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Item 1. Financial Statements

2025-11-14 compared with 2025-05-15 · 1686 added, 1871 removed, 291 unchanged (92% of the section changed)

Financial Statements.

The following unaudited interim

condensed consolidated financial statements of Propanc Biopharma, Inc.

are included in this Quarterly Report on Form 10-Q:

INDEX TO FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets at March 31, 2025 (unaudited) and June 30, 2024

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended March 31, 2025 and 2024 (unaudited)

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for each of the three and nine months in the periods ended March 31, 2025 and 2024 (unaudited)

Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2025 and 2024 (unaudited)

following unaudited interim condensed consolidated financial statements of Propanc Biopharma, Inc.

are included in this Quarterly Report

on Form 10-Q:

TO FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets at September 30, 2025 (unaudited) and June 30, 2025

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended September 30, 2025 and 2024 (unaudited)

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for each of the three months in the periods ended September 30, 2025 and 2024 (unaudited)

Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 2025 and 2024 (unaudited)

Notes to the Condensed Consolidated Financial Statements (unaudited)

PROPANC BIOPHARMA, INC.

BIOPHARMA, INC.

AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2025

CONSOLIDATED BALANCE SHEETS

September 30, 2025

June 30, 2025

8 unchanged sentences

Operating lease right-of-use assets, net - related party

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

Property and equipment, net

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

3 unchanged sentences

Loans payable

Loans payable - related parties

Loans payable - related parties, net of discount

Loans payable

Notes payable, net of discount

2 unchanged sentences

Embedded conversion option liabilities

Due to former director - related party

Loan from former director - related party

Employee benefit liability

2 unchanged sentences

Loan payable - long-term - related party, net of discount

Operating lease liability - long-term portion - related party

TOTAL NON-CURRENT LIABILITIES

1 unchanged sentence

Commitments and Contingencies (See Note 8)

STOCKHOLDERS’ EQUITY (DEFICIT):

STOCKHOLDERS’ EQUITY:

Preferred stock, 1,500,005 shares authorized, $ 0.01 par value:

Series A preferred stock, $ 0.01 par value;

500,000 shares previously authorized;

0 shares issued and outstanding as of September 30, 2025

and June 30, 2025

Series B preferred stock, $ 0.01 par value;

5 shares authorized;

1 share issued and outstanding as of March 31, 2025 and June 30, 2024

Preferred stock

1 share issued and outstanding as of September 30, 2025 and June 30, 2025

Preferred stock, value

Common stock, $ 0.001 par value;

10,000,000,000 shares authorized;

11,611,782 and 7,980 shares issued and outstanding as of March 31, 2025 and June 30, 2024, respectively

12,806,748 and 11,611,782 shares issued and outstanding as of September 30, 2025 and June 30, 2025, respectively

Common stock issuable ( 518,687 and 7,750 shares as of September 30, 2025 and June 30, 2025, respectively)

Additional paid-in capital

4 unchanged sentences

Treasury stock ($0.001 share)

TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)

( 3,779,059 )

TOTAL LIABILITIES AND STOCKHOLDERS’EQUITY (DEFICIT)

The accompanying unaudited condensed notes

are an integral part of these unaudited condensed consolidated financial statements.

TOTAL STOCKHOLDERS’ EQUITY

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

The accompanying unaudited

condensed notes are an integral part of these unaudited condensed consolidated financial statements.

PROPANC BIOPHARMA, INC.

AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

For the three months ended March 31,

For the nine months ended March 31,

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the three months ended

September 30,

OPERATING EXPENSES

5 unchanged sentences

( 4,673,564 )

( 53,632,885 )

( 1,276,150 )

OTHER INCOME (EXPENSE)

6 unchanged sentences

TOTAL OTHER INCOME (EXPENSE), NET

( 1,218,954 )

LOSS BEFORE TAXES

2 unchanged sentences

$ ( 354,310 )

$ ( 54,067,346 )

$ ( 526,700 )

$ ( 54,851,839 )

$ ( 1,461,950 )

Deemed Dividend

NET LOSS AVAILABLE TO COMMON STOCKHOLDERS

$ ( 54,067,346 )

$ ( 542,500 )

$ ( 54,851,839 )

$ ( 1,654,910 )

BASIC AND DILUTED NET LOSS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS

$ ( 3,164.41 )

BASIC AND DILUTED NET LOSS PER SHARE

BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING

NET LOSS AVAILABLE TO COMMON STOCKHOLDERS

$ ( 4,837,738 )

$ ( 354,310 )

$ ( 54,851,839 )

$ ( 1,654,910 )

OTHER COMPREHENSIVE INCOME (LOSS)

4 unchanged sentences

$ ( 453,253 )

$ ( 54,656,863 )

$ ( 1,610,336 )

The accompanying unaudited condensed notes

are an integral part of these unaudited condensed consolidated financial statements.

The accompanying unaudited condensed notes are an integral part of these unaudited condensed consolidated financial statements.

PROPANC BIOPHARMA, INC.

AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES

IN STOCKHOLDERS’ EQUITY (DEFICIT )FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2025 AND 2024

Preferred Stock

Paid-in Capital

Subscription Receivable

Accumulated Deficit

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

Stock Issuable

Comprehensive

Treasury Stock

Stockholders’

2 unchanged sentences

$ ( 3,779,059 )

Issuance of common stock for conversion of convertible debt, conversion fees and accrued interest

Issuance of common stock for alternate cashless exercise of warrants

Issuance of common stock for issuable shares

Reclassification of put premium upon debt conversion

Relative fair value of warrant granted in connection with a loan payable - related party

Foreign currency translation gain

Deemed dividend upon alternate cashless exercise of warrants

Net loss for the three months ended September 30, 2023

Balance at September 30, 2023

( 65,178,173 )

( 2,989,259 )

Issuance of common stock for conversion of convertible debt, conversion fees and accrued interest

Issuance of common stock for alternate cashless exercise of warrants

Issuance of common stock for issuable shares

Reclassification of put premium upon debt conversion

Issuance of common stock for cash

Foreign currency translation loss

Deemed dividend upon alternate cashless exercise of warrants

Net loss for the three months ended December 31, 2023

Balance at December 31, 2023

( 65,797,142 )

( 3,563,599 )

Issuance of common stock for conversion of convertible debt, conversion fee and accrued interest

Issuance of common stock for alternate cashless exercise of warrants

Issuance of common stock for cash

Collection of subscription receivable

Reclassification of put premium upon debt conversion

Foreign currency translation loss

Deemed dividend upon alternate cashless exercise of warrants

Net loss for the three months ended March 31, 2024

Balance at March 31, 2024

$ ( 66,339,642 )

$ ( 3,699,517 )

Preferred Stock

Stockholders’

Paid-in Capital

Subscription Receivable

Accumulated Deficit

Comprehensive Income

Treasury Stock

Equity (Deficit)

Balance at June 30, 2024

$ ( 66,698,220 )

$ ( 3,779,059 )

Issuance of common stock for conversion of convertible debt, conversion fees and accrued interest

Issuance of common stock for conversion of convertible debt, conversion

fee and accrued interest

Issuance of common stock for services

5 unchanged sentences

$ ( 4,108,085 )

Issuance of common stock for conversion of convertible debt, conversion fees and accrued interest

Foreign currency translation loss

Net loss for the three months ended December 31, 2024

Balance at December 31, 2024

Stock Issuable

Comprehensive

Stockholders’

Balance at June 30, 2025

$ 138,243,652

2 unchanged sentences

$ ( 125,621,520 )

Issuance of common stock for conversion of convertible debt, conversion fees and accrued interest

Issuance of common stock for services rendered

Issuance of common stock for prepaid services

Issuance of common stock related to debt exchange agreement

Issuance of common stock related to warrant exchange agreement

Reclassification of put premium upon debt conversion

Fractional shares due to reverse split

Foreign currency translation loss

Net loss for the three months ended March 31, 2025

Issuance of common stock for conversion of convertible debt, conversion

fee and accrued interest

Issuance of common stock for cash

Common stock issuable for services and prepaid services

Reclassification of put premium upon debt conversion and repayment

Foreign currency translation gain

Net loss for the three months ended September 30, 2025

( 4,837,738 )

2 unchanged sentences

( 4,837,738 )

Balance at March 31, 2025

Balance at September 30, 2025

$ 143,517,615

2 unchanged sentences

$ ( 130,459,258 )

The accompanying unaudited condensed

notes are an integral part of these unaudited condensed consolidated financial statements.

The accompanying unaudited

condensed notes are an integral part of these unaudited condensed consolidated financial statements.

PROPANC BIOPHARMA, INC.

AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH

For the nine months ended March 31,

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three months ended

September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

4 unchanged sentences

Amortization of prepaid stock based expenses

Foreign currency transaction loss

Foreign currency transaction loss (gain)

Depreciation expense

8 unchanged sentences

GST receivable

Prepaid expenses - current portion

Deferred offering costs

Prepaid expenses

Other current assets

Accounts payable

4 unchanged sentences

NET CASH USED IN OPERATING ACTIVITIES

( 1,939,067 )

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of equipment

NET CASH USED IN INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from convertible promissory notes, net of original issue discounts and issue costs

Repayment of convertible note

Repayment of convertible notes

Repayment of notes

Proceeds from the sale of common stock

Repayment of loans payable - related party

Proceeds from the sale of common stock, net of offering costs

Proceeds from note payable

Proceeds from loans payable - related parties

Deferred offering costs

NET CASH PROVIDED BY FINANCING ACTIVITIES

8 unchanged sentences

Conversion of convertible notes and accrued interest to common stock

Settlement of accounts payable for shares of common stock

Settlement of loans to former director for shares of common stock

Settlement of loans payable including accrued interest for shares of common stock

Defferred offering cost charged to additional paid in capital upon closing of offering

Debt discounts related to derivative liability

Relative fair value of warrant granted in connection with a loan payable - related party

Issuance of common stock for prepaid services (net of amortized portion)

Deemed dividend upon alternate cashless exercise of warrants

The accompanying unaudited condensed notes

are an integral part of these unaudited condensed consolidated financial statements.

The accompanying unaudited condensed notes are an integral part of these unaudited condensed consolidated financial statements.

PROPANC BIOPHARMA, INC.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

NOTE 1 – NATURE OF OPERATIONS AND SUMMARY

OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES

Nature of Operations

Propanc Biopharma, Inc.

“Company,” “we,” “us” or “our”) is based in Camberwell, Victoria Australia.

inception, substantially all of the operations of the Company have been focused on the development of new cancer treatments targeting

high-risk patients, particularly cancer survivors, who need a follow-up, non-toxic, long-term therapy designed to prevent the cancer from

returning and spreading.

September 30, 2025

1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES

of Operations

Biopharma, Inc.

(the “Company,” “we,” “us” or “our”) is based in Camberwell, Victoria

Since its inception, substantially all of the operations of the Company have been focused on the development of new cancer

treatments targeting high-risk patients, particularly cancer survivors, who need a follow-up, non-toxic, long-term therapy designed to

prevent the cancer from returning and spreading.

The Company anticipates establishing global markets for its technologies.

Our lead product candidate, which we

refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes acting synergistically.

Our lead product

candidate, which we refer to as PRP, is an enhanced pro-enzyme formulation designed to enhance the anti-cancer effects of multiple enzymes

acting synergistically.

It is currently in the preclinical phase of development.

The Company was originally

formed in Melbourne, Victoria, Australia on October 15, 2007 as Propanc PTY LTD.

On November 23, 2010, Propanc Health Group Corporation

was incorporated in the State of Delaware, and in January 2011, to reorganize the Company, all of the outstanding shares of Propanc PTY

LTD were acquired on a one-for-one basis by Propanc Health Group Corporation, with Propanc PTY LTD becoming a wholly-owned subsidiary

of the Company.

On July 22, 2016, the Company

formed another wholly-owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose of submitting an orphan

drug application to the European Medicines Agency as a small and medium-sized enterprise.

As of March 31, 2025, there has been no activity

within this entity.

Effective April 20, 2017,

the Company changed its name to “Propanc Biopharma, Inc.” to reflect the Company’s stage of operations and development

In July 2020, a world-first

patent was granted in Australia for the cancer treatment method patent family.

Presently, there are 84 granted, allowed, or accepted patents

and 6 patents filed, or under examination in key global jurisdictions relating to the use of proenzymes against solid tumors, covering

the lead product candidate PRP.

On August 7, 2024, the Company

received written consent in lieu of a meeting by the holders of a majority of the voting power of the Company’s outstanding capital

stock as of August 7, 2024 and the Company’s Board of Directors approving such actions as are necessary for the Company to proceed

to, and the Company accordingly intends to, effectuate and execute a reverse stock split of the Company’s issued and outstanding

shares of common stock at a ratio of one post-split share per sixty thousand pre-split shares (1:60,000) (the “Reverse Stock Split”).

The Reverse Stock Split became effective as of January 29, 2025.

Proportional adjustments for the Reverse Stock Split were made to the

Company’s outstanding stock options, warrants and equity incentive plans.

All share and per-share data and amounts have been retroactively

adjusted as of the earliest period presented in the consolidated financial statements to reflect the Reverse Stock Split.

The Company hopes to capture

and protect additional patentable subject matter based on the Company’s field of technology relating to pharmaceutical compositions

of proenzymes for treating cancer by filing additional patent applications as it advances its lead product candidate, PRP, through various

stages of development.

Basis of Presentation

Company’s interim unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (this

“Quarterly Report”) have been prepared in accordance with accounting principles generally accepted in the United States

of America (“US GAAP”) and pursuant to the rules and regulations of the U.S.

Securities and Exchange Commission

In the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments

and reclassifications and non-recurring adjustments) necessary to present fairly our consolidated results of operations for the

three and nine months ended March 31, 2025 and 2024 and cash flows for the nine months ended March 31, 2025 and 2024 and our

consolidated financial position at March 31, 2025 have been made.

The Company’s results of operations for the nine months

ended March 31, 2025 are not necessarily indicative of the operating results to be expected for the full fiscal year ending June 30,

Certain information and disclosures normally included

in the notes to the Company’s annual audited consolidated financial statements have been condensed or omitted from the Company’s

interim unaudited condensed consolidated financial statements included in this Quarterly Report.

Accordingly, these interim unaudited

condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements

and notes thereto for the fiscal year ended June 30, 2024.

The June 30, 2024 balance sheet is derived from those statements.

Principles of Consolidation

The unaudited condensed consolidated

financial statements include the accounts of Propanc Biopharma, Inc., the parent entity, and its wholly-owned subsidiary, Propanc PTY

Company was originally formed in Melbourne, Victoria, Australia on October 15, 2007 as Propanc PTY LTD.

On November 23, 2010, Propanc

Health Group Corporation was incorporated in the State of Delaware, and in January 2011, to reorganize the Company, all of the outstanding

shares of Propanc PTY LTD were acquired on a one-for-one basis by Propanc Health Group Corporation, with Propanc PTY LTD becoming a wholly-owned

subsidiary of the Company.

July 22, 2016, the Company formed another wholly-owned subsidiary, Propanc (UK) Limited under the laws of England and Wales for the purpose

of submitting an orphan drug application to the European Medicines Agency as a small and medium-sized enterprise.

As of September 30,

2025, there has been no activity within this entity.

April 20, 2017, the Company changed its name to “Propanc Biopharma, Inc.” to reflect the Company’s stage of operations

and development better.

July 2020, a world-first patent was granted in Australia for the cancer treatment method patent family.

Presently, there are 85

granted, allowed, or accepted patents and 5 patents filed, or under examination in key global jurisdictions relating to the use of proenzymes

against solid tumors, covering the lead product candidate PRP.

Company hopes to capture and protect additional patentable subject matter based on the Company’s field of technology relating to

pharmaceutical compositions of proenzymes for treating cancer by filing additional patent applications as it advances its lead product

candidate, PRP, through various stages of development.

of Presentation

Company’s interim unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (this “Quarterly

Report”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“US

GAAP”) and pursuant to the rules and regulations of the U.S.

Securities and Exchange Commission (“SEC”).

In the opinion

of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring

adjustments) necessary to present fairly our consolidated results of operations for the three months ended September 30, 2025 and 2024

and cash flows for the three months ended September 30, 2025 and 2024 and our consolidated financial position at September 30, 2025 have

The Company’s results of operations for the three months ended September 30, 2025 are not necessarily indicative of

the operating results to be expected for the full fiscal year ending June 30, 2026.

information and disclosures normally included in the notes to the Company’s annual audited consolidated financial statements have

been condensed or omitted from the Company’s interim unaudited condensed consolidated financial statements included in this Quarterly

Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s

audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2025.

The June 30, 2025 balance sheet

is derived from those statements.

of Consolidation

unaudited condensed consolidated financial statements include the accounts of Propanc Biopharma, Inc., the parent entity, and its wholly-owned

subsidiary, Propanc PTY LTD.

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

Propanc (UK) Limited was an inactive wholly-owned

subsidiary through March 31, 2025 and still remains inactive.

Use of Estimates

The preparation of 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 revenues and expenses during the reporting period.

Propanc (UK) Limited

was an inactive wholly-owned subsidiary through September 30, 2025 and still remains inactive.

preparation of 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 revenues and expenses during the reporting period.

Actual results could differ from these estimates.

Significant estimates

in the accompanying consolidated financial statements include the estimates of useful lives of long-lived assets, valuation of the collectability

of a refundable advance deposit, present value of the operating lease liability and related right-of-use asset, valuation of derivatives,

valuation of equity based instruments issued for other than cash, the valuation allowance on deferred tax assets and foreign currency

translation due to certain average exchange rates applied in lieu of spot rates on transaction dates.

PROPANC BIOPHARMA, INC.

Significant estimates in the accompanying consolidated financial statements include the estimates of useful lives of long-lived assets,

valuation of the collectability of a refundable advance deposit, present value of the operating lease liability and related right-of-use

asset, valuation of derivatives, valuation of equity based instruments issued for other than cash, the valuation allowance on deferred

tax assets and foreign currency translation due to certain average exchange rates applied in lieu of spot rates on transaction dates.

