Nexien BioPharma (NXEN) 10-Q 9 Nov 22 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2022	Nov. 09, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--06-30
Entity File Number	000-55320
Entity Registrant Name	NEXIEN BIOPHARMA, INC.
Entity Central Index Key	0001625288
Entity Tax Identification Number	26-2049376
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4340 E Kentucky Ave.
Entity Address, Address Line Two	Suite 206
Entity Address, City or Town	Glendale
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80246
City Area Code	(303)
Local Phone Number	495-7583
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		62,022,196

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Current Assets
Cash	$ 101,148	$ 116,898
Prepaid - other	3,810	7,620
Total Current Assets	104,958	124,518
Total Assets	104,958	124,518
Current Liabilities
Accounts payable and accrued expenses	25,696	20,395
Due to officer	45,000	45,000
Convertible note payable - related party, net of discount of $25,050 (September 30, 2022) and $30,452 (June 30, 2022)	39,950	34,548
Convertible note payable - net of discount of $15,538 (September 30, 2022) and $28,274 (June 30, 2022)	154,916	142,180
Total Current Liabilities	265,562	242,123
Total Liabilities	265,562	242,123
Commitments and Contingencies
Stockholders’ (Deficit)
Preferred stock - $.0001 par value; 10,000,000 authorized; none issued
Common stock - $.0001 par value; 200,000,000 shares authorized; 61,272,196 shares issued and outstanding -September 30, 2022; 60,522,196 shares issued and outstanding -June 30, 2022	6,127	6,052
Additional paid in capital	10,810,851	10,759,051
Stock payable	50,750	50,750
Common stock subject to forfeiture
Accumulated deficit	(11,028,332)	(10,933,458)
Total Stockholders’ (Deficit)	(160,604)	(117,605)
Total Liabilities and Stockholders’ (Deficit)	$ 104,958	$ 124,518

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Statement of Financial Position [Abstract]
Debt instrument net of discount	$ 25,050	$ 30,452
Convertible note payable net of discount	$ 15,538	$ 28,274
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	61,272,196	60,522,196
Common stock, shares outstanding	61,272,196	60,522,196

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue
Operating expenses
Professional fees	15,260	6,040
General and administrative	59,055	108,899
Total operating expenses	74,315	114,939
Other income (expense)
Interest expense	(2,421)	(1,311)
Amortization of discount on convertible notes	(18,138)	(5,461)
Total other income (expense)	(20,559)	(6,772)
Net loss	$ (94,874)	$ (121,711)
Loss per share - basic and diluted	$ (0.002)	$ (0.002)
Weighted average shares outstanding - basic and diluted	61,074,394	55,772,196

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Stock Payable [Member]	Common Stock Subject To Forfeiture [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Jun. 30, 2021	$ 5,577	$ 10,476,004	$ 35,000	$ (223,255)	$ (10,307,101)	$ (13,775)
Beginning balance, shares at Jun. 30, 2021	55,772,196
Amortization of CRx shares				60,000		60,000
Common stock issuable to officers			35,500			35,500
Net loss					(121,711)	(121,711)
Ending balance, value at Sep. 30, 2021	$ 5,577	10,476,004	70,500	(163,255)	(10,428,812)	(39,986)
Ending balance, shares at Sep. 30, 2021	55,772,196
Beginning balance, value at Jun. 30, 2022	$ 6,052	10,759,051	50,750		(10,933,458)	(117,605)
Beginning balance, shares at Jun. 30, 2022	60,522,196
Common stock issuable to officers	$ 75	50,675				50,750
Common stock issued to officers, shares	750,000
Imputed interest on related party advance		1,125				1,125
Net loss					(94,874)	(94,874)
Ending balance, value at Sep. 30, 2022	$ 6,127	$ 10,810,851	$ 50,750		$ (11,028,332)	$ (160,604)
Ending balance, shares at Sep. 30, 2022	61,272,196

