10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the quarterly period ended March 31, 2022
☐	Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934
	For the transition period from                  to __________
	Commission File Number: 333-146834

Regenicin, Inc.
(Exact name of registrant as specified in its charter)

Nevada	27-3083341
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

OTCBB	RGIN	COMMON
Principal US Market	Symbol	Class of Trading Security

10 High Court, Little Falls, NJ 07424	(973)557-8914
(Address of principal executive offices)	(Registrant’s telephone number)
_______________________________________________________________ (Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☐Yes ☒No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☐Yes ☒No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.

Large accelerated filer	☐	Non-accelerated Filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐Yes ☒No

State the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 153,483,050 as of May 13, 2022.

NOTICE: THIS 10Q FILING DOES NOT CONTAIN FINANCIAL OR OTHER INFORMATION WHICH HAS BEEN AUDITED OR REVIEWED BY OUR INDEPENDENT PUBLIC ACCOUNTING FIRM FOR REASONS SPECIFIED HEREIN. WE INTEND TO SUPPLEMENT THIS FILING, AT A CURRENTLY UNKNOWN LATER DATE, WITH SUCH REVIEWED AND AUDITED FINANCIAL INFORMATION, IF AND WHEN SUCH REVIEW AND AUDIT CAN BE OBTAINED. 

	TABLE OF CONTENTS	Page
PART I – FINANCIAL INFORMATION
Item 1:	Financial Statements	3
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	6
Item 4:	Controls and Procedures	6
PART II – OTHER INFORMATION
Item 1:	Legal Proceedings	8
Item 1A:	Risk Factors	8
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	8
Item 3:	Defaults Upon Senior Securities	8
Item 4:	Mine Safety Disclosures	8
Item 5:	Other Information	8
Item 6:	Exhibits	8

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements 

The consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have not been reviewed by our independent registered public accounting firm. The consolidated balance sheet as September 30, 2021 has not been audited by our independent registered public accounting firm. 

F-1	Consolidated Balance Sheets as of March 31, 2022 (unreviewed) and September 30, 2021 (unaudited);
F-2	Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unreviewed);
F-3	Consolidated Statements of Stockholders’ Deficiency for the three months ended March 31, 2022 and 2021 (unreviewed);
F-4	Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unreviewed); and
F-5	Notes to Consolidated Financial Statements.

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended March 31, 2022 are not necessarily indicative of the results that can be expected for the full year.

3

REGENICIN, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(UNREVIEWED AND UNAUDITED)

	March 31, 2022			September 30, 2021
		(Unreviewed)			(Unaudited)
ASSETS
CURRENT ASSETS
Cash	$	1,713		$	1,859
Common stock of Amarantus		1,975			2,750
Total current and total assets	$	3,688		$	4,609
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
CURRENT LIABILITIES
Accounts payable	$	85,000		$	93,674
Accrued expenses - other (related party of $55,845 and $46,713)		255,921			234,894
Accrued salaries - officers		4,321,501			4,031,001
Promissory note payable		175,000			175,000
Convertible promissory note - officer		335,683			335,683
Loan payable		10,000			10,000
Loans payable - officer		99,235			82,235
Total current liabilities		5,282,340			4,962,487
STOCKHOLDERS' DEFICIENCY
Series A 8% Convertible Preferred stock, $0.001 par value, 5,500,000 shares authorized; 885,000 issued and outstanding		885			885
Common stock, $0.001 par value; 200,000,000 shares authorized; 157,911,410 issued and 153,483,050 outstanding		157,914			157,914
Additional paid-in capital		10,208,339			10,208,339
Accumulated deficit		(15,641,362	)		(15,320,588	)
Less: treasury stock; 4,428,360 shares at par		(4,428	)		(4,428	)
Total stockholders' deficiency		(5,278,652	)		(4,957,878	)
Total liabilities and stockholders' deficiency	$	3,688		$	4,609

See Notes to Consolidated Financial Statements.

