decrease in accounting fees of approximately

$4,000, decrease of approximately $67,000 in employee remuneration expense offset by increase in marketing expenses of approximately

legal and investor relation fees and decrease in stock-based expenses of approximately $54,000, decrease of approximately $61,000 in

employee remuneration expense offset by increase in marketing expenses of approximately $61,000, increase in accounting fees of approximately

$5,000, and increase in other general and administrative expenses of approximately $4,000.

expenses decreased to $5,857 for the three months ended December 31, 2023 as compared to $7,506 for the three months ended December 31,

This decrease of approximately $1,600 is primarily attributable to exchange rate movements over the period when compared to the

same period in 2022.

expenses decreased to $13,006 for the six months ended December 31, 2023 as compared to $13,879 for the six months ended December 31,

expenses decreased to $6,578 for the three months ended March 31, 2024 as compared to $8,365 for the three months ended March 31, 2023.

This decrease of approximately $1,800 is primarily attributable to exchange rate movements over the period when compared to the same

period in 2023.

expenses decreased to $19,584 for the nine months ended March 31, 2024 as compared to $22,244 for the nine months ended March 31, 2023.

This decrease of approximately $2,700 is primarily attributable to exchange rate movements over the period when compared to the same

period in 2023.

and Development Expenses

and development expenses were increased to $114,022 for the three months ended December 31, 2023 as compared to $74,878 for the three

months ended December 31, 2022.

Research and development expenses were decreased to $130,624 for the six months ended December 31, 2023

as compared to $176,203 for the six months ended December 31, 2022.

The decrease in research and development expenses of approximately

$46,000 is primarily due to budgetary constraints as the Company prepares to advance PRP to a First-In-Human study in advanced cancer

patients in 2024.

and development expenses were decreased to $65,448 for the three months ended March 31, 2024 as compared to $66,020 for the three months

ended March 31, 2023.

Research and development expenses were decreased to $195,712 for the nine months ended March 31, 2024 as compared

to $242,223 for the nine months ended March 31, 2023.

The decrease in research and development expenses of approximately $47,000 is primarily

due to budgetary constraints as the Company prepares to advance PRP to a First-In-Human study in advanced cancer patients in 2024.

research and development expenses are related to the two-year collaboration agreement with University of Jaén, which was executed

4 unchanged sentences

effects of pancreatic proenzymes against the tumor microenvironment.

expense increased to $264,462 for the three months ended December 31, 2023, as compared to $98,619 for the three months ended December

Interest expense is primarily comprised of approximately $225,000 of debt discount amortization and accretion of put premium

and $34,000 of interest expense from accrual of interest expense and other financing fees for the three months ended December 31, 2023.

This increase in interest expense of $165,843 is primarily attributable to the increase in amortization of debt discount of approximately

$43,000 and increase of approximately $117,000 in accretion of put premium.

expense increased to $442,696 for the six months ended December 31, 2023, as compared to $261,371 for the six months ended December 31,

expense decreased to $133,141 for the three months ended March 31, 2024, as compared to $157,208 for the three months ended March 31,

Interest expense is primarily comprised of approximately $108,000 of debt discount amortization and accretion of put premium and

$37,000 of interest expense from accrual of interest expense and other financing fees for the six months ended December 31, 2023.

increase in interest expense of $181,325 is primarily attributable to the increase in amortization of debt discount of approximately

$81,000 and increase of approximately $90,000 in accretion of put premium.

expense were increased to $45,658 for the three months ended December 31, 2023 as compared to a loss of $0 for the three months ended

December 31, 2022.

This increase is primarily attributable to the issuance of a convertible note in October 2023 to GS Capital which

initial value was bifurcated from the embedded conversion option and was recorded as derivative expense.

expense were increased to $123,379 for the six months ended December 31, 2023 as compared to a loss of $0 for the six months ended December

$21,000 of interest expense from accrual of interest expense and other financing fees for the three months ended March 31, 2024.

decrease in interest expense of $24,067 is primarily attributable to the decrease of approximately $88,000 in accretion of put premium

offset by increase in amortization of debt discount of approximately $66,000.

expense increased to $575,837 for the nine months ended March 31, 2024, as compared to $418,579 for the nine months ended March 31, 2023.

Interest expense is primarily comprised of approximately $508,000 of debt discount amortization and accretion of put premium and $58,000

of interest expense from accrual of interest expense and other financing fees for the nine months ended March 31, 2024.