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net loss	$ (94,874)	$ (121,711)
Adjustments to reconcile net loss to net cash used in operating activities
Fair value of shares issued for CRx Acquisition		60,000
Imputed interest on related party advances	1,125
Stock issued to officers and director	50,750	35,500
Amortization of discount on convertible debt - related	5,402	5,461
Amortization of discount on convertible debt	12,736
Changes is assets and liabilities
(Increase) decrease in prepaids	3,810	3,750
Increase in accounts payable and accrued expenses	5,301	2,653
Cash used in operating activities	(15,750)	(14,347)
Cash flows from investing activities
Cash used in investing activities
Cash flows from financing activities
Cash provided by financing activities
Net increase in cash and cash equivalents	(15,750)	(14,347)
Cash and cash equivalents, beginning of period	116,898	18,041
Cash and cash equivalents, end of period	$ 101,148	$ 3,694

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Nature of Business and Basis of Presentation	Note 1 – Nature of Business and Basis of Presentation Nexien BioPharma, Inc. (the “Company” or “Nexien”) was incorporated in the State of Michigan on November 10, 1952 as Gantos, Inc., and reincorporated in the State of Delaware in 2008, changing its name to Kinder Holding Corp. In October 2017, the Company completed a reverse acquisition of Intiva BioPharma Inc., a Colorado corporation (“BioPharma”), incorporated on March 27, 2017, through an exchange of shares (the “Share Exchange Transaction”) and changed its name to Intiva BioPharma Inc. In September 2018, the Company changed its name to Nexien BioPharma, Inc. As further described in Note 4, BioPharma became a wholly-owned subsidiary of the Company. Since this transaction resulted in the existing shareholders of BioPharma acquiring control of the Company, for financial reporting purposes, the business combination has been accounted for as an additional capitalization of the Company (a reverse acquisition with BioPharma as the accounting acquirer). The operations of BioPharma were the only continuing operations of the Company. BioPharma was incorporated to pursue pre-clinical and drug development activities, in accordance with U.S. Food and Drug Administration (“FDA”) protocols, for certain pharmaceutical formulations that include cannabinoids. It is pursuing the formulation and development of drugs containing cannabinoids for the treatment of various diseases, disorders and medical conditions, and owns a license covering certain intellectual property, including certain patent applications, and has filed three of its own provisional patent applications for other drugs that include cannabinoids and other substances, including terpenes, that are intended to be developed with the objective of treating certain medical conditions and disorders. It was formed as a corporate subsidiary of the Colorado corporation Kanativa USA Inc. (“Kanativa USA”), which is a subsidiary of the Ontario, Canada corporation, Kanativa Inc. Principles of Consolidation The accompanying consolidated financial statements include BioPharma and its wholly owned subsidiaries: Intiva BioPharma Inc. (a Colorado corporation), NexN Inc. (“NexN”) and NexDM Inc. (collectively the “Company”), and were prepared from the accounts of the Company in accordance with accounting principles generally accepted in the United States of America (US GAAP). All significant intercompany transactions and balances have been eliminated on consolidation.

Going Concern Uncertainty

Going Concern Uncertainty	3 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern Uncertainty	Note 2 - Going Concern Uncertainty The accompanying financial statements have been prepared in conformity with US GAAP, which contemplates continuation of the Company as a going concern. The Company has not established any source of revenue to cover its operating costs, and as such, has incurred an operating loss since inception of $ 11,028,332 160,604