F-1

REGElNICIN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNREVIEWED)

	Six Months Ended March 31, 2022			Six Months Ended March 31, 2021			Three Months Ended March 31, 2022			Three Months Ended March 31, 2021
Revenues	$	—		$	—		$	—		$	—
Operating expenses
General and administrative		302,045			376,554			155,513			225,736
Total operating expenses		302,045			376,554			155,513			225,736
Operating loss before other operating income		(302,045	)		(376,554	)		(155,513	)		(225,736	)
Other operating income - reversal of accounts payable		—			—			—			—
Loss from operations		(302,045	)		(376,554	)		(155,513	)		(225,736	)
Other income (expenses)
Interest expense (related party of $4,532 and $3,875)		(17,954	)		(16,703	)		(9,011	)		(8,418	)
Change in unrealized gain (loss) on securities		(775	)		75			(2,125	)		850
Total other expenses		(18,729	)		(16,628	)		(11,136	)		(7,568	)
Net loss		(320,774	)		(393,182	)		(166,649	)		(233,304	)
Preferred stock dividends		(35,303	)		(35,303	)		(17,458	)		(17,458	)
Net loss attributable to common stockholders	$	(356,077	)	$	(428,485	)	$	(184,107	)	$	(250,762	)
Loss per share basic	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Loss per share diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Weighted average number of shares outstanding basic		153,483,050			153,483,050			153,483,050			153,483,050
Weighted average number of shares outstanding diluted		153,483,050			153,483,050			153,483,050			153,483,050

See Notes to Consolidated Financial Statements.

F-2

REGENICIN, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIENCY
(UREVIEWED)

									Additional
	Convertible Preferred Stock				Common Stock				Paid-in		Accumulated			Treasury
	Shares		Amount		Shares		Amount		Capital		Deficit			Stock (1)			Total
Balances at October 1, 2021		885,000	$	885		157,911,410	$	157,914	$	10,208,339	$	(15,320,588	)	$	(4,428	)		(4,957,878	)
Net Loss		—		—		—		—		—		(154,125	)		—			(154,125	)
Balances at December 31, 2021		885,000	$	885		157,911,410	$	157,914	$	10,208,339	$	(15,474,713	)	$	(4,428	)		(4,287,276	)
Net Loss		—		—		—		—		—		(166,649	)		—			(166,649	)
Balances at March 31, 2022		885,000	$	885		157,911,410	$	157,914	$	10,208,339	$	(15,641,362	)	$	(4,428	)		(5,278,652	)
Balances at October 1, 2020		885,000	$	885		157,911,410	$	157,914	$	10,208,339	$	(14,649,986	)	$	(4,428	)		(4,287,276	)
Net loss		—		—		—		—		—		(159,878	)		—			(159,878	)
Balances at December 31,  2020		885,000	$	885		157,911,410	$	157,914	$	10,208,339	$	(14,809,864	)	$	(4,428	)		(4,447,154	)
Net Loss		—		—		—		—		—		(233,304	)		—			(233,304	)
Balances at March 31, 2021		885,000	$	885		157,911,410	$	157,914	$	10,208,339	$	(15,208,339	)	$	(4,428	)		(4,680,458	)

(1) The number of shares in treasury stock for all periods presented was 4,428,360.

See Notes to Consolidated Financial Statements. 

F-3

REGENICIN, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNREVIEWED)

	Six Months Ended March 31,			Six Months Ended March 31,
	2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(320,774	)	$	(393,182	)
Adjustments to reconcile net loss to net cash used in operating activities:
Unrealized loss on investment		775			(75	)
Accrued interest on loans and notes payable		17,954			16,703
Changes in operating assets and liabilities
Accounts payable		(8,676	)		13,514
Accrued expenses - other		3,075			60,000
Accrued salaries - officers		290,500			290,500
Net cash used in operating activities		(17,146	)		(12,540	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of loans from officers		17,000			12,500
Net cash provided by financing activities		17,000			12,500
NET DECREASE IN CASH		(146	)		(40	)
CASH - BEGINNING OF PERIOD		1,859			1,366
CASH - END OF PERIOD	$	1,713		$	1,326
Supplemental disclosures of cash flow information:
Cash paid for interest	$	—		$	—
Cash paid for taxes	$	—		$	—

See Notes to Consolidated Financial Statements.

