Company: RGBP
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001641172-25-011206
Chunk: 6

Company: Regen BioPharma Inc
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 6
---
 related interest and penalties within the income tax line item on the consolidated
statements of operations. The Company likewise reports the reversal of income tax-related interest and penalties within such line item
to the extent the Company resolves the liabilities for uncertain tax positions in a manner favorable to the accruals.

O. RECENT ACCOUNTING PRONOUNCEMENTS

In June 2016, the FASB issued
ASU 2016-13, Financial Instruments - Credit Losses, which requires entities to estimate all expected credit losses for financial
assets measured at amortized cost basis, including trade receivables, held at the reporting date based on historical experience, current
conditions, and reasonable and supportable forecasts. The Company adopted this guidance on January 1, 2023. The adoption of this accounting
standard did not have an impact on the Company’s consolidated financial statements as the Company is in a pre-revenue state and
does not generate revenue and has no receivables from third party.

In November 2023, the FASB
issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires incremental disclosure
of segment information on an interim and annual basis. This ASU is effective for public entities for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective application to all prior periods presented
in the financial statements is required for public entities. The Company adopted ASU 2023-07 as of January 1, 2024, which resulted in
additional disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures.

Other recent accounting pronouncements
issued by the FASB (including its Emerging Issues Task Force), the AICPA and the SEC did not or are not believed by management to have
a material impact on the Company’s present or future consolidated financial statements.

2. ACCOUNTS RECEIVABLE

Accounts receivable were comprised of the
following:

SCHEDULE OF ACCOUNTS RECEIVABLE

                               As                             As                         
                               of                             of                         
                                                                                         
                               December 31,                   September 30,              
                               2024                           2024                       
 ─────────────────────────────────────────────────────────────────────────────────────────
  Licensee- Related Party                        122,298                         94,873  
  Total                        $                 122,298      $                  94,873  

During the