Currency Translation and Other Comprehensive Income (Loss)

Company’s wholly-owned subsidiary’s functional currency is the Australian dollar (AUD).

For financial reporting purposes,

the Australian dollar has been translated into the Company’s reporting currency, which is the United States dollar ($) and/or (USD).

Assets and liabilities are translated at the exchange rate in effect at the balance sheet date.

Revenues and expenses are translated

at the average rate of exchange prevailing during the reporting period.

Equity transactions are translated at each historical transaction

date spot rate.

Translation adjustments arising from the use of different exchange rates from period to period are included as a component

of stockholders’ equity (deficit) as “Accumulated other comprehensive income (loss).” Gains and losses resulting from

foreign currency translations are included in the statements of operations and comprehensive income (loss) as a component of other comprehensive

income (loss).

There have been no significant fluctuations in the exchange rate for the conversion of Australian dollars to USD after

the balance sheet date.

BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Foreign Currency Translation

and Other Comprehensive Income (Loss)

The Company’s wholly-owned

subsidiary’s functional currency is the Australian dollar (AUD).

For financial reporting purposes, the Australian dollar has been

translated into the Company’s reporting currency, which is the United States dollar ($) and/or (USD).

Assets and liabilities are

translated at the exchange rate in effect at the balance sheet date.

Revenues and expenses are translated at the average rate of exchange

prevailing during the reporting period.

Equity transactions are translated at each historical transaction date spot rate.

adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’

equity (deficit) as “Accumulated other comprehensive income (loss).” Gains and losses resulting from foreign currency translations

are included in the statements of operations and comprehensive income (loss) as a component of other comprehensive income (loss).

have been no significant fluctuations in the exchange rate for the conversion of Australian dollars to USD after the balance sheet date.

Other Comprehensive Income

(Loss) for all periods presented includes only foreign currency translation gains (losses).

Assets and liabilities denominated

in foreign currencies are translated into the functional currency at the exchange rates prevailing at the consolidated balance sheet date

with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than

the functional currency included in the consolidated results of operations as incurred.

Effective fiscal year 2021, the parent company

determined that the intercompany loans will not be repaid in the foreseeable future and thus, per Accounting Standards Codification (“ASC”)

830-20-35-3, gains and losses from measuring the intercompany balances are recorded within cumulative translation adjustment, a component

of accumulated other comprehensive income (loss).

As of March 31, 2025 and 2024, the Company recognized a cumulative exchange gain (loss)

of approximately ($1,339,000) and $416,000, respectively, on intercompany loans made by the parent to the subsidiary that have not been

repaid as of March 31, 2025, which is included as a component of accumulated other comprehensive income on the accompanying condensed

consolidated balance sheets.

As of March 31, 2025 and June 30, 2024, the exchange

rates used to translate amounts in Australian dollars into USD for the purposes of preparing the consolidated financial statements were

September 30, 2025

Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses).

and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the

consolidated balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated

in a currency other than the functional currency included in the consolidated results of operations as incurred.

Effective fiscal year

2021, the parent company determined that the intercompany loans will not be repaid in the foreseeable future and thus, per Accounting

Standards Codification (“ASC”) 830-20-35-3, gains and losses from measuring the intercompany balances are recorded within

cumulative translation adjustment, a component of accumulated other comprehensive income (loss).

As of September 30, 2025 and 2024, the

Company recognized a cumulative exchange gain (loss) of approximately $ 191,000 and $ 677,000 , respectively, on intercompany loans made

by the parent to the subsidiary that have not been repaid as of September 30, 2025, which is included as a component of accumulated other

comprehensive income on the accompanying condensed consolidated balance sheets.

of September 30, 2025 and June 30, 2025, the exchange rates used to translate amounts in Australian dollars into USD for the purposes

of preparing the consolidated financial statements were as follows:

SCHEDULE OF TRANSACTION EXCHANGE RATES

March 31, 2025

September 30, 2025

June 30, 2025

3 unchanged sentences

AUD exchange rate

The change in Accumulated Other Comprehensive Income

by component during the nine months ended March 31, 2025 was as follows:

change in Accumulated Other Comprehensive Income by component during the three months ended September 30, 2025 was as follows:

SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME

2 unchanged sentences

Unrealized foreign currency translation gain

Ending balance, March 31, 2025

Fair Value of Financial

Instruments and Fair Value Measurements

The Company measures its financial assets and liabilities

in accordance with US GAAP.

For certain financial instruments, including cash and cash equivalents, receivables, accounts payable and

accrued liabilities, the carrying amounts approximate fair value due to their short maturities.

Amounts recorded for notes payable, net

of discount, and loans payable also approximate fair value because current interest rates available for debt with similar terms and maturities

are substantially the same.

The Company follows accounting guidance for financial

assets and liabilities.

This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures.

This standard does not require any new fair value measurements but rather applies to all other accounting pronouncements that require

or permit fair value measurements.

This guidance does not apply to measurements related to share-based payments.

This guidance discusses

valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash

flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost).

The guidance utilizes a fair value hierarchy that prioritizes

the inputs to valuation techniques used to measure fair value into three broad levels.

The following is a brief description of those three

Observable inputs such as quoted prices (unadjusted)

in active markets for identical assets or liabilities.

Inputs, other than quoted prices that are

observable, either directly or indirectly.

These include quoted prices for similar assets or liabilities in active markets and quoted

prices for identical or similar assets or liabilities in markets that are not active.

Unobservable inputs in which little or no

market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant

Also see Note 11 - Derivative Financial Instruments

and Fair Value Measurements.

PROPANC BIOPHARMA, INC.

Ending balance, September 30, 2025

Value of Financial Instruments and Fair Value Measurements

Company measures its financial assets and liabilities in accordance with US GAAP.

For certain financial instruments, including cash and

cash equivalents, receivables, accounts payable and accrued liabilities, the carrying amounts approximate fair value due to their short

Amounts recorded for notes payable, net of discount, and loans payable also approximate fair value because current interest

rates available for debt with similar terms and maturities are substantially the same.

Company follows accounting guidance for financial assets and liabilities.

This standard defines fair value, provides guidance for measuring

fair value and requires certain disclosures.

This standard does not require any new fair value measurements but rather applies to all

other accounting pronouncements that require or permit fair value measurements.

This guidance does not apply to measurements related

to share-based payments.

This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income

approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement

guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad

The following is a brief description of those three levels:

Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Inputs, other than quoted prices that are observable, either directly or indirectly.

These include quoted prices for similar assets

or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us,

which reflect those that a market participant would use.

see Note 11 - Derivative Financial Instruments and Fair Value Measurements.

and Cash Equivalents

and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of three months or less with financial

institutions, and bank overdrafts.

Bank overdrafts are reflected as a current liability on the balance sheets.

There were no cash equivalents

as of September 30, 2025 or June 30, 2025.

BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Cash and Cash Equivalents

Cash and cash equivalents

include cash on hand and at banks, short-term deposits with an original maturity of three months or less with financial institutions,

and bank overdrafts.

Bank overdrafts are reflected as a current liability on the balance sheets.

There were no cash equivalents as of

March 31, 2025 or June 30, 2024.

Refundable Advance Deposit

In August 2023, the Company

paid a refundable advance deposit of $ 120,958 which consisted primarily of a deposit paid to a potential lender to be used as payment

for a loan insurance premium related to a future loan transaction with the Company.

In the event, the future loan transaction does not

close, the potential lender shall return the refundable advance deposit.

During fiscal year 2024, the Company recorded an allowance for

the recoverability of this refundable advance deposit of $ 120,958 .

Prepaid expenses

Prepaid expenses – current

portion and long-term portion of $ 9,680,347 and $ 12,695,648 , respectively, at March 31, 2025, consist primarily of costs paid for

future services which will occur between 6 months to three years.

Prepaid expenses principally include prepayments in vested,

non-forfeitable equity instruments for general consulting, investor relations, and business advisory services, which are being

amortized over the terms of their respective agreements.

Deferred Offering Costs

The Company complies with

the requirements of ASC 340, Other Assets and Deferred Costs, with regards to offering costs.

Prior to the completion of an offering,

offering costs are capitalized and consist principally of professional, underwriting and other expenses incurred through the balance sheet

date that are directly related to the Company’s proposed public offering.

The deferred offering costs are charged to additional

paid-in capital or as a discount to debt, as applicable, upon the completion of an offering or to expense if the offering is not completed.

As of March 31, 2025 and June 30, 2024, the Company had recorded $ 92,117 and $ 27,117 in deferred offering costs, respectively.

Property and Equipment

Property and equipment are

stated at cost, net of accumulated depreciation.

September 30, 2025

Advance Deposit

August 2023, the Company paid a refundable advance deposit of $ 120,958 which consisted primarily of a deposit paid to a potential lender

to be used as payment for a loan insurance premium related to a future loan transaction with the Company.

In the event, the future loan

transaction does not close, the potential lender shall return the refundable advance deposit.

During fiscal year 2024, the Company recorded

an allowance for the recoverability of this refundable advance deposit of $ 120,958 .

expenses – current portion and long-term portion of $ 8,143,532 and $ 9,136,572 , respectively, at September 30, 2025, consist primarily

of costs paid for future services which will occur between 1 month to three years.

Prepaid expenses – current portion and long-term

portion of $ 8,334,046 and $ 10,925,835 , respectively, at June 30, 2025, consist primarily of costs paid for future services which will

occur between 6 months to three years.

Prepaid expenses principally include prepayments in fully vested, non-forfeitable equity instruments

for general consulting, investor relations, and business advisory services, which are being amortized over the terms of their respective

Offering Costs

Company complies with the requirements of ASC 340, Other Assets and Deferred Costs, with regards to offering costs.

Prior to the completion

of an offering, offering costs are capitalized and consist principally of professional, underwriting and other expenses incurred through

the balance sheet date that are directly related to the Company’s proposed public offering.

The deferred offering costs are charged

to additional paid-in capital or as a discount to debt, as applicable, upon the completion of an offering or to expense if the offering

is not completed.

As of September 30, 2025 and June 30, 2025, the Company had recorded $ 15,000 and $ 291,773 , respectively, in deferred

offering costs for both periods.

and Equipment

and equipment are stated at cost, net of accumulated depreciation.

Expenditures for maintenance and repairs are expensed as incurred;

additions, renewals,

and betterments are capitalized.

When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation

are removed from the respective accounts, and any gain or loss is included in operations.

Depreciation of property and equipment is provided

using the declining balance method.

additions, renewals, and betterments are capitalized.

When property and equipment are retired or otherwise disposed of, the related cost

and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations.

Depreciation of

property and equipment is provided using the declining balance method.

The depreciable amount is the cost less its residual value.

The estimated useful lives

are as follows:

estimated useful lives are as follows:

SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES

Machinery and equipment

Patents are stated at cost

and amortized on a straight-line basis over the estimated future periods if and once the patent has been granted by a regulatory agency.

and equipment

are stated at cost and amortized on a straight-line basis over the estimated future periods if and once the patent has been granted by

a regulatory agency.

However, the Company will expense any patent costs as long as we are in the startup stage.

Accordingly, as the Company’s products

are not currently approved for market, all patent costs incurred from 2013 through March 31, 2025 were expensed immediately.

This practice

of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency.

Impairment of Long-Lived Assets

In accordance with ASC 360-10,

“Long-lived assets,” which include property and equipment and intangible assets, are reviewed for impairment whenever events

or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Recoverability of long-lived assets

to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected

to be generated by the asset.

If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge

is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets.

Fair value is generally determined

using the asset’s expected future discounted cash flows or market value, if readily determinable.

Employee Benefit/Liability

Liabilities arising in respect

of wages and salaries, accumulated annual leave, accumulated long service leave and any other employee benefits expected to be settled

within twelve months of the reporting date are measured based on the employee’s remuneration rates applicable at the reporting date.

All other employee benefit liabilities are measured at the present value of the estimated future cash outflow to be made in respect of

services provided by employees up to the reporting date.

All employee liabilities are owed within the next twelve months.

PROPANC BIOPHARMA, INC.

Accordingly, as the Company’s

products are not currently approved for market, all patent costs incurred from 2013 through September 30, 2025 were expensed immediately.

This practice of expensing patent costs immediately ends when a product receives market authorization from a government regulatory agency.

of Long-Lived Assets

accordance with ASC 360-10, “Long-lived assets,” which include property and equipment and intangible assets, are reviewed

for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Recoverability

of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted

future cash flows expected to be generated by the asset.

If the carrying amount of an asset exceeds its estimated undiscounted future

cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the

Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily

determinable.

Benefit/Liability

arising in respect of wages and salaries, accumulated annual leave, accumulated long service leave and any other employee benefits expected

to be settled within twelve months of the reporting date are measured based on the employee’s remuneration rates applicable at

the reporting date.

All other employee benefit liabilities are measured at the present value of the estimated future cash outflow to

be made in respect of services provided by employees up to the reporting date.

All employee liabilities are owed within the next twelve

Goods and Services Tax (“GST”)

expenses and balance sheet items are recognized net of the amount of GST, except payable and receivable balances which are shown inclusive

The GST incurred is payable on revenues to, and recoverable on purchases from, the Australian Taxation Office.

flows are presented in the statements of cash flow on a gross basis, except for the GST component of investing and financing activities,

which are disclosed as operating cash flows.

of September 30, 2025 and June 30, 2025, the Company was owed $ 8,383 and $ 5,302 , respectively, from the Australian Taxation Office.

amounts were fully collected subsequent to the balance sheet reporting dates.

BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Australian Goods and Services

Revenues, expenses and balance sheet items are recognized

net of the amount of GST, except payable and receivable balances which are shown inclusive of GST.

The GST incurred is payable on revenues

to, and recoverable on purchases from, the Australian Taxation Office.

Cash flows are presented in the statements of cash

flow on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

As of March 31, 2025 and June 30, 2024, the Company was owed $ 3,633 and $ 2,950 , respectively, from the Australian Taxation Office.

amounts were fully collected subsequent to the balance sheet reporting dates.

Derivative Instruments

ASC Topic 815, Derivatives

and Hedging (“ASC Topic 815”), establishes accounting and reporting standards for derivative instruments and for hedging

activities by requiring that all derivatives be recognized in the balance sheet and measured at fair value.

Gains or losses resulting

from changes in the fair value of derivatives are recognized in earnings.

On the date of conversion or payoff of debt, the Company records

the fair value of the conversion shares, removes the fair value of the related derivative liability, removes any discounts and records

a net gain or loss on debt extinguishment.

Convertible Notes With

Variable Conversion Options

The Company has entered into

convertible notes, some of which contain variable conversion options, whereby the outstanding principal and accrued interest may be converted,

by the holder, into shares of the Company’s common stock, par value $ 0.001 per share (“common stock”) at a fixed discount

to the price of the common stock at or around the time of conversion.

The Company treats these convertible notes as stock settled debt

under ASC 480, “ Distinguishing Liabilities from Equity ” and measures the fair value of the notes at the time of issuance,

which is the result of the share price discount at the time of conversion and records the put premium as interest expense.

The Company is governed by

Australia and United States income tax laws, which are administered by the Australian Taxation Office and the United States Internal Revenue

Service, respectively.

The Company follows ASC 740 “ Accounting for Income Taxes ,” when accounting for income taxes,

which requires an asset and liability approach to financial accounting and reporting for income taxes.

Deferred income tax assets and

liabilities are computed annually for temporary differences between the financial statements and tax bases of assets and liabilities that

will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the

differences are expected to affect taxable income.

Valuation allowances are established when necessary to reduce deferred tax assets to

the amount expected to be realized.

Income tax expense is the tax payable or refundable for the period plus or minus the change during

the period in deferred tax assets and liabilities.

The Company follows ASC 740,

Sections 25 through 60, “ Accounting for Uncertainty in Income Taxes .” These sections provide detailed guidance for

the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements.

positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized upon the adoption

of ASC 740 and in subsequent periods.

Research and Development

Costs and Tax Credits

In accordance with ASC 730-10,

“Research and Development-Overall,” research and development costs are expensed when incurred.

Total research and development

costs for the nine months ended March 31, 2025 and 2024 were $ 170,199 and $ 195,712 , respectively, and for the three months ended March

31, 2025 and 2024 were $ 54,097 and $ 65,448 , respectively.

The Company may apply for

research and development tax concessions with the Australian Taxation Office on an annual basis.

Although the amount is possible to estimate

at year end, the Australian Taxation Office may reject or materially alter the claim amount.

Accordingly, the Company does not recognize

the benefit of the claim amount until cash receipt since collectability is not certain until such time.

The tax concession is a refundable

If the Company has net income, then the Company can receive the credit which reduces its income tax liability.

If the Company

has net losses, then the Company may still receive a cash payment for the credit, however, the Company’s net operating loss carryforwards

are reduced by the gross equivalent loss that would produce the credit amount when the income tax rate is applied to that gross amount.

September 30, 2025

Topic 815, Derivatives and Hedging (“ASC Topic 815”), establishes accounting and reporting standards for derivative

instruments and for hedging activities by requiring that all derivatives be recognized in the balance sheet and measured at fair value.

Gains or losses resulting from changes in the fair value of derivatives are recognized in earnings.

On the date of conversion or payoff

of debt, the Company records the fair value of the conversion shares, removes the fair value of the related derivative liability, removes

any discounts and records a net gain or loss on debt extinguishment.

Notes With Variable Conversion Options

Company has entered into convertible notes, some of which contain variable conversion options, whereby the outstanding principal and

accrued interest may be converted, by the holder, into shares of the Company’s common stock, par value $ 0.001 per share (“common

stock”) at a fixed discount to the price of the common stock at or around the time of conversion.

The Company treats these convertible

notes as stock settled debt under ASC 480, “ Distinguishing Liabilities from Equity ” and measures the fair value of

the notes at the time of issuance, which is the result of the share price discount at the time of conversion and records the put premium

as interest expense.

Company is governed by Australia and United States income tax laws, which are administered by the Australian Taxation Office and the

United States Internal Revenue Service, respectively.