This increase

in interest expense of $157,258 is primarily attributable to the increase in amortization of debt discount of approximately $109,000,

increase of approximately $29,000 in accretion of put premium and increase in accrual on interest expense of approximately $11,000.

expense were increased to $123,379 for the nine months ended March 31, 2024 as compared to a loss of $0 for the nine months ended March

This increase is primarily attributable to the issuance of convertible notes in August 2023 and October 2023 to GS Capital

1 unchanged sentence

in Fair Value of Derivative Liabilities

in fair value of derivative liabilities were decreased to a (loss) of $1,771 for the three months ended December 31, 2023 as compared

to a gain of $62,335 for the three months ended December 31, 2022.

This increase in loss of approximately $64,000 is primarily attributable

to the increase in fair value of the principal amount of convertible notes with bifurcated embedded conversion option derivatives as

a result of the issuance of a convertible note in October 2023

during the three months ended December 31, 2023.

in fair value of derivative liabilities were decreased to a gain of $302,158 for the six months ended December 31, 2023 as compared to

a gain of $127,508 for the six months ended December 31, 2022.

in fair value of derivative liabilities were increased to a gain (loss) of $70,213 for the three months ended March 31, 2024 as compared

to a loss of $(238,367) for the three months ended March 31, 2023.

This increase in gain of approximately $309,000 is primarily attributable

to the decrease in fair value of the principal amount of convertible notes with bifurcated embedded conversion option derivatives as

a result of the decrease in stock prices during the six months ended December 31, 2023

a result of the decrease in stock prices during the three months ended March 31, 2024.

in fair value of derivative liabilities were decreased to a gain of $372,371 for the nine months ended March 31, 2024 as compared to

a (loss) of $(110,859) for the nine months ended March 31, 2023.

This increase in gain of approximately $483,000 is primarily attributable

to the decrease in fair value of the principal amount of convertible notes with bifurcated embedded conversion option derivatives as

a result of the decrease in stock prices during the nine months ended March 31, 2024.

from Settlement of accounts payable

from settlement of accounts payable was $0 for the six months ended December 31, 2023 as compared to $17,499 for the six months ended

December 31, 2022.

from settlement of accounts payable was $0 for the nine months ended March 31, 2024 as compared to $17,499 for the nine months ended

March 31, 2023.

On August 16, 2022, the Company and a third-party investor relations consultant agreed to settle an outstanding payable

2 unchanged sentences

Accordingly, the Company recognized gain from settlement of accounts payable of $17,499

during the six months ended December 31, 2022.

during the nine months ended March 31, 2023.

(Loss) on Extinguishment of Debt, net

the six months ended December 31, 2023 there were principal aggregate amount of convertible notes of $75,300, accrued interest of $5,570

and conversion fees of $1,597 containing bifurcated embedded conversion option derivatives were converted into common stock.

the fair market value of the shares issued upon conversion was $198,753, resulting in a loss on extinguishment at the time of conversion

of $116,285 and $150,384 of derivative liability fair value was recorded as a gain on extinguishment at the time of conversion, resulting

in a net gain of $34,099 during the six months ended December 31, 2023.

the six months ended December 31, 2022, notes with principal amounts totaling $79,000 and accrued interest of $9,543 contained bifurcated

embedded conversion option derivatives.

Accordingly, the fair market value of the shares issued was $195,952, resulting in a loss on

extinguishment at the time of conversion of $107,409 and $106,799 of derivative fair value liability was recorded as a gain on extinguishment

at the time of conversion, resulting in a net loss of $610.

Additionally, during the six months ended December 31, 2022, the Company

recognized the remaining put premium of $43,520 related to a convertible note into gain on extinguishment of debt during the six months

ended December 31, 2022.

The lender of such convertible note agreed to surrender all conversion rights in its currently held convertible

notes due to violation of Section 15(a)(1) of the Securities Exchange Act of 1934.

the nine months ended March 31, 2024, convertible notes with principal aggregate amount of $91,300, accrued interest of $11,080 and conversion

fees of $2,236 containing bifurcated embedded conversion option derivatives were converted into common stock.

Accordingly, the fair market

value of the shares issued upon conversion was $243,286, resulting in a loss on extinguishment at the time of conversion of $143,467

and $170,785 of derivative liability fair value was recorded as a gain on extinguishment at the time of conversion, resulting in a net

gain of $27,318 which is included in gain (loss) on extinguishment of debt in the accompanying condensed consolidated statements of operations

during the nine months ended March 31, 2024.

the nine months ended March 31, 2023, the principal aggregate amount of convertible notes of $122,000 and accrued interest of $12,488

which contained bifurcated embedded conversion option derivatives were converted into common stock.

