Cover
Cover - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --09-30 | |
Entity File Number | 333-146834 | |
Entity Registrant Name | Regenicin, Inc. | |
Entity Central Index Key | 0001412659 | |
Entity Tax Identification Number | 27-3083341 | |
Entity Incorporation, State or Country Code | WY | |
Entity Address, Address Line One | 10 High Court, | |
Entity Address, City or Town | Little Falls, | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07424 | |
City Area Code | 973 | |
Local Phone Number | 557 8914 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Public Float | $ 1,534,830 | |
Entity Common Stock, Shares Outstanding | 153,483,050 | |
Auditor Name | N/A | |
Auditor Firm ID | 9999 | |
Auditor Location | N/A |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
CURRENT ASSETS | ||
Cash | $ 14,569 | $ 1,859 |
Common stock of Amarantus | 925 | 2,750 |
Total current and total assets | 15,493 | 4,609 |
CURRENT LIABILITIES | ||
Accounts payable | 103,119 | 93,674 |
Accrued expenses - other (related party of $65,471 and $46,713) | 254,595 | 234,894 |
Accrued salaries - officers | 4,612,001 | 4,031,001 |
Promissory note payable | 175,000 | 175,000 |
Convertible promissory note - officer | 335,683 | 335,683 |
Loan payable | 10,000 | 10,000 |
Loans payable - officer | 122,235 | 82,235 |
Total current and total liabilities | $ 5,612,633 | $ 4,962,487 |
STOCKHOLDERS' DEFICIENCY | ||
Series A 8% Convertible Preferred stock, $0.001 par value, 5,500,000 shares authorized; 885,000 issued and outstanding | $ 885 | $ 885 |
Common stock, $0.001 par value; 200,000,000 shares authorized; 157,911,410 issued and 153,483,050 outstanding | $ 157,914 | $ 157,914 |
Additional paid-in capital | 10,208,339 | 10,208,339 |
Accumulated deficit | (15,959,850) | (15,320,588) |
Less: treasury stock; 4,428,360 shares at par | (4,428) | (4,428) |
Total stockholders' deficiency | (5,597,140) | (4,957,878) |
Total liabilities and stockholders' deficiency | $ 15,493 | $ 4,609 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Statement of Financial Position [Abstract] | ||
[custom:AccruedLiabilitiesCurrentRelatedParties-0] | $ 65,471 | $ 46,713 |
[custom:SeriesAPreferredStockAtParValue-0] | $ 0.001 | $ 0.001 |
[custom:SeriesASharesAuthorized-0] | 5,500,000 | 5,500,000 |
[custom:SeriesASharesIssued-0] | 885,000 | 885,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 157,911,410 | 157,911,410 |
Common Stock, Shares, Outstanding | 153,483,050 | 153,483,050 |
Treasury Stock, Shares | 4,428,360 | 4,428,360 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating expenses | ||
General and administrative | 601,179 | 635,864 |
Total operating expenses | 601,179 | 635,864 |
Other expenses | ||
Interest expense related party of $(18,758), $(17,213) | (36,258) | (34,713) |
Change in unrealized loss on securities | (1,825) | (25) |
Total other expenses | (38,083) | (34,738) |
Net loss | (639,262) | (670,602) |
Preferred stock dividends | (52,954) | (70,405) |
Net loss attributable to common stockholders | $ (692,216) | $ (741,007) |
Loss per share basic | $ 0 | $ 0 |
Loss per share diluted | $ 0 | $ 0 |
Weighted average number of shares outstanding basic | 153,483,050 | 153,483,050 |
Weighted average number of shares outstanding diluted | 153,483,050 | 153,483,050 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||
Interest Expense, Related Party | $ 18,758 | $ 17,213 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIENCY - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Balances at October 1, 2020 | $ (4,957,878) | $ (4,287,276) |
Net loss | (639,262) | (670,602) |
Balances at September 30, 2021 | (5,597,140) | (4,957,878) |
Preferred Stock [Member] | ||
Balances at October 1, 2020 | $ 885 | 885 |
Shares, Outstanding, Beginning Balance | 885,000 | |
Net loss | ||
Balances at September 30, 2021 | 885 | 885 |
Common Stock [Member] | ||
Balances at October 1, 2020 | $ 157,914 | 157,914 |
Shares, Outstanding, Beginning Balance | 157,911,410 | |
Net loss | ||
Balances at September 30, 2021 | 157,914 | 157,914 |
Additional Paid-in Capital [Member] | ||
Balances at October 1, 2020 | 10,208,339 | 10,208,339 |
Net loss | ||
Balances at September 30, 2021 | 10,208,339 | 10,208,339 |