The Company follows ASC 740 “ Accounting for Income Taxes ,” when

accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes.

income tax assets and liabilities are computed annually for temporary differences between the financial statements and tax bases of assets

and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the

periods in which the differences are expected to affect taxable income.

Valuation allowances are established when necessary to reduce

deferred tax assets to the amount expected to be realized.

Income tax expense is the tax payable or refundable for the period plus or

minus the change during the period in deferred tax assets and liabilities.

Company follows ASC 740, Sections 25 through 60, “ Accounting for Uncertainty in Income Taxes .” These sections provide

detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial

Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized

upon the adoption of ASC 740 and in subsequent periods.

and Development Costs and Tax Credits

accordance with ASC 730-10, “Research and Development-Overall,” research and development costs are expensed when incurred.

Total research and development costs for the three months ended September 30, 2025 and 2024 were $ 60,201 and $ 61,714 , respectively.

Company may apply for research and development tax concessions with the Australian Taxation Office on an annual basis.

Although the amount

is possible to estimate at year end, the Australian Taxation Office may reject or materially alter the claim amount.

Accordingly, the

Company does not recognize the benefit of the claim amount until cash receipt since collectability is not certain until such time.

tax concession is a refundable credit.

If the Company has net income, then the Company can receive the credit which reduces its income

tax liability.

If the Company has net losses, then the Company may still receive a cash payment for the credit, however, the Company’s

net operating loss carryforwards are reduced by the gross equivalent loss that would produce the credit amount when the income tax rate

is applied to that gross amount.

The concession is recognized as a tax benefit, in operations, upon receipt.

Stock Based Compensation

The Company records stock-based

compensation in accordance with ASC 718, “ Stock Compensation ”.

ASC 718 requires the fair value of all stock-based employee

compensation awarded to employees to be recorded as an expense over the shorter of the service period or the vesting period.

values employee and non-employee stock-based compensation at fair value using the Black-Scholes Option Pricing Model.

The Company adopted ASU 2018-07

and accounts for non-employee share-based awards in accordance with the measurement and recognition criteria of ASC 718 and recognizes

the fair value of such awards over the service period.

The Company used the modified prospective method of adoption.

Revenue Recognition

The Company applies ASC Topic

606, Revenue from Contracts with Customers (“ASC 606”).

ASC 606 establishes a single comprehensive model for entities to use

in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance.

standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects

the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional

Subject to these criteria, the Company intends to recognize revenue relating to royalties on product sales in the period

in which the sale occurs and the royalty term has begun.

PROPANC BIOPHARMA, INC.

Based Compensation

Company records stock-based compensation in accordance with ASC 718, “ Stock Compensation ”.

ASC 718 requires the fair

value of all stock-based employee compensation awarded to employees to be recorded as an expense over the shorter of the service period

or the vesting period.

The Company values employee and non-employee stock-based compensation at fair value using the Black-Scholes Option

Pricing Model.

Company adopted ASU 2018-07 and accounts for non-employee share-based awards in accordance with the measurement and recognition criteria

of ASC 718 and recognizes the fair value of such awards over the service period.

The Company used the modified prospective method of

Company applies ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”).

ASC 606 establishes a single comprehensive

model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue

recognition guidance.

This standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers

in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also

requires certain additional disclosures.

Subject to these criteria, the Company intends to recognize revenue relating to royalties on

product sales in the period in which the sale occurs and the royalty term has begun.

PROPANC BIOPHARMA,

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Legal Expenses

All legal costs for litigation are charged to expense

The Company follows ASC Topic 842, Leases (Topic 842)

and applies the package of practical expedients, which permit it not to reassess under the new standard its prior conclusions about lease

identification, lease classification and initial direct costs.

In addition, the Company elected not to apply ASC Topic 842 to arrangements

with lease terms of 12 months or less.

Operating lease right of use assets (“ROU”) represents the right to use the leased

asset for the lease term and operating lease liabilities are recognized based on the present value of future minimum lease payments over

the lease term at commencement date.

As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based

on the information available at the adoption date in determining the present value of future payments.

Lease expense for minimum lease

payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses.

Basic and Diluted Net Loss

Per Common Share

Basic net loss per share is computed by dividing the

net loss by the weighted average number of common shares outstanding during the period.

Diluted net loss per common share is computed

by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common

shares outstanding during the period.

Potentially dilutive securities consist of the incremental common shares issuable upon exercise

of common stock equivalents such as stock options, warrants and convertible debt instruments.

Potentially dilutive securities are excluded

from the computation if their effect is anti-dilutive.

As a result, the basic and diluted per share amounts for all periods presented

are identical.

Each holder of the convertible notes has agreed to a 4.99 % beneficial ownership conversion limitation (subject to certain

noteholders’ ability to increase such limitation to 9.99% upon 60 days’ notice to the Company), and each note may not be converted

during the first six-month period from the date of issuance.

The Company’s CEO holds Series B Preferred Stock that, when combined,

confers upon him a majority vote, including regarding authorization of additional common shares and/or the authorization of a reverse

split the stock as considered necessary.

Such securities are considered dilutive securities which were excluded from the computation since

the effect is anti-dilutive.

September 30, 2025

legal costs for litigation are charged to expense as incurred.

Company follows ASC Topic 842, Leases (Topic 842) and applies the package of practical expedients, which permit it not to reassess under

the new standard its prior conclusions about lease identification, lease classification and initial direct costs.

In addition, the Company

elected not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less.

Operating lease right of use assets (“ROU”)

represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value

of future minimum lease payments over the lease term at commencement date.

As most leases do not provide an implicit rate, the Company

uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future

Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general

and administrative expenses.

and Diluted Net Loss Per Common Share

net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period.

Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for

the period and, if dilutive, potential common shares outstanding during the period.

Potentially dilutive securities consist of the incremental

common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible debt instruments.

dilutive securities are excluded from the computation if their effect is anti-dilutive.

As a result, the basic and diluted per share

amounts for all periods presented are identical.

Each holder of the convertible notes has agreed to a 4.99% beneficial ownership conversion

limitation (subject to certain noteholders’ ability to increase such limitation to 9.99% upon 60 days’ notice to the Company),

and each note may not be converted during the first six-month period from the date of issuance.

The Company’s CEO holds Series

B Preferred Stock that, when combined, confers upon him a majority vote, including regarding authorization of additional common shares

and/or the authorization of a reverse split the stock as considered necessary.

Such securities are considered dilutive securities which

were excluded from the computation since the effect is anti-dilutive.

SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS

March 31, 2025

March 31, 2024

Stock Options

September 30, 2025

September 30, 2024

Stock Warrants with no designations

2 unchanged sentences

Convertible Debt

Only convertible ratably upon exercise of Series B Warrants

Recent Accounting Pronouncements

We have reviewed the Financial

Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) accounting pronouncements and

interpretations thereof that have effectiveness dates during the periods reported and in future periods.

We have carefully considered

the new pronouncements that alter previous generally accepted accounting principles and do not believe that any new or modified principles

will have a material impact on the Company’s reported financial position or operations in the near term.

The applicability of any

standard is subject to the formal review of the Company’s financial management.

In August 2020, the FASB issued Accounting Standards

Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts

in Entity’s Own Equity (Subtopic 815-40), which eliminates the beneficial conversion and cash conversion accounting models for convertible

instruments, amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives

because of specific settlement provisions, and modifies how particular convertible instruments and certain contracts that may be settled

in cash or shares impact the diluted EPS calculation.

The standard is effective for annual periods beginning after December 15, 2023 for

smaller reporting companies, and interim periods within those reporting periods.

Early adoption is permitted, but no earlier than fiscal

years beginning after December 15, 2020, including interim periods within those reporting periods.

The adoption of this standard did not

have a material impact on the Company’s condensed consolidated financial statements or disclosures.

In November 2023, FASB issued Accounting Standards Update (“ASU No.

2023-07”), Segment reporting (Topic

Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amended Topic 280.

The amendments in this update

enhance segment reporting by expanding the breadth and frequency of segment disclosures required by public entities.

ASU 2023-07 requires

public entities to disclose factors used to identify the entities’ reportable segments, how the Chief Operating Decision Maker (“CODM”)

uses the reported measure(s) of a segment’s profit or loss to assess segment performance and decide how to allocate resources, significant

expenses regularly provided to the CODM and included within the reported measure(s) of a segment’s profit or loss, types of products

and services from which each reportable segment derives its revenues, and the title and position of the CODM.

The new standard is effective

for public entities with fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December

15, 2024, with early adoption permitted and is required to be adopted retrospectively for all prior periods presented in the consolidated

financial statements.

Other than the new disclosure requirements, the adoption of this guidance will not have a significant impact on

the Company’s condensed consolidated financial statements.

PROPANC BIOPHARMA, INC.

* Only convertible ratably

upon exercise of Series B Warrants

Company uses “the management approach” in determining reportable operating segments.

Operating segments are defined as components

of an entity where discrete financial information is evaluated regularly by the chief operating decision maker (“CODM”).

The management approach considers the internal organization and reporting used by the Company’s CODM for making operating decisions

and assessing performance as the source for determining the Company’s reportable segments.

All activities are related to the development

of cancer treatment and the Company has not commenced commercial operations or generated revenues to date.

All activities are related

to the development of the cancer treatment and the Company has not commenced commercial operations or generated revenues to date.

CODM is the chief executive officer of the Company, who reviews operating results and utilizes consolidated financial information, including

operating expenses, operating loss, and net loss as reported on the consolidated statements of operations, to make decisions about operating

decisions, allocate resources and assess performance for the entire Company.

Consolidated net loss is our segment’s primary measure

The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

The single segment

constitutes all the consolidated entity, and the accompanying consolidated financial statements and the notes to the accompanying consolidated

financial statements are representative of such amounts.

For the three months ended September 30, 2025 and 2024, the Company operates

in one operating segment.

Accounting Pronouncements

have reviewed the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”)

accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods.

We have carefully considered the new pronouncements that alter previous generally accepted accounting principles and do not believe that

any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near

The applicability of any standard is subject to the formal review of the Company’s financial management.

November 4, 2024 the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) requiring additional disclosure

of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about

an entity’s expenses.

This standard requires disclosures about specific types of expenses included in the expense captions presented

on the face of the income statement as well as disclosures about selling expenses.

ASU 2024-03 applies to all public business entities

(PBEs) and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting

periods beginning after December 15, 2027.

The requirements will be applied prospectively with the option for retrospective application.

Early adoption is permitted.

The Company is currently evaluating the impact the adoption of ASU 2024-03 may have on the Company’s

condensed consolidated financial statements.

BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

On November 4, 2024 the FASB issued

ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) requiring additional disclosure of the nature of

expenses included in the income statement in response to longstanding requests from investors for more information about an

entity’s expenses.

This standard requires disclosures about specific types of expenses included in the expense captions

presented on the face of the income statement as well as disclosures about selling expenses.

ASU 2024-03 applies to all public

business entities (PBEs) and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting

periods within annual reporting periods beginning after December 15, 2027.

The requirements will be applied prospectively with the

option for retrospective application.

Early adoption is permitted.

NOTE 2 – GOING CONCERN

The accompanying unaudited

condensed consolidated financial statements have been prepared in conformity with US GAAP, which contemplate continuation of the Company

as a going concern.

For the nine months ended March 31, 2025, the Company had no revenues, had a net loss of approximately $ 54.9 million,

and had net cash used in operations of approximately $ 378,000 .

Additionally, As of March 31, 2025, the Company had an accumulated deficit

of approximately $ 121.6 million.

It is management’s opinion that these conditions raise substantial doubt about the Company’s

ability to continue as a going concern for a period of at least twelve months from the issue date of this Quarterly Report.

The unaudited condensed consolidated

financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of

assets or the amounts and classifications of liabilities that may result from the outcome of this uncertainty.

Successful completion of the

Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future events, including

obtaining adequate financing to fulfill its development activities, acceptance of the Company’s patent applications, obtaining additional

sources of suitable and adequate financing and ultimately achieving a level of sales adequate to support the Company’s cost structure

and business plan.

The Company’s ability to continue as a going concern is also dependent on its ability to further develop and

execute on its business plan.

September 30, 2025

2 – GOING CONCERN

accompanying unaudited condensed consolidated financial statements have been prepared in conformity with US GAAP, which contemplate continuation

of the Company as a going concern.

For the three months ended September 30, 2025, the Company had no revenues, had a net loss of $ 4,837,738 ,

and had net cash used in operations of $ 1,939,067 .

Additionally, As of September 30, 2025, the Company had accumulated deficit of $ 130,459,258 .

It is management’s opinion that these conditions raise substantial doubt about the Company’s ability to continue as a going

concern for a period of at least twelve months from the issue date of this Quarterly Report.

unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effect on the recoverability

and classification of assets or the amounts and classifications of liabilities that may result from the outcome of this uncertainty.

August 18, 2025, the Company sold 1,000,000 shares of common stock for total gross proceeds of $ 4,000,000 .

After deducting the underwriting

commissions and offering expenses, the Company received net proceeds of approximately $ 3.3 million (see Note 7).

completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future

events, including obtaining adequate financing to fulfill its development activities, acceptance of the Company’s patent applications,

obtaining additional sources of suitable and adequate financing and ultimately achieving a level of sales adequate to support the Company’s

cost structure and business plan.

The Company’s ability to continue as a going concern is also dependent on its ability to further

develop and execute on its business plan.

However, there can be no assurances that any or all of these endeavors will be successful.

NOTE 3 – PROPERTY

AND EQUIPMENT

Property and equipment consist

of the following As of March 31, 2025 and June 30, 2024.

3 – PROPERTY AND EQUIPMENT

and equipment consist of the following as of September 30, 2025 and June 30, 2025.

SCHEDULE OF PROPERTY PLANT AND EQUIPMENT

March 31, 2025

September 30, 2025

June 30, 2025

2 unchanged sentences

Total property, plant, and equipment

Depreciation expense for the

nine months ended March 31, 2025 and 2024 were $ 0 and $ 297 , respectively.

Depreciation expense for the three months ended March 31, 2025

and 2024 were $ 0 and $ 49 , respectively.

NOTE 4 – DUE TO AND

LOANS FROM FORMER DIRECTOR - RELATED PARTY

Due to former director

– related party

Due to former director –

related party represented unsecured advances made primarily by a former director for operating expenses on behalf of the Company, such

as intellectual property and formation expenses.

The expenses were paid for on behalf of the Company and were due upon demand.

was not charged interest under these advances.

The total amount owed the former director at March 31, 2025 and June 30, 2024 were $ 0 and

$ 29,759 , respectively.

On January 23, 2025, the Company entered into a Debt Exchange Agreement (“the Debt Exchange”) with

the former director (see below) to settle such debt.

Loan from Former Director

- Related Party

Loan from the Company’s

former director at March 31, 2025 and June 30, 2024 were $ 0 and $ 49,528 , respectively.

The loan bore no interest and was payable on demand.

23, 2025, the Company entered into a Debt Exchange with the former director and issued 30,000 shares of common stock in exchange for

the total outstanding loans of $ 74,395 (which includes above amount of $ 29,759 ).

Those shares were valued at $ 12.50 per share or $ 375,000 , being the closing price of the

stock on the date of grant to the former director.

Accordingly, the fair market value of the shares issued was $ 375,000 , resulting

in a loss on extinguishment of debt at the time of exchange of $ 300,605 during the nine months ended March 31, 2025.

Loans payable - Related

Between November 2023 and

May 2024, an institutional investor affiliated with one of our directors, Josef Zelinger, loaned the Company an aggregate of $ 71,629 .

Additionally, in August 2024, the same affiliated institutional investor loaned the Company an amount of $ 85,000 AUD ($ 57,639 USD).

loans bear no interest and are payable on demand.

Effective August 1, 2024, the Company entered into

and closed a loan agreement with an institutional investor affiliated with one of our directors, Josef Zelinger, pursuant to which the

investor loaned the Company an aggregate principal amount of $ 150,000 AUD ($ 98,060 USD).

The Company used the net proceeds for general

working capital purposes.

The maturity date of the loan is November 1, 2024 , or sooner at the discretion of the Company, and the loan

bears an interest rate of 12 % per annum and default interest rate of 18 % per annum.

The Company has the right to prepay in full at any

time with no prepayment penalty.

By mutual consent the amount can be repaid via the issuance of common stock of the Company (upon uplisting

on NASDAQ) and the strike price shall be at a 35 % discount to lowest daily balance of the five preceding trading days.

Such loan is past

due and currently in default.

expense for the three months ended September 30, 2025 and 2024 were $ 125 and $ 0 , respectively.

4 – DUE TO AND LOANS FROM FORMER DIRECTOR - RELATED PARTY

to former director – related party

to former director – related party represented unsecured advances made primarily by a former director for operating expenses on

behalf of the Company, such as intellectual property and formation expenses.

The expenses were paid for on behalf of the Company and

were due upon demand.

The Company was not charged interest under these advances.

The total amount owed to the former director at September

30, 2025 and June 30, 2025 were $0 for both periods.

On January 23, 2025, the Company entered into a Debt Exchange Agreement (“the

Debt Exchange”) with the former director (see below) to settle such debt.

from Former Director - Related Party

from the Company’s former director at September 30, 2025 and June 30, 2025 were $ 0 for both periods.

The loan bore no interest

and was payable on demand.

January 23, 2025, the Company entered into a Debt Exchange with the former director and issued 30,000 shares of common stock in exchange

for the total outstanding loans of $ 74,395 (which also includes the $ 29,759 amount as noted above under due to former director).

shares were valued at approximately $ 13 per share or $ 375,000 , being the closing price of the stock on the date of grant to the former

Accordingly, the fair market value of the shares issued was $ 375,000 , resulting in a loss on extinguishment of debt at the

time of exchange of $ 300,605 during fiscal year 2025.

PROPANC BIOPHARMA, INC.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Between November 2024 and

December 2024, an institutional investor affiliated with one of our directors, Josef Zelinger, loaned the Company an aggregate of $ 15,000

September 30, 2025

payable - Related Party

November 2023 and May 2024, an institutional investor affiliated with one of our directors, Josef Zelinger, loaned the Company an aggregate

of $ 71,629 .