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3 – Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates. Cash and Cash Equivalents For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. There were no Valuation of Long-Lived Assets The Company reviews the recoverability of its long-lived assets including equipment, goodwill and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. The Company’s primary measure of fair value is based on discounted cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments,” requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. FASB ASC 825 defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. At September 30, 2022 and June 30, 2022, the carrying value of certain financial instruments (cash and cash equivalents, accounts payable and accrued expenses) approximates fair value due to the short-term nature of the instruments or interest rates, which are comparable with current rates. Fair Value Measurements The Company measures fair value under a framework that utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of inputs which prioritize the inputs used in measuring fair value are: Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2: Inputs to the valuation methodology include: ● Quoted prices for similar assets or liabilities in active markets; ● Quoted prices for identical or similar assets or liabilities in inactive markets; ● Inputs other than quoted prices that are observable for the asset or liability; ● Inputs that are derived principally from or corroborated by observable market data by correlation or other means. NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 3 – Summary of Significant Accounting Policies (continued) If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The assets or liabilities fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. When the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the periods ended September 30, 2022 and June 30, 2022, there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. As at September 30, 2022 and June 30, 2022, no assets or liabilities were required to be measured at fair value on a recurring basis. Earnings per Common Share The Company computes net income (loss) per share in accordance with ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. At September 30, 2022, there were potentially dilutive securities convertible into shares of common stock comprised of (i) stock options – convertible into 7,995,000 5,529,409 6,597,414 Income Taxes The Company has adopted ASC 740, Accounting for Income Taxes. Pursuant to ASC 740, the Company is required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. Revenue Recognition The Company has adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. Research and Development Expenses Research and development expenses are charged to operations as incurred. NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 3 – Summary of Significant Accounting Policies (continued) Advertising Expenses Advertising expenses are charged to operations as incurred. There were no Stock-based compensation Pursuant to FASB ASC 718, all share-based payments to employees, including grants of employee stock options, are recognized in the statement of operations based on their fair values. Issuance of shares for non-cash consideration The Company accounts for the issuance of equity instruments to acquire goods and/or services based on the fair value of the goods and services or the fair value of the equity instrument at the time of issuance, whichever is more reliably determinable. The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of the standards issued by the FASB. The measurement date for the fair value of the equity instruments issued is determined as the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. Reclassifications Certain amounts in the consolidated financial statements for prior year periods have been reclassified to conform with the current period presentation. Recent Accounting Pronouncements Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or results of operations. Management has evaluated accounting standards and interpretations issued but not yet effective as of September 30, 2022 and does not expect such pronouncements to have a material impact on the Company’s financial position, operations, or cash flows.

Share Exchange Agreement

Share Exchange Agreement	3 Months Ended
	Sep. 30, 2022
Share Exchange Agreement
Share Exchange Agreement	Note 4 – Share Exchange Agreement On August 8, 2017, the Company entered into a Share Exchange Agreement, as amended and restated on October 13, 2017 (the “Agreement”), with BioPharma. Pursuant to the terms of the Agreement, the Company agreed to issue to the shareholders of BioPharma 42,642,712 0.0001 20,000,000

License Agreements

License Agreements	3 Months Ended
	Sep. 30, 2022
License Agreements
License Agreements	Note 5 – License Agreements Accu-Break License Agreement On February 28, 2018, the Company obtained a worldwide exclusive license with respect to a proprietary delivery system for cannabinoid-based medications from Accu-Break Pharmaceuticals Inc (Accu-Break), whose President was an affiliate of the Company as of the date of the agreement. Upon execution of the agreement, as amended September 18, 2018, $ 35,000 30,000 35,000 The Company had previously estimated that it may not be able to recover the $ 65,000 65,000 35,000

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Stockholders’ Equity	Note 6– Stockholders’ Equity Common stock The Board of Directors authorized the issuance of a total of 2,500,000 250,000 1,000,000 250,000 50,750 750,000 During the three months ended September 30, 2022, the Company issued shares of its common stock as follows: ● 750,000 250,000 50,750 Options A summary of option activity during the three months ended September 30, 2022 is presented below: Schedule of Stock Option Activity Shares Weighted Average Weighted Outstanding and exercisable – June 30, 2022 7,995,000 $ 0.26 3.7 Granted - Exercised - Expired/Canceled - Outstanding and exercisable -September 30, 2022 7,995,000 $ 0.26 3.5 NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 6– Stockholders’ Equity (continued) Warrants A summary of warrant activity during the three months ended September 30, 2022 is presented below: Summary of Warrant Activity Shares Weighted Weighted Outstanding and exercisable – June 30, 2022 5,529,409 $ 0.0429 3.36 Granted - Exercised - Expired/Canceled - Outstanding and exercisable – September 30, 2022 5,529,409 $ 0.0429 3.10

