Company: RGBP
Filing Date: 2025-02-24
Form Type: 253G1
Source: 0001493152-25-008067
Chunk: 53

Company: Regen BioPharma Inc
Filing Date: 2025-02-24
Form: 253G1
Chunk 53
---
ated into its debt and equity components, per ASC 470-20.

Accrued Liabilitiesand Unearned Income: The balances related to accrued expenses and unearned income were traced to supporting documents. All accruals were found to be accurate and properly classified.

Equity:

Stock-Based Compensation: Common and preferred stock issued for debt, compensation, and interest were fairly valued at the grant date. These transactions are properly reflected in equity, and stock-based compensation is reported in line with ASC 718.

2. Profit and Loss (Statement of Operations)

Revenue Recognition (ASC 606):

We reviewed the Company’s revenue recognition policy and tested a sample of sales transactions. The revenue is recognized in accordance with ASC 606, and the related-party transactions were found to be at arm’s length.

| 41 |

Cost and Expenses:

The treatment of Research & Development (R&D)and Consulting & Professional Feescomplies with U.S. GAAP. R&D costs are appropriately expensed as incurred, and consulting fees were traced to supporting agreements and services provided.

Other Income (Expense):

Interest Expenseand Derivative Expenseswere properly accounted for. The derivative instruments were terminated correctly, and gains or losses on extinguishment were recognized accurately per ASC 815.

3. Cash Flow Statement

Operating Activities:

Adjustments to net income, including stock-based compensation, changes in accounts receivable, accounts payable, and other operating items, were tested for accuracy. The net cash used in operating activities was found to be properly reconciled.

Investing Activities:

The sale of investment securities for $25,000 was correctly recorded and reflected in both the cash flow and balance sheet, complying with ASC 320.

Financing Activities:

Proceeds from notes payable($243,750) and the issuance of convertible noteswere confirmed to be correctly recorded. Stock issued for interest payments was valued appropriately.

Noncash Transactions:

The company issued shares as compensation for debt and interest. These transactions were properly valued and disclosed, ensuring compliance with ASC 470-50.

Audit Conclusion:

Based on the audit procedures performed, we are confident that:

The consolidated balance sheet, income statement, and cash flow statement of Regen BioPharma, Inc.for the year ended September 30, 2023, are fairly presentedin all material respects in conformity with U.S. GAAP.

The financial statements reflect an accurate and fair representation of the financial condition, results of operations, and cash flows of the company.

Key transactions, including stock-based compensation, convertible debt, and related-party transactions,