Additionally, in August 2024, the same affiliated institutional investor loaned the Company an amount of $ 85,000 AUD ($ 57,639

These loans are payable on demand and were non-interest bearing.

In September 2025, the Company agreed to pay interest of 12 % per

annum beginning from the funding date of these loans.

August 1, 2024, the Company entered into and closed a loan agreement with an institutional investor affiliated with one of our directors,

Josef Zelinger, pursuant to which the investor loaned the Company an aggregate principal amount of $ 150,000 AUD ($ 98,060 USD).

used the net proceeds for general working capital purposes.

The maturity date of the loan is November 1, 2024 , or sooner at the discretion

of the Company, and the loan bears an interest rate of 12 % per annum and default interest rate of 18 % per annum.

The Company has the

right to prepay in full at any time with no prepayment penalty.

By mutual consent the amount can be repaid via the issuance of common

stock of the Company (upon uplisting on NASDAQ) and the strike price shall be at a 35 % discount to lowest daily balance of the five preceding

trading days.

Such loan is past due and currently in default.

November 2024 and December 2024, an institutional investor affiliated with one of our directors, Josef Zelinger, loaned the Company an

aggregate of $ 15,000 AUD ($ 9,731 USD).

These loans are payable on demand and were non-interest bearing.

The Company repaid $ 12,000 AUD

($ 7,774 USD) including additional interest expense of $ 653 on August 19, 2025.

In September 2025, the Company agreed to pay interest

of 12 % per annum beginning from the funding date of these loans.

December 3, 2024, the Company entered into and closed a loan agreement with an institutional investor affiliated with one of our directors,

Josef Zelinger, pursuant to which the investor loaned the Company an aggregate principal amount of $ 175,000 AUD ($ 113,485 USD).

used the net proceeds for general working capital purposes.

The term of the loan is four months or less (to be determined at the discretion

of the Company), with $ 70,000 AUD was due on February 28, 2025 and $ 105,000 AUD was due on April 2, 2025.

The loan bears an interest

rate of 12 % per annum and default interest rate of 18 % per annum.

Such loan is past due and currently in default.

January 2025, an institutional investor affiliated with one of our directors, Josef Zelinger, loaned the Company an aggregate of $ 25,000

AUD ($ 15,485 USD).

These loans bear no interest and are payable on demand.

Effective December 3, 2024, the Company entered into

and closed a loan agreement with an institutional investor affiliated with one of our directors, Josef Zelinger, pursuant to which the

investor loaned the Company an aggregate principal amount of $ 175,000 AUD ($ 113,485 USD).

The Company used the net proceeds for general

working capital purposes.

The term of the loan is four months or less (to be determined at the discretion of the Company), with $ 70,000

AUD due on February 28, 2024 and $ 105,000 AUD due on April 2, 2024.

The loan bears an interest rate of 12 % per annum and default interest

rate of 18 % per annum.

In January 2025, an institutional

investor affiliated with one of our directors, Josef Zelinger, loaned the Company an aggregate of $ 25,000 AUD ($ 15,485 USD).

bear no interest and are payable on demand.

The loans payable –

related parties amounted to $ 366,029 and $ 71,629 as of March 31, 2025 and June 30, 2024, respectively.

Loan payable -long-term-

Related Party

On July 5, 2023, the Company

and an institutional investor affiliated with one of our directors, Josef Zelinger, entered into a letter agreement, pursuant to which

such investor loaned the Company an aggregate of $ 230,000 AUD ($ 153,256 USD).

Pursuant to such agreement, the term of such loan is three

( 3 ) years, ending on July 5, 2026 , with an interest rate of 10 % to be paid monthly in arrears.

In connection with such loan, the Company

issued 250 warrants to purchase common stock to such investor immediately exercisable at an initial exercise price of $ 600 per share (subject

to certain adjustments such as stock dividend, stock splits, subsequent right offering and pro-rata distribution) with an expiry date

of July 5, 2026.

The Company accounted for the 250 warrants issued with this loan payable as debt discount by using the relative fair

value method.

The total debt discount which is equivalent to the relative fair value of the warrants of $ 141,084 was based on a fair value

determination using a Black-Scholes model with the following assumptions:

stock price at valuation date of $ 7,140 based on the closing

price of common stock at date of grant, exercise price of $ 600 , dividend yield of zero, expected term of 3.00 , a risk-free rate of 4.59 %,

and expected volatility of 268 %.

This loan bore no interest and was payable on demand.

The Company repaid $ 15,485 USD including additional interest

expense of $ 1,169 on August 19, 2025.

April 12, 2025, the Company entered into and closed a loan agreement with an institutional investor affiliated with one of our directors,

Josef Zelinger, pursuant to which the investor loaned the Company an aggregate principal amount of $ 63,188 AUD ($ 39,625 USD).

used the net proceeds for general working capital purposes.

The maturity date was on June 30, 2025.

The loan bore an interest rate of

12 % per annum and default interest rate of 18 % per annum.

The Company repaid $ 39,625 USD including additional interest expense of $ 1,818

on August 19, 2025.

June 13, 2025, the Company entered into and closed a loan agreement with an institutional investor affiliated with one of our directors,

Josef Zelinger, pursuant to which the investor loaned the Company an aggregate principal amount of $ 15,000 AUD ($ 9,675 USD).

used the net proceeds for general working capital purposes.

The maturity date was on June 30, 2025.

The loan bore an interest rate of

12 % per annum and default interest rate of 18 % per annum.

The Company repaid $ 9,675 USD including additional interest expense of $ 257

on August 19, 2025.

July 3, 2025 and August 14, 2025, an institutional investor affiliated with one of our directors, Josef Zelinger, loaned the Company

an aggregate of $ 120,000 AUD ($ 78,249 USD).

These loans bore no interest and were payable on demand.

The Company fully repaid these loans

on August 19, 2025.

July 5, 2023, the Company and an institutional investor affiliated with one of our directors, Josef Zelinger, entered into a letter agreement,

pursuant to which such investor loaned the Company an aggregate of $ 230,000 AUD ($ 153,256 USD).

Pursuant to such agreement, the term

of such loan is three ( 3 ) years, ending on July 5, 2026 , with an interest rate of 10 % to be paid monthly in arrears.

In connection with

such loan, the Company issued 250 warrants to purchase common stock to such investor immediately exercisable at an initial exercise price

of $ 600 per share (subject to certain adjustments such as stock dividend, stock splits, subsequent right offering and pro-rata distribution)

with an expiry date of July 5, 2026.

The Company accounted for the 250 warrants issued with this loan payable as debt discount by using

the relative fair value method.

The total debt discount which is equivalent to the relative fair value of the warrants of $ 141,084 was

based on a fair value determination using a Black-Scholes model with the following assumptions:

stock price at valuation date of $ 7,140

based on the closing price of common stock at date of grant, exercise price of $ 600 , dividend yield of zero, expected term of 3.00 , a

risk-free rate of 4.59 %, and expected volatility of 268 %.

The debt discount shall be amortized over the term of this loan.

A portion of the proceeds of such loan

were used to repay an outstanding balance of approximately $ 143,000 due on a convertible note held by a third-party investor and which

had been in default.

Accrued interest from this

loan amounted to $ 15,158 as of June 30, 2024.

Amortization of debt discount from this loan for fiscal year 2024 was $ 46,470 .

principal outstanding under this loan was $ 153,256 and remaining unamortized debt discount of $ 94,614 as of June 30, 2024 as reflected

in the accompanying condensed consolidated balance sheet as loan payable – long-term – related party, net of discount of $ 58,642 .

Accrued interest from this loan amounted to $ 26,662

as of March 31, 2025.

Amortization of debt discount for the nine months ended March 31, 2025 was $ 35,271 and for the three months ended

March 31, 2025 was $ 11,585 .

The total principal outstanding under this loan was $ 153,256 and remaining debt discount of $ 59,343 as of

March 31, 2025 as reflected in the accompanying condensed consolidated balance sheet as loan payable – long-term – related

party, net of discount of $ 93,913 .

Crown Bridge Securities

Purchase Agreement

Effective October 3, 2019,

the Company entered into a securities purchase agreement with Crown Bridge Partners, LLC (“Crown Bridge”), pursuant to which

Crown Bridge purchased a convertible promissory note from the Company (the “Crown Bridge Note”), which had a remaining principal

balance of $ 65,280 as of June 30, 2024.

The maturity date of the Crown Bridge Note was October 3, 2020 and is currently past due.

Crown Bridge Note bore interest at a default interest rate of 15 % per annum.

In August 2022, the SEC filed a complaint against Crown Bridge

due to its violation of Section 15(a)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

agreed to surrender all conversion rights in its currently held convertible notes, including the Crown Bridge Note.

Consequently, during

fiscal year 2023, the Company reclassified the remaining principal balance of $ 65,280 from a convertible note into a loan payable which

is the principal balance at March 31, 2025 and June 30, 2024.

Additionally, the Company recorded the remaining put premium of $ 43,520

into gain on extinguishment of debt during fiscal year 2023.

The total accrued interest from this loan amounted to $ 52,918 and $ 45,541

as of March 31, 2025 and June 30, 2024, respectively.

Loans Payable - others

In June 2024, the Company

entered into loan agreements with two investors who loaned the Company an aggregate of $ 120,000 AUD ($ 79,811 USD).

The maturity dates

of these loans were both in June 2025.

of the proceeds of such loan were used to repay an outstanding balance of approximately $ 143,000 due on a convertible note held by a

third-party investor which had been in default.

Amortization of debt discount for fiscal year 2025 was $ 46,985 .

Amortization of debt

discount from this loan for the three months ended September 30, 2025 was $ 11,843 .

The total principal outstanding under this loan was

$ 153,256 and remaining debt discount of $ 47,629 as of June 30, 2025 as reflected in the accompanying condensed consolidated balance sheet

as loan payable – long-term – related party, net of discount of $ 105,627 .

The total principal outstanding under this loan,

net of discount was $ 117,470 ($ 153,256 principal and remaining unamortized debt discount of $ 35,786 ) as of September 30, 2025 and has

been reclassified as a short-term loan.

remaining balance of all the above loans payable – related parties, net of discount amounted to $ 460,240 and $ 415,329 as of September

30, 2025 and June 30, 2025, respectively.

Accrued interest for all of the above loans payable – related parties as of September

30, 2025 and June 30, 2025 were $ 86,907 and $ 56,935 , respectively.

BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

October 3, 2019, the Company entered into a securities purchase agreement with Crown Bridge Partners, LLC (“Crown Bridge”),

pursuant to which Crown Bridge purchased a convertible promissory note from the Company (the “Crown Bridge Note”), which

had a remaining principal balance of $ 65,280 as of September 30, 2025 and June 30, 2025.

The maturity date of the Crown Bridge Note was

October 3, 2020 and is currently past due.

The Crown Bridge Note bore interest at a default interest rate of 15 % per annum.

2022, the SEC filed a complaint against Crown Bridge due to its violation of Section 15(a)(1) of the Securities Exchange Act of 1934,

as amended (the “Exchange Act”).

Crown Bridge agreed to surrender all conversion rights in its currently held convertible

notes, including the Crown Bridge Note.

Consequently, during fiscal year 2023, the Company reclassified the remaining principal balance

of $ 65,280 from a convertible note into a loan payable which is the principal balance at September 30, 2025 and June 30, 2025.

accrued interest from this loan amounted to $ 57,828 and $ 55,360 as September 30, 2025 and June 30, 2025, respectively.

Payable - others

June 2024, the Company entered into loan agreements with two investors who loaned the Company an aggregate of $ 120,000 AUD ($ 79,811 USD).

The maturity dates of these loans were both in June 2025.

These loans bore interest at a rate of 12 % per annum.

On February 5, 2025, the Company entered

into a Debt Exchange Agreements with the two investors and issued an aggregate of 30,000 shares of common stock in exchange for the total

outstanding loan including accrued interest of $ 86,248 .

Those shares were valued at $ 10 per share or $ 300,000 , being the closing price

of the stock on the date of grant to the two investors.

Accordingly, the fair market value of the shares issued was $ 300,000 , resulting

in a loss on extinguishment of debt at the time of exchange of $ 213,752 during the nine months ended March 31, 2025.

As of March 31, 2025

and June 30, 2024, the total balance of these loans amounted to $ 0 and $ 79,811 , respectively, and accrued interest of $ 0 and $ 665 , respectively.

The aggregate principal outstanding

on the above loans was $ 65,280 and $ 145,091 as of March 31, 2025 and June 30, 2024, respectively.

PROPANC BIOPHARMA, INC.

On February 5, 2025,

the Company entered into a Debt Exchange Agreements with the two investors and issued an aggregate of 30,000 shares of common stock in

exchange for the total outstanding loan including accrued interest of $ 86,248 .

Those shares were valued at $ 10 per share or $ 300,000 ,

being the closing price of the stock on the date of grant to the two investors.

Accordingly, the fair market value of the shares issued

was $ 300,000 , resulting in a loss on extinguishment of debt at the time of exchange of $ 213,752 during fiscal year 2025.

As of September

30, 2025 and June 30, 2025, the total balance of these loans including accrued interest amounted to $ 0 and $ 6,286 , respectively.

Company fully paid the accrued interest of $ 6,286 on August 27, 2025.

aggregate principal outstanding on the above loans was $ 65,280 as of September 30, 2025 and June 30, 2025 for both periods.

Crown Bridge Note is currently past due and in default, consisting of $ 65,280 principal and $ 57,828 accrued interest, which includes

interest accruing at the default interest rate at 15 %.

Loans payable – related party for total principal amount of $ 211,545 and

accrued interest of $ 31,226 which includes interest accruing at the default interest rate at 18 % with maturity dates between November

2024 and April 2025 were in default as of September 30, 2025 .

6 – NOTES PAYABLE AND CONVERTIBLE NOTES

Company’s promissory notes outstanding at September 30, 2025 and June 30, 2025 were as follows:

SCHEDULE OF PROMISSORY NOTES OUTSTANDING

September 30, 2025

June 30, 2025

Principal amounts of notes payable

Unamortized discounts

Notes payable, net

August 15, 2023, the Company issued to an institutional investor (the “August 2023 Lender”) a 10 % original issue discount

promissory note (the “Promissory Note”) in consideration for $ 120,000 , which has a principal face amount of $ 132,000 , matured

on November 15, 2023 and accrued interest at a rate of 10 % per annum, and was increased to 18 % due to the event of a default.

had the right to prepay the principal and accrued but unpaid interest due under the Promissory Note, together with any other amounts

that the Company may owe the August 2023 Lender under the terms of the Promissory Note, on or before September 14, 2023 at a 110% premium

of the face amount plus accrued and unpaid interest and any other amounts owed to the August 2023 Lender, which increases to (i) 120%

if prepaid after such date, but on or before October 14, 2023, and (ii) 130% if prepaid after October 14, 2023 (including on the maturity

date), unless the Company and the Lender agree to otherwise effect repayment.

The Promissory Note contains certain customary events of

default set forth in the Promissory Note, including, among others, breach of covenants, representations or warranties, insolvency, bankruptcy,

liquidation and failure by the Company to pay the principal and interest due under the Promissory Note.

On May 7, 2024, the August 2023

Lender notified the Company that the 130 % default repayment plus interest will be waived and shall extend the maturity of the Promissory

Note to September 30, 2024.

May 7, 2025, the Company entered into a Maturity Extension Agreement with the August 2023 Lender whereby the August 2023 Lender agreed

to extend the maturity date of the promissory note dated August 15, 2023, which was amended on May 7, 2024 (the “Old Note”)

to June 15, 2025 and increasing the principal amount by a default penalty of $ 39,600 and adding accrued interest of $ 30,805 into the

principal amount thereby increasing the current principal amount to $ 202,405 .

All other terms of the Old Note shall remain unchanged

and in full force and effect.

As of June 30, 2025, the Promissory Note was in default.

May 7, 2025, the Company entered into a promissory note agreement with an institutional investor, pursuant to which the investor agreed

to purchase a promissory note from the Company in the aggregate principal amount of $ 90,000 , for a purchase price of $ 75,000 .

is a non-convertible note.

The maturity date of the note was on June 15, 2025 and bears interest at a rate of 10 % per annum and default

interest rate of 18 % per annum.

Repayment of the note may occur as follows:

(a) if the Company repaid this note on or before June 7,

2025, then Company shall pay investor in cash the sum of one hundred percent (100%) of the sum of the outstanding principal amount of

the note (the “Principal Amount”) at such time, all accrued interest unpaid at such time, and any other payment due;

(b) if the Company repaid the note after June 7, 2025 and on or before July 7, 2025, then Company shall pay investor in cash the sum

of one hundred twenty percent (120%) of the sum of the outstanding Principal Amount at such time, all accrued interest unpaid at such

time, and any other payment due (the “Maximum Repayment Amount”) or (b) at such time as the Company and the investor may

agree to effect repayment.

As of June 30, 2025, the promissory note was in default.

BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Loan in default

The Crown Bridge Note is currently

past due and in default, consisting of $ 65,280 principal and $ 52,918 accrued interest, which includes interest accruing at the default

interest rate at 15 %.

NOTE 6 – NOTES PAYABLE AND CONVERTIBLE NOTES

Promissory Note

On August 15, 2023, the Company

issued to an institutional investor (the “August 2023 Lender”) a 10 % original issue discount promissory note (the “Promissory

Note”) in consideration for $ 120,000 , which has a principal face amount of $ 132,000 , matured on November 15, 2023 and accrued interest

at a rate of 10 % per annum, and was increased to 18 % due to the event of a default.

The Company had the right to prepay the principal

and accrued but unpaid interest due under the Promissory Note, together with any other amounts that the Company may owe the August 2023

Lender under the terms of the Promissory Note, on or before September 14, 2023 at a 110% premium of the face amount plus accrued and unpaid

interest and any other amounts owed to the August 2023 Lender, which increases to (i) 120% if prepaid after such date, but on or before

October 14, 2023, and (ii) 130% if prepaid after October 14, 2023 (including on the maturity date), unless the Company and the Lender

agree to otherwise effect repayment.

