Nexien BioPharma (NXEN) 10-Q 15 May 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Mar. 31, 2024	May 15, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q3
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		67,472,196

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Current Assets
Cash	$ 10,067	$ 35,147
Prepaid - other	4,200	7,980
Total Current Assets	14,267	43,127
Total Assets	14,267	43,127
Current Liabilities
Accounts payable and accrued expenses	44,526	23,643
Total Current Liabilities	339,558	295,134
Total Liabilities	339,558	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; 67,472,196 shares issued and outstanding -March 31, 2024; 64,022,196 shares issued and outstanding -June 30, 2023;	6,747	6,402
Additional paid in capital	11,115,921	10,986,201
Stock payable		50,750
Accumulated deficit	(11,447,959)	(11,295,360)
Total Stockholders’ (Deficit)	(325,291)	(252,007)
Total Liabilities and Stockholders’ (Deficit)	14,267	43,127
Related Party [Member]
Current Liabilities
Due to officer	53,400	45,000
Convertible notes payable	65,000	56,037
Nonrelated Party [Member]
Current Liabilities
Convertible notes payable	$ 176,632	$ 170,454

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
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	67,472,196	64,022,196
Common stock, shares outstanding	67,472,196	64,022,196
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Debt instrument net of discount	$ 0	$ 8,963
Nonrelated Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Debt instrument net of discount	$ 18,266	$ 0

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue
Operating expenses
Professional fees	6,665	8,760	27,830	30,180
General and administrative	9,282	60,615	63,548	186,542
Total operating expenses	15,947	69,375	91,378	216,722
Other income (expense)
Interest expense	(10,238)	(2,393)	(25,280)	(7,236)
Amortization of discount on convertible notes	(26,978)	(8,085)	(35,941)	(44,361)
Total other income (expense)	(37,216)	(10,478)	(61,221)	(51,597)
Net loss	$ (53,163)	$ (79,853)	$ (152,599)	$ (268,319)
Loss per share, basic	$ (0.001)	$ (0.001)	$ (0.002)	$ (0.004)
Loss per share, diluted	$ (0.001)	$ (0.001)	$ (0.002)	$ (0.004)
Weighted average shares outstanding, basic	66,384,284	62,637,365	65,353,218	61,868,350
Weighted average shares outstanding, diluted	66,384,284	62,637,365	65,353,218	61,868,350

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)
Common stock issuable to officers			50,750		50,750
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, 2022	$ 6,052	10,759,051	50,750	(10,933,458)	(117,605)
Balance, shares at Jun. 30, 2022	60,522,196
Net (loss)					(268,319)
Balance at Mar. 31, 2023	$ 6,277	10,914,451	50,750	(11,201,777)	(230,299)
Balance, shares at Mar. 31, 2023	62,772,196
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
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)				(93,592)	(93,592)
Common stock issuable to officers			50,750		50,750
Balance at Dec. 31, 2022	$ 6,202	10,862,651	50,750	(11,121,924)	(202,321)
Balance, shares at Dec. 31, 2022	62,022,196
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)				(79,853)	(79,853)
Common stock issuable to officers			50,750		50,750
Balance at Mar. 31, 2023	$ 6,277	10,914,451	50,750	(11,201,777)	(230,299)
Balance, shares at Mar. 31, 2023	62,772,196
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
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
Net (loss)					(152,599)
Balance at Mar. 31, 2024	$ 6,747	11,115,921		(11,447,959)	(325,291)
Balance, shares at Mar. 31, 2024	67,472,196
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
Common stock issued to officers	$ 50	34,950	(35,000)
Common stock issued to officers, shares	500,000
Imputed interest on related party advance		1,125			1,125
Net (loss)				(24,518)	(24,518)
Balance at Dec. 31, 2023	$ 6,527	11,074,076		(11,394,796)	(314,193)
Balance, shares at Dec. 31, 2023	65,272,196
Imputed interest on related party advance		1,265			1,265
Net (loss)				(53,163)	(53,163)
Common stock issued as loan consideration	220	13,265			$ 13,485
Common stock issued as loan consideration, shares					2,200,000
Discount on convertible debt		6,515			$ 6,515
Beneficial conversion feature - related party debt		20,800			20,800
Balance at Mar. 31, 2024	$ 6,747	$ 11,115,921		$ (11,447,959)	$ (325,291)
Balance, shares at Mar. 31, 2024	67,472,196

