Nexien BioPharma (NXEN) 10-Q 14 Nov 23 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2023	Nov. 14, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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		65,272,196

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Current Assets
Cash	$ 18,064	$ 35,147
Prepaid - other	3,990	7,980
Total Current Assets	22,054	43,127
Total Assets	22,054	43,127
Current Liabilities
Accounts payable and accrued expenses	35,961	23,643
Total Current Liabilities	312,854	295,134
Total Liabilities	312,854	295,134
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; 64,772,196 shares issued and outstanding -September 30, 2023;64,022,196 shares issued and outstanding -June 30, 2023;	6,477	6,402
Additional paid in capital	11,038,001	10,986,201
Stock payable	35,000	50,750
Accumulated deficit	(11,370,278)	(11,295,360)
Total Stockholders' (Deficit)	(290,800)	(252,007)
Total Liabilities and Stockholders' (Deficit)	22,054	43,127
Related Party [Member]
Current Liabilities
Due to officer	45,000	45,000
Convertible note payable	61,439	56,037
Nonrelated Party [Member]
Current Liabilities
Convertible note payable	$ 170,454	$ 170,454

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Debt instrument net of discount	$ 3,561	$ 8,963
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	64,772,196	64,022,196
Common stock, shares outstanding	64,772,196	64,022,196

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue
Operating expenses
Professional fees	15,540	15,260
General and administrative	46,455	59,055
Total operating expenses	61,995	74,315
Other income (expense)
Interest expense	(7,521)	(2,421)
Amortization of discount on convertible notes	(5,402)	(18,138)
Total other income (expense)	(12,923)	(20,559)
Net loss	$ (74,918)	$ (94,874)
Loss per share, basic	$ (0.001)	$ (0.002)
Loss per share, diluted	$ (0.001)	$ (0.002)
Weighted average shares outstanding, basic	64,574,394	61,074,394
Weighted average shares outstanding, diluted	64,574,394	61,074,394

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Stock Payable [Member]	Retained Earnings [Member]	Total
Balance at Jun. 30, 2022	$ 6,052	$ 10,759,051	$ 50,750	$ (10,933,458)	$ (117,605)
Balance, shares at Jun. 30, 2022	60,522,196
Common stock issued 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)
Balance at Sep. 30, 2022	$ 6,127	10,810,851	50,750	(11,028,332)	(160,604)
Balance, shares at Sep. 30, 2022	61,272,196
Balance at Jun. 30, 2023	$ 6,402	10,986,201	50,750	(11,295,360)	(252,007)
Balance, shares at Jun. 30, 2023	64,022,196
Common stock issued to officers	$ 75	50,675	(50,750)
Common stock issued to officers, shares	750,000
Common stock to be issued to officers			35,000		35,000
Imputed interest on related party advance		1,125			1,125
Net (loss)				(74,918)	(74,918)
Balance at Sep. 30, 2023	$ 6,477	$ 11,038,001	$ 35,000	$ (11,370,278)	$ (290,800)
Balance, shares at Sep. 30, 2023	64,772,196

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (74,918)	$ (94,874)
Adjustments to reconcile net loss to net cash used in operating activities
Imputed interest on related party advances	1,125	1,125
Stock to officers	35,000	50,750
Amortization of discount on convertible debt - related	5,402	5,402
Amortization of discount on convertible debt		12,736	$ 28,274
Changes is assets and liabilities
Decrease in prepaids	3,990	3,810
Increase in accounts payable and accrued expenses	12,318	5,301
Cash used in operating activities	(17,083)	(15,750)
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	(17,083)	(15,750)
Cash and cash equivalents, beginning of period	35,147	116,898	116,898
Cash and cash equivalents, end of period	18,064	101,148	$ 35,147
Supplemental disclosure of non-cash investing and financing activities
Shares issued to officers for services	$ 50,750	$ 50,750

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Sep. 30, 2023
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 a result of the Share Exchange Transaction, 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, 2023
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 $ 11,370,278 290,800 NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2023
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, 2023 and June 30, 2023, 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, 2023 and June 30, 2023, there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. As at September 30, 2023 and June 30, 2023, 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, 2023 and 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 16,337,688 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. There were no 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, 2023 and does not expect such pronouncements to have a material impact on the Company’s financial position, operations, or cash flows.