The Promissory Note contains certain customary events of default set forth in the Promissory Note,

including, among others, breach of covenants, representations or warranties, insolvency, bankruptcy, liquidation and failure by the Company

to pay the principal and interest due under the Promissory Note.

On May 7, 2024, the August 2023 Lender notified the Company that the

130 % default repayment plus interest will be waived and shall extend the maturity of the Promissory Note to September 30, 2024.

Effective May 7, 2025, the

Company entered into a Maturity Extension Agreement with the August 2023 Lender whereby the August 2023 Lender agreed to extend the maturity

date of the promissory note dated August 15, 2023, which was amended on May 7, 2024 (the “Old Note”) to June 15, 2025.

other terms of the Old Note shall remain unchanged and in full force and effect.

Accrued interest from this note amounted to $ 30,711

and $ 15,536 as of March 31, 2025 and June 30, 2024, respectively.

Amortization of debt discount from the promissory note for fiscal year

2024 was $ 12,000 .

The total principal outstanding under this note was $ 132,000 and remaining debt discount of $ 0 as of March 31, 2025

and June 30, 2024 as reflected in the accompanying condensed consolidated balance sheet as note payable of $ 132,000 .

September 30, 2025

June 2, 2025, the Company entered into a promissory note agreement with an institutional investor, pursuant to which the investor agreed

to purchase a promissory note from the Company in the aggregate principal amount of $ 60,000 , for a purchase price of $ 50,000 .

is a non-convertible note.

The maturity date of the note is on July 15, 2025 and bears interest at a rate of 10 % per annum and default

interest rate of 18 % per annum.

Repayment of the note may occur as follows:

(a) if the Company repaid this note on or before July 7,

2025, then Company shall pay investor in cash the sum of one hundred percent (100%) of the sum of the outstanding principal amount of

the note (the “Principal Amount”) at such time, all accrued interest unpaid at such time, and any other payment due;

(b) if the Company repaid the note after July 7, 2025 and on or before August 7, 2025, then Company shall pay investor in cash the sum

of one hundred twenty percent (120%) of the sum of the outstanding Principal Amount at such time, all accrued interest unpaid at such

time, and any other payment due (the “Maximum Repayment Amount”) or (b) at such time as the Company and the investor may

agree to effect repayment.

July 18, 2025, the Company entered into a promissory note agreement with an investor, pursuant to which the investor agreed to purchase

a promissory note from the Company in the aggregate principal amount of $ 82,500 , for a purchase price of $ 75,000 .

Such note was a non-convertible

The Company used the net proceeds therefrom for general working capital purposes.

The maturity date of the note was September 15,

2025 and bore interest at a rate of 10 % per annum and default interest rate of 18 % per annum.

Repayment of the note may occur as follows:

(a) if the Company repaaid this note on or before August 18, 2025, then Company shall pay investor in cash the sum of one hundred percent

(100%) of the sum of the outstanding principal amount of the note (the “Principal Amount”) at such time, all accrued interest

unpaid at such time, and any other payment due;

and (b) if the Company repaid the note after August 18, 2025 and on or before September

18, 2025, then Company shall pay investor in cash the sum of one hundred twenty percent (120%) of the sum of the outstanding Principal

Amount at such time, all accrued interest unpaid at such time, and any other payment due (the “Maximum Repayment Amount”)

or (b) at such time as the Company and the investor may agree to effect repayment.

August 19, 2025, the Company fully repaid the total principal for all the above mentioned promissory notes amounting $ 434,905 including

total accrued interest, default and prepayment penalty of $ 35,076 .

of September 30, 2025 and June 30, 2025, the total principal outstanding under these notes was $ 0 and $ 352,405 , respectively, and remaining

debt discount of $ 0 and $ 3,488 as of September 30, 2025 and June 30, 2025, respectively, as reflected in the accompanying condensed consolidated

balance sheet as notes payable, net of discount.

Accrued interest from these notes amounted to $ 0 and $ 5,718 as of September 30, 2025

and June 30, 2025, respectively.

Amortization of debt discount from these notes for the three months ended September 30, 2025 and 2024

was $ 10,988 and $ 0 , respectively.

Diagonal Lending Promissory Notes

On May 24, 2024, the Company entered into a 15 % promissory

note in the amount of $ 49,200 less original issue discount of $ 8,200 and legal and financing costs of $ 6,000 for net proceeds of $ 35,000

with 1800 Diagonal Lending, LLC.

The principal and accrued interest was payable on or before March 30, 2025.

Any amount of principal or

interest on this note which was not paid when due shall bear interest at the rate of twenty two percent ( 22 %) per annum from the due date

thereof until the same was paid.

Accrued, unpaid interest and outstanding principal, subject to adjustment, shall be paid on November

30, 2024 in the amount of $ 28,290 and 4 payments each in the amount of $ 7,072.50 (a total payback to the Holder of $ 56,580 ).

payment of $ 7,072.50 was due on December 30, 2024 with 3 subsequent payments each month thereafter.

The Company had a five (5) day grace

period with respect to each payment.

In November 2024, the Company fully paid the principal of $ 49,200 and accrued interest of $ 5,683 .

On June 10, 2024, the Company entered into a 15 % promissory

note in the amount of $ 49,200 less original issue discount of $ 8,200 and legal and financing costs of $ 6,000 for net proceeds of $ 35,000

with 1800 Diagonal Lending, LLC.

The principal and accrued interest was payable on or before April 15, 2025.

Any amount of principal or

interest on this note which was not paid when due shall bear interest at the rate of twenty two percent ( 22 %) per annum from the due date

thereof until the same was paid.

Accrued, unpaid interest and outstanding principal, subject to adjustment, shall be paid on December

15, 2024 in the amount of $ 28,290 and 4 payments each in the amount of $ 7,072.50 (a total payback to the Holder of $ 56,580 ).

payment of $ 7,072.50 was due on January 15, 2025 with 3 subsequent payments each month thereafter.

The Company shall had a five (5) day

grace period with respect to each payment.

In November 2024, the Company fully paid the principal of $ 49,200 and accrued interest of $ 5,683 .

On January 31, 2025, the Company entered into and closed

a securities purchase agreement 1800 Diagonal (the “Investor”), pursuant to which the Investor agreed to purchase a convertible

promissory note from the Company in the aggregate principal amount of $ 65,000 , for a purchase price of $ 56,000 .

The Company intends to

use the net proceeds therefrom for general working capital purposes.

The maturity date of the note is November 30, 2025 and the note bears

a one-time interest charge of fifteen percent that shall be applied on the issuance date.

May 24, 2024, the Company entered into a 15 % promissory note in the amount of $ 49,200 less original issue discount of $ 8,200 and legal

and financing costs of $ 6,000 for net proceeds of $ 35,000 with 1800 Diagonal Lending, LLC.

The principal and accrued interest is payable

on or before March 30, 2025.

Any amount of principal or interest on this note which is not paid when due shall bear interest at the rate

of twenty two percent ( 22 %) per annum from the due date thereof until the same is paid.

Accrued, unpaid interest and outstanding principal,

subject to adjustment, shall be paid in five (5) payments , with the first on July 30, 2025 for $ 37,375.00 , and the other four payments

of $ 9,343.75 on August 30, 2025, September 30, 2025, October 30, 2025 and November 30, 2025 (a total payback to the Holder of $ 74,750.00 ).

subject to adjustment, shall be paid on November 30, 2024 in the amount of $ 28,290 and 4 payments each in the amount of $ 7,072.50 (a

total payback to the Holder of $ 56,580 ).

The first payment of $ 7,072.50 shall be due on December 30, 2024 with 3 subsequent payments

each month thereafter.

The Company shall have a five (5) day grace period with respect to each payment.

The Company has right to prepay in full at any time with

no prepayment penalty.

On March 25, 2025, the Company entered into and closed

a securities purchase agreement 1800 Diagonal (the “Investor”), pursuant to which the Investor agreed to purchase a convertible

promissory note from the Company in the aggregate principal amount of $ 79,200 , for a purchase price of $ 67,000 .

The Company intends to

use the net proceeds therefrom for general working capital purposes.

The maturity date of the note is January 30, 2026 and the note bears

a one-time interest charge of fifteen percent that shall be applied on the issuance date.

In November 2024, the Company

fully paid the principal of $ 49,200 and accrued interest of $ 5,683 .

June 10, 2024, the Company entered into a 15 % promissory note in the amount of $ 49,200 less original issue discount of $ 8,200 and legal

and financing costs of $ 6,000 for net proceeds of $ 35,000 with 1800 Diagonal Lending, LLC.

The principal and accrued interest is payable

on or before April 15, 2025.

Any amount of principal or interest on this note which is not paid when due shall bear interest at the rate

of twenty two percent ( 22 %) per annum from the due date thereof until the same is paid.

Accrued, unpaid interest and outstanding principal,

subject to adjustment, shall be paid in five (5) payments , with the first on September 30, 2025 for $ 45,540 , and the other four payments

of $ 11,385 on October 30, 2025, November 30, 2025, December 30, 2025 and January 30, 2026 (a total payback to the Holder of $ 91,080 ).

subject to adjustment, shall be paid on December 15, 2024 in the amount of $ 28,290 and 4 payments each in the amount of $ 7,073 (a total

payback to the Holder of $ 56,580 ).

The first payment of $ 7,073 shall be due on January 15, 2025 with 3 subsequent payments each month

The Company shall have a five (5) day grace period with respect to each payment.

The Company has the right to prepay in full at any time

with no prepayment penalty.

The Company had the right to accelerate payments or

prepay in full at any time with no prepayment penalty.

At any time following an event of default, the noteholder had the right, to convert

all or any part of the outstanding and unpaid amount of these notes into shares of common stock.

The conversion price of the above notes

was equal to 65 % multiplied by the lowest trading price for the common stock during the 10 trading days prior to the conversion date (representing

a discount rate of 35 %) subject to a 4.99 % beneficial ownership limitations.

Upon the occurrence of any event of defaults, these notes

shall be immediately due and payable in an amount equal to 150 % default percentage multiplied by the sum of the outstanding principal

balances plus accrued interest and default interest.

As of March 31, 2025 and June 30, 2024 the total balance

of these 1800 Diagonal Lending promissory notes amounted to $ 144,200 and $ 98,400 , respectively and accrued interest of $ 1,771 and $ 1,193 ,

respectively.

PROPANC BIOPHARMA, INC.

In November 2024, the Company fully paid

the principal of $ 49,200 and accrued interest of $ 5,683 .

January 31, 2025, the Company entered into and closed a securities purchase agreement 1800 Diagonal (the “Investor”), pursuant

to which the Investor agreed to purchase a convertible promissory note from the Company in the aggregate principal amount of $ 65,000 ,

for a purchase price of $ 56,000 .

The Company used the net proceeds therefrom for general working capital purposes.

The maturity date

of the note was November 30, 2025 and the note bore a one-time interest charge of fifteen percent that shall be applied on the issuance

Accrued, unpaid interest and outstanding principal, subject to adjustment, shall be paid in five (5) payments, with the first on

July 30, 2025 for $ 37,375 , and the other four payments of $ 9,344 on August 30, 2025, September 30, 2025, October 30, 2025 and November

30, 2025 (a total payback to the Holder of $ 74,750 ).

The Company shall have a five (5) day grace period with respect to each payment.

In July 2025 and August 2025, the Company fully paid the principal of $ 65,000 including interest of $ 9,750 .

March 25, 2025, the Company entered into and closed a securities purchase agreement 1800 Diagonal (the “Investor”), pursuant

to which the Investor agreed to purchase a convertible promissory note from the Company in the aggregate principal amount of $ 79,200 ,

for a purchase price of $ 67,000 .

The Company used the net proceeds therefrom for general working capital purposes.

The maturity date

of the note was January 30, 2026 and the note bore a one-time interest charge of fifteen percent that shall be applied on the issuance

Accrued, unpaid interest and outstanding principal, subject to adjustment, shall be paid in five (5) payments , with the first on

September 30, 2025 for $ 45,540 , and the other four payments of $ 11,385 on October 30, 2025, November 30, 2025, December 30, 2025 and

January 30, 2026 (a total payback to the Holder of $ 91,080 ).

The Company shall have a five (5) day grace period with respect to each

In August 2025, the Company fully paid the principal of $ 79,200 including interest of $ 11,880 .

BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Red Road Holdings Promissory Note

On December 4, 2024, the Company entered into a 15 %

promissory note in the amount of $ 49,200 less original issue discount of $ 8,200 and legal and financing costs of $ 6,000 for net proceeds

of $ 35,000 with Red Road Holdings.

The principal and accrued interest was payable on or before October 15, 2025.

Any amount of principal

or interest on this note which was not paid when due shall bear interest at the rate of twenty two percent ( 22 %) per annum from the due

date thereof until the same was paid.

Accrued interest and outstanding principal, subject to adjustment, shall be paid on June 15, 2025

in the amount of $ 28,290 and 4 payments each in the amount of $ 7,072.50 (a total payback to the Holder of $ 56,580 ).

The first payment

of $ 7,072.50 is due on July 15, 2025 with 3 subsequent payments each month thereafter.

The Company had a five (5) day grace period with

respect to each payment.

The Company had the right to accelerate payments or

prepay in full at any time with no prepayment penalty.

At any time following an event of default, the noteholder has the right, to convert

all or any part of the outstanding and unpaid amount of the note into shares of common stock.

The conversion price of the note is equal

to 65 % multiplied by the lowest trading price for the common stock during the 10 trading days prior to the conversion date (representing

a discount rate of 35 %) subject to a 4.99 % beneficial ownership limitations.

Upon the occurrence of any event of defaults, the note shall

be immediately due and payable in an amount equal to 150 % default percentage multiplied by the sum of the outstanding principal balances

plus accrued interest and default interest.

As of March 31, 2025, the total balance of principal

and accrued interest of the Red Road Holdings promissory note amounted to $ 49,200 and $ 2,366 , respectively.

The total balance of the above four promissory notes,

net of unamortized discount of $ 43,892 was $ 281,508 at March 31, 2025.

The total balance of the above three promissory notes, net of unamortized

discount of $ 25,706 was $ 204,694 at June 30, 2024.

Convertible Notes

The Company’s convertible notes outstanding at

March 31, 2025 and June 30, 2024 were as follows:

September 30, 2025

June 13, 2025, the Company entered into a 15 % promissory note in the aggregate principal amount of $ 67,860 , for a purchase price of $ 58,000 .

This note contained original issue discount of $ 8,000 and legal and financing costs of $ 9,860 for net proceeds of $ 50,000 with 1800 Diagonal

Lending, LLC.

The maturity date of the note was April 15, 2026 and the note bore a one-time interest charge of fifteen percent that shall

be applied on the issuance date.

Accrued, unpaid interest and outstanding principal, subject to adjustment, shall be paid in five (5)

payments, with the first on December 15, 2025 for $ 39,020 , and the other four payments on January 15, 2026, February 15, 2026, March

15, 2026 and April 15, 2026, each for $ 9,755 (a total payback to the Holder of $ 78,039 ).

The Company shall have a five (5) day grace

period with respect to each payment.

In August 2025, the Company fully paid the principal of $ 67,860 including interest of $ 10,179 .

Company had the right to accelerate payments or prepay in full at any time with no prepayment penalty.

At any time following an event

of default, the noteholder had the right, to convert all or any part of the outstanding and unpaid amount of these notes into shares

of common stock.

The conversion price of the above notes was 65 % multiplied by the lowest trading price for the common stock during the

10 trading days prior to the conversion date (representing a discount rate of 35 %) subject to a 4.99 % beneficial ownership limitations.

Upon the occurrence of any event of defaults, these notes shall be immediately due and payable in an amount equal to 150 % default percentage

multiplied by the sum of the outstanding principal balances plus accrued interest and default interest.

July 2025 and August 2025, the Company fully repaid the total principal amount of $ 212,060 including accrued interest for the above 1800

Diagonal Lending promissory notes.

of September 30, 2025 and June 30, 2025 the total balance of these 1800 Diagonal Lending promissory notes amounted to $ 0 and $ 212,060 ,

respectively and accrued interest of $ 0 and $ 7,638 , respectively.

Road Holdings Promissory Note

December 4, 2024, the Company entered into a 15 % promissory note in the amount of $ 49,200 less original issue discount of $ 8,200 and

legal and financing costs of $ 6,000 for net proceeds of $ 35,000 with Red Road Holdings.

The principal and accrued interest was payable

on or before October 15, 2025.

Any amount of principal or interest on this note which was not paid when due shall bear interest at the

rate of twenty two percent ( 22 %) per annum from the due date thereof until the same was paid.

Accrued interest and outstanding principal,

subject to adjustment, shall be paid on June 15, 2025 in the amount of $ 28,290 and 4 payments each in the amount of $ 7,072 (a total payback

to the Holder of $ 56,580 ).

The first payment of $ 7,072 is due on July 15, 2025 with 3 subsequent payments each month thereafter.

Company had a five (5) day grace period with respect to each payment.

Company had the right to accelerate payments or prepay in full at any time with no prepayment penalty.

At any time following an event

of default, the noteholder has the right, to convert all or any part of the outstanding and unpaid amount of the note into shares of

common stock.

The conversion price of the note is equal to 65 % multiplied by the lowest trading price for the common stock during the

10 trading days prior to the conversion date (representing a discount rate of 35 %) subject to a 4.99 % beneficial ownership limitations.

Upon the occurrence of any event of defaults, the note shall be immediately due and payable in an amount equal to 150 % default percentage

multiplied by the sum of the outstanding principal balances plus accrued interest and default interest.

of June 30, 2025, the total balance of principal and accrued interest of the Red Road Holdings promissory note amounted to $ 24,812 and

$ 303 , respectively, after the payment of the first installment of $ 28,290 in June 2025.

As of September 30, 2025, the total balance of

principal and accrued interest of the Red Road Holdings promissory note amounted to $ 0 after the full payment of the principal of $ 24,812

including interest of $ 3,478 in July 2025 and August 2025.

total balance of the above nine promissory notes, net of unamortized discount of $ 45,965 was $ 543,312 at June 30, 2025.

As of September

30, 2025 the total balance of the above promissory notes amounted to $ 0 and accrued interest of $ 0 .