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (152,599)	$ (268,319)
Adjustments to reconcile net loss to net cash used in operating activities
Imputed interest on related party advances	3,515	3,375
Stock issued to officers and director	35,000	152,250
Benefical convertible feature-related party debt	20,800
Amortization of discount on convertible debt - related	8,963	16,087
Amortization of discount on convertible debt	6,178	28,274
Changes is assets and liabilities
Decrease in prepaids	3,780	3,630
Increase in accounts payable and accrued expenses	20,883	2,012
Cash used in operating activities	(53,480)	(62,691)
Cash flows from investing activities
Cash used in investing activities
Cash flows from financing activities
Cash proceeds from convertible debt	20,000
Cash proceeds from related party advance	8,400
Cash provided by financing activities	28,400
Net increase in cash and cash equivalents	(25,080)	(62,691)
Cash and cash equivalents, beginning of period	35,147	116,898
Cash and cash equivalents, end of period	10,067	54,207
Supplemental cash flow items
Cash paid for interest
Cash paid for income taxes (net)
Supplemental disclosure of non-cash investing and financing activities
Debt discount on convertible notes	20,000
Shares issued to officers for services from stock payable	$ 50,750

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Mar. 31, 2024
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	9 Months Ended
	Mar. 31, 2024
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 $ 11,447,959 325,291 NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2024
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 March 31, 2024 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 March 31, 2024 and June 30, 2023, there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. As at March 31, 2024 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 March 31, 2024, there were potentially dilutive securities convertible into shares of common stock comprised of (i) stock options – convertible into 7,995,000 5,529,409 25,316,662 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 March 31, 2024 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	9 Months Ended
	Mar. 31, 2024
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	9 Months Ended
	Mar. 31, 2024
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 During the nine months ended March 31, 2024, the Company issued shares of its common stock as follows: ● 1,250,000 500,000 250,000 85,750 2,200,000 13,485 Options A summary of option activity during the nine months ended March 31, 2024 is presented below: Schedule of Stock Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding and exercisable – June 30, 2023 7,995,000 $ 0.26 2.7 Granted - Exercised - Expired/Canceled - Outstanding and exercisable -March 31, 2024 7,995,000 $ 0.26 2.0 NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 5– Stockholders’ Equity (continued) Warrants A summary of warrant activity during the nine months ended March 31, 2024 is presented below: Summary of Warrant Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding and exercisable – June 30, 2023 5,529,409 $ 0.0429 2.6 Granted - Exercised - Expired/Canceled - Outstanding and exercisable – March 31, 2024 5,529,409 $ 0.0429 1.60

Convertible Notes Payable

Convertible Notes Payable	9 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Convertible Notes Payable	Note 6 – Convertible Notes Payable Convertible note purchase agreement (i) 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 20,454 500,000 three-year 347,512 0.075 0.035 There is no debt discount at March 31, 2024 and June 30, 2023, as all unamortized debt issuance costs and original issue discount had previously been charged to operations. During the year ended June 30, 2023, $ 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 24,265 170,454 (ii) On February 14, 2024, the Company entered into a note purchase agreement with Quick Capital pursuant to which the Company issued Quick Capital a six-month convertible promissory note, due August 14, 2024, in the principal amount of $ 24,444 12 24 20,000 2,000 10 2,444 0.02 2,200,000 13,485 amount of the note was included in discount on convertible debt and is being amortized over the term of the loan. At March 31, 2024, the Company has recorded accrued interest of $ 367 24,444 6,178 NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 6 – Convertible Notes Payable (continued) 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 had recorded the conversion feature as a Beneficial Conversion Feature. The fair value of $ 65,000 At March 31, 2024 and June 30, 2023, $ 65,000 0 56,037 8,963 8,963 16,087 The noteholders agreed to extend the due date of the loans through June 30, 2024 under the same terms and conditions as the original note. The Company has accrued interest on the notes at the default interest rate of 18 0.02 20,800 0.02