Convertible Notes Payable

Convertible Notes Payable	3 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Convertible Notes Payable	Note 7 – Convertible Notes Payable Convertible note purchase agreement On January 18, 2022, the Company entered into a note purchase agreement with Quick Capital pursuant to which the Company issued Quick Capital a twelve-month convertible promissory note, due January 18, 2023, in the principal amount of $ 170,454 146,750 3,250 23,704 500,000 three-year 347,512 0.075 27,383 154,916 15,538 142,180 28,274 Quick Capital is entitled to a cash payment of $ 20,000 1,000,000 The Note is convertible into shares of common stock at a conversion price of $ 0.035 130 If an event of default (as described in the Note) occurs, the Note will become immediately due and payable in an amount equal to 150 The Note may not be converted and the Warrant may not be exercised if after giving effect to such conversion or exercise, as the case may be, Quick Capital and its affiliates would beneficially own more than 9.99 350,000 NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 7 – Convertible Notes Payable (continued) The Company has recorded the original issue discount, legal fees, financing shares and warrants of the notes, aggregating $ 51,087 12,736 Convertible notes payable - related On November 24, 2020, the Company entered into financing agreements with two individuals, its CEO and a shareholder. Under the agreements, the Company issued unsecured convertible promissory notes due in three years November 24, 2023 8 0.037631 10 40,000 15,000 25,000 25,000 five-year 0.040265 0.043276 0.045157 5,181,897 The Company has recorded the conversion feature as a Beneficial Conversion Feature. The fair value of $ 65,000 At September 30, 2022 and June 30, 2022, $ 39,950 25,050 34,548 30,452 5,402 5,461

Related Party Transactions

Related Party Transactions	3 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 8 – Related Party Transactions As of September 30, 2022 and June 30, 2022, the Company’s Chief Executive Officer had advanced an aggregate $ 45,000 45,000 10 1,125 During the year ended June 30, 2021, the Board of Directors authorized the issuance of a total of 2,500,000 250,000 1,000,000 250,000 750,000 50,750 NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 8 – Related Party Transactions (continued) As discussed in Note 7, the Company entered into convertible debt financing agreements with two individuals, its CEO and a shareholder, for aggregate borrowings $ 65,000 39,950 25,050 34,548 30,452 BioPharma was formed as a subsidiary of Kanativa USA, which is a subsidiary of Kanativa Inc. Kanativa USA was issued 24,000,000 100 The members of the Company’s Board of Directors, its Chief Executive Office and its Chief Financial Officer are also directors and officers of Kanativa Inc., and other subsidiaries and affiliated entities of Kanativa Inc.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9- Commitments and Contingencies At September 30, 2022 there were no legal proceedings against the Company.