Company’s convertible notes outstanding at September 30, 2025 and June 30, 2025 were as follows:

SCHEDULE OF CONVERTIBLE NOTES

March 31, 2025

September 30, 2025

June 30, 2025

2 unchanged sentences

Convertible notes, net

ONE44 Capital Securities Purchase Agreements

August 15, 2022 Securities Purchase Agreement

On August 15, 2022, the Company entered into a securities

purchase agreement with ONE44, pursuant to which ONE44 purchased a convertible redeemable note (the “August 15, 2022 ONE44 Note”)

from the Company in the aggregate principal amount of $ 110,000 , such principal and the interest thereon were convertible into shares of

the common stock at the option of ONE44 any time after the six-month anniversary of the August 15, 2022 ONE44 Note.

The transaction contemplated

by such purchase agreement closed on August 16, 2022.

The August 15, 2022 One44 Note contained an original issue discount amount of $ 10,000 .

Pursuant to the terms of such purchase agreement, the Company paid $ 5,500 for ONE44’s legal fees.

The Company used the net proceeds

from the August 15, 2022 ONE44 Note for general working capital purposes.

The maturity date of the August 15, 2022 One44 Note was August

The August 15, 2022 ONE44 Note bore interest at a rate of 10 % per annum, which was payable in shares of common stock, but was

not payable until the maturity date or upon acceleration or by prepayment of such note.

The August 15, 2022 ONE44 Note was fully converted

in fiscal year 2024.

February 14, 2023 Securities Purchase Agreement

On February 14, 2023, the Company entered into a securities

purchase agreement with ONE44, pursuant to which ONE44 purchased a convertible redeemable note (the “February 14, 2023 ONE44 Note”)

from the Company in the aggregate principal amount of $ 111,111 , such principal and the interest thereon were convertible into shares of

the common stock at the option of ONE44 any time after the six-month anniversary of the February 14, 2023 ONE44 Note.

The transaction

contemplated by such purchase agreement closed on February 14, 2023.

The February 14, 2023 One44 Note contained an original issue discount

amount of $ 11,111 .

Pursuant to the terms of such purchase agreement, the Company paid $ 5,500 for ONE44’s legal fees.

used the net proceeds from the February 14, 2023 ONE44 Note for general working capital purposes.

The maturity date of the February 14,

2023 One44 Note was February 14, 2024.

The February 14, 2023 ONE44 Note bore interest at a rate of 10 % per annum, which interest was payable

in shares of common stock, but was not payable until the maturity date or upon acceleration or by prepayment of such note.

14, 2023 One44 Note was fully converted in fiscal year 2024.

PROPANC BIOPHARMA, INC.

Diagonal Lending (formerly known as Sixth Street Lending) Securities Purchase Agreements

22, 2025 Securities Purchase Agreement

July 22, 2025, the Company entered into and closed a securities purchase agreement with 1800 Diagonal, pursuant to which the 1800 Diagonal

agreed to purchase a convertible promissory note from the Company in the aggregate principal amount of $ 112,350 , for a purchase price

of $ 107,000 .

The Company used the net proceeds therefrom for general working capital purposes.

The maturity date of the note was April

30, 2026 , and bore interest at a rate of 10 % per annum.

Such principal and the interest thereon were convertible into shares of the Company’s

common stock at the option of 1800 Diagonal any time after 180 days from the date of issuance.

This note contained debt issue costs of

The Company fully repaid this note in August 2025.

BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

December 8, 2023 Securities

Purchase Agreement

On December 8, 2023, the Company entered into a securities

purchase agreement with ONE44, pursuant to which ONE44 purchased a convertible redeemable note (the “December 8, 2023 ONE44 Note”)

from the Company in the aggregate principal amount of $ 150,000 , such principal and the interest thereon are convertible into shares of

the common stock at the option of ONE44 any time after the six-month anniversary of the December 8, 2023 ONE44 Note.

The transaction contemplated

by such purchase agreement closed on December 8, 2023.

The December 8, 2023 One44 Note contains an original issue discount amount of $ 15,000 .

Pursuant to the terms of such purchase agreement, the Company paid $ 7,500 for ONE44’s legal fees.

The Company used the net proceeds

from the December 8, 2023 ONE44 Note for general working capital purposes.

September 30, 2025

following terms shall apply to the above 1800 Diagonal notes:

1800 Diagonal Note bore interest at a rate of 10 % per annum, which interest may be paid by the Company to 1800 Diagonal in shares of the

Company’s common stock;

but shall not be payable until the 1800 Diagonal Note becomes payable, whether at the maturity date or

upon acceleration or by prepayment.

the first 60 to 180 days following the date of the note, the Company had the right to prepay the principal and accrued but unpaid interest

due under all of the above notes, together with any other amounts that the Company may owe the holder under the terms of the note, at

a premium ranging from 120 % to 125 % as defined in the note agreement.

After this initial 180-day period, the Company does not have a

right to prepay such note.

conversion prices for the above1800 Diagonal note was 75 % (representing a 25 % discount) of the market price which means the average of

the lowest ten trading prices of the common stock for the ten trading days immediately prior to the delivery of a notice of conversion.

Notwithstanding the foregoing, 1800 Diagonal shall be restricted from effecting a conversion if such conversion, along with other shares

of the Company’s common stock beneficially owned by 1800 Diagonal and its affiliates, exceeds 9.99 % of the outstanding shares of

the Company’s common stock.

The Company treated the convertible note as stock settled debt under ASC 480 and accordingly the Company

recorded a total debt premium of $ 37,450 which was recorded during the three months ended September 30, 2025.

above note contained certain events of default, upon which principal and accrued interest will become immediately due and payable.

addition, upon an event of default, interest on the outstanding principal shall accrue at a default interest rate of 22 % per annum, or

if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law.

Further, certain events

of default may trigger penalty and liquidated damage provisions.

Failure to deliver shares of common stock upon conversion of the above

1800 Diagonal notes within three business days of notice of conversion will result in the Company paying a penalty of $ 1,000 per day,

subject to certain exceptions.

certain events of default, the above 1800 Diagonal notes will become immediately due and payable and the Company must pay 1800 Diagonal

150 % of the then-outstanding principal amount of the above 1800 Diagonal note, plus any interest accrued upon such event of default or

prior events of default (the “Default Amount”).

Further, upon any event of default relating to the failure to issue shares

of common stock upon the conversion of such notes, such note become immediately due and payable in an amount equal to twice the Default

total principal amount outstanding under the above 1800 Diagonal financing agreements was $ 0 as of September 30, 2025 following the repayment

in full of principal balance of $ 112,350 including accrued interest and prepayment penalty of $ 23,283 .

Accordingly, $ 37,450 of the put

premium was recorded into gain on extinguishment of debt in respect to the 1800 Diagonal financing agreements during the three months

ended September 30, 2025 following repayment of the principal balance.

Capital Securities Purchase Agreements

8, 2023 Securities Purchase Agreement

December 8, 2023, the Company entered into a securities purchase agreement with ONE44, pursuant to which ONE44 purchased a convertible

redeemable note (the “December 8, 2023 ONE44 Note”) from the Company in the aggregate principal amount of $ 150,000 , such

principal and the interest thereon were convertible into shares of the common stock at the option of ONE44 any time after the six-month

anniversary of the December 8, 2023 ONE44 Note.

The transaction contemplated by such purchase agreement closed on December 8, 2023.

December 8, 2023 One44 Note contained an original issue discount amount of $ 15,000 .

Pursuant to the terms of such purchase agreement,

the Company paid $ 7,500 for ONE44’s legal fees.

The Company used the net proceeds from the December 8, 2023 ONE44 Note for general

working capital purposes.

The maturity date of the December 8, 2023 One44 Note was December 8, 2024.

The December 8, 2023 ONE44 Note bears interest at a rate of 10 % per annum, which interest is payable in shares of common stock,

but is not payable until the maturity date or upon acceleration or by prepayment of such note.

As of the date of filing this report, such

ONE44 Note is past due and currently in default.

The following terms shall apply to all of the above

During the first 60 to 180

days following the date of these notes, the Company has the right to prepay the principal and accrued but unpaid interest due under the

above notes issued to ONE44, together with any other amounts that the Company may owe ONE44 under the terms of the note, at a premium

ranging from 120 % to 135 % as defined in the relevant note.

After this initial 180-day period, the Company does not have a right to prepay

The conversion price for the

above ONE44 notes ranges from 60% to 65% (representing a 35 % to 40 % discount) of the market price of the common stock, which is based

The December 8, 2023 ONE44 Note

bore interest at a rate of 10 % per annum, which interest was payable in shares of common stock, but was not payable until the maturity

date or upon acceleration or by prepayment of such note.

The December 8, 2023 One44 Note was fully converted in August 2025.

following terms shall apply to the above ONE44 note:

the first 60 to 180 days following the date of these notes, the Company has the right to prepay the principal and accrued but unpaid

interest due under the above note issued to ONE44, together with any other amounts that the Company may owe ONE44 under the terms of

the note, at a premium ranging from 120 % to 135 % as defined in the relevant note.

After this initial 180-day period, the Company does

not have a right to prepay such note.

conversion price for the above ONE44 note was 60 % (representing a 40 % discount) of the market price of the common stock, which was based

on the lowest closing bid prices of the common stock between ten and fifteen trading days immediately prior to the delivery of a notice

of conversion.

Notwithstanding the foregoing, such notes are subject to 4.99 % beneficial ownership limitations.

All of the above ONE44

notes are treated as stock settled debt under ASC 480 and accordingly the Company recorded a total debt premium of $ 133,305 during the

year ended June 30, 2023 and recorded a total debt premium of $ 100,000 was recorded during the year ended June 30, 2024.

Notwithstanding the foregoing, such note was subject to 4.99 % beneficial ownership limitations.

The above ONE44 note was

treated as stock settled debt under ASC 480 and accordingly the Company recorded a total debt premium of $ 100,000 which was recorded

during fiscal year 2024.

above ONE44 notes contain certain events of default, upon which principal and accrued interest will become immediately due and payable.

1 unchanged sentence

or if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law.

Further, certain events

of default may trigger penalty and liquidated damage provisions.

In the event that the Company fails to deliver to ONE44 shares of common

stock issuable upon conversion of principal or interest under a ONE44 note, it will incur a penalty of $ 250 per day the shares are not

issued beginning on the 4 th day after the conversion

notice was delivered to the Company.

This penalty increases to $ 500 per day beginning on the 10 th

In the event that the Company loses the bid price of its common stock on OTC, such ONE44 note does not

incur penalty and instead the outstanding principal amount increases by 20 %.

The total principal amount outstanding under the above

ONE44 financing agreements was $ 119,300 and accrued interest was $ 6,726 as of June 30, 2024 following conversion of $ 148,811 of the principal

balance and $ 9,909 accrued interest during the year ended June 30, 2024.

Accordingly, $ 98,311 of the put premium was released to additional

paid in capital in respect to the ONE44 financing agreements during the year ended June 30, 2024 following conversion of the principal

The total principal amount outstanding under the above

ONE44 financing agreements was $ 104,460 and accrued interest was $ 12,570 as of March 31, 2025 following conversion of $ 14,840 of the principal

balance and $ 1,006 accrued interest during the nine months ended March 31, 2025.

Accordingly, $ 9,893 of the put premium was released to

additional paid in capital in respect to the ONE44 financing agreements during the nine months ended March 31, 2025 following conversion

of the principal balance.

One ONE44 note with principal

amount of $ 104,460 is currently in default and accrues at a default interest rate of 24 % per annum.

GS Capital Partners Securities Purchase Agreements

August 23, 2023 Securities

Purchase Agreement

On August 23, 2023, the Company entered into a securities

purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital purchased a convertible redeemable note from the Company

in the aggregate principal amount of $ 77,500 , such principal and the interest thereon are convertible into shares of the Company’s

common stock at the option of GS Capital.

The GS Capital Note contained a $ 5,000 original issue discount.

Pursuant to the terms of the

GS Purchase Agreement, the Company paid GS Capital’s legal fees of $ 2,500 .

The Company used the net proceeds from the GS Capital

Note for general working capital purposes.

The maturity date of the GS Capital Note was February

The GS Capital Note bore an interest at a rate of 8 % per annum and was increased to 24 % due to the event of a default, which

interest may be paid by the Company to GS Capital in shares of common stock but shall not be payable until the GS Capital Note becomes

payable, whether at the Maturity Date or upon acceleration or by prepayment.

The GS Capital Note was exchangeable for an equal aggregate

principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same.

The initial conversion

price for the GS Capital Note was equal to $2,400 per share, provided that the fixed price will be reduced to $1,200 per share in the

event that the market price of the Common Stock trades below $1,800 per share for five consecutive trading days.

In the event of a default

under the note and unless the fixed price was lower, such conversion price will equal the lowest trading price of the Common Stock for

the ten trading days immediately preceding such default, which price was subject to re-adjustment every thirty calendar days during the

period in which the Company remained in default.

The August 23, 2023 GS Capital Note was fully converted in July 2024.

PROPANC BIOPHARMA, INC.

Further, certain

events of default may trigger penalty and liquidated damage provisions.

In the event that the Company fails to deliver to ONE44 shares

of common stock issuable upon conversion of principal or interest under a ONE44 note, it will incur a penalty of $ 250 per day the shares

are not issued beginning on the 4 th day after the conversion notice was delivered to the Company.

This penalty increases to

$ 500 per day beginning on the 10 th day.

In the event that the Company loses the bid price of its common stock on OTC markets,

such ONE44 note does not incur penalty and instead the outstanding principal amount increases by 20 %.

BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

October 12, 2023 Securities

Purchase Agreement

On October 12, 2023, the Company entered into a securities

purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital purchased a convertible redeemable note from the Company

in the aggregate principal amount of $ 61,000 , such principal and the interest thereon are convertible into shares of the Company’s

common stock at the option of GS Capital.

The GS Capital Note contains a $ 3,500 original issue discount.

Pursuant to the terms of the

GS Purchase Agreement, the Company paid GS Capital’s legal fees of $ 2,500 .

The Company intends to use the net proceeds from the

GS Capital Note for general working capital purposes.

The maturity date of the GS Capital Note was April

The GS Capital Note bore interest at a rate of 8 % per annum and was increased to 24 % due to the event of a default, which interest

September 30, 2025

total principal amount outstanding under the above ONE44 financing agreements was $ 104,460 and accrued interest was $ 24,962 as of June

30, 2025 following conversion of $ 14,840 of the principal balance and $ 1,006 accrued interest during the year ended June 30, 2025.

$ 9,893 of the put premium was released to additional paid in capital in respect to the ONE44 financing agreements during the year ended

June 30, 2025 following conversion of the principal balance.

total principal amount and accrued interest outstanding under the above ONE44 financing agreement was $ 0 as of September 30, 2025 following

conversion of $ 104,460 of the principal balance and $ 17,715 accrued interest during the three months ended September 30, 2025.

$ 69,640 of the put premium was released to additional paid in capital in respect to the ONE44 financing following the conversion of the

principal balance.

Capital Partners Securities Purchase Agreements

23, 2023 Securities Purchase Agreement

August 23, 2023, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital

purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 77,500 , such principal and the interest

thereon are convertible into shares of the Company’s common stock at the option of GS Capital.

The GS Capital Note contained a

$ 5,000 original issue discount.

Pursuant to the terms of the GS Purchase Agreement, the Company paid GS Capital’s legal fees of

The Company used the net proceeds from the GS Capital Note for general working capital purposes.

maturity date of the GS Capital Note was February 23, 2024 .

The GS Capital Note bore an interest at a rate of 8 % per annum and was increased

to 24% due to the event of a default, which interest may be paid by the Company to GS Capital in shares of common stock but shall not

be payable until the GS Capital Note became payable, whether at the Maturity Date or upon acceleration or by prepayment.

The GS Capital

Note was exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital

surrendering the same.

The initial conversion price for the GS Capital Note was equal to $2,400 per share, provided that the fixed price

will be reduced to $1,200 per share in the event that the market price of the Common Stock trades below $1,800 per share for five consecutive

trading days.

In the event of a default under the note and unless the fixed price was lower, such conversion price will equal the lowest

trading price of the Common Stock for the ten trading days immediately preceding such default, which price was subject to re-adjustment

every thirty calendar days during the period in which the Company remained in default.

The August 23, 2023 GS Capital Note was fully

converted in July 2024.

12, 2023 Securities Purchase Agreement

October 12, 2023, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital

purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 61,000 , such principal and the interest

thereon were convertible into shares of the Company’s common stock at the option of GS Capital.

The GS Capital Note contained a

$ 3,500 original issue discount.

Pursuant to the terms of the GS Purchase Agreement, the Company paid GS Capital’s legal fees of

The Company used the net proceeds from the GS Capital Note for general working capital purposes.

maturity date of the GS Capital Note was April 12, 2024 and was in default.

The GS Capital Note bore interest at a rate of 8% per annum

and was increased to 24% due to the event of a default, which interest may be paid by the Company to GS Capital in shares of common stock

but shall not be payable until the GS Capital Note became payable, whether at the Maturity Date or upon acceleration or by prepayment.

The GS Capital Note was exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested

by GS Capital surrendering the same.

The initial conversion price for the GS Capital Note was equal to $900 per share (the “Fixed

Price”), provided that the Fixed Price will be reduced to $600 per share in the event that the market price of the Common Stock

trades below $450 per share for ten consecutive trading days.

In the event of a default under the Note and unless the Fixed Price was

lower, such conversion price will equal the lowest trading price of the Common Stock for the ten trading days immediately preceding such

default, which price was subject to re-adjustment every thirty calendar days during the period in which the Company remained in default.

The October 12, 2023 GS Capital Note was fully converted in August 2025.

12, 2024 Securities Purchase Agreement

April 12, 2024, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital

purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 27,500 , such principal and the interest

thereon were convertible into shares of the Company’s common stock at the option of GS Capital.

The GS Capital Note contained a

$ 2,500 original issue discount.

The Company used the net proceeds from the GS Capital Note for general working capital purposes.

maturity date of the GS Capital Note was October 12, 2024 and was in default.