Related Party Transactions

Related Party Transactions	9 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 7 – Related Party Transactions As of March 31, 2024 and June 30, 2023, the Company’s Chief Executive Officer had advanced an aggregate $ 53,400 45,000 10 3,515 3,375 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 1,250,000 85,750 2,250,000 152,250 NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 7 – Related Party Transactions (continued) 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 65,000 56,037 0 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	9 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8- Commitments and Contingencies At March 31, 2024 there were no legal proceedings against the Company.

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 9 – Subsequent Events The Company has analyzed its operations subsequent to March 31, 2024 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)	9 Months Ended
	Mar. 31, 2024
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 March 31, 2024 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 March 31, 2024 and June 30, 2023, there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. As at March 31, 2024 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 March 31, 2024, there were potentially dilutive securities convertible into shares of common stock comprised of (i) stock options – convertible into 7,995,000 5,529,409 25,316,662
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 March 31, 2024 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)	9 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Stock Option Activity	A summary of option activity during the nine months ended March 31, 2024 is presented below: Schedule of Stock Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding and exercisable – June 30, 2023 7,995,000 $ 0.26 2.7 Granted - Exercised - Expired/Canceled - Outstanding and exercisable -March 31, 2024 7,995,000 $ 0.26 2.0
Summary of Warrant Activity	A summary of warrant activity during the nine months ended March 31, 2024 is presented below: Summary of Warrant Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding and exercisable – June 30, 2023 5,529,409 $ 0.0429 2.6 Granted - Exercised - Expired/Canceled - Outstanding and exercisable – March 31, 2024 5,529,409 $ 0.0429 1.60

Going Concern Uncertainty (Deta

Going Concern Uncertainty (Details Narrative)	84 Months Ended
	Mar. 31, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating loss	$ 11,447,959
Working capital deficit	$ 325,291

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash equivalents	$ 0		$ 0
Research and development expenses	0	$ 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
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Promissory note convertible into shares	5,529,409
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Promissory note convertible into shares	25,316,662

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	9 Months Ended	12 Months Ended
	Mar. 31, 2024	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	2 years	2 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	7,995,000
Weighted average exercise price, outstanding and exercisable ending balance	$ 0.26	$ 0.26

Summary of Warrant Activity (De

Summary of Warrant Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Mar. 31, 2024	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	1 year 7 months 6 days	2 years 7 months 6 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	5,529,409
Weighted average exercise price, outstanding and exercisable ending balance	$ 0.0429	$ 0.0429

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)	3 Months Ended					9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2021
Value of common stock issued for services
Quick Capital LLC [Member]
Number of common stock shares issued for services						2,200,000
Value of common stock issued for services						$ 13,485
Chief Executive Officer [Member]
Number of stock authorized for issuance						2,500,000			2,500,000
Number of common stock shares issued for services						500,000
Chief Executive Officer [Member] | Every Quarter From July 1, 2021 To October 1, 2023 [Member]
Number of stock authorized for issuance						250,000			250,000
Chief Financial Officer [Member]
Number of stock authorized for issuance						2,500,000			2,500,000
Number of common stock shares issued for services						500,000
Chief Financial Officer [Member] | Every Quarter From July 1, 2021 To October 1, 2023 [Member]
Number of stock authorized for issuance						250,000			250,000
Chief Operating Officer [Member]
Number of stock authorized for issuance						1,250,000		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]
Number of stock authorized for issuance						250,000		250,000
Officer [Member]
Number of common stock shares issued for services						1,250,000	2,250,000
Value of common stock issued for services						$ 85,750	$ 152,250