License Agreements

License Agreements	3 Months Ended
	Sep. 30, 2023
License Agreements
License Agreements	Note 4 – License Agreements Accu-Break License Agreement In February 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. The Company paid $ 65,000 35,000 NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders’ Equity	Note 5– Stockholders’ Equity Common stock The Board of Directors authorized the issuance of a total of 2,500,000 250,000 1,250,000 250,000 35,000 500,000 During the three months ended September, 2023, 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, 2023 is presented below: Schedule of Stock Option Activity Shares Weighted Weighted Outstanding and exercisable – June 30, 2023 7,995,000 $ 0.26 3.7 Granted - Exercised - Expired/Canceled - Outstanding and exercisable -September 30, 2023 7,995,000 $ 0.26 3.0 NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 5– Stockholders’ Equity (continued) Warrants A summary of warrant activity during the three months ended September 30, 2023 is presented below: Summary of Warrant Activity Shares Weighted Weighted Outstanding and exercisable – June 30, 2023 5,529,409 $ 0.0429 3.36 Granted - Exercised - Expired/Canceled - Outstanding and exercisable – September 30, 2023 5,529,409 $ 0.0429 2.60

Convertible Notes Payable

Convertible Notes Payable	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Convertible Notes Payable	Note 6 – 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 12 23,704 500,000 three-year 347,512 0.075 170,454 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 NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 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 and Quick Capital, Quick Capital may purchase additional note(s) in an aggregate amount not to exceed $ 350,000 The Company had recorded the original issue discount, legal fees, financing shares and warrants of the notes, aggregating $ 51,087 28,274 In May 2023, the Company and Quick Capital entered into an Amendment and Extension of the Note Purchase Agreement extending the maturity of the Note to June 30, 2023 12 500,000 20,000 0.04 14,122 170,454 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 2023 and June 30, 2023, $ 61,439 3,561 56,037 8,963 5,402 NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Related Party Transactions

Related Party Transactions	3 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 7 – Related Party Transactions As of September 30, 2023 and June 30, 2023, 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 1,250,000 250,000 750,000 50,750 35,000 500,000 As discussed in Note 6, the Company entered into convertible debt financing agreements with two individuals, its CEO and a shareholder, for aggregate borrowings of $ 65,000 61,439 3,561 56,037 8,963 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, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8- Commitments and Contingencies At September 30, 2023 there were no legal proceedings against the Company.

Subsequent Events

Subsequent Events	3 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 9 – Subsequent Events In October 2023, the Company issued an aggregate 500,000 35,000 The Company has analyzed its operations subsequent to September 30, 2023 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, 2023
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, 2023 and June 30, 2023, 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, 2023 and June 30, 2023, there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. As at September 30, 2023 and June 30, 2023, 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, 2023 and 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 16,337,688
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. There were no NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 3 – Summary of Significant Accounting Policies (continued)
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, 2023 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, 2023
Equity [Abstract]
Schedule of Stock Option Activity	A summary of option activity during the three months ended September 30, 2023 is presented below: Schedule of Stock Option Activity Shares Weighted Weighted Outstanding and exercisable – June 30, 2023 7,995,000 $ 0.26 3.7 Granted - Exercised - Expired/Canceled - Outstanding and exercisable -September 30, 2023 7,995,000 $ 0.26 3.0
Summary of Warrant Activity	A summary of warrant activity during the three months ended September 30, 2023 is presented below: Summary of Warrant Activity Shares Weighted Weighted Outstanding and exercisable – June 30, 2023 5,529,409 $ 0.0429 3.36 Granted - Exercised - Expired/Canceled - Outstanding and exercisable – September 30, 2023 5,529,409 $ 0.0429 2.60

Going Concern Uncertainty (Deta

Going Concern Uncertainty (Details Narrative)	78 Months Ended
	Sep. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating loss	$ 11,370,278
Working capital deficit	$ 290,800