Accordingly, the fair market value

of the shares issued upon conversion was $369,110, resulting in a loss on extinguishment at the time of conversion of $234,622 and $223,288

of derivative fair value was recorded as a gain on extinguishment at the time of conversion, resulting in a net loss of $11,334.

Additionally,

during the nine months ended March 31, 2023, the Company recognized the remaining put premium of $43,520 related to a convertible note

into gain on extinguishment of debt.

The holder of such convertible note agreed to surrender all conversion rights in its currently held

convertible notes due to violation of Section 15(a)(1) of the Exchange Act, which resulted in a net gain on extinguishment of debt of

$32,186 for the nine months ended March 31, 2023.

Currency Transaction Gain (Loss)

currency transaction gain (loss) increased to a gain of $37,146 for the three months ended December 31, 2023 as compared to a loss of

($13,988) for the three months ended December 31, 2022.

This increase of approximately $51,000 is partially attributable to the increase

in exchange rates during the three months ended December 31, 2023.

currency transaction gain (loss) decreased to a gain of $21,198 for the six months ended December 31, 2023 as compared to a gain of $22,235

for the six months ended December 31, 2022.

currency transaction gain (loss) increased to a loss of $(36,426) for the three months ended March 31, 2024 as compared to a loss of

($19,025) for the three months ended March 31, 2023.

This increase of approximately $17,000 is partially attributable to the decrease

in exchange rates during the three months ended March 31, 2024.

currency transaction gain (loss) decreased to a loss of $(15,228) for the nine months ended March 31, 2024 as compared to a gain of $3,210

for the nine months ended March 31, 2023.

This decrease of approximately $18,000 is partially attributable to the decrease in exchange

rates during the six months ended December 31, 2023.

loss increased to $584,384 for the three months ended December 31, 2023 as compared to a net loss of $485,418 for the three months ended

December 31, 2022.

rates during the nine months ended March 31, 2024.

loss decreased to $526,700 for the three months ended March 31, 2024 as compared to a net loss of $809,809 for the three months ended

March 31, 2023.

The change relates to the factors discussed above.

Net loss decreased to $935,250 for the six months ended December

31, 2023 as compared to a net loss of $1,102,713 for the six months ended December 31, 2022.

The change relates to the factors discussed

Net loss decreased to $1,461,950 for the nine months ended March 31,

2024 as compared to a net loss of $1,912,522 for the nine months ended March 31, 2023.

The change relates to the factors discussed above.

Company recognized the value of the effect of a down round feature related to our Series A warrants when triggered.

3 unchanged sentences

fair value of the warrants with a strike price corresponding to the reduced strike price upon the down round feature being triggered.

Accordingly, the Company recognized deemed dividend of $34,585 and $19,322 during the three months ended December 31, 2023 and 2022,

respectively, and deemed dividend of $177,160 and $408,557 during the six months ended December 31, 2023 and 2022, respectively, with

a corresponding reduction of income available to common stockholders upon the alternate cashless exercise of these warrants during the

three and six months ended December 31, 2023 and 2022, respectively.

Accordingly, the Company recognized deemed dividend of $15,800 and $0 during the three months ended March 31, 2024 and 2023, respectively,

and deemed dividend of $192,960 and $408,557 during the nine months ended March 31, 2024 and 2023, respectively, with a corresponding

reduction of income available to common stockholders upon the alternate cashless exercise of these warrants during the three and nine

months ended March 31, 2024 and 2023, respectively.

loss available to common stockholders

loss available to common stockholders increased to $618,969 for the three months ended December 31, 2023 as compared to a net loss available

to common stockholders of $504,740 for the three months ended December 31, 2022.

This increase of approximately $114,000 is primarily

attributable to the change relates to the factors discussed above.

Net loss available to common stockholder decreased to $1,112,410 for

the six months ended December 31, 2023 as compared to a net loss available to common stockholders of $1,511,270 for the six months ended

December 31, 2022.

loss available to common stockholders decreased to $542,500 for the three months ended March 31, 2024 as compared to a net loss available

to common stockholders of $809,809 for the three months ended March 31, 2023.

This decrease of approximately $267,000 is primarily attributable

to the change relates to the factors discussed above.

Net loss available to common stockholder decreased to $1,654,910 for the nine months

ended March 31, 2024 as compared to a net loss available to common stockholders of $2,321,079 for the nine months ended March 31, 2023.

This decrease of approximately $666,000 is primarily attributable to the change relates to the factors discussed above.

