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Restatement of Previously Issued Financial Statements
 12 Months Ended
Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Financial Statements

NOTE 12. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

 

Subsequent to the original issuance of the Company’s annual consolidated financial statements, the Company determined that:

 

An other than temporary impairment of $41,333,361 on 8,066,667 Common Shares of Entest Biomedical, Inc. owned by the Company should be recognized as of September 30, 2015 due to the following factors:

 

  (a) History of recurring losses for Entest Biomedical, Inc.

 

  (b) Large percentage decline in fair value during the Company’s period of ownership

The line Items “Increase in Additional Paid in Capital” and “Loss on Settlement of Debt through Equity issuance” are to be categorized as “Adjustments to reconcile net Income to net cash (used in) provided by operating activities” in the Company’s statement of cash flow.

 

The following tables reflect the corrections:

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BIOMATRIX SCIENTIFIC GROUP, INC.        
CONSOLIDATED BALANCE SHEET                        
                         
      As of September 30, 2015       Adjustments       As of September 30, 2015  
                         
       As originally Reported                Restated  
ASSETS                        
CURRENT ASSETS                        
Cash     76,355               76,355  
Prepaid Expenses     25,000               25,000  
Note Receivable     12,051               12,051  
Interest Receivable     1,381               1,381  
     Total Current Assets     114,787               114,787  
                         
                         
OTHER ASSETS                        
Deposits     4,200               4,200  
Available for Sale Securities     159,720               159,720  
Total Other Assets     163,920               163,920  
                         
TOTAL ASSETS     278,707               278,707  
                         
LIABILITIES AND STOCKHOLDERS' EQUITY                        
                         
CURRENT LIABILITIES                        
Accounts Payable     167,977               167,977  
Notes Payable     400,336               400,336  
Bank Overdraft     0               0  
Accrued Payroll     738,095               738,095  
Accrued Payroll Taxes     44,485               44,485  
Accrued Interest     324,750               324,750  
Accrued Rent     10,000               10,000  
Accrued Expenses     5,000               5,000  
Convertible Note Payable Net of  Unamortized Discount     231,507               231,507  
Due to Affiliate     0               0  
Due to Subsidiary Shareholder     0               0  
Current portion, note payable to affiliated party     1,000               1,000  
     Total Current Liabilities     1,923,150               1,923,150  
                         
Total Liabilities                        
                         
STOCKHOLDERS' EQUITY (DEFICIT)                        
                         
Preferred Stock ($.0001 par value) 20,000,000 shares authorized;                        
20,000,000 shares authorized; 2063821  issues and outstanding as of                        
    September 30 2015     207               207  
Series AA Preferred ($0.0001 par value)  100,000 shares authorized                        
 94,852 issued and outstanding as of September  30, 2015                        
      9               9  
Series AAA Preferred ($0.0001 par value) 1,000,000 shares authorized                        
40,000 shares issued and outstanding as of September  30, 2015     4               4  
Series B Preferred Shares ($.0001 par value) 2,000,000 shares authorized;                        
   725,409 issued and outstanding as of and                        
September  30,2015     73               73  
Common Stock ($.0001 par value) 5,000,000,000 shares authorized;                        
   4,232,931,345    issued and outstanding as of                        
September  30, 2015     423,292               423,292  
Non Voting Convertible Preferred Stock ($1 Par value)                        
200,000 shares authorized; 0 shares  issued and outstanding                        
as of September  30, 2015     0               0  
Additional Paid in capital     29,004,809               29,004,809  
Contributed Capital     509,355               509,355  
Retained Earnings (Deficit)     9,704,398       (41,333,361 )     (31,628,963 )
Accumulated Other Comprehensive Income (Loss)     (41,368,641 )     41,333,361       (35,280 )
Total Stockholders' Equity (Deficit)Biomatrix Scientific Group, Inc.     (1,726,494 )             (1,726,494  
Noncontrolling Interest in subsidiary     82,050               82,050  
Total Stockholders' Equity     (1,644,444 )             (1,644,444  
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)     278,707               278,707  
                         

 

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BIO MATRIX SCIENTIFIC GROUP, INC    
CONSOLIDATED STATEMENT OF OPERATIONS    
         
         
         
     

Year ended 9/30/2015

As originally presented

       Adjustments      

Year ended 9/30/2015

Restated

  
                         
                         
                         
REVENUES     192,000               192,000  
COST AND EXPENSES                        
Research and Development     282,295               282,295  
General and Administrative     1,430,553               1,430,553  
Consulting and Professional Fees     587,470               587,470  
Rent     58,071               58,071  
Total Costs and Expenses     2,358,389               2,358,389  
                         
OPERATING LOSS     (2,166,389 )             (2,166,389 )
                         