Retained Earnings [Member] | ||
Balances at October 1, 2020 | (15,320,588) | (14,649,986) |
Net loss | (639,262) | (670,602) |
Balances at September 30, 2021 | (15,959,850) | (15,320,588) |
Treasury Stock [Member] | ||
Balances at October 1, 2020 | (4,428) | (4,428) |
Net loss | ||
Balances at September 30, 2021 | $ (4,428) | $ (4,428) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (639,262) | $ (670,602) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Unrealized loss on investment | 1,825 | 25 |
Accrued interest on loans and notes payable | 36,258 | 34,713 |
Changes in operating assets and liabilities | ||
Accounts payable | 9,443 | 5,015 |
Accrued expenses - other | (16,555) | 25,743 |
Accrued salaries - officers | 581,000 | 580,999 |
Net cash used in operating activities | (27,291) | (24,107) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds of loans from officers | 40,000 | 24,600 |
Net cash provided by financing activities | 40,000 | 24,600 |
NET INCREASE IN CASH | 12,709 | 493 |
CASH - BEGINNING OF PERIOD | 1,859 | 1,366 |
CASH - END OF PERIOD | 14,568 | 1,859 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | ||
Cash paid for taxes |
THE COMPANY
THE COMPANY | 12 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
THE COMPANY | NOTE A - THE COMPANY Regenicin, Inc. ("Regenicin"), formerly known as Windstar, Inc., was incorporated in the state of Nevada on September 6, 2007 . On July 19, 2010, the Company amended its Articles of Incorporation to change the name of the Company to Regenicin, Inc. On August 31, 2022, we filed articles of continuance with the states of Nevada and Wyoming effectively moving our organizational jurisdiction from Nevada to Wyoming effective on that date. The Company's business plan is to develop and commercialize a potentially lifesaving technology by the introduction of tissue-engineered skin substitutes to restore the qualities of healthy human skin for use in the treatment of burns, chronic wounds and a variety of plastic surgery procedures. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Regenicin and its wholly owned subsidiary. All significant inter-company balances and transactions have been eliminated. Going Concern: The Company's consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred recurring losses and as of September 30, 2022, has an accumulated deficit of approximately $15.95 million from inception, expects to incur further losses in the development of its business and has been dependent on funding operations through the issuance of convertible debt and private sale of equity securities. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Currently management plans to finance operations through the private or public placement of debt and/or equity securities. However, no assurance can be given at this time as to whether the Company will be able to obtain such financing. The consolidated financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Income (loss) per share: Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common shares: 2022 2021 Options — — The following weighted average securities have been excluded from the calculation even though the exercise price was less than the average market price of the common shares because the effect of including these potential shares was anti-dilutive due to the net losses incurred during 2022 and 2021: 2022 2021 Options 11,771,344 11,771,344 Convertible Preferred Stock 8,850,000 8,850,000 Convertible Promissory Note 35,712,910 16,784,150 Shares excluded from the calculation of diluted loss per share 56,334,254 37,405,494 Financial Instruments and Fair Value Measurement: As of October 1, 2018, the Company adopted ASU No. 2016-01, "Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." The new standard principally affects accounting standards for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. Upon the effective date of the new standards, all equity investments in unconsolidated entities, other than those accounted for using the equity method of accounting, will generally be measured at fair value through earnings. There no longer is an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income (loss) for equity securities with readily determinable