1 unchanged sentence

Financial Condition

of December 31, 2023, we had total assets of $241,907, comprised primarily of cash of $71,650, GST tax receivable of $3,908, prepaid

expenses and other current assets of $12,139, refundable advance deposit of $123,127, security deposit of $2,044, operating lease ROU

asset, net of $28,989, and property and equipment, net of $50.

As compared to June 30, 2023, we had total assets of $60,328, comprised

primarily of cash of $10,047, GST tax receivable of $2,867, prepaid expenses and other current assets of $6,125, property and equipment,

net, of $302, operating lease ROU asset, net of $38,988, and security deposit of $1,999.

of March 31, 2024, we had total assets of $37,337, comprised primarily of cash of $6,222, GST tax receivable of $5,265, prepaid expenses

and other current assets of $1,368, security deposit of $1,955, and operating lease ROU asset, net of $22,527.

As compared to June 30,

2023, we had total assets of $60,328, comprised primarily of cash of $10,047, GST tax receivable of $2,867, prepaid expenses and other

current assets of $6,125, property and equipment, net, of $302, operating lease ROU asset, net of $38,988, and security deposit of $1,999.

had current liabilities of $3,687,984, primarily comprised of net convertible debt of $582,951, accounts payable and accrued expenses

of $1,953,541, employee benefit liability of $610,340, loan payable of $65,280, loan payable – related party of $32,616, note payable,

net of $132,000 and embedded conversion option liabilities of $219,045 as of December 31, 2023.

As compared to June 30, 2022, we had

current liabilities of $3,158,229, primarily comprised of net convertible debt of $390,539, loan payable of $65,280, accounts payable

and accrued expenses of $1,546,425, employee benefit liability of $587,618, and embedded conversion option liabilities of $423,209.

net of $132,000 and embedded conversion option liabilities of $128,432 as of March 31, 2024.

As compared to June 30, 2022, we had current

liabilities of $3,158,229, primarily comprised of net convertible debt of $390,539, loan payable of $65,280, accounts payable and accrued

expenses of $1,546,425, employee benefit liability of $587,618, and embedded conversion option liabilities of $423,209.

have funded our operations primarily through the issuance of equity and/or convertible securities for cash.

1 unchanged sentence

for payments for research and development, administration expenses, occupancy expenses, professional fees, consultants and travel.

the six months ended December 31, 2023 we received proceeds from issuance of note of $120,000, proceeds from issuance of convertible

notes of $477,500, and total proceeds from issuance of loans payable from a related party of $169,685.

the nine months ended March 31, 2024 we received proceeds from issuance of note of $120,000, proceeds from issuance of convertible notes

of $516,875, and total proceeds from issuance of loans payable from a related party of $185,872.

have substantial capital resource requirements and have incurred significant losses since inception.

As of December 31, 2023, we had

$71,650 in cash.

As of March 31, 2024, we had $6,222

We depend upon debt and/or equity financing to fund our ongoing operations and to execute our current business plan.

Such capital requirements are in excess of what we have in available cash and for which we currently have commitments.

Therefore, we

presently do not have enough available cash to meet our obligations over the next 12 months.

If continued funding and capital resources

are unavailable at reasonable terms, we may curtail our plan of operations.

We will be required to obtain alternative or additional financing

from financial institutions, investors or otherwise, in order to maintain and expand our existing operations.

The failure by us to obtain

such financing would have a material adverse effect upon our business, financial condition and results of operations, and adversely affecting

our ability to complete ongoing activities in connection with our research and development programs.

requirements are in excess of what we have in available cash and for which we currently have commitments.

Therefore, we presently do

not have enough available cash to meet our obligations over the next 12 months.

If continued funding and capital resources are unavailable

at reasonable terms, we may curtail our plan of operations.

We will be required to obtain alternative or additional financing from financial

institutions, investors or otherwise, in order to maintain and expand our existing operations.

The failure by us to obtain such financing

would have a material adverse effect upon our business, financial condition and results of operations, and adversely affecting our ability

to complete ongoing activities in connection with our research and development programs.

and Uses of Cash

For the six months ended December 31,

the nine months ended

Net cash used in operating activities

2 unchanged sentences

Cash Flow from Operating Activities

cash used in operating activities was $572,342 for the six months ended December 31, 2023, due to our net loss of $935,250 offset primarily

cash used in operating activities was $675,152 for the nine months ended March 31, 2024, due to our net loss of $1,461,950 offset primarily

by non-cash charges of amortization of debt discount of $246,612, non-cash interest expense of $2,236, accretion of put premium of $261,538,

derivative expense of $123,379, foreign currency transaction gain of $21,198, addback change in fair value of derivatives of $302,158

derivative expense of $123,379, foreign currency transaction loss of $15,228, addback change in fair value of derivatives of $372,371

and gain from extinguishment of debt of $27,318.