Subsequent Events

Subsequent Events	3 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 10 – Subsequent Events In October 2022, the Company issued an aggregate 750,000 50,750 The Company has analyzed its operations subsequent to September 30, 2022 through the date these financial statements were issued, and has determined that it does not have any additional material subsequent events to disclose.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. There were no
Valuation of Long-Lived Assets	Valuation of Long-Lived Assets The Company reviews the recoverability of its long-lived assets including equipment, goodwill and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. The Company’s primary measure of fair value is based on discounted cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments,” requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. FASB ASC 825 defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. At September 30, 2022 and June 30, 2022, the carrying value of certain financial instruments (cash and cash equivalents, accounts payable and accrued expenses) approximates fair value due to the short-term nature of the instruments or interest rates, which are comparable with current rates.
Fair Value Measurements	Fair Value Measurements The Company measures fair value under a framework that utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of inputs which prioritize the inputs used in measuring fair value are: Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2: Inputs to the valuation methodology include: ● Quoted prices for similar assets or liabilities in active markets; ● Quoted prices for identical or similar assets or liabilities in inactive markets; ● Inputs other than quoted prices that are observable for the asset or liability; ● Inputs that are derived principally from or corroborated by observable market data by correlation or other means. NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 3 – Summary of Significant Accounting Policies (continued) If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The assets or liabilities fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. When the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the periods ended September 30, 2022 and June 30, 2022, there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. As at September 30, 2022 and June 30, 2022, no assets or liabilities were required to be measured at fair value on a recurring basis.
Earnings per Common Share	Earnings per Common Share The Company computes net income (loss) per share in accordance with ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. At September 30, 2022, there were potentially dilutive securities convertible into shares of common stock comprised of (i) stock options – convertible into 7,995,000 5,529,409 6,597,414
Income Taxes	Income Taxes The Company has adopted ASC 740, Accounting for Income Taxes. Pursuant to ASC 740, the Company is required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years.
Revenue Recognition	Revenue Recognition The Company has adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.
Research and Development Expenses	Research and Development Expenses Research and development expenses are charged to operations as incurred.
Advertising Expenses	Advertising Expenses Advertising expenses are charged to operations as incurred. There were no
Stock-based compensation	Stock-based compensation Pursuant to FASB ASC 718, all share-based payments to employees, including grants of employee stock options, are recognized in the statement of operations based on their fair values.
Issuance of shares for non-cash consideration	Issuance of shares for non-cash consideration The Company accounts for the issuance of equity instruments to acquire goods and/or services based on the fair value of the goods and services or the fair value of the equity instrument at the time of issuance, whichever is more reliably determinable. The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of the standards issued by the FASB. The measurement date for the fair value of the equity instruments issued is determined as the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.
Reclassifications	Reclassifications Certain amounts in the consolidated financial statements for prior year periods have been reclassified to conform with the current period presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or results of operations. Management has evaluated accounting standards and interpretations issued but not yet effective as of September 30, 2022 and does not expect such pronouncements to have a material impact on the Company’s financial position, operations, or cash flows.

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	3 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Stock Option Activity	A summary of option activity during the three months ended September 30, 2022 is presented below: Schedule of Stock Option Activity Shares Weighted Average Weighted Outstanding and exercisable – June 30, 2022 7,995,000 $ 0.26 3.7 Granted - Exercised - Expired/Canceled - Outstanding and exercisable -September 30, 2022 7,995,000 $ 0.26 3.5
Summary of Warrant Activity	A summary of warrant activity during the three months ended September 30, 2022 is presented below: Summary of Warrant Activity Shares Weighted Weighted Outstanding and exercisable – June 30, 2022 5,529,409 $ 0.0429 3.36 Granted - Exercised - Expired/Canceled - Outstanding and exercisable – September 30, 2022 5,529,409 $ 0.0429 3.10

Going Concern Uncertainty (Deta

Going Concern Uncertainty (Details Narrative) - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 11,028,332	$ 10,933,458
Working capital deficit	$ 160,604

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Cash equivalents	$ 0		$ 0
Advertising expenses	$ 0	$ 0
Equity Option [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Class of warrant or right	7,995,000
Warrant [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Class of warrant or right	5,529,409
Promissory Notes [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Class of warrant or right	6,597,414

Share Exchange Agreement (Detai

Share Exchange Agreement (Details Narrative) - $ / shares	Aug. 08, 2017	Sep. 30, 2022	Jun. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock par value		$ 0.0001	$ 0.0001
Share Exchange Agreement [Member] | Post-Reverse Stock-Split [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reverse stock-split shares	42,642,712
Common stock par value	$ 0.0001
Share Exchange Agreement [Member] | Pre-Reverse Split [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reverse stock-split shares	20,000,000