fair values. As a result of the adoption, the Company recorded a cumulative effect adjustment of a $ 950 Common stock of Amarantus BioScience Holdings, Inc. ("Amarantus") is carried at fair value in the accompanying consolidated balance sheets. Fair value is determined under the guidelines of GAAP which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Realized gains and losses, determined using the first-in, first-out (FIFO) method, and unrealized gains and losses are included in other income (expense) on the statement of operations. The common stock of Amarantus is valued at the closing price reported on the active market on which the security is traded. This valuation methodology is considered to be using Level 1 inputs. The total value of Amarantus common stock at September 30, 2022 is $ 925 The carrying value of cash, prepaid expenses and other current assets, accounts payable, accrued expenses and all loans and notes payable in the Company’s consolidated balance sheets approximated their values as of and September 30, 2022 and 2021 due to their short-term nature. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimation includes the selection of assumptions underlying the calculation of the fair value of options. Actual results could differ from those estimates. Stock-Based Compensation: The Company accounts for stock-based compensation in accordance with FASB ASC 718, “ Compensation - Stock Compensation The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505, “ Equity Income Taxes: The Company accounts for income taxes in accordance with accounting guidance FASB ASC 740, " Income Taxes The Company has adopted the provisions of FASB ASC 740-10-05 " Accounting for Uncertainty in Income Taxes Recently Issued Accounting Pronouncements: Any recent pronouncements issued by the FASB or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the consolidated financial statements of the Company. |
LICENSE OF RIGHTS
LICENSE OF RIGHTS | 12 Months Ended |
Sep. 30, 2022 | |
License Of Rights | |
LICENSE OF RIGHTS | NOTE C – LICENSE OF RIGHTS On November 7, 2014 January 30, 2015 5 10,000,000 he option had not been exercised and had since expired. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE D – ACCRUED EXPENSES Accrued expenses consisted of the following: 2022 2021 Professional fees $ 9,186 $ 25,743 Interest 245,409 209,151 Accrued expenses $ 254,595 $ 234,894 |
LOANS PAYABLE
LOANS PAYABLE | 12 Months Ended |
Sep. 30, 2022 | |
Loans Payable | |
LOANS PAYABLE | NOTE E - LOANS PAYABLE Convertible Promissory Note - Officer Through March 31, 2020, John Weber, the Company's Chief Financial Officer, advanced the Company a total of $ 335,683 5 September 30, 2022 18,758 17,213 65,471 46,713 Loan Payable: In February 2011, an investor advanced $10,000. The loan does not bear interest and is due on demand. At both September 30, 2022 and 2021, the loan payable totaled $ 10,000 Loans Payable - Officer: Through September 30, 2019, J. Roy Nelson, the Company's Chief Science Officer, made net advances to the Company totaling $ 26,935 In September 2018, Randall McCoy, the Company's Chief Executive Officer, advanced to the Company $ 4,500 From July 2020 to September 2022, John Weber, the Company’s Chief Financial Officer, advanced to the Company a total of $ 90,800 |
PROMISSORY NOTES PAYABLE
PROMISSORY NOTES PAYABLE | 12 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
PROMISSORY NOTES PAYABLE | NOTE F – PROMISSORY NOTES PAYABLE Bridge Financing: On December 21, 2011 150,000 June 21, 2012 10 175,000 17,500 179,938 162,438 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE G - RELATED PARTY TRANSACTIONS The Company’s principal executive offices are located in Little Falls, New Jersey. The headquarters is located in the offices of McCoy Enterprises LLC, an entity controlled by Mr. McCoy. The office is attached to his residence but has its own entrances, restroom and kitchen facilities. The Company also maintains an office at Carbon & Polymer Research Inc. ("CPR") in Pennington, New Jersey, which is the Company's materials and testing laboratory. An officer of the Company is an owner of CPR. No rent is charged for either premise. On May 16, 2016, the Company entered into an agreement with CPR in which CPR will supply the collagen scaffolds used in the Company's production of the skin tissue. The contract contains a most favored customer clause guaranteeing the Company prices equal or lower than those charged to other customers. The Company has not yet made purchases from CPR. See NoteE for loans payable to related parties. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE H - INCOME TAXES The Company did not incur current income tax expense for either of the years ended September 30, 2022 or 2021. At September 30, 2022, the Company had available approximately $ 4.6 Significant components of the Company’s deferred tax assets at September 30, 2022 and 2021 are as follows: 2022 2021 Net operating loss carry forwards $ 1,235,018 $ 1,229,570 Unrealized loss 808,940 807,975 Stock based compensation 17,061 17,061 Accrued expenses 1,247,940 1,091,070 Total deferred tax assets 3,308,959 3,145,676 Valuation allowance (3,308,959 ) (3,145,676 ) Net deferred tax assets $ — $ — Due to the uncertainty of their realization, a valuation allowance has been established for all of the income tax benefit for these deferred tax assets. The following is a reconciliation of the Company’s income tax rate using the federal statutory rate to the actual income tax rate as of September 30, 2022 and 2021: 2022 2021 Federal tax rate (21 )% (21 )% Effect of state taxes (6 )% (6 )% Effect of NOL (2 )% (2 )% Change in valuation allowance 25 % 25 % Total 0 % 0 % At September 30, 2022 and 2021, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. The Company does not expect that its unrecognized tax benefits will materially increase within the next twelve months. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense. As of September 30, 2022, and 2021 the Company has not recorded any provisions for accrued interest and penalties related to uncertain tax positions. The Company files its federal and state income tax returns under a statute of limitations. The tax years ended September 30, 2020 through September 30, 2022 generally remain subject to examination by federal tax authorities. |
STOCKHOLDERS_ DEFICIENCY
STOCKHOLDERS’ DEFICIENCY | 12 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIENCY | NOTE I - STOCKHOLDERS’ DEFICIENCY Preferred Stock: Series A Series A Preferred earns a dividend of 8% per annum on the stated value and has a liquidation preference equal to the stated value of the shares ($885,000 liquidation preference as of September 30, 2022 and 2021 plus dividends in arrears as per below). Each share of Preferred Stock has an initial stated value of $1 and is convertible into shares of the Company’s common stock at the rate of 10 for 1. The Series A Preferred Stock was marketed through a private placement memorandum that included a reference to a ratchet provision which would have allowed the holders of the stock to claim a better conversion rate based on other stock transactions conducted by the Company during the three-year period following the original issuance of the shares. The Certificate of Designation does not contain a ratchet provision. Certain of the stock related transactions consummated by the Company during this time period may have triggered this ratchet provision, and thus created a claim by holders of the Series A Preferred Stock who purchased based on this representation for a greater conversion rate than initially provided. There have been no new developments related to the remaining Series A holders regarding this claim and the conversion rate of their Series A Preferred Stock. Changes to the preferred stock conversion ratio may result in modification or extinguishment accounting. That may result in a deemed preferred stock dividend which would reduce net income available to common stockholders in the calculation of earnings per share. Certain of the smaller Series A holders have already converted or provided notice of conversion of their shares. In respect of this claim, the Company and its outside counsel determined that it is not possible to offer an opinion regarding the outcome. An adverse outcome could materially increase the accumulated deficit. The dividends are cumulative commencing on the issue date when and if declared by the Board of Directors. As of September 30, 2022, and 2021, dividends in arrears were $ 818,030 747,232 At both September 30, 2022 and 2021, 885,000 Series B On January 23, 2012, the Company designated a new class of preferred stock called Series B Convertible Preferred Stock (“Series B Preferred”). 