F-4

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED )

NOTE 1 - THE COMPANY

Regenicin, Inc. ("Regenicin"), formerly known as Windstar, Inc., was incorporated in the state of Nevada on September 6, 2007. On July 19, 2010, the Company amended its Articles of Incorporation to change the name of the Company to Regenicin, Inc. In September 2013, Regenicin formed a new wholly-owned subsidiary for the sole purpose of conducting research in the State of Georgia (together, the "Company"). The subsidiary has no activity since its formation due to the lack of funding. The Company's business plan is to develop and commercialize a potentially lifesaving technology by the introduction of tissue-engineered skin substitutes to restore the qualities of healthy human skin for use in the treatment of burns, chronic wounds and a variety of plastic surgery procedures.

NOTE 2 - BASIS OF PRESENTATION

Interim Financial Statements:

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of those of a recurring nature) considered necessary for a fair presentation have been included. Operating results for the six months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending September 30, 2022. These unaudited consolidated financial statements should be read in conjunction with the unaudited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K/A for the year ended September 30, 2021, as filed with the Securities and Exchange Commission. The consolidated balance sheet as of September 30, 2021, contained herein has been derived from the unaudited consolidated financial statements as of September 30, 2021, but does not include all disclosures required by U.S. GAAP.

Going Concern:

The Company's consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred recurring losses and as of December 31, 2022, has an accumulated deficit of approximately $15.6 million from inception, expects to incur further losses in the development of its business and has been dependent on funding operations through the issuance of convertible debt and private sale of equity securities. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Currently management plans to finance operations through the private or public placement of debt and/or equity securities. However, no assurance can be given at this time as to whether the Company will be able to obtain such financing. The consolidated financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Financial Instruments and Fair Value Measurement:

As of October 1, 2018, the Company adopted ASU No. 2016-01, “Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. The new standard principally affects accounting standards for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. Upon the effective date of the new standards, all equity investments in unconsolidated entities, other than those accounted for using the equity method of accounting, will generally be measured at fair value through earnings. There no longer is an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income (loss) for equity securities with readily determinable fair values. As a result of the adoption, the Company recorded a cumulative effect adjustment of a $950 decrease to accumulated other comprehensive income, and a corresponding decrease to accumulated deficit, as of October 1, 2018.

Common stock of Amarantus BioScience Holdings, Inc. (“Amarantus”) is carried at fair value in the accompanying consolidated balance sheets. Fair value is determined under the guidelines of GAAP which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Realized gains and losses, determined using the first-in, first-out (FIFO) method, and unrealized gains and losses are included in other income (expense) on the statement of operations.

The common stock of Amarantus is valued at the closing price reported on the active market on which the security is traded. This valuation methodology is considered to be using Level 1 inputs. The total value of Amarantus common stock at March 31, 2022 is $1,975. The change in unrealized gain (loss) for the six and three months ended March 31, 2022 and 2021 was ($775), $75, ($2,125) and $850 net of income taxes, respectively, and was reported as other income (expense).

Recently Issued Accounting Pronouncements:

Any recent pronouncements issued by the FASB or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the consolidated financial statements of the Company.

F-5

NOTE 3 - LOSS PER SHARE

Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive.

The following weighted average securities have been excluded from the calculation even though the exercise price was less than the average market price of the common shares because the effect of including these potential shares was anti-dilutive due to the net losses incurred during 2022 and 2021:

	2022		2021
Options		11,771,344		11,771,344
Convertible Preferred Stock		8,850,000		8,850,000
Convertible Promissory Note		19,072,770		16,784,150
		39,694,114		37,405,494

NOTE 4 – LOANS PAYABLE

Convertible Promissory Note – Officer

Through March 31, 2020, John Weber, the Company's Chief Financial Officer, advanced the Company a total of $335,683. On March 31, 2020, these advances were converted into a convertible promissory note. Interest on the note is computed at 5% per annum and accrues from the time of the advances until the maturity date. The original maturity date was September 30, 2020, at which time all the accrued interest and principal became due. The note has been extended several times and most recently to September 30, 2022. For the six and three months ended March 31, 2022 and 2021 interest totaling $9,132, $4,600, $7,997 and $3,874, respectively, as incurred. Accrued interest on the note was $55,845 and $46,713 at March 31, 2022 and September 30, 2021, respectively, which is included in accrued expenses on the accompanying consolidated balance sheets. The note is convertible at the option of Mr. Weber into shares of the Company's common stock at the prevailing market rate on the date of conversion.