The GS Capital Note bore interest at a rate of 8 % per annum,

which interest may be paid by the Company to GS Capital in shares of common stock but shall not be payable until the GS Capital Note

became payable, whether at the Maturity Date or upon acceleration or by prepayment.

The GS Capital Note was exchangeable for an equal

aggregate principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same.

conversion price for the GS Capital Note was equal to $102 per share, provided that the fixed price will be reduced to $60 per share

in the event that the market price of the Common Stock trades below $84 per share for five consecutive trading days.

In the event of

a default under the note and unless the fixed price was lower, such conversion price will equal the lowest trading price of the Common

Stock for the ten trading days immediately preceding such default, which price was subject to re-adjustment every thirty calendar days

during the period in which the Company remained in default.

The April 12, 2024 GS Capital Note was fully converted in August 2025.

BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

2, 2024 Securities Purchase Agreement

August 2, 2024, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital

purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 33,000 , such principal and the interest

thereon were convertible into shares of the Company’s common stock at the option of GS Capital.

The GS Capital Note contained a

$ 3,000 original issue discount.

The Company used the net proceeds from the GS Capital Note for general working capital purposes.

maturity date of the GS Capital Note was February 2, 2025 and was in default.

The GS Capital Note bore interest at a rate of 8 % per annum,

which interest may be paid by the Company to GS Capital in shares of common stock but shall not be payable until the GS Capital Note

became payable, whether at the Maturity Date or upon acceleration or by prepayment.

The GS Capital Note was exchangeable for an equal

aggregate principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same.

conversion price for the GS Capital Note was equal to $102 per share, provided that the fixed price will be reduced to $60 per share

in the event that the market price of the Common Stock trades below $84 per share for five consecutive trading days.

In the event of

a default under the note and unless the fixed price was lower, such conversion price will equal the lowest trading price of the Common

Stock for the ten trading days immediately preceding such default, which price was subject to re-adjustment every thirty calendar days

during the period in which the Company remained in default.

The August 2, 2024 GS Capital Note was fully repaid in August 2025.

20, 2024 Securities Purchase Agreement

September 20, 2024, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital

purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 33,000 , such principal and the interest

thereon were convertible into shares of the Company’s common stock at the option of GS Capital.

The GS Capital Note contained a

$ 3,000 original issue discount.

The Company used the net proceeds from the GS Capital Note for general working capital purposes.

maturity date of the GS Capital Note was March 20, 2025 and was in default.

The GS Capital Note shall bore interest at a rate of 8 % per

annum, which interest may be paid by the Company to GS Capital in shares of common stock but shall not be payable until the GS Capital

Note became payable, whether at the Maturity Date or upon acceleration or by prepayment.

The GS Capital Note was exchangeable for an

equal aggregate principal amount of notes of different authorized denominations, as requested by GS Capital surrendering the same.

initial conversion price for the GS Capital Note was equal to $18 per share, provided that the fixed price will be reduced to $6 per

share in the event that the market price of the Common Stock trades below $18 per share for five consecutive trading days.

of a default under the note and unless the fixed price was lower, such conversion price will equal the lowest trading price of the Common

Stock for the ten trading days immediately preceding such default, which price was subject to re-adjustment every thirty calendar days

during the period in which the Company remained in default.

The September 20, 2024 GS Capital Note was fully repaid in August 2025.

7, 2025 Securities Purchase Agreement

February 7, 2025, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital

purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 43,000 , such principal and the interest

thereon are convertible into shares of the Company’s common stock at the option of GS Capital.

The GS Capital Note contains a $ 3,000

original issue discount.

The Company used the net proceeds from the GS Capital Note for general working capital purposes.

maturity date of the GS Capital Note is October 7, 2025 .

The GS Capital Note shall bear interest at a rate of 8 % per annum, which interest

may be paid by the Company to GS Capital in shares of common stock but shall not be payable until the GS Capital Note becomes payable,

whether at the Maturity Date or upon acceleration or by prepayment.

T he GS Capital Note is exchangeable for an equal aggregate principal

The GS Capital Note is exchangeable for an equal aggregate principal

amount of notes of different authorized denominations, as requested by GS Capital surrendering the same.

The initial conversion price

for the GS Capital Note is equal to $900 per share, provided that the fixed price will be reduced to $600 per share in the event that

the market price of the Common Stock trades below $450 per share for ten consecutive trading days.

In the event of a default under the

note and unless the fixed price is lower, such conversion price will equal the lowest trading price of the Common Stock for the ten trading

for the GS Capital Note is equal to $9 per share, provided that the fixed price will be reduced to $6 per share in the event that the

market price of the Common Stock trades below $8 per share for five consecutive trading days.

In the event of a default under the note

and unless the fixed price is lower, such conversion price will equal the lowest trading price of the Common Stock for the ten trading

days immediately preceding such default, which price is subject to re-adjustment every thirty calendar days during the period in which

the Company remains in default.

As of the date of filing this report, such GS Capital Note is past due and currently in default.

April 12, 2024 Securities

Purchase Agreement

On April 12, 2024, the Company

entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital purchased a convertible redeemable

note from the Company in the aggregate principal amount of $ 27,500 , such principal and the interest thereon are convertible into shares

of the Company’s common stock at the option of GS Capital.

The GS Capital Note contains a $ 2,500 original issue discount.

intends to use the net proceeds from the GS Capital Note for general working capital purposes.

The maturity date of the GS Capital Note was October

The GS Capital Note shall bear interest at a rate of 8 % per annum, which interest may be paid by the Company to GS Capital in

shares of common stock but shall not be payable until the GS Capital Note becomes payable, whether at the Maturity Date or upon acceleration

or by prepayment.

The GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations,

as requested by GS Capital surrendering the same.

The initial conversion price for the GS Capital Note is equal to $102 per share, provided

that the fixed price will be reduced to $60 per share in the event that the market price of the Common Stock trades below $84 per share

for five consecutive trading days.

In the event of a default under the note and unless the fixed price is lower, such conversion price

will equal the lowest trading price of the Common Stock for the ten trading days immediately preceding such default, which price is subject

to re-adjustment every thirty calendar days during the period in which the Company remains in default.

As of the date of filing this report,

such GS Capital Note is past due and currently in default.

August 2, 2024 Securities

Purchase Agreement

On August 2, 2024, the Company

entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital purchased a convertible redeemable

note from the Company in the aggregate principal amount of $ 33,000 , such principal and the interest thereon are convertible into shares

of the Company’s common stock at the option of GS Capital.

The GS Capital Note contains a $ 3,000 original issue discount.

used the net proceeds from the GS Capital Note for general working capital purposes.

The maturity date of the GS Capital Note was February

The GS Capital Note shall bear interest at a rate of 8 % per annum, which interest may be paid by the Company to GS Capital in

shares of common stock but shall not be payable until the GS Capital Note becomes payable, whether at the Maturity Date or upon acceleration

or by prepayment.

The GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations,

as requested by GS Capital surrendering the same.

The initial conversion price for the GS Capital Note is equal to $102 per share, provided

that the fixed price will be reduced to $60 per share in the event that the market price of the Common Stock trades below $84 per share

for five consecutive trading days.

In the event of a default under the note and unless the fixed price is lower, such conversion price

will equal the lowest trading price of the Common Stock for the ten trading days immediately preceding such default, which price is subject

to re-adjustment every thirty calendar days during the period in which the Company remains in default.

As of the date of filing this report,

such GS Capital Note is past due and currently in default.

September 20, 2024 Securities

Purchase Agreement

On September 20, 2024, the

Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital purchased a convertible

redeemable note from the Company in the aggregate principal amount of $ 33,000 , such principal and the interest thereon are convertible

into shares of the Company’s common stock at the option of GS Capital.

The GS Capital Note contains a $ 3,000 original issue discount.

The February 7, 2025 GS Capital Note was fully converted in October 2025.

11, 2025 Securities Purchase Agreement

March 11, 2025, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital

purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 33,000 , such principal and the interest

thereon are convertible into shares of the Company’s common stock at the option of GS Capital.

The GS Capital Note contains a $ 3,000

original issue discount.

The Company used the net proceeds from the GS Capital Note for general working capital purposes.

The maturity date of the GS Capital Note was March 20,

The GS Capital Note shall bear interest at a rate of 8 % per annum, which interest may be paid by the Company to GS Capital in shares

of common stock but shall not be payable until the GS Capital Note becomes payable, whether at the Maturity Date or upon acceleration

or by prepayment.

The GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations,

as requested by GS Capital surrendering the same.

The initial conversion price for the GS Capital Note is equal to $18 per share, provided

that the fixed price will be reduced to $6 per share in the event that the market price of the Common Stock trades below $18 per share

for five consecutive trading days.

maturity date of the GS Capital Note was November

11, 2025 and is currently in default.

The GS Capital Note shall bear interest at a rate of 8 %

per annum, which interest may be paid by the Company to GS Capital in shares of common stock but shall not be payable until the GS

Capital Note becomes payable, whether at the Maturity Date or upon acceleration or by prepayment.

GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested

by GS Capital surrendering the same.

The initial conversion price for the GS Capital Note is equal to $6 per share, provided that

the fixed price will be reduced to $3 per share in the event that the market price of the Common Stock trades below $5 per share for

five consecutive trading days.

In the event of a default under the note and unless the fixed price is lower, such conversion price

will equal the lowest trading price of the Common Stock for the ten trading days immediately preceding such default, which price is subject

to re-adjustment every thirty calendar days during the period in which the Company remains in default.

As of the date of filing this report,

such GS Capital Note is past due and currently in default.

will equal the lowest trading price of the Common Stock for the ten trading days immediately preceding such default, which price is

subject to re-adjustment every thirty calendar days during the period in which the Company remains in default.

PROPANC BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

February 7, 2025 Securities Purchase Agreement

On February 7, 2025, the Company entered into a securities

purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital purchased a convertible redeemable note from the Company

in the aggregate principal amount of $ 43,000 , such principal and the interest thereon are convertible into shares of the Company’s

common stock at the option of GS Capital.

The GS Capital Note contains a $ 3,000 original issue discount.

The Company used the net proceeds

from the GS Capital Note for general working capital purposes.

The maturity date of the GS Capital Note is October

The GS Capital Note shall bear interest at a rate of 8 % per annum, which interest may be paid by the Company to GS Capital in

shares of common stock but shall not be payable until the GS Capital Note becomes payable, whether at the Maturity Date or upon acceleration

or by prepayment.

The GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations,

as requested by GS Capital surrendering the same.

The initial conversion price for the GS Capital Note is equal to $9 per share, provided

that the fixed price will be reduced to $6 per share in the event that the market price of the Common Stock trades below $8 per share

for five consecutive trading days.

In the event of a default under the note and unless the fixed price is lower, such conversion price

will equal the lowest trading price of the Common Stock for the ten trading days immediately preceding such default, which price is subject

to re-adjustment every thirty calendar days during the period in which the Company remains in default.

March 11, 2025 Securities Purchase Agreement

On March 11, 2025, the Company entered into a securities

purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital purchased a convertible redeemable note from the Company

in the aggregate principal amount of $ 33,000 , such principal and the interest thereon are convertible into shares of the Company’s

common stock at the option of GS Capital.

The GS Capital Note contains a $ 3,000 original issue discount.

The Company used the net proceeds

from the GS Capital Note for general working capital purposes.

The maturity date of the GS Capital Note is November

The GS Capital Note shall bear interest at a rate of 8 % per annum, which interest may be paid by the Company to GS Capital in

shares of common stock but shall not be payable until the GS Capital Note becomes payable, whether at the Maturity Date or upon acceleration

or by prepayment.

The GS Capital Note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations,

as requested by GS Capital surrendering the same.

The initial conversion price for the GS Capital Note is equal to $6 per share, provided

that the fixed price will be reduced to $3 per share in the event that the market price of the Common Stock trades below $5 per share

for five consecutive trading days.

In the event of a default under the note and unless the fixed price is lower, such conversion price

will equal the lowest trading price of the Common Stock for the ten trading days immediately preceding such default, which price is subject

to re-adjustment every thirty calendar days during the period in which the Company remains in default.

The following terms shall apply to all of the above

GS Capital notes:

Pursuant to the above GS Capital notes, in the event

that such conversion price is below the par value of the Common Stock, the Company has agreed to take all steps to reduce such par value

or conduct a reverse split of its Common Stock, as applicable.

Notwithstanding the foregoing, such conversion price and lookback periods

are subject to adjustment in favor of the Investor in the event the Company issues securities to another party with more favorable conversion

terms, and such conversions are subject to a 4.99 % beneficial ownership limitation (which may be increased to 9.9% upon 60 days’

prior written notice from the holder of the Note) and adjustments for mergers, consolidations, reorganizations and similar events set

forth in the Note, other than a transfer or sale of all or substantially all Company assets.

Pursuant to the Note, the Company is required

to maintain an initial reserve of at least 400% of the number of Conversion Shares, subject to any increase of such reserved amount to

reflect the Company’s obligations under the Note.

Additionally, the conversion prices of the above GS

Capital notes will be adjusted in favor of the note holder if the Company issues securities with more favorable conversion terms.

effective conversion price of the outstanding GS Capital notes are 60 % (representing a 40 % discount) of the market price, which means

the lowest closing bid prices of the Common Stock for the ten trading days immediately prior to the delivery of a Notice of Conversion.

The above GS Capital notes

were bifurcated from the embedded conversion option which was recorded as derivative liabilities at fair value (see Note 11).

During the first 60 to 180

days following the date of the above GS Capital notes, the Company has the right to prepay the principal and accrued but unpaid interest

due under the above notes issued to GS Capital, together with any other amounts that the Company may owe GS Capital under the terms of

the notes, at a premium ranging from 110 % to 125 % of the principal amount and interest of such note.

After this initial 180-day period,

the Company does not have a right to prepay such notes.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

15, 2025 Securities Purchase Agreement

April 15, 2025, the Company entered into a securities purchase agreement with GS Capital Partners, LLC, pursuant to which GS Capital

purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 55,000 , such principal and the interest

thereon are convertible into shares of the Company’s common stock at the option of GS Capital.

The GS Capital Note contains a $ 5,000

original issue discount.

The Company used the net proceeds from the GS Capital Note for general working capital purposes.

maturity date of the GS Capital Note is December 15, 2025 .

The GS Capital Note shall bear interest at a rate of 8 % per annum, which interest

may be paid by the Company to GS Capital in shares of common stock but shall not be payable until the GS Capital Note becomes payable,

whether at the Maturity Date or upon acceleration or by prepayment.

The GS Capital Note is exchangeable for an equal aggregate principal

amount of notes of different authorized denominations, as requested by GS Capital surrendering the same.

The initial conversion price

for the GS Capital Note is equal to $5 per share, provided that the fixed price will be reduced to $2.50 per share in the event that

the market price of the Common Stock trades below $4 per share for five consecutive trading days.

In the event of a default under the

note and unless the fixed price is lower, such conversion price will equal the lowest trading price of the Common Stock for the ten trading

days immediately preceding such default, which price is subject to re-adjustment every thirty calendar days during the period in which

the Company remains in default.

following terms shall apply to all of the above GS Capital notes:

to the above GS Capital notes, in the event that such conversion price is below the par value of the Common Stock, the Company has agreed

to take all steps to reduce such par value or conduct a reverse split of its Common Stock, as applicable.

Notwithstanding the foregoing,

such conversion price and lookback periods are subject to adjustment in favor of the Investor in the event the Company issues securities

to another party with more favorable conversion terms, and such conversions are subject to a 4.99% beneficial ownership limitation (which

may be increased to 9.9% upon 60 days’ prior written notice from the holder of the Note) and adjustments for mergers, consolidations,

reorganizations and similar events set forth in the Note, other than a transfer or sale of all or substantially all Company assets.

to the Note, the Company is required to maintain an initial reserve of at least 400% of the number of Conversion Shares, subject to any

increase of such reserved amount to reflect the Company’s obligations under the Note.

Additionally,

the conversion prices of the above GS Capital notes will be adjusted in favor of the note holder if the Company issues securities with

more favorable conversion terms.

The effective conversion price of the outstanding GS Capital notes are 60 % (representing a 40 % discount)

of the market price, which means the lowest closing bid prices of the Common Stock for the ten trading days immediately prior to the

delivery of a notice of conversion.

above GS Capital notes were bifurcated from the embedded conversion option which was recorded as derivative liabilities at fair value

(see Note 11).

the first 60 to 180 days following the date of the above GS Capital notes, the Company has the right to prepay the principal and accrued

but unpaid interest due under all of the above notes issued to GS Capital, together with any other amounts that the Company may owe GS

Capital under the terms of the notes, at a premium ranging from 110 % to 125 % of the principal amount and interest of such note.

this initial 180-day period, the Company does not have a right to prepay such notes.

the occurrence and during the continuation of certain events of default, interest accrues at a default interest rate of 24 % per annum

1 unchanged sentence

In the event that

the Company fails to deliver to GS Capital shares of common stock issuable upon conversion of principal or interest under the above GS

Capital notes, the penalty becomes $ 250 per day for each day that the shares are not issued beginning on the 4 th

the Company fails to deliver to GS Capital shares of common stock issuable upon conversion of principal or interest under all of the

above GS Capital notes, the penalty becomes $ 250 per day for each day that the shares are not issued beginning on the 4 th

day after the conversion notice was delivered to the Company.

This penalty increases to $ 500 per day beginning

on the 10 th day.

In the event that the Company loses

the bid price of its common stock on OTC, such GS Capital note does not incur penalty and instead the outstanding principal amount increases

The total principal outstanding

and accrued interest under the above GS Capital notes were $ 110,500 and $ 8,364 , respectively, as of June 30, 2024, following conversion

of $ 130,800 of the principal balance, $ 8,700 accrued interest (including $ 1,254 at default interest rate) and $ 3,832 conversion fees during

the year ended June 30, 2024.

During fiscal year 2024, an aggregate total of $ 110,500 of the above GS Capital notes were bifurcated with

the embedded conversion option which were recorded as derivative liabilities at fair value as of June 30, 2024 (see Note 11).

