UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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ITEM 4.02 Non-Reliance on Previously Issued Financial Statements.
On December 17, 2021, the Board of Directors of Regen Biopharma, Inc. (the “Company”) concluded that the previously issued Balance Sheet, Statement of Operations, Statement of Shareholders Equity ( Deficit) and Statement of Cash Flow for the quarter and nine months ended June 30, 2021 filed with the Company’s Form 10-Q for the quarter ended June 30, 2021 should not be relied upon.
The Company determined that the recognition of $1,905,000 of revenue recognized during the quarter ended June 30, 2021 resulting from the grant of a license to an unrelated third party to develop and commercialize intellectual property controlled by the Company should be recognized over the term of the license which is 15 years.
The following tables reflect the corrections:
| Statement of Operations | As Originally Presented | Adjustments | As Restated | |||||||||
| Three Months Ended June 30,2021 | ||||||||||||
| Revenues | 1,905,000 | (1,875,794 | ) | 29,206 | ||||||||
| Total Revenues | 1,932,425 | (1,875,794 | ) | 56,631 | ||||||||
| Net Income ( Loss) | (5,613,321 | ) | (1,875,794 | ) | (7,489,115 | ) | ||||||
| Nine Months Ended June 30,2021 | ||||||||||||
| Revenues | 1,905,000 | (1,875,794 | ) | 29,206 | ||||||||
| Total Revenues | 1,987,274 | (1,875,794 | ) | 111,480 | ||||||||
| Net Income ( Loss) | (3,504,772 | ) | (1,875,794 | ) | (5,380,566 | ) | ||||||
| Statement of Cash Flow | As Originally Presented | Adjustments | As Restated | |||||||||
| for the Nine Months Ended June 30,2021 | ||||||||||||
| Increase in Unearned Income | 0 | 1,875,794 | 1,875,794 | |||||||||
| Statement of Shareholders' Equity ( Deficit) | As Originally Presented | Adjustments | As Restated | |||||||||
| for the Nine Months Ended June 30,2021 | ||||||||||||
| Net Loss for the Quarter Ended June 30,2021 | (5,613,321 | ) | (1,875,794 | ) | (7,489,115 | ) | ||||||
| Balance Sheet as of June 30,2021 | As Originally Presented | Adjustments | As Restated | |||||||||
| Unearned Income | 0 | 1,875,794 | 1,875,794 | |||||||||
| Current Liabilities | 11,969,547 | 1,875,794 | 13,845,341 | |||||||||
| Total Liabilities | 11,969,547 | 1,875,794 | 13,845,341 | |||||||||
| Retained Earnings (Deficit) | (20,088,438 | ) | (1,875,794 | ) | (21,964,232 | ) | ||||||
| Total Stockholders' Equity (Deficit) | (10,535,891 | ) | (1,875,794 | ) | (12,411,685 | ) | ||||||
The Company’s senior management has discussed the matters disclosed in this Item 4.02 of this Current Report with AMC Auditing, the Company’s independent registered public accounting firm.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| REGEN BIOPHARMA, INC. | |
| Dated: December 22, 2021 | By: /s/ David Koos |
| David Koos | |
| Chief Executive Officer |
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