License Agreements (Details Nar

License Agreements (Details Narrative) - Accu-Break Pharmaceuticals, Inc. [Member] - License Agreement [Member] - USD ($)			12 Months Ended
	Jun. 30, 2019	Sep. 18, 2018	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Payment to license	$ 30,000	$ 35,000	$ 35,000
Capitalized cost of intangible assets				$ 65,000
Impairment of licenses				$ 65,000
Value of common stock shares			$ 35,000

Schedule of Stock Option Activi

Schedule of Stock Option Activity (Details)	3 Months Ended
	Sep. 30, 2022 $ / shares shares
Equity [Abstract]
Number of shares, outstanding and exercisable beginning balance	7,995,000
Weighted average exercise price, outstanding and exercisable beginning balance | $ / shares	$ 0.26
Weighted average remaining contractual life (years), outstanding and exercisable beginning balance	3 years 8 months 12 days
Number of shares, granted
Number of shares, exercised
Number of shares, expired/canceled
Number of shares, outstanding and exercisable ending balance	7,995,000
Weighted average exercise price, outstanding and exercisable ending balance | $ / shares	$ 0.26
Weighted average remaining contractual life (years), outstanding and exercisable ending balance	3 years 6 months

Summary of Warrant Activity (De

Summary of Warrant Activity (Details)	3 Months Ended
	Sep. 30, 2022 $ / shares shares
Equity [Abstract]
Number of shares, outstanding and exercisable beginning balance	5,529,409
Weighted average exercise price, outstanding and exercisable beginning balance | $ / shares	$ 0.0429
Weighted average remaining contractual life (years), outstanding and exercisable beginning balance	3 years 4 months 9 days
Number of shares, granted
Number of shares, exercised
Number of shares, expired/canceled
Number of shares, outstanding and exercisable ending balance	5,529,409
Weighted average exercise price, outstanding and exercisable ending balance | $ / shares	$ 0.0429
Weighted average remaining contractual life (years), outstanding and exercisable ending balance	3 years 1 month 6 days

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Value of common stock issued for services		$ 50,750	$ 35,500
Chief Executive Officer and Chief Financial Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stock issued description				The Board of Directors authorized the issuance of a total of 2,500,000 shares of common stock of the Company to each of its Chief Executive Officer and Chief Financial Officer, with 250,000 of such shares to be issued to each of them every quarter beginning July 1, 2021 and continuing every three months through October 1, 2023, and authorized the issuance of a total of 1,000,000 shares of common stock of the Company to its Chief Operating Officer with 250,000 of such shares to be issued to each of them every quarter beginning July 1, 2022 and continuing every three months through April 1, 2023, it being the intent of the Board that the issuance of these shares represents compensation for services rendered for the then completed calendar quarter
Number of stock authorized				2,500,000
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of common stock shares issued for services		250,000		250,000
Chief Financial Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of common stock shares issued for services		250,000		250,000
Chief Operating Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of stock authorized	1,000,000
Number of common stock shares issued for services	250,000	250,000
Officers [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of common stock shares issued for services		750,000
Value of common stock issued for services		$ 50,750

