Company: RGBP
Filing Date: 2025-09-08
Form Type: 253G1
Source: 0001641172-25-026822
Chunk: 132

Company: Regen BioPharma Inc
Filing Date: 2025-09-08
Form: 253G1
Chunk 132
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 providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

| ● | Going                                                                                                                                           
 Concern – As discussed in Note 2 to the consolidated financial statements, the Company has a going concern due to negative                      
 working capital and losses from operations which raises substantial doubt about its ability to continue as a going concern. Auditing            
 management’s evaluation of a going concern can be a significant judgment given the fact that the Company uses management estimates              
 on future revenues and expenses, which are difficult to substantiate. To evaluate the appropriateness of the going concern, we examined         
 and evaluated the financial information along with management’s plans to mitigate the going concern and management’s                            
 disclosure on going concern.                                                                                                                    |
| ● | Valuation                                                                                                                                       
 of Level 3 Investments Securities in Related Parties – As described in Note 6 to the consolidated financial statements, the Company             
 holds investment securities, including Level 3 securities whose fair values are based on significant unobservable inputs. The fair value        
 of these securities was $17,733 and $222,580 as of September 30, 2024 and 2023, respectively. Management uses valuation models and assumptions, 
 including discount rates, projected cash flows, and market comparables, to estimate fair value.                                                 |

We identified the valuation of Level 3 investment securities as a critical audit matter due to the significant judgment required by management to estimate fair value and the high degree of estimation uncertainty. This required a high degree of auditor judgment and increased audit effort.

How the Matter Was Addressed in the Audit

Our audit procedures related to the valuation of Level 3 investment securities included, among others:

| ● | Testing                                                                                                                             
 management’s valuation process, including the review and approval of key assumptions and inputs.                                    |
| ● | Evaluating                                                                                                                          
 the appropriateness of the valuation methodologies used by management.                                                              |
| ● | Assessing                                                                                                                           
 the reasonableness of key assumptions, such as discount rates and projected cash flows, by comparing them to observable market data 
 and industry benchmarks.                                                                                                            |
| ● | Reviewing                                                                                                                           
 subsequent events and transactions for evidence of fair value.                                                                      |

/s/ BCRG

BCRG Group (PCAOB ID 7158)

We have served as the Company’s auditor since 2024.

Irvine, CA

May 13, 2025

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<div align='center'>REGEN BIOPHARMA , INC.

CONSOLIDATED