4,000,000 2.00 2010 Incentive Plan On December 15, 2010 4,428,360 Effective October 1, 2019, the Company adopted ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”). ASU 2018-07 expanded the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance also specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The adoption of ASU 2018-07 did not have a significant impact on the Company’s consolidated financial statements. On January 6, 2011 885,672 0.035 December 31, 2023 1,316 On January 15, 2015 10,000,000 0.02 December 31, 2023 29,508 Expected life is determined using the “simplified method” permitted by Staff Accounting Bulletin No. 107. The stock volatility factor is based on the Nasdaq Biotechnology Index. The Company did not use the volatility rate for Company’s common stock as the Company’s common stock had not been trading for the sufficient length of time to accurately compute its volatility when these options were issued. No stock based compensation was recorded the years ended September 30, 2022 and 2021. Option activity for 2022 and 2020 is summarized as follows: Options Weighted Options outstanding, October 1, 2020 11,771,334 $ 0.019 Granted — — Forfeited — — Options outstanding, September 30, 2021 11,771,334 $ 0.019 Granted — — Forfeited — — Options outstanding, September 30, 2022 11,771,334 $ 0.019 Aggregate intrinsic value $ 0 The aggregate intrinsic value was calculated based on the positive difference between the closing market price of the Company’s Common Stock and the exercise price of the underlying options. The following table summarizes information regarding stock options outstanding at September 30, 2022: Weighted Average Remaining Options Exercisable Weighted Average Ranges of prices Number Contractual Exercise Number Exercise $ 0.020 10,000,000 1.25 $ 0.020 10,000,000 $ 0.020 $ 0.035 1,771,344 1.25 $ 0.035 1,771,344 $ 0.035 $0.020-$0.035 11,771,334 1.25 $ 0.019 11,771,344 $ 0.022 As of September 30, 2022, there was no unrecognized compensation cost related to non-vested options granted. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE J - SUBSEQUENT EVENTS Subsequent to the end of this fiscal year, in October 2022, we set up a new Nevada Series LLC called NovaDerm Product Package, LLC (“NPP LLC”). During November and December 2022, consistent with Nevada law governing this Master Series LLC, we then establish twenty-five (25) individual series LLCs, identifying each with a series letter of A through T or AA through EE. Thus, each of these sub-entities were named NovaDerm Product Package Series A, LLC through Series T, LLC, and then Series AA to Series EE, LLC (or NPP-A through NPP-T and NPP-AA through NPP-EE for short). Into each of these twenty-five individual Series LLCs, we contributed the right and exclusive ownership to a certain amount of the bovine hides and corium we currently own and use as key materials in the preparation of our NovaDerm® product, as well as the right to designate: (a) the specific patient cultured skin to be prepared from these materials; (b) the amount of this cultured skin to be prepared up to a designated amount and (c) the medical facility to receive the fully prepared and processed NovaDerm® cultured skin from these materials (these materials and combined designation rights are collectively referred to herein as the “NovaDerm® Product Rights”). For NPP-A through NPP-T and NPP-AA through NPP-CC we designated 33,333 cm 2 2 2 We subsequently transferred 99% of our membership interests (or 99 membership interests) in each of these Series LLC to various Limited Liability Companies, held by individuals unknown to us, in exchange for a pre-agreed payment. Prior to year-end, the members of these LLCs voted to donate 100% of the membership interests to charity. While we retain possession of the materials transferred in each Series LLC contribution, we have a continuing obligation to segregated and manage those