OTHER INCOME & (EXPENSES)                        
Interest Income     1,148               1,148  
Interest Expense     (56,063 )             (56,063  
Other Income                        
Loss on Settlement of Debt through Equity Issuance below Fair value     (942,015 )             (942,015  
Loss on Settlement of Debt through issuance of Common Shares of Regen Biopharma, Inc. below fair value     (9,191,857 )             (9,191,857  
Interest Expense attributable to amortization of discount     (150,806 )             (150,806  
Expense Related to issuance of Convertible Debt to Star City     (247,500 )             (247,500  
Preferred Shares of Regen Biopharma, Inc. issued pursuant                        
to contractual obligations     (3,475 )             (3,475  
Other than Temporary Impairment
Available for Sale Securities		             (41,333,361 )     (41,333,361 )
Other Income     0               0  
Other Expenses     0               0  
Total Other Income & (Expense)     (10,590,568 )             (51,923,929 )
                         
NET INCOME (LOSS)     (12,756,958 )     (41,333,361 )     (54,090,319 )
Less:                        
(Net Income) Loss attributable to noncontrolling interest Regen Biopharma, Inc.     8,977,733               8,977,733  
                         
NET INCOME (LOSS) available to common shareholders     (3,779,225 )     (41,333,361 )     (45,112,586 )
                         
                         
BASIC  AND FULLY DILUTED                        
 EARNINGS (LOSS)   $ (0.001 )   $ (0.015 )   $ (0.016 )
 Weighted average number of shares outstanding     2,855,088,489               2,855,088,489  

 

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BIO MATRIX SCIENTIFIC GROUP, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

 

    Year Ended       Year Ended   Year Ended       Year Ended
    September 30, 2015       September 30, 2015   September 30, 2014       September 30, 2014
    As Previously Reported   Adjustments   Restated   As Previously Reported   Adjustments   Restated
CASH FLOWS FROM OPERATING ACTIVITIES                                                
                                                 
Net Income (loss)     (12,756,958 )     (41,333,361 )     (54,090,319 )     (2,080,958 )             (2,080,958 )
Adjustments to reconcile net Income to net cash                                                
(used in) provided by operating activities:                                                
Stock issued by licensee  to subsidiary  in payment of services     (192,000 )             (192,000 )                        
Stock issued for services rendered by consultants                             26,180               26,180  
Stock issued for interest                             3,570               3,570  
Stock issued for expenses                             48,000               48,000  
Interest Expense attributable to amortization of discount     150,806               150,806                          
Impairment of Available for sale Securities             41,333,361       41,333,361                          
Additional Paid in Capital             1,010,650       1,010,650               300,000       300,000  
 Loss on Settlement of Debt through Equity issuance             10,133,872       10,133,872               1,112,230       1,112,230  
Changes in operating assets and liabilities:                                                
(Increase) decrease in prepaid expenses     (10,000 )             (10,000 )                        
Increase (Decrease) in Accounts Payable     9,484               9,484       19,920               19,920  
Increase (Decrease) in Accrued Expenses     207,624               207,624       12,397               12,397  
Increase (Decrease) in bank Overdraft     (6,137 )             (6,137       6,137               6,137  
(Increase) Decrease  in Interest Receivable     (1,148 )             (1,148       (233 )             (233  
Increase (Decrease) in Due to Affiliate                             (34,895 )             (34,895  
(Increase) Decrease  in Note Recievable     (1,629 )             (1,629       (10,422 )             (10,422  
                                                 
Net Cash Provided by (Used in) Operating                                                
Activities     (12,599,958 )     11,144,522       (1,455,435 )     (2,010,304 )     1,412,230       (598,074 )
                                                 
CASH FLOWS FROM FINANCING ACTIVITIES                                                
Preferred Stock issued for Cash                             100000               100000  
Common Stock issued for cash                                                
Common Stock issued for Debt                                                
Common Stock issued for Accrued Salaries                                                
Preferred Stock issued for Accrued Salaries                                                
Common Stock issued pursuant to Contractual                                                
  Obligations                                                
Additional paid in Capital     1,010,650       (1,010,650 )     0       300,000       (300,000 )     0  
Increase ( Decrease) in due to  shareholder     0                                          
Stock in subsidiary sold for cash     50,000               50,000                          
Principal borrowings (repayments) on notes and                                                
  Convertible Debentures     208,603               208,603       316,862               316,862  
Principal borrowings ( repayments) on Convertible Debentures     1,272,686               1,272,686                          
(Increase) Decrease in Deferred Financing Costs                             65000               65000  
Loss on Settlement of Debt through Equity Issuance     10,133,872       (10,133,872 )     0       1,112,230       (1,112,230 )     0  
                                                 
Net Cash Provided by (Used in) Financing                                                
Activities     12,675,811       (11,143,982 )     1,531,289       1,894,092       (1,412,230 )     481,863  
                                                 
Net Increase (Decrease) in Cash     75,853               75,853       (116,212 )             (116,212  
                                                 
Cash at Beginning of Period     502               502       116,714               116,714  
                                                 
Cash at End of Period     76,355               76,355       502               502  
                                                 
Supplemental Disclosure of Noncash investing and financing activities:                                                
Common Shares Issued for Debt   $ 157,500               157,500       158,000               158,000  
Common Shares of Regen Biopharma, inc. Issued for Debt   $ 1,002,686               1,002,686                          
                                                 
Cash paid for Interest   $ 0               0       0               0  
Cash paid for Income tax   $ 0               0       0               0