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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the quarterly period ended June 30, 2021

 

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the transition period from

 

 Commission File No. 333-191725

 

 REGEN BIOPHARMA, INC.

(Exact name of small business issuer as specified in its charter) 

 

Nevada 45-5192997
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

4700 Spring Street, St 304, La Mesa, California 91942

(Address of Principal Executive Offices)

619 722-5505

(Issuer’s telephone number)

None

(Former name, address and fiscal year, if changed since last report)  

Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐   No ☒

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☐  No ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

☐  Large accelerated filer ☐  Accelerated filer
☐  Non-accelerated filer   Smaller reporting company

 Emerging Growth Company

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

As of June 30, 2021 Regen Biopharma, Inc. had 3,780,195,788 common shares outstanding.

 

As of June 30, 2021 Regen Biopharma, Inc. had 414, 147,858 shares of Series A Preferred Stock outstanding.

 

As of June 30, 2021 Regen Biopharma, Inc. had 50,000 shares of Series AA Preferred Stock outstanding.

 

As of June 30,2021 Regen Biopharma, Inc. had 44,000,000 shares of Series M Preferred Stock outstanding.

 

As of June 30,2021 Regen Biopharma, Inc. had 10,000 shares of Series NC Preferred Stock outstanding

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No

 

1 
 

 

PART I - FINANCIAL INFORMATION

 

Item 1. - Financial Statements

REGEN BIOPHARMA , INC.

CONSOLIDATED BALANCE SHEETS

         
    As of   As of
   

June 30,

2021

  September 30, 2020
    (unaudited)    
ASSETS        
CURRENT ASSETS                
Cash   $ 188,179     $     
Accounts Receivable, Related Party     185,466       103,192  
Note Receivable, Related Party     5,396       0  
Accrued Interest Receivable     96       0  
Prepaid Expenses     0       28  
     Total Current Assets     379,137       103,220  
                 
OTHER ASSETS                
Investment Securities     1,034,550       0  
Investment Securities, Related Party     19,969       19,969  
Total Other Assets     1,054,519       19,969  
TOTAL ASSETS   $ 1,433,656     $ 123,189  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current Liabilities:                
Accounts payable     100,223       110,486  
Notes Payable     14,227       62,127  
Accrued payroll taxes     4,241       4,241  
Accrued Interest     960,453       830,061  
Accrued Rent     23,548       23,548  
Accrued Payroll     1,266,679       1,189,319  
Other Accrued Expenses     41,423       41,423  
Bank Overdraft     1,000       1,000  
Due to Investor     20,000       20,000  
Derivative Liability     7,173,677       2,634,215  
Convertible Notes Payable Less  unamortized discount     2,342,575       2,522,716  
Convertible Notes Payable, Related Parties Less  unamortized discount     21,500       19,050  
Total Current Liabilities     11,969,547       7,458,187  
Long Term Liabilities:                
Convertible Notes Payable, Related Parties Less  unamortized discount             0  
Total Long Term Liabilities                
Total Liabilities     11,969,547       7,458,187  
                 
STOCKHOLDERS' EQUITY (DEFICIT)                
Common Stock ($0.0001 par value) 500,000,000 shares authorized; 4,800,000,000 authorized and    1,605,000,246 issued and outstanding as of September 30, 2020 and 4,800,000,000 authorized and 3,780,195,788 shares issued and outstanding June 30,2021.     378,018       160,498  
Preferred Stock, 0.0001 par value, 800,000,000 authorized as of June 30,2021  and September 30,2020 respectively                
Series A Preferred 300,000,000 authorized, 381,768,689 and 414,147,858 outstanding as of  September 30,2020 and June 30, 2021 respectively     41,415       38,177  
Series AA Preferred $0.0001 par value 600,000 authorized and 50,000 and 50,000   outstanding as of June 30,2021 and September 30,2020 respectively     5       5  
Series M Preferred $0.0001 par value 300,000,000 authorized and  44,000,000 outstanding as of June 30,2021 and September 30, 2020 respectively     4,400       4,400  
Series NC Preferred $0.0001 par value 20,000 and 0 authorized and 10,000 and 0  outstanding as of June 30, 2021 a and September 30,2020 respectively     1       0  
Additional Paid in capital     8,392,382       8,313,877  
Contributed Capital     736,326       731,711  
Retained Earnings (Deficit)     (20,088,438 )     (16,583,666 )
Total Stockholders' Equity (Deficit)     (10,535,891 )     (7,334,998 )
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)   $ 1,433,656     $ 123,189  
                 
The Accompanying Notes are an Integral Part of These Financial Statements

 

 

2 
 

 

REGEN BIOPHARMA , INC.

CONDENSED CONSOLIDATED  STATEMENTS OF OPERATIONS

(unaudited)

                 
    Quarter ended June 30, 2021   Quarter ended June 30, 2020   Nine Months Ended June 30, 2021   Nine Months Ended June 30, 2020
REVENUES                                
Revenues   $ 1,905,000     $        $ 1,905,000     $     
Revenues, Related Party     27,425       27,425       82,274       82,274  
TOTAL REVENUES     1,932,425       27,425       1,987,274       82,274  
                                 
COST AND EXPENSES                                
Research and Development     14,254       12       15,893       10,354  
General and Administrative     24,157       43,749       108,821       205,994  
Consulting and Professional Fees     50,711       0       50,711       37,786  
Rent     10,000       0       10,000       18,548  
Total Costs and Expenses     99,122       43,761       185,425       272,682  
                                 
OPERATING INCOME (LOSS)   $ 1,833,303     $ (16,336 )   $ 1,801,849     $ (190,408 )
                                 
OTHER INCOME & (EXPENSES)                                
Interest Income     96       0       96          
Interest Expense     (59,569 )     (81,343 )     (198,029 )     (252,000 )
                               
Interest Expense attributable to Amortization of Discount     (414 )     (137,603 )     (47,063 )     (526,422 )
Gain( Loss) on sale of Investment Securities     (206,900 )     0       (206,900 )        
Unrealized Gain ( Loss) on sale of Investment Securities     (308,550 )     0       (308,550 )        
Derivative Income (Expense)     (6,871,286 )     3,441,227       (4,546,175 )     3,180,398  
TOTAL OTHER INCOME (EXPENSE)     (7,446,624 )     3,222,281       (5,306,621 )     2,401,976  
                                 
NET INCOME (LOSS)   $ (5,613,321 )   $ 3,205,945     $ (3,504,772 )   $ 2,211,567  
Less:Net (Income) Loss attributable to KCL, Therapeutics, Inc.                                
NET INCOME (LOSS) attributable to common shareholders   $ (5,613,321 )   $ 2,564,755     $ (3,504,772 )   $ 1,769,254  
                                 
BASIC AND FULLY DILUTED EARNINGS (LOSS) PER SHARE   $ (0.0016 )   $ 0.0016             $ 0.00130  
                                 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING     3,573,338,986       1,605,000,246       2,608,298,343       1,359,014,732  
                                 
The Accompanying Notes are an Integral Part of These Financial Statements      

 

3 
 

 

REGEN BIOPHARMA , INC.

Condensed Consolidated Statement of Shareholder's Deficit

(unaudited)

Nine Months  Ended June 2020 and 2021

                                                             

 

                                                                     
        Series A  Preferred   Series AA Preferred   Series NC Preferred   Common   Series M Preferred                
        Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Additional Paid-in Capital   Retained Earnings   Contributed Capital   Accumulated Other Comprehensive Income (Loss)   Noncontrolling Interest   Total
Balance September 30, 2019 Balance September 30, 2019     348,376,230     $ 34,838       50,000       5                       600,001,406     $ 59,998       38,000,000     $ 3,800     $ 8,261,993     $ (19,998,086 )   $ 728,658     $        $-   $(10,908,795)
Shares issued for Debt 10/29/2019 Shares issued for Debt                                                     15,100,608       1,510                       3,397                                 4,907
Shares issued for Interest 10/29/2019 Shares issued for Interest                                                     4,376,007       438                       984                                 1,422
Shares issued for debt 10/29/2019 Shares issued for debt                                                     20,834,497       2,083                       7,917                                 10,000
Shares Issued for Interest 10/29/2019 Shares Issued for Interest                                                     3,418,941       342                       1,299                                 1,641
Shares issued for Debt 11/5/2019 Shares issued for Debt                                                     25,002,163       2,500                       6,500                                 9,000
Shares Issued for Interest 11/5/2019 Shares Issued for Interest                                                     4,217,031       422                       1,096                                 1,518
Shares issued for Debt 11/5/2019 Shares issued for Debt                                                     19,254,584       1,925                       3,850                                 5,775
Shares Issued for Interest 11/5/2019 Shares Issued for Interest                                                     8,745,416       875                       1,750                                 2,625
Shares issued for Debt 11/5/2019 Shares issued for Debt                                                     30,555,555       3,056                       7,944                                 11,000
Shares issued for Services 11/15/2019 Shares issued for Services                                                                     6,000,000       600                                         600
Shares issued for Interest 11/27/2019 Shares issued for Interest                                                     30,946,444       3,095                       (310 )                               2,785
Shares issued for Fees 11/27/2019 Shares issued for Fees                                                     5,555,556       556                       (56 )                               500
Shares issued for Debt 11/27/2019 Shares issued for Debt                                                     36,500,000       3,650                       2,920                                 6,570
Shares Issued for Debt 11/27/2019 Shares Issued for Debt                                                     31,251,177       3,125                       3,625                                 6,750
Shares issued for Interest 11/27/2019 Shares issued for Interest                                                     4,393,684       439                       510                                 949
Shares Issued for Debt 12/3/2019 Shares Issued for Debt                                                     30,558,094       3,056                       2,444                                 5,500
Shares issued for Interest 12/3/2019 Shares issued for Interest                                                     5,556,017       556                       444                                 1,000
Shares Issued for Debt 12/4/2019 Shares Issued for Debt                                                     31,234,276       3,123                       2,967                                 6,090
Shares issued for Interest 12/4/2019 Shares issued for Interest                                                     5,308,288       531                       504                                 1,035
Shares Issued for Debt 12/5/2019 Shares Issued for Debt                                                     41,922,222       4,192                       3,354                                 7,546
Shares Issued for Debt 12/6/2019 Shares Issued for Debt                                                     10,064,761       1,006                       (99 )                               907
Shares issued for Interest 12/6/2019 Shares issued for Interest                                                     26,310,416       2,631                       (260 )                               2,371
Shares issued for Fees 12/6/2019 Shares issued for Fees                                                     5,548,380       555                       (55 )                               500
Shares Issued for Debt 12/10/2019 Shares Issued for Debt                                                     49,729,272       4,973                       905                                 5,878
Shares Issued for Debt 12/13/2019 Shares Issued for Debt                                                     37,777,157       3,778                       (1,512 )                               2,266
Shares issued for Interest 12/13/2019 Shares issued for Interest                                                     6,101,694       610                       (244 )                               366
Shares issued for Fees 12/13/2019 Shares issued for Fees                                                     8,335,648       834                       (334 )                               500
Shares Issued for Debt 12/13/2019 Shares Issued for Debt                                                     52,200,000       5,220                       (2,088 )                               3,132
Shares Issued for Debt 12/16/2019 Shares Issued for Debt                                                     42,081,411       4,208                       1,262                                 5,470
Shares issued for Interest 12/16/2019 Shares issued for Interest                                                     7,677,742       768                       230                                 998
Shares Issued for Debt 12/19/2019 Shares Issued for Debt                                                     41,433,258       4,143                       3,314                                 7,457
Shares issued for Interest 12/19/2019 Shares issued for Interest                                                     566,742       57                       45                                 102
Shares Issued for Debt 12/20/2019 Shares Issued for Debt                                                     50,462,834       5,046                       (1,766 )                               3,280
Shares issued for Interest 12/20/2019 Shares issued for Interest                                                     9,477,166       948                       (332 )                               616
Shares issued for Debt 12/20/2019 Shares issued for Debt                                                     59,900,000       5,990                       (2,396 )                               3,594
Shares issued for Debt 12/23/2019 Shares issued for Debt                                                     31,421,505       3,142                       (2,200 )                               942
Shares issued for Interest 12/23/2019 Shares issued for Interest                                                     11,808,081       1,181                       (827 )                               354
Shares issued for Fees 12/23/2019 Shares issued for Fees                                                     16,678,081       1,668                       (1,168 )                               500
Capital contribution quarter ended 12/31/2019 Capital contribution quarter ended 12/31/2019                                                                                                     133                 133
Net Income Quarter Ended 12/31/2019 Net Income Quarter Ended 12/31/2019                                                                                             3,082,768                       3,083,375
Balance December 31, 2019 Balance December 31, 2019     348,376,230     $ 34,838       50,000       5                       1,422,306,114     $ 142,228       44,000,000     $ 4,400     $ 8,305,609     $ (16,915,318 )   $ 728,791               $(7,699,447)
Shares issued for Debt 1/2/2020 Shares issued for Debt                                                     69,685,185       6,969                       (3,206 )                               3,763
Shares issued for Debt 1/2/2020 Shares issued for Debt                                                     36,826,333       3,683                       (2,578 )                               1,105
Shares issued for Interest 1/2/2020 Shares issued for Interest                                                     17,480,000       1,748                       (1,224 )                               524
Shares issued for Fees 1/2/2020 Shares issued for Fees                                                     16,666,667       1,667                       (1,167 )                               500
Shares issued for Debt 1/23/2020 Shares issued for Debt                                                     6,739,096       674                       (472 )                               202
Shares issued for Interest 1/23/2020 Shares issued for Interest                                                     18,615,919       1,862                       (1,304 )                               558
Shares issued for Fees 1/23/2020 Shares issued for Fees                                                     16,680,931       1,668                       (1,168 )                               500
Net Loss Quarter Ended March 31,2020 Net Loss Quarter Ended March 31,2020                                                                            

 

 
              (4,077,145 )    

 

 
     

 

 
         (4,077,145)
Balance March  31, 2020 Balance March  31, 2020     348,376,230     $ 34,838       50,000       5                       1,605,000,246     $ 160,498       44,000,000     $ 4,400     $ 8,294,491     $ (20,992,464 )   $ 728,791      

 

 
   

 

 
  $(11,769,440)
Preferred Shares issued for Debt 5/12/2020 Preferred Shares issued for Debt     3550977       355                                                                       2,645                                 3,000
Preferred Shares issued for Interest 5/12/2020 Preferred Shares issued for Interest     1687898       169                                                                       1,257                                 1,426
Net Income ( Loss) Quarter Ended June 30, 2020 Net Income ( Loss) Quarter Ended June 30, 2020                            

 

 
             

 

 
             

 

 
             

 

 
     

 

 
      3,205,944      

 

 
     

 

 
   

 

 
  3,205,944
Balance June 30, 2020 Balance June 30, 2020     353,615,105     $ 35,362       50,000       5                       1,605,000,246     $ 160,498       44,000,000     $ 4,400     $ 8,298,393     $ (17,786,519 )   $ 728,791      

 

 
         $(8,559,070)
Balance September 30,2020 Balance September 30,2020     381,768,689     $ 38,177       50,000       5                       1,605,000,246     $ 160,498       44,000,000     $ 4,400     $ 8,313,876     $ (16,583,666 )   $ 731,711                 $(7,334,998)
Shares issued for Debt 10/28/2020 Shares issued for Debt                                                     57,726,183       5,773                       (2,021 )                               3,752
Shares Issued For Interest 10/28/2020 Shares Issued For Interest                                                     22,339,663       2,234                       (782 )                               1,452
Shares issued for Debt 11/6/2020 Shares issued for Debt                                                     60,007,919       6,001                       (2,101 )                               3,900
Shares Issued For Interest 11/6/2020 Shares Issued For Interest                                                     23,926,234       2,393                       (838 )                               1,555
Shares issued for Debt 12/11/2020 Shares issued for Debt                                                     60,834,498       6,083                       1,217                                 7,300
Shares Issued For Interest 12/11/2020 Shares Issued For Interest                                                     26,185,501       2,619                       523                                 3,142
Shares issued for Debt 12/16/2020 Shares issued for Debt                                                     3,300,000       330                       99                                 429
Shares Issued For Interest 12/16/2020 Shares Issued For Interest                                                     1,819,077       182                       54                                 236
Shares issued for Fees 12/16/2020 Shares issued for Fees                                                     1,228,077       123                       36                                 159
Shares issued for Debt 12/16/2020 Shares issued for Debt                                                     62,003,571       6,200                       (2,170 )                               4,030
Shares Issued For Interest 12/16/2020 Shares Issued For Interest                                                     26,155,352       2,616                       (916 )                               1,700
Shares issued for Debt 12/17/2020 Shares issued for Debt                                                     68,333,539       6,833                       1,367                                 8,200
Shares Issued For Interest 12/17/2020 Shares Issued For Interest                                                     14,883,378       1,488                       212                                 1,700
Shares issued for Debt 12/17/2020 Shares issued for Debt     20,000,437       2,000                                                                       11,000                                 13,000
Shares Issued For Interest 12/17/2020 Shares Issued For Interest     12,378,732       1,238                                                                       6,808                                 8,046
Shares issued for Debt 12/23/2020 Shares issued for Debt                                                     88,888,889       8,889                       7,111                                 16,000
Shares Issued For Interest 12/23/2020 Shares Issued For Interest                                                     19,555,555       1,956                       1,294                                 3,250
Shares issued for Debt 12/31/2020 Shares issued for Debt                                                     82,004,603       8,200                       (2,870 )                               5,330
Shares Issued For Interest 12/31/2020 Shares Issued For Interest                                                     35,832,781       3,583                       (1,254 )                               2,329
Additions to Contributed Capital Quarter ended 12/31/2020 Additions to Contributed Capital Quarter ended 12/31/2020                                                                                                     1,865                 1,865
Net Loss Quarter Ended December 31,2020 Net Loss Quarter Ended December 31,2020                                                                                             1,666,367                       1,666,367
Balance December 31, 2020 Balance December 31, 2020     414,147,858     $ 41,415       50,000       5                       2,260,025,066     $ 226,001       44,000,000     $ 4,400     $ 8,330,646     $ (14,917,299 )   $ 733,576               $(5,581,256)
shares issued for debt 1/28/2021 shares issued for debt                                                     85,900,000       8,590                       (3,436 )                               5,154
shares issued for interest 2/23/2021 shares issued for interest                                                     88,000,000       8,800                       (4,400 )                               4,400
shares issued for debt 2/24/2021 shares issued for debt