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash equivalents	$ 0		$ 0
Research and development expenses		$ 0
Advertising expenses	$ 0	$ 0
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Promissory note convertible into shares	7,995,000	7,995,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Promissory note convertible into shares	5,529,409	5,529,409
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Promissory note convertible into shares	16,337,688	16,337,688

License Agreements (Details Nar

License Agreements (Details Narrative) - Accu-Break Pharmaceuticals, Inc. [Member] - License Agreement [Member]	1 Months Ended
	Aug. 31, 2019 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Payment to license	$ 65,000
Value of common stock shares	$ 35,000

Schedule of Stock Option Activi

Schedule of Stock Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Equity [Abstract]
Number of shares, outstanding and exercisable beginning balance	7,995,000
Weighted average exercise price, outstanding and exercisable beginning balance	$ 0.26
Weighted average remaining contractual life (years), outstanding and exercisable ending balance	3 years	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 beginning balance	7,995,000	7,995,000
Weighted average exercise price, outstanding and exercisable beginning balance	$ 0.26	$ 0.26

Summary of Warrant Activity (De

Summary of Warrant Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Equity [Abstract]
Number of shares, outstanding and exercisable beginning balance	5,529,409
Weighted average exercise price, outstanding and exercisable beginning balance	$ 0.0429
Weighted average remaining contractual life (years), outstanding and exercisable ending balance	2 years 7 months 6 days	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 beginning balance	5,529,409	5,529,409
Weighted average exercise price, outstanding and exercisable beginning balance	$ 0.0429	$ 0.0429

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Aggregate fair value of stock payable	$ 35,000		$ 50,750
Value of common stock issued for services		$ 50,750
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of stock authorized for issuance	2,500,000
Number of common stock shares issued for services	250,000
Chief Executive Officer [Member] | Every Quarter From July 1, 2021 To October 1, 2023 [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of stock authorized for issuance	250,000
Chief Financial Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of stock authorized for issuance	2,500,000
Number of common stock shares issued for services	250,000
Chief Financial Officer [Member] | Every Quarter From July 1, 2021 To October 1, 2023 [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of stock authorized for issuance	250,000
Chief Operating Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of stock authorized for issuance	1,250,000
Number of common stock shares issued for services	250,000
Chief Operating Officer [Member] | Every Quarter From July 1, 2022 To July 1, 2023 [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of stock authorized for issuance	250,000
Chief Executive Officer And Chief Financial Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Aggregate fair value of stock payable	$ 35,000
Number of shares in stock payable	500,000
Officer [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)			1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 18, 2022 USD ($) $ / shares shares	Nov. 24, 2020 USD ($) d $ / shares shares	May 31, 2023 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	May 07, 2022 USD ($)	Oct. 31, 2020 USD ($)
Lending amount				$ 170,454
Amortization of convertible notes					$ 12,736	$ 28,274
Accrued interest				14,122
Unamortized debt discount premium				3,561		8,963
Amortization of convertible notes				5,402	$ 5,402
Nonrelated Party [Member]
Convertible notes payable				170,454		170,454
Related Party [Member]
Convertible notes payable				61,439		56,037
Unamortized debt discount premium				$ 3,561		$ 8,963
Note Purchase Agreement [Member] | Quick Capital LLC [Member]
Lending amount	$ 170,454
Proceeds from convertible note	146,750
Legal fee	$ 3,250
Original issuance discount rate	12%
Unamortized debt discount	$ 23,704
Cash payment	20,000
Debt securities	$ 1,000,000
Conversion price | $ / shares	$ 0.035
Debt interest rate	130%		12%
Interest rate	150%
Outstanding common stock	9.99%
Fair value of notes payable	$ 51,087
Debt maturity date			Jun. 30, 2023
Debt shares issued | shares			500,000
Debt shares issued, value			$ 20,000
Debt conversion rate			4%
Note Purchase Agreement [Member] | Quick Capital LLC [Member] | Warrant [Member]
Number of common stock restricted shares | shares	500,000
Warrants exercisable period	3 years
Number of warrants to purchase shares | shares	347,512
Exercise price of warrants | $ / shares	$ 0.075
Mutual Agreement [Member] | Quick Capital LLC [Member]
Lending amount							$ 350,000
Financing Arrangement [Member] | Chief Executive Officer and Shareholder [Member]
Debt interest rate		8%
Fair value of notes payable		$ 65,000
Debt maturity date		Nov. 24, 2023
Debt maturity term		3 years
Share price | $ / shares		$ 0.037631
Trading days | d		10
Financing Arrangement [Member] | Chief Executive Officer and Shareholder [Member] | Class A Warrants [Member]
Exercise price of warrants | $ / shares		$ 0.040265
Financing Arrangement [Member] | Chief Executive Officer and Shareholder [Member] | Class B Warrants [Member]
Exercise price of warrants | $ / shares		0.043276
Financing Arrangement [Member] | Chief Executive Officer and Shareholder [Member] | Class C Warrants [Member]
Exercise price of warrants | $ / shares		$ 0.045157
Financing Arrangement [Member] | Chief Executive Officer [Member]
Lending amount		$ 40,000
Advance amount		25,000						$ 15,000
Financing Arrangement [Member] | Stockholder [Member]
Advance amount		$ 25,000
Financing Arrangement [Member] | Warrant [Member] | Chief Executive Officer and Shareholder [Member]
Warrants exercisable period		5 years
Number of warrants outstanding | shares		5,181,897