materials as well as to prepare the NovaDerm® cultured skin product as designated by each Series LLC holder or their designate. The identified materials are currently set apart from other such materials and are being held by us pending the identification of the patient and medical facility as instructed by each NovaDerm® Product Rights holder. Notwithstanding this retention of possession by us, the ownership and legal title to the materials are retained and fully vested in the individual Series LLC or its designate. The above-described transfers of membership interests in the Series LLCs generated a substantial amount of cash which we are obligated to use for the completion of our NovaDerm IND and the administration of our product clinical trials. No assurance, however, can be given as to the success or failure of such IND or clinical trials, or as to any future FDA decisions made following these trials. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation: | Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Regenicin and its wholly owned subsidiary. All significant inter-company balances and transactions have been eliminated. |
Going Concern: | Going Concern: The Company's consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred recurring losses and as of September 30, 2022, has an accumulated deficit of approximately $15.95 million from inception, expects to incur further losses in the development of its business and has been dependent on funding operations through the issuance of convertible debt and private sale of equity securities. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Currently management plans to finance operations through the private or public placement of debt and/or equity securities. However, no assurance can be given at this time as to whether the Company will be able to obtain such financing. The consolidated financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Income (loss) per share: | Income (loss) per share: Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common shares: 2022 2021 Options — — The following weighted average securities have been excluded from the calculation even though the exercise price was less than the average market price of the common shares because the effect of including these potential shares was anti-dilutive due to the net losses incurred during 2022 and 2021: 2022 2021 Options 11,771,344 11,771,344 Convertible Preferred Stock 8,850,000 8,850,000 Convertible Promissory Note 35,712,910 16,784,150 Shares excluded from the calculation of diluted loss per share 56,334,254 37,405,494 |
Financial Instruments and Fair Value Measurement: | Financial Instruments and Fair Value Measurement: As of October 1, 2018, the Company adopted ASU No. 2016-01, "Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." The new standard principally affects accounting standards for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. Upon the effective date of the new standards, all equity investments in unconsolidated entities, other than those accounted for using the equity method of accounting, will generally be measured at fair value through earnings. There no longer is an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income (loss) for equity securities with readily determinable fair values. As a result of the adoption, the Company recorded a cumulative effect adjustment of a $ 950 Common stock of Amarantus BioScience Holdings, Inc. ("Amarantus") is carried at fair value in the accompanying consolidated balance sheets. Fair value is determined under the guidelines of GAAP which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Realized gains and losses, determined using the first-in, first-out (FIFO) method, and unrealized gains and losses are included in other income (expense) on the statement of operations. The common stock of Amarantus is valued at the closing price reported on the active market on which the security is traded. This valuation methodology is considered to be using Level 1 inputs. The total value of Amarantus common stock at September 30, 2022 is $ 925 The carrying value of cash, prepaid expenses and other current assets, accounts payable, accrued expenses and all loans and notes payable in the Company’s consolidated balance sheets approximated their values as of and September 30, 2022 and 2021 due to their short-term nature. |
