Income Taxes

3 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 5. INCOME TAXES

As of December 31, 2014

Deferred tax assets:
Net operating tax carry forwards	$	6,601,505
Other		-0-
Gross deferred tax assets		6,601,505
Valuation allowance		(6,601,505)
Net deferred tax assets	$	-0-

As of December 31,  2014 the Company has a  Deferred Tax Asset of  $6,601,505 completely attributable to net operating loss carry forwards  of approximately $19,416,191 ( which expire 20 years from the date the loss was incurred) consisting  of

(a) $38,616, of Net Operating Loss Carry forwards acquired in the reverse acquisition of BMSG and

(b) $19,377,575   attributable to Bio-Matrix Scientific Group, Inc. a Delaware corporation, BMSG and Regen.

Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry forwards are expected to be available to reduce taxable income. The achievement of required future taxable income is uncertain. In addition, the reverse acquisition of BMSG has resulted in a change of control. Internal Revenue Code Sec 382 limits the amount of income that may be offset by net operating loss (NOL) carryovers after an ownership change. As a result, the Company has the Company recorded a valuation allowance reducing all deferred tax assets to 0.

Income tax is calculated at the 34% Federal Corporate Rate.