The total principal outstanding

and accrued interest under the above GS Capital notes were $ 197,650 and $ 11,366 , respectively, as of March 31, 2025, following conversion

of $ 54,850 of the principal balance and $ 4,365 accrued interest during the nine months ended March 31, 2025.

During the nine months ended

March 31, 2025, an aggregate total of $ 142,000 of the above GS Capital notes were bifurcated with the embedded conversion option which

were recorded as derivative liabilities at fair value (see Note 11).

Four GS Capital notes with

total principal amounts of $ 121,650 are currently in default and accrue at a default interest rate of 24 % per annum.

PROPANC BIOPHARMA, INC.

This penalty increases to $ 500 per day beginning on the 10 th

In the event that the Company loses the bid price of its common stock on OTC markets, such GS Capital note does not incur penalty

and instead the outstanding principal amount increases by 20 %.

total principal outstanding and accrued interest under all of the above GS Capital notes were $ 252,650 and $ 23,676 , respectively, as

of June 30, 2025, following conversion of $ 54,850 of the principal balance and $ 4,365 accrued interest during the year ended June 30,

During the year ended June 30, 2025, an aggregate total of $ 252,650 of the above GS Capital notes were bifurcated with the embedded

conversion option which were recorded as derivative liabilities at fair value (see Note 11).

total principal outstanding and accrued interest under all of the above GS Capital notes were $ 131,000 and $ 5,708 , respectively, as of

September 30, 2025, following conversion of $ 55,650 of the principal balance, $ 9,095 accrued interest and $ 937 conversion fees during

the three months ended September 30, 2025.

Additionally, the Company repaid total principal balance of $ 66,000 and accrued interest of

$ 5,164 in August 2025.

During the three months ended September 30, 2025, an aggregate total of $ 131,000 of the above GS Capital notes

were bifurcated with the embedded conversion option which were recorded as derivative liabilities at fair value as of September 30, 2025

(see Note 11).

LLC Securities Purchase Agreement

5, 2024 Securities Purchase Agreement

March 5, 2024, the Company entered into and closed a securities purchase agreement with 104 LLC (“104”), pursuant to which

104 agreed to purchase a convertible promissory note from the Company in the aggregate principal amount of $ 50,000 , for a purchase price

of $ 46,875 , after an original issue discount of $ 3,125 .

The Company paid legal and financing costs of $ 7,500 .

The Company used the net

proceeds therefrom for general working capital purposes.

The maturity date of the note was March 1, 2025 and was in default.

bore interest at a rate of eight percent ( 8 %) per annum, which may be increased to sixteen percent ( 16 %) in the event of a default.

March 5, 2024 104 note was fully converted in August 2025.

BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

104 LLC Securities Purchase

March 5, 2024 Securities

Purchase Agreement

Effective March 5, 2024, the Company entered into and

closed a securities purchase agreement (the “Purchase Agreement”) with 104 LLC (“104”), pursuant to which 104

agreed to purchase a convertible promissory note from the Company in the aggregate principal amount of $ 50,000 , for a purchase price of

$ 46,875 , after an original issue discount of $ 3,125 .

The Company paid legal and financing costs of $ 7,500 .

The Company used the net proceeds

therefrom for general working capital purposes.

The maturity date of the note is March 1, 2025 and the note bears interest at a rate of

eight percent ( 8 %) per annum, which may be increased to sixteen percent ( 16 %) in the event of a default.

As of the date of filing this

report, such 104 Note is past due and currently in default.

June 20, 2024 Securities

Purchase Agreement

Effective June 20, 2024, Company

entered into and closed a securities purchase agreement with 104 LLC, pursuant to which 104 agreed to purchase a convertible promissory

note from the Company in the aggregate principal amount of $ 33,750 , for a purchase price of $ 30,375 , after an original issue discount

September 30, 2025

20, 2024 Securities Purchase Agreement

June 20, 2024, Company entered into and closed a securities purchase agreement with 104 LLC, pursuant to which 104 agreed to purchase

a convertible promissory note from the Company in the aggregate principal amount of $ 33,750 , for a purchase price of $ 30,375 , after an

original issue discount of $ 3,375 .

The Company paid legal and financing costs of $ 5,200 .

The Company used the net proceeds therefrom for general working capital

The maturity date of the note is June 20, 2025 and the note bears interest at a rate of eight percent ( 8 %) per annum, which

may be increased to sixteen percent ( 16 %) in the event of a default.

The principal and interest

on the notes are convertible into shares of common stock of the Company at the option of 104 at any time following the issuance date of

the notes (the “Conversion Shares”) at a price per share equal to 65 % of the lowest closing trade price of the common stock

during the ten (10) trading days prior to conversion (representing a discount of 35 %).

Notwithstanding the foregoing, such conversions

are subject to a 4.99 % beneficial ownership limitation and adjustments for mergers, consolidations, reorganizations and similar events

set forth in the notes, other than a transfer or sale of all or substantially all Company assets.

Pursuant to the notes, the Company is

required to maintain an initial reserve of at least 500% of the number of conversion shares, subject to any increase of such reserved

amount to reflect the Company’s obligations under the notes.

The above 104 notes treated as stock settled debt under ASC 480 and

accordingly the Company recorded a total of $ 45,096 was recorded as a put premium during the year ended June 30, 2024.

During the first 60 days following

the date of the notes, the Company has the right to prepay the principal and accrued but unpaid interest due under the notes, at a one

hundred ten percent (110%) premium of the face amount plus accrued and unpaid interest, which increases to (i) one hundred fifteen percent

(115%) if prepaid after 60 days, but less than 91 days from the issuance date, (ii) one hundred twenty percent (120%) if prepaid after

90 days, but less than 121 days from the issuance date, (iii) one hundred twenty five percent (125%) if prepaid after 120 days, but less

than 181 days from the issuance date.

After this initial 180-day period, the Company does not have a right to prepay the notes.

The 104 notes contain certain

events of default, including failure to pay principal and interest when due, failure to timely issue the conversion shares, failure to

maintain the listing of the common stock on at least one of the OTC markets (which specifically includes the quotation platforms maintained

by the OTC Markets Group) or an equivalent replacement exchange, failure to comply with its reporting requirements with the U.S.

and Exchange Commission, a breach of certain covenants in the purchase agreement, default by the Company under any other note issued to

the Investor, as well as certain customary events of default set forth in the notes, including, among others, breach of covenants, representations

or warranties, insolvency, bankruptcy, and liquidation.

Upon an event of default, the notes will become immediately due and payable by

The total principal amount

outstanding under the above 104 financing agreements was $ 83,750 and accrued interest was $ 1,429 as of June 30, 2024.

The total principal

outstanding and accrued interest under the above 104 financing agreements were $ 83,125 and $ 2,958 , respectively, as of March 31, 2025,

following conversion of $ 625 of the principal balance and $ 4,000 accrued interest during the nine months ended March 31, 2025.

Geebis Consulting Purchase

December 13, 2024 Securities

Purchase Agreement

On December 13, 2024, the

Company entered into a securities purchase agreement with Geebis Consulting, LLC (“Geebis”), pursuant to which Geebis purchased

a convertible redeemable note from the Company in the aggregate principal amount of $ 22,000 , such principal and the interest thereon are

convertible into shares of the Company’s common stock at the option of Geebis.

The Geebis note contains a $ 2,000 original issue

The Company used the net proceeds therefrom

for general working capital purposes.

The maturity date of the note was June 20, 2025 and was in default.

The note bore interest at a

rate of eight percent ( 8 %) per annum, which may be increased to sixteen percent ( 16 %) in the event of a default.

The June 20, 2024 104

note was fully converted in August 2025.

principal and interest on the notes were convertible into shares of common stock of the Company at the option of 104 at any time following

the issuance date of the notes (the “Conversion Shares”) at a price per share equal to 65 % of the lowest closing trade price

of the common stock during the ten (10) trading days prior to conversion (representing a discount of 35 %).

Notwithstanding the foregoing,

such conversions were subject to a 4.99 % beneficial ownership limitation and adjustments for mergers, consolidations, reorganizations

and similar events set forth in the notes, other than a transfer or sale of all or substantially all Company assets.

Pursuant to the

notes, the Company was required to maintain an initial reserve of at least 500% of the number of conversion shares, subject to any increase

of such reserved amount to reflect the Company’s obligations under the notes.

The above 104 notes were treated as stock settled

debt under ASC 480 and accordingly the Company recorded a total of $ 45,096 was recorded as a put premium during fiscal year 2024.

the first 60 days following the date of the notes, the Company had the right to prepay the principal and accrued but unpaid interest

due under the notes, at a one hundred ten percent (110%) premium of the face amount plus accrued and unpaid interest, which increases

to (i) one hundred fifteen percent (115%) if prepaid after 60 days, but less than 91 days from the issuance date, (ii) one hundred twenty

percent (120%) if prepaid after 90 days, but less than 121 days from the issuance date, (iii) one hundred twenty five percent (125%)

if prepaid after 120 days, but less than 181 days from the issuance date.

After this initial 180-day period, the Company does not have

a right to prepay the notes.

104 notes contained certain events of default, including failure to pay principal and interest when due, failure to timely issue the

conversion shares, failure to maintain the listing of the common stock on at least one of the OTC markets (which specifically includes

the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange, failure to comply with its reporting

requirements with the U.S.

Securities and Exchange Commission, a breach of certain covenants in the purchase agreement, default by the

Company under any other note issued to the investor, as well as certain customary events of default set forth in the notes, including,

among others, breach of covenants, representations or warranties, insolvency, bankruptcy, and liquidation.

Upon an event of default,

the notes became immediately due and payable by the Company.

Upon the occurrence of any event of defaults, these notes shall be immediately

due and payable in an amount equal to 150% default percentage multiplied by the sum of the outstanding principal balances plus accrued

interest and default interest.

Company recorded a total default penalty of $ 41,563 as additional principal as of June 30, 2025.

The total principal amount outstanding

and accrued interest under all of the above 104 notes was $ 124,688 including the default penalty and accrued interest of $ 9,093 as of

June 30, 2025, following conversion of $ 625 of the principal balance and $ 4,000 accrued interest during fiscal year 2025.

total principal amount outstanding and accrued interest under all of the above 104 notes was $ 0

as of September 30, 2025, following conversion of $ 124,688

of the principal balance and $ 8,819

accrued interest in August 2025.

Accordingly, $ 44,760

of the put premium was released to additional paid in capital in respect to the 104 notes following the conversion of the principal balance.

Consulting Purchase Agreement

13, 2024 Securities Purchase Agreement

December 13, 2024, the Company entered into a securities purchase agreement with Geebis Consulting, LLC (“Geebis”), pursuant

to which Geebis purchased a convertible redeemable note from the Company in the aggregate principal amount of $ 22,000 , such principal

and the interest thereon were convertible into shares of the Company’s common stock at the option of Geebis.

The Geebis note contained

a $ 2,000 original issue discount.

The Company used the net proceeds from the Geebis note for general working capital purposes.

The maturity date of the Geebis

note is June 15, 2025.

The Geebis note shall bear interest at a rate of 8 % per annum, which interest may be paid by the Company to Geebis

in shares of common stock but shall not be payable until the Geebis note becomes payable, whether at the Maturity Date or upon acceleration

or by prepayment.

The Geebis note is exchangeable for an equal aggregate principal amount of note of different authorized denominations,

as requested by Geebis surrendering the same.

The initial conversion price for the Geebis note is equal to $18 per share, provided that

the fixed price will be reduced to $6 per share in the event that the market price of the common stock trades below $18 per share for

five consecutive trading days.

In the event of default, the conversion price shall be equal to the lowest trading price of the common

stock on which the Company’s shares are then traded or any exchange upon which the common stock may be traded in the future.

Notwithstanding

the foregoing, such conversions are subject to a 4.99% beneficial ownership limitation and adjustments for mergers, consolidations, reorganizations

and similar events set forth in the note, other than a transfer or sale of all or substantially all Company assets.

Pursuant to the note,

the Company is required to maintain an initial reserve of at least 500% of the number of conversion shares, subject to any increase of

such reserved amount to reflect the Company’s obligations under the note.

PROPANC BIOPHARMA, INC.

maturity date of the Geebis note was June 15, 2025 and was in default.

The Geebis note shall bore interest at a rate of 8 % per annum,

which interest may be paid by the Company to Geebis in shares of common stock but shall not be payable until the Geebis note became payable,

whether at the Maturity Date or upon acceleration or by prepayment.

The Geebis note was exchangeable for an equal aggregate principal

amount of note of different authorized denominations, as requested by Geebis surrendering the same.

The initial conversion price for

the Geebis note was equal to $18 per share, provided that the fixed price will be reduced to $6 per share in the event that the market

price of the common stock trades below $18 per share for five consecutive trading days.

In the event of default, the conversion price

shall be equal to the lowest trading price of the common stock on which the Company’s shares were then traded or any exchange upon

which the common stock may be traded in the future.

12, 2025 Securities Purchase Agreement

June 12, 2025, the Company entered into a securities purchase agreement with Geebis, pursuant to which Geebis purchased a convertible

redeemable note from the Company in the aggregate principal amount of $ 25,000 , such principal and the interest thereon were convertible

into shares of the Company’s common stock at the option of Geebis.

The Geebis note contained a $2,500 original issue discount.

The Company used the net proceeds from the Geebis note for general working capital purposes.

The initial conversion price for this note

was equal to $5 per share, provided that the fixed price will be reduced to $4 per share in the event that the market price of the common

stock trades below $3 per share for five consecutive trading days.

In the event of default, the conversion price shall be equal to 65%

of the lowest ten trading price of the common stock on which the Company’s shares are then traded or any exchange upon which the

common stock may be traded in the future.

BIOPHARMA, INC.

AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Additionally, the conversion price of the Geebis note

will be adjusted in favor of the note holder if the Company issues securities with more favorable conversion terms.

The effective conversion

price of the outstanding Geebis note is 60 % (representing a 40 % discount) of the market price, which means the lowest closing bid prices

of the Common Stock for the ten trading days immediately prior to the delivery of a notice of conversion.

The above Geebis note was

bifurcated from the embedded conversion option which was recorded as derivative liabilities at fair value (see Note 11).

During the first 60 to 180

days following the date of the above Geebis note, the Company has the right to prepay the principal and accrued but unpaid interest due

under the above notes issued to Geebis, together with any other amounts that the Company may owe Geebis under the terms of the note, at

a premium ranging from 110 % to 125 % of the principal amount and interest of such note.

After this initial 180-day period, the Company

does not have a right to prepay such notes.

the occurrence and during the continuation of certain events of default, interest accrues at a default interest rate of 24% per annum

or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law.

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

following terms shall apply to all of the above Geebis notes:

Notwithstanding

the foregoing, such conversions were subject to a 4.99 % beneficial ownership limitation and adjustments for mergers, consolidations,

reorganizations and similar events set forth in the note, other than a transfer or sale of all or substantially all Company assets.

to the note, the Company was required to maintain an initial reserve of at least 500% of the number of conversion shares, subject to

any increase of such reserved amount to reflect the Company’s obligations under the note.Additionally, the conversion price of

the Geebis note will be adjusted in favor of the note holder if the Company issues securities with more favorable conversion terms.

effective conversion price of the outstanding Geebis note was 60% (representing a 40% discount) of the market price, which was the lowest

closing bid prices of the common stock for the ten trading days immediately prior to the delivery of a notice of conversion.

Geebis notes were bifurcated from the embedded conversion option which were recorded as derivative liabilities at fair value (see Note

the first 60 to 180 days following the date of the above Geebis notes, the Company had the right to prepay the principal and accrued

but unpaid interest due under all of the above notes issued to Geebis, together with any other amounts that the Company may owe Geebis

under the terms of the note, at a premium ranging from 110 % to 125 % of the principal amount and interest of such note.

After this initial

180-day period, the Company does not have a right to prepay such notes.

the occurrence and during the continuation of certain events of default, interest accrued at a default interest rate of 24 % per annum

or, if such rate was usurious or not permitted by current law, then at the highest rate of interest permitted by law.

In the event that

the Company fails to deliver to Geebis shares of common stock issuable upon conversion of principal or interest under the above Geebis

note, the penalty becomes $ 250 per day for each day that the shares are not issued beginning on the 4 th

day after the conversion notice was delivered to the Company.

This penalty increases to $ 500 per day beginning

on the 10 th day.

In the event that the Company loses

the bid price of its common stock on OTC, such Geebis note does not incur penalty and instead the outstanding principal amount increases

In February 2025, the Company

repaid $ 8,000 of the principal amount.

The total principal outstanding and accrued interest under the above Geebis note was $ 14,000 and

$ 443 , respectively, as of March 31, 2025.

As of March 31, 2025, an aggregate total of $ 14,000 of the above Geebis note was bifurcated

with the embedded conversion option which was recorded as derivative liabilities at fair value as of March 31, 2025 (see Note 11).

Outstanding convertible notes in default

Three outstanding convertible notes for total principal

amount of $ 275,485 with maturity dates between April 2024 and March 2025 are currently in default as of March 31, 2025.

Amortization of debt discounts

The Company recorded $ 164,000 and $ 196,625 of debt

discounts related to the above note issuances during the nine months ended March 31, 2025 and 2024, respectively.

The Company recorded

$ 0 and $ 261,538 of put premiums related to the above note issuances during the nine months ended March 31, 2025 and 2024, respectively.

The debt discounts are being amortized over the term of the debt and the put premiums are expensed on issuance of the debt with the liability

released to additional paid in capital on conversion of the principal.

Amortization of all debt discounts for the nine months

ended March 31, 2025 and 2024 was $ 193,283 and $ 246,612 , respectively.

Amortization of all debt discounts for the three months ended March

31, 2025 and 2024 was $ 59,639 and $ 81,708 , respectively.

The Company reclassified $ 10,229 and $ 166,535 in put

premiums to additional paid in capital following conversions and repayment during the nine months ended March 31, 2025 and 2024, respectively.

NOTE 7 – STOCKHOLDERS’ DEFICIT

Reverse Stock Split