Company: RGBP
Filing Date: 2025-09-08
Form Type: 253G1
Source: 0001641172-25-026822
Chunk: 121

Company: Regen BioPharma Inc
Filing Date: 2025-09-08
Form: 253G1
Chunk 121
---
 convertible note payable due to a negotiated change in the terms and conditions of the Note. The Note may be converted 
 into the Common Shares of Regen at a price per share (“Conversion Price”) equivalent to the lower of (a) a 50% discount to                   
 the lowest closing bid price of the common stock of the Company during the ten reading day period immediately prior to the date a conversion 
 notice is given by the Lender to Regen or (b) $0.04 per common share. As of December 31,2024 $28,500 of the principal balance of the         
 Note remained outstanding.                                                                                                                   |

8. DERIVATIVE LIABILITY

The Company analyzed the conversion feature of the
Note for derivative accounting consideration under ASC 815-15 “Derivatives and Hedging” and determined that the embedded conversion
feature should be classified as a liability due to their being no explicit limit to the number of shares to be delivered upon settlement
of the above conversion features. ASC 815-15 requires that the conversion features are bifurcated and separately accounted for as an embedded
derivative contained in the Company’s convertible debt. The embedded derivative is carried on the balance sheet at fair value. Any
unrealized change in fair value, as determined at each measurement period, is recorded as a component of the income statement and the
associated carrying amount on the balance sheet is adjusted by the change.

The Company values the embedded derivative using the
Black-Scholes pricing model and a derivative liability of $1,820,106 was recognized by the Company as of December 31,, 2024.

| 98 |

Derivative Liability consisted of the following :

SCHEDULE OF DERIVATIVE LIABILITY

|                      |     | As of | December 31, 2024 |     | As of | September 30, 2024 |
|:---------------------|:----|:------|------------------:|:----|:------|-------------------:|
| Lender 1             |     | $     |           796,586 |     |       |            802,337 |
| Lender 4             |     | $     |           199,147 |     |       |            200,584 |
| Lender 5             |     | $     |           398,293 |     |       |            401,168 |
| Lender 6             |     | $     |           353,535 |     |       |                  -