Convertible Notes Payable (Deta

Convertible Notes Payable (Details Narrative)				1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 14, 2024 USD ($) $ / shares shares	Jan. 18, 2022 USD ($) $ / shares shares	Nov. 24, 2020 USD ($) d $ / shares shares	May 31, 2023 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Oct. 31, 2020 USD ($)
Short-Term Debt [Line Items]
Proceeds from convertible note							$ 20,000
Conversion price | $ / shares					$ 0.02		$ 0.02
Amortization of discount					$ 26,978	$ 8,085	$ 35,941	44,361
Accrued interest rate					18%		18%
Amortization of convertible notes							$ 8,963	$ 16,087
Beneficial conversion feature					$ 20,800
Related Party [Member]
Short-Term Debt [Line Items]
Original issuance discount amount					0		0		$ 8,963
Convertible notes payable					65,000		65,000		56,037
Unamortized debt discount premium					0		0		8,963
Note Purchase Agreement [Member] | Quick Capital LLC [Member]
Short-Term Debt [Line Items]
Lending amount		$ 170,454			170,454		170,454
Proceeds from convertible note		146,750
Legal fee		$ 3,250
Original issuance discount rate		12%
Original issuance discount amount		$ 20,454
Conversion price | $ / shares		$ 0.035		$ 0.04
Amortization of discount									$ 28,274
Debt maturity date				Jun. 30, 2023
Accrued interest rate				12%
Debt shares issued | shares				500,000
Debt shares issued, value				$ 20,000
Accrued interest					24,265		24,265
Note Purchase Agreement [Member] | Quick Capital LLC [Member] | Convertible Promissory Note [Member]
Short-Term Debt [Line Items]
Lending amount	$ 24,444				24,444		24,444
Proceeds from convertible note	20,000
Legal fee	$ 2,000
Original issuance discount rate	10%
Original issuance discount amount	$ 2,444
Number of common stock restricted shares | shares	2,200,000
Conversion price | $ / shares	$ 0.02
Amortization of discount							6,178
Accrued interest rate	12%
Accrued interest					$ 367		$ 367
Default interest rate	24%
Value of common stock restricted shares	$ 13,485
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
Number of warrants to purchase shares | shares		347,512
Exercise price of warrants | $ / shares		$ 0.075
Financing Arrangement [Member] | Stockholder [Member]
Short-Term Debt [Line Items]
Advance amount			$ 25,000
Financing Arrangement [Member] | Chief Executive Officer and Shareholder [Member]
Short-Term Debt [Line Items]
Debt maturity date			Nov. 24, 2023
Accrued interest rate			8%
Debt maturity term			3 years
Share price | $ / shares			$ 0.037631
Trading days | d			10
Fair value of notes payable			$ 65,000
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 [Member]
Short-Term Debt [Line Items]
Lending amount			$ 40,000
Advance amount			$ 25,000							$ 15,000
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 ($)	3 Months Ended					9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Nov. 24, 2020
Related Party Transaction [Line Items]
Common stock issued to officers, value
Kanativa Inc [Member]
Related Party Transaction [Line Items]
Number of common stock shares issued						24,000,000
Ownership percentage						100%
Related Party [Member]
Related Party Transaction [Line Items]
Convertible notes payable						$ 65,000		$ 56,037
Unamortized debt discount premium						0		8,963
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Working capital						$ 53,400		$ 45,000
Imputed interest on advance rate						10%	10%
Imputed interest amount			$ 3,375			$ 3,515	$ 3,375
Number of stock authorized for issuance						2,500,000				2,500,000
Common stock issued to officers, shares						500,000
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				250,000
Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Number of stock authorized for issuance						2,500,000				2,500,000
Common stock issued to officers, shares						500,000
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				250,000
Chief Operating Officer [Member]
Related Party Transaction [Line Items]
Number of stock authorized for issuance						1,250,000			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			250,000
Officer [Member]
Related Party Transaction [Line Items]
Common stock issued to officers, shares						1,250,000	2,250,000
Common stock issued to officers, value						$ 85,750	$ 152,250
Chief Executive Officer and Shareholder [Member] | Financing Arrangement [Member]
Related Party Transaction [Line Items]
Fair value of notes payable											$ 65,000