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Nov. 24, 2020
Related Party Transaction [Line Items]
Common stock issued to officers		$ 50,750
Aggregate fair value of stock payable	35,000		$ 50,750
Unamortized debt discount premium	$ 3,561		8,963
Kanativa Inc [Member]
Related Party Transaction [Line Items]
Number of common stock shares issued	24,000,000
Ownership percentage	100%
Common Stock [Member]
Related Party Transaction [Line Items]
Common stock issued to officers, shares	750,000	750,000
Common stock issued to officers	$ 75	$ 75
Related Party [Member]
Related Party Transaction [Line Items]
Due to officer	45,000		45,000
Convertible notes payable	61,439		56,037
Unamortized debt discount premium	3,561		8,963
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Working capital	$ 45,000		$ 45,000
Imputed interest on advance rate	10%	10%
Imputed interest amount	$ 1,125	$ 1,125
Number of stock authorized for issuance	2,500,000
Common stock issued to officers, shares	250,000
Chief Executive Officer [Member] | Every Quarter From July 1, 2021 To October 1, 2023 [Member]
Related Party Transaction [Line Items]
Number of stock authorized for issuance	250,000
Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Number of stock authorized for issuance	2,500,000
Common stock issued to officers, shares	250,000
Chief Financial Officer [Member] | Every Quarter From July 1, 2021 To October 1, 2023 [Member]
Related Party Transaction [Line Items]
Number of stock authorized for issuance	250,000
Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Number of stock authorized for issuance	1,250,000
Chief Operating Officer [Member]
Related Party Transaction [Line Items]
Number of stock authorized for issuance	1,250,000
Common stock issued to officers, shares	250,000
Chief Operating Officer [Member] | Every Quarter From July 1, 2022 To July 1, 2023 [Member]
Related Party Transaction [Line Items]
Number of stock authorized for issuance	250,000
Officer [Member]
Related Party Transaction [Line Items]
Common stock issued to officers, shares	750,000
Common stock issued to officers	$ 50,750
Officer [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Common stock issued to officers, shares	750,000	750,000
Common stock issued to officers	$ 50,750	$ 50,750
Chief Executive Officer And Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Aggregate fair value of stock payable	$ 35,000
Number of shares in stock payable	500,000
Chief Executive Officer and Shareholder [Member] | Financing Arrangement [Member]
Related Party Transaction [Line Items]
Fair value of notes payable				$ 65,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Oct. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Common stock issued to officers, value			$ 50,750
Officer [Member]
Subsequent Event [Line Items]
Common stock issued to officers, shares		750,000
Common stock issued to officers, value		$ 50,750
Subsequent Event [Member] | Officer [Member]
Subsequent Event [Line Items]
Common stock issued to officers, shares	500,000
Common stock issued to officers, value	$ 35,000