Convertible Notes Payable (Deta

Convertible Notes Payable (Details Narrative)			3 Months Ended
	Jan. 18, 2022 USD ($) $ / shares shares	Nov. 24, 2020 USD ($) d $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	May 07, 2022 USD ($)	Oct. 31, 2020 USD ($)
Short-Term Debt [Line Items]
Proceeds from convertible note	$ 146,750
Unamortized debt discount	23,704		$ 15,538		$ 28,274
Convertible notes payable			154,916		142,180
Amortization of convertible notes			12,736
Convertible note payable related party			39,950		34,548
Unamortized debt discount premium			25,050		$ 30,452
Amortization of convertible notes			18,138	5,461
Estimate of Fair Value Measurement [Member]
Short-Term Debt [Line Items]
Unamortized debt discount	27,383
Quick Capital LLC [Member]
Short-Term Debt [Line Items]
Legal fee	3,250
Note Purchase Agreement [Member] | Quick Capital LLC [Member]
Short-Term Debt [Line Items]
Lending amount	170,454
Cash payment	20,000
Debt securities	$ 1,000,000
Conversion price | $ / shares	$ 0.035
Debt instrument, interest rate, effective percentage	130%
Debt interest rate	150%
Outstanding common stock	9.99%
Fair value of notes payable	$ 51,087
Note Purchase Agreement [Member] | Quick Capital LLC [Member] | Warrant [Member]
Short-Term Debt [Line Items]
Number of common stock restricted shares | shares	500,000
Warrants exercisable period	3 years
Note Purchase Agreement [Member] | Quick Capital LLC [Member] | Warrant Shares [Member]
Short-Term Debt [Line Items]
Number of common stock restricted shares | shares	347,512
Exercise price of warrants | $ / shares	$ 0.075
Mutual Agreement [Member] | Quick Capital LLC [Member]
Short-Term Debt [Line Items]
Lending amount						$ 350,000
Financing Arrangement [Member] | Chief Executive Officer and Shareholder [Member]
Short-Term Debt [Line Items]
Fair value of notes payable		$ 65,000
Amortization of convertible notes			$ 5,402	$ 5,461
Financing Arrangement [Member] | Chief Executive Officer and Shareholder [Member] | Class A Warrants [Member]
Short-Term Debt [Line Items]
Exercise price of warrants | $ / shares		$ 0.040265
Financing Arrangement [Member] | Chief Executive Officer and Shareholder [Member] | Class B Warrants [Member]
Short-Term Debt [Line Items]
Exercise price of warrants | $ / shares		0.043276
Financing Arrangement [Member] | Chief Executive Officer and Shareholder [Member] | Class C Warrants [Member]
Short-Term Debt [Line Items]
Exercise price of warrants | $ / shares		$ 0.045157
Financing Arrangement [Member] | Chief Executive Officer and Shareholder [Member] | Unsecured Convertible Promissory Notes [Member]
Short-Term Debt [Line Items]
Debt interest rate		8%
Debt maturity term		3 years
Debt maturity date		Nov. 24, 2023
Stock price per share | $ / shares		$ 0.037631
Trading days | d		10
Financing Arrangement [Member] | Chief Executive Officer [Member]
Short-Term Debt [Line Items]
Lending amount		$ 40,000
Advance amount		25,000					$ 15,000
Financing Arrangement [Member] | Stockholder [Member]
Short-Term Debt [Line Items]
Advance amount		$ 25,000
Financing Arrangement [Member] | Warrant [Member] | Chief Executive Officer and Shareholder [Member]
Short-Term Debt [Line Items]
Warrants exercisable period		5 years
Number of warrants outstanding | shares		5,181,897

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Nov. 24, 2020
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Due to officer	$ 45,000	$ 45,000		$ 45,000
Value of common stock shares issued for services		50,750	$ 35,500
Convertible note payable related party	34,548	39,950		34,548
Unamortized debt discount premium	$ 30,452	$ 25,050		30,452
Kanativa Inc [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of common stock shares issued		24,000,000
Ownership percentage		100%
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Working capital		$ 45,000		$ 45,000
Imputed interest on advance rate		10%
Imputed interest amount		$ 1,125
Number of common stock shares issued for services		250,000			250,000
Chief Executive Officer and Chief Financial Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of stock authorized					2,500,000
Chief Financial Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of common stock shares issued for services		250,000			250,000
Chief Operating Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of stock authorized	1,000,000			1,000,000
Number of common stock shares issued for services	250,000	250,000
Officers [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of common stock shares issued for services		750,000
Value of common stock shares issued for services		$ 50,750
Chief Executive Officer and Shareholder [Member] | Financing Arrangement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Fair value of notes payable						$ 65,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Officers [Member] - USD ($)	1 Months Ended	3 Months Ended
	Oct. 31, 2022	Sep. 30, 2022
Subsequent Event [Line Items]
Number of common stock shares issued for services		750,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of common stock shares issued for services	750,000
Value of common stock shares issued for services	$ 50,750