Loan Payable

In February 2011, an investor advanced $10,000. The loan does not bear interest and is due on demand. At both March 31, 2022 and September 30, 2021, the loan payable totaled $10,000.

Loans Payable - Officer:

Through September 30, 2020, J. Roy Nelson, the Company’s Chief Science Officer, made net advances to the Company totaling $26,935. The loans do not bear interest and are due on demand.

In September 2018, Randall McCoy, the Company’s Chief Executive Officer, advanced to the Company $4,500. The loan does not bear interest and is due on demand.

From July 2020 through March 31, 2022, John Weber, the Company’s Chief Financial Officer, advanced to the Company $61,300. The loan bears interest at 5% per annum and is due on demand.

F-6

NOTE 5 - BRIDGE FINANCING

On December 21, 2011, the Company issued a $150,000 promissory note to an individual. The note bore interest so that the Company would repay $175,000 on the maturity date of June 21, 2012. Additional interest of 10% was charged on any late payments. The note was not paid at the maturity date and the Company is incurring additional interest as described above. At both March 31, 2022 and September 30, 2021, the note balance was $175,000. Interest expense was $4,411 for both quarters ended March 31, 2022 and 2021. Accrued interest on the note was $171,260 and $162,438 as of March 31, 2022 and September 30, 2021, respectively, and is included in Accrued expenses - other in the accompanying consolidated balance sheets.

NOTE 6 - INCOME TAXES

The Company recorded no income tax expense for the six months ended March 31, 2022 and 2021 because the estimated annual effective tax rate was zero. As of March 31, 2022, the Company continues to provide a valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.

NOTE 7 – STOCKHOLDERS' DEFICIENCY

Series A

At both March 31, 2022 and September 30, 2021, 885,000 shares of Series A Preferred Stock (“Series A Preferred”) were outstanding.

Series A Preferred pays a dividend of 8% per annum on the stated value and has a liquidation preference equal to the stated value of the shares ($885,000 liquidation preference as of March 31, 2022 and September 30, 2021 plus dividends in arrears as per below). Each share of Series A Preferred Stock has an initial stated value of $1.00 and is convertible into shares of the Company’s common stock at the rate of 10 for 1.

The Series A Preferred Stock was marketed through a private placement memorandum that included a reference to a ratchet provision which would have allowed the holders of the stock to claim a better conversion rate based on other stock transactions conducted by the Company during the three-year period following the original issuance of the shares. The Certificate of Designation does not contain a ratchet provision. Certain of the stock related transactions consummated by the Company during this time period may have triggered this ratchet provision, and thus created a claim by holders of the Series A Preferred Stock who purchased based on this representation for a greater conversion rate than initially provided. There have been no new developments related to the remaining Series A holders regarding this claim and the conversion rate of their Series A Preferred Stock. Changes to the preferred stock conversion ratio may result in modification or extinguishment accounting. That may result in a deemed preferred stock dividend which would reduce net income available to common stockholders in the calculation of earnings per share. Certain of the smaller Series A holders have already converted or provided notice of conversion of their shares. In respect of this claim, the Company and its outside counsel determined that it is not possible to offer an opinion regarding the outcome. An adverse outcome could materially increase the accumulated deficit.

The dividends are cumulative commencing on the issue date when and if declared by the Board of Directors. As of March 31, 2022, and September 30, 2021, dividends in arrears were $782,533 ($.88 per share) and $747,232 ($.84 per share), respectively.