Use of Estimates: | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimation includes the selection of assumptions underlying the calculation of the fair value of options. Actual results could differ from those estimates. |
Stock-Based Compensation: | Stock-Based Compensation: The Company accounts for stock-based compensation in accordance with FASB ASC 718, “ Compensation - Stock Compensation The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505, “ Equity |
Income Taxes: | Income Taxes: The Company accounts for income taxes in accordance with accounting guidance FASB ASC 740, " Income Taxes The Company has adopted the provisions of FASB ASC 740-10-05 " Accounting for Uncertainty in Income Taxes |
Recently Issued Accounting Pronouncements: | Recently Issued Accounting Pronouncements: Any recent pronouncements issued by the FASB or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the consolidated financial statements of the Company. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Income per Common Share | 2022 2021 Options — — |
Schdule of Income per Common Share Exclusuions #1 | 2022 2021 Options 11,771,344 11,771,344 Convertible Preferred Stock 8,850,000 8,850,000 Convertible Promissory Note 35,712,910 16,784,150 Shares excluded from the calculation of diluted loss per share 56,334,254 37,405,494 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | 2022 2021 Professional fees $ 9,186 $ 25,743 Interest 245,409 209,151 Accrued expenses $ 254,595 $ 234,894 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | 2022 2021 Net operating loss carry forwards $ 1,235,018 $ 1,229,570 Unrealized loss 808,940 807,975 Stock based compensation 17,061 17,061 Accrued expenses 1,247,940 1,091,070 Total deferred tax assets 3,308,959 3,145,676 Valuation allowance (3,308,959 ) (3,145,676 ) Net deferred tax assets $ — $ — |
Schedule of Effective Income Tax Rate | 2022 2021 Federal tax rate (21 )% (21 )% Effect of state taxes (6 )% (6 )% Effect of NOL (2 )% (2 )% Change in valuation allowance 25 % 25 % Total 0 % 0 % |
STOCKHOLDERS_ DEFICIENCY (Table
STOCKHOLDERS’ DEFICIENCY (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Option Activity | Options Weighted Options outstanding, October 1, 2020 11,771,334 $ 0.019 Granted — — Forfeited — — Options outstanding, September 30, 2021 11,771,334 $ 0.019 Granted — — Forfeited — — Options outstanding, September 30, 2022 11,771,334 $ 0.019 Aggregate intrinsic value $ 0 |
Schedule of Value of Options | Weighted Average Remaining Options Exercisable Weighted Average Ranges of prices Number Contractual Exercise Number Exercise $ 0.020 10,000,000 1.25 $ 0.020 10,000,000 $ 0.020 $ 0.035 1,771,344 1.25 $ 0.035 1,771,344 $ 0.035 $0.020-$0.035 11,771,334 1.25 $ 0.019 11,771,344 $ 0.022 |
THE COMPANY (Details Narrative)
THE COMPANY (Details Narrative) | 12 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity Incorporation, Date of Incorporation | Sep. 06, 2007 |
Schedule of Income per Common S
Schedule of Income per Common Share (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | ||
Options |
Schdule of Income per Common Sh
Schdule of Income per Common Share Exclusuions #1 (Details) - shares | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | ||
Options | 11,771,344 | 11,771,344 |
Convertible Preferred Stock | 8,850,000 | 8,850,000 |
Convertible Promissory Note | 35,712,910 | 16,784,150 |
Shares excluded from the calculation of diluted loss per share | 56,334,254 | 37,405,494 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Oct. 01, 2018 |
Accounting Policies [Abstract] | ||||
[custom:CumulativeEffectAdjustmentAOIC-0] | $ 950 | |||
[custom:CommonStockReceivable-0] | $ 925 | $ 925 | $ 2,750 |
LICENSE OF RIGHTS (Details Narr
LICENSE OF RIGHTS (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Sale Agreement [Member] | ||
[custom:DateOfAgreement] | Nov. 07, 2014 | |
Sale Agreement Amended [Member] | ||
[custom:DateOfAgreement] | Jan. 30, 2015 | |
[custom:OptionToLicenseIPTerm] | 5 years | |
[custom:OptionToLicenseIPCost] | $ 10,000,000 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Payables and Accruals [Abstract] | ||