Net changes in operating assets and liabilities totaled $521,602, which is primarily

attributable to increase in prepaid expense of $5,877, increase in refundable advance deposit of $123,127, increase accrued interest

of $35,323, increase in accounts payable of $169,359, and increase in accrued expenses and other payables of $96,924.

cash used in operating activities was $734,542 for the six months ended December 31, 2022, due to our net loss of $1,102,713, offset

primarily by non-cash charges of amortization of debt discount of $83,903, stock-based compensation of $59,219, accretion of put premium

of $144,711, change in fair value of derivatives of $127,508, gain on extinguishment of debt of $42,910 and gain from settlement of accounts

payable of $17,499.

Net changes in operating assets and liabilities totaled $278,737, which are primarily attributable to increase in

prepaid expenses and other assets $16,724, employee benefit liability of $169,268, increase accrued interest of $31,433, increase in

accrued expenses and other payables of $97,414, and increase in accounts payable of $9,520.

attributable to increase accrued interest of $57,823, increase in accounts payable of $242,466, and increase in accrued expenses and

other payables of $198,995.

cash used in operating activities was $927,278 for the nine months ended March 31, 2023, due to our net loss of $1,912,522, offset primarily

by non-cash charges of amortization of debt discount of $138,014, stock-based compensation of $59,219, accretion of put premium of $232,674,

change in fair value of derivatives of $110,859, gain on extinguishment of debt of $32,186 and gain from settlement of accounts payable

Net changes in operating assets and liabilities totaled $479,999, which are primarily attributable to a decrease in prepaid

expenses and other assets $8,348, an increase in employee benefit liabilities of $177,198, an increase in accrued interest of $46,347,

an increase in accrued expenses and other payables of $236,034, and an increase in accounts payable of $27,953.

Cash Flow from Financing Activities

cash provided by financing activities for the six months ended December 31, 2023 were $624,276 as compared to $744,219 for the six months

ended December 31, 2022.

During the six months ended December 31, 2023 we received net proceeds from issuance of convertible notes of

$477,500, proceeds from issuance of note of $120,000, proceeds from issuance of loans from a related party of $169,685 offset by repayment

of convertible note of $142,909.

cash provided by financing activities for the six months ended December 31, 2022 was $744,219.

During the six months ended December 31,

2022, we received proceeds from the exercise of warrants of $200,000, proceeds from sale of shares of our Common Stock of $24,711, collections

of subscription receivable of $23,758, and net proceeds from issuance of convertible notes and a note payable of $495,750.

cash provided by financing activities for the nine months ended March 31, 2024 were $690,920 as compared to $1,013,719 for the nine months

ended March 31, 2023.

During the nine months ended March 31, 2024 we received net proceeds from issuance of convertible notes of $516,875,

proceeds from issuance of note of $120,000, proceeds from issuance of loans from a related party of $185,872, proceeds from the sale

of shares of our common stock of $11,082 offset by repayment of convertible note of $142,909.

cash provided by financing activities for the nine months ended March 31, 2023 was $1,013,719.

During the nine months ended March 31,

2023, we received proceeds from the exercise of warrants of $375,000, proceeds from the sale of shares of our common stock of $24,711,

collections of subscription receivables of $23,758, and net proceeds from the issuance of convertible notes and a note payable of $590,250.

of Exchange Rate

effect of the exchange rate on cash resulted in a $9,669 negative adjustment to cash flows in the six months ended December 31, 2023

as compared to a $10,732 positive adjustment to cash flows in the six months ended December 31, 2022.

The reason for the fluctuation

is due to the application of currency translation rates throughout the cash flow statement, the volume of transactions within each period

and the daily fluctuation in exchange rates.

effect of the exchange rate on cash resulted in a $19,593 negative adjustment to cash flows in the nine months ended March 31, 2024 as

compared to a $2,733 positive adjustment to cash flows in the nine months ended March 31, 2023.

The reason for the fluctuation is due

to the application of currency translation rates throughout the cash flow statement, the volume of transactions within each period and

the daily fluctuation in exchange rates.

Accounting Estimates

83 unchanged sentences

Concern Qualification

did not generate any revenue for the six months ended December 31, 2023 and 2022 and have incurred significant losses and cash used in

did not generate any revenue for the nine months ended March 31, 2024 and 2023 and have incurred significant losses and cash used in

operations, and such losses and use of cash are expected to continue.

24 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis