Amended Quarterly Report (10-q/a)

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment 1

☒ 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

☐

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 ☒

EXPLANATORY NOTE: THIS AMENDMENT NO.1 TO REGEN BIOPHARMA INC’S (THE “COMPANY”) FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 2021 (“(“ORIGINAL FILING”) IS BEING FILED SOLELY TO AMEND THE FOLLOWING PORTIONS OF THE ORIGINAL FILING.

PART 1, ITEM 1 FINANCIAL STATEMENTS

PART 1, ITEM 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

PART II, ITEM 1 LEGAL PROCEEDINGS

THE COMPANY HAS NOT MODIFIED OR UPDATED DISCLOSURES PRESENTED IN THE ORIGINAL FILING, EXCEPT AS INDICATED ABOVE. ACCORDINGLY, THIS AMENDMENT DOES NOT REFLECT EVENTS OCCURRING AFTER THE DATE OF THE ORIGINAL FILING AND DOES NOT MODIFY OR UPDATE THOSE DISCLOSURES AFFECTED BY SUBSEQUENT EVENTS, EXCEPT AS SPECIFICALLY REFERENCED HEREIN. INFORMATION NOT AFFECTED BY THE ABOVE AMENDMENTS IS UNCHANGED AND REFLECTS THE DISCLOSURES MADE AT THE TIME OF THE ORIGINAL FILING.

PART I - FINANCIAL INFORMATION

Item 1. - Financial Statements

Report of Independent Registered Public Accounting Firm

To the shareholders and the board of directors of Regen Biopharma, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Regen Biopharma, Inc. as of September 30, 2021 and 2020, the related statements of operations, stockholders' equity (deficit), and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2021 and 2020, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States.

Substantial Doubt about the Company’s Ability to Continue as a Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/S/ BF Borgers CPA PC

BF Borgers CPA PC

We have served as the Company's auditor since 2021

Lakewood, CO

December 22, 2021

REGEN BIOPHARMA , INC.
CONSOLIDATED BALANCE SHEETS

	As of June 30, 2021 (unaudited) (as restated)			As of September 30, 2020
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
Unearned Income		1,875,794
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		13,845,341			7,458,187
Long Term Liabilities:
Convertible Notes Payable, Related Parties Less unamortized discount					0
Total Long Term Liabilities
Total Liabilities		13,845,341			7,458,187

STOCKHOLDERS' EQUITY (DEFICIT)
Common Stock ($.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 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)		(21,964,232	)		(16,583,666	)

Total Stockholders' Equity (Deficit)		(12,411,685	)		(7,334,998	)

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)	$	1,433,656		$	123,189

The Accompanying Notes are an Integral Part of These Financial Statements

REGEN BIOPHARMA , INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

		Quarter ended June 30, 2021 (as restated)			Quarter ended June 30, 2020			Nine Months Ended June 30, 2021 (as restated)			Nine Months Ended June 30, 2020
REVENUES
Revenues	$	29,206		$	—		$	29,206		$	—
Revenues, Related Party		27,425			27,425			82,274			82,274
TOTAL REVENUES		56,631			27,425			111,480			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)	$	(42,491	)	$	(16,336	)	$	(73,945	)	$	(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)	$	(7,489,115	)	$	3,205,945		$	(5,380,566	)	$	2,211,567
Less:Net (Income) Loss attributable to KCL, Therapeutics, Inc.
NET INCOME (LOSS) attributable to common shareholders	$	(7,489,115	)	$	2,564,755		$	(5,380,566	)	$	1,769,254

BASIC AND FULLY DILUTED EARNINGS (LOSS) PER SHARE	$	(0.0021	)	$	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

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																												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								—				—				—				—		—			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																												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

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