Professional fees | $ 9,186 | $ 25,743 |
Interest | 245,409 | 209,151 |
Accrued expenses | $ 254,595 | $ 234,894 |
LOANS PAYABLE (Details Narrativ
LOANS PAYABLE (Details Narrative) - USD ($) | 12 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Short-Term Debt [Line Items] | |||||
Loans Payable | $ 335,683 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 500% | ||||
Debt Instrument, Maturity Date | Sep. 30, 2022 | ||||
Loans Payable, Current | $ 10,000 | $ 10,000 | $ 10,000 | ||
Chief Financial Officer [Member] | |||||
Short-Term Debt [Line Items] | |||||
Loans Payable | 90,800 | ||||
[custom:DebtInstrumentIncurredAccruedInterestRealtedParty] | 18,758 | 17,213 | |||
Debt Instrument, Increase, Accrued Interest | $ 65,471 | $ 46,713 | |||
Chief Science Officer [Member] | |||||
Short-Term Debt [Line Items] | |||||
Loans Payable, Current | $ 26,935 | ||||
Chief Executive Officer [Member] | |||||
Short-Term Debt [Line Items] | |||||
Loans Payable | $ 4,500 |
PROMISSORY NOTES PAYABLE (Detai
PROMISSORY NOTES PAYABLE (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument, Maturity Date | Sep. 30, 2022 | ||
[custom:DebtInstrumentAdditionalInterestRateStatedPercentage-0] | 1,000% | ||
Accrued Liabilities and Other Liabilities | $ 254,595 | $ 234,894 | |
Promissory Note 2 [Member] | |||
Debt Instrument, Issuance Date | Dec. 21, 2011 | ||
Debt Instrument, Face Amount | $ 150,000 | ||
Debt Instrument, Maturity Date | Jun. 21, 2012 | ||
[custom:BalanceOfConvertibleNotesPayable-0] | $ 175,000 | 175,000 | |
Interest Expense, Debt | 17,500 | 17,500 | |
Accrued Liabilities and Other Liabilities | $ 179,938 | $ 162,438 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards | $ 1,235,018 | $ 1,229,570 |
Unrealized loss | 808,940 | 807,975 |
Stock based compensation | 17,061 | 17,061 |
Accrued expenses | 1,247,940 | 1,091,070 |
Total deferred tax assets | 3,308,959 | 3,145,676 |
Valuation allowance | 3,308,959 | 3,145,676 |
Net deferred tax assets |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate (Details) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal tax rate | (21.00%) | (21.00%) |
Effect of state taxes | (6.00%) | (6.00%) |
Effect of NOL | (2.00%) | (2.00%) |
Change in valuation allowance | 25% | 25% |
Total | 0% | 0% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) $ in Millions | Sep. 30, 2022 USD ($) |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 4.6 |
Schedule of Option Activity (De
Schedule of Option Activity (Details) - shares | Sep. 30, 2022 | Sep. 30, 2021 | Oct. 01, 2020 |
Equity [Abstract] | |||
[custom:OptionsIssued-0] | 11,771,334 | 11,771,334 | 11,771,334 |
Schedule of Value of Options (D
Schedule of Value of Options (Details) - shares | Sep. 30, 2022 | Sep. 30, 2021 | Oct. 01, 2020 |
Equity [Abstract] | |||
[custom:OptionsIssued-0] | 11,771,334 | 11,771,334 | 11,771,334 |
STOCKHOLDERS_ DEFICIENCY (Detai
STOCKHOLDERS’ DEFICIENCY (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
[custom:SeriesASharesIssued-0] | 885,000 | 885,000 | |
[custom:CommonStockSharesAuthorizedIncentivePlan-0] | 4,428,360 | ||
Common Stock, Shares, Issued | 157,911,410 | 157,911,410 | |
Series A Preferred Stock [Member] | |||
Dividends Payable, Current | $ 818,030 | $ 747,232 | |
[custom:SeriesASharesIssued-0] | 885,000 | 885,000 | |
Series B Preferred Stock [Member] | |||
[custom:SeriesBSharesAuthorized-0] | 4,000,000 | ||
[custom:SeriesBPreferredStockLiquidationPreferenceValuePerShare-0] | $ 2 | $ 2 | |
Incentive Plan 2010 [Member] | |||
[custom:DateOfAgreement] | Dec. 15, 2010 | ||
Board Member Options [Member] | |||
[custom:DateOfAgreement] | Jan. 06, 2011 | ||
Common Stock, Shares, Issued | 885,672 | ||
[custom:CommonStockOptionExercisePrice-0] | $ 0.035 | ||
[custom:DateOfExpirationOfOptions] | Dec. 31, 2023 | ||
Compensation Expense, Excluding Cost of Good and Service Sold | $ 1,316 | ||
Stock Option Agreement [Member] | |||
[custom:DateOfAgreement] | Jan. 15, 2015 | ||
Common Stock, Shares, Issued | 10,000,000 | ||
[custom:CommonStockOptionExercisePrice-0] | $ 0.02 | ||
[custom:DateOfExpirationOfOptions] | Dec. 31, 2023 | ||
Compensation Expense, Excluding Cost of Good and Service Sold | $ 29,508 |