Series B

Four million (4,000,000) shares of Series B Convertible Preferred Stock (“Series B Preferred”) have been authorized with a liquidation preference of $2.00 per share. Each share of Series B Preferred is convertible into ten shares of common stock. Holders of Series B Preferred have a right to a dividend (pro-rata to each holder) based on a percentage of the gross revenue earned by the Company in the United States, if any, and the number of outstanding shares of Series B Preferred, as follows: Year 1 - Total Dividend to all Series B holders = .03 x Gross Revenue in the U.S. Year 2 - Total Dividend to all Series B holders = .02 x Gross Revenue in the U.S. Year 3 - Total Dividend to all Series B holders = .01 x Gross Revenue in the U.S. At March 31, 2022, no shares of Series B Preferred are outstanding. 

F-7

NOTE 8 - STOCK-BASED COMPENSATION

The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505, “Equity.” Costs are measured at the estimated fair value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505.

NOTE 9 - RELATED PARTY TRANSACTIONS

The Company’s principal executive offices are located in Little Falls, New Jersey. The headquarters is located in the offices of McCoy Enterprises LLC, an entity controlled by Mr. McCoy. The office is attached to his residence but has its own entrances, restroom and kitchen facilities.

The Company also maintains an office at Carbon & Polymer Research Inc. ("CPR") in Pennington, New Jersey, which is the Company's materials and testing laboratory. An officer of the Company is an owner of CPR.

No rent is charged for either premises.

On May 16, 2016, the Company entered into an agreement with CPR in which CPR will supply the collagen scaffolds used in the Company's production of the skin tissue. The contract contains a most favored customer clause guaranteeing the Company prices equal or lower than those charged to other customers. The Company has not yet made purchases from CPR.

See Note 4 for loans payable to related parties.

NOTE 10 - SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date of this filing.

F-8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including additional factors that could materially affect our financial results, is included herein and in our other filings with the SEC.

Overview

During the quarter ended, March 31, 2022, the Company continued to position its product, NovaDerm^®, to enter clinical trials to gain FDA product approval. Having secured Orphan Drug Designation as a biologic for NovaDerm^®, we complied with all FDA annual reporting requirements.

As part of the initial asset purchase agreement of Permaderm®, we granted Amarantus Bioscience Holdings, Inc., a right of first refusal for the purchase of any engineered skin technology designed for treatment of severe burns in humans that we developed. This right of first refusal expired during on November 2019.  The proceeds of this transaction provided needed working capital to greatly improve our product, conduct independent research and secure Orphan Status for NovaDerm®.

Recently, the risk of introducing pathogens when using materials from animals to produce drugs, devices, and biologics has increased awareness of the safety issues. NovaDerm^® and future Regenicin products use animal sourced materials like collagen to produce the life-saving products. We have worked with our collagen supplier and the FDA to ensure we are meeting the expectations for traceability and purity of the FDA for NovaDerm^® production.  We have arranged for sufficient Bovine Closed Herd corium to produce sufficient collagen scaffolds to meet our needs for the clinical trials, ensuring compliance with FDA requirements. 

Our major objective for 2022 is to secure the required funding to finalize some additional requirements of the IND application and begin the clinical trials. As previously reported, our goal in obtaining the required funding has been to minimize shareholders’ dilution as much as possible. Consequently, we are primarily pursuing financing through the issuance of debt instruments, international licensing agreements, governmental grants and sale of assets. We have completed all the administrative requirements to allow us to apply for grants. Regenicin is now registered with System For Award Management (“SAM”) which is required to do business with the US Government.  We must have our IND submitted before we can request financial assistance from the US FDA Office of Orphan Products Clinical Trials Grant. We intend to take full advantage of working with OOPD to develop our clinical protocol according to suggestions from the FDA during our Pre-IND meeting.

The Orphan Drug Act created the Orphan Product Grants Program, which is administered by OOPD, to stimulate the development of promising products for rare diseases and conditions. Orphan product grants are a proven method of fostering and encouraging the development of new safe and effective medical products for rare diseases and conditions. These grants support new and continuing extramural research projects that test the safety and efficacy of promising new drugs, biologics, devices, and medical foods through human clinical trials in very vulnerable populations often with life-threatening conditions.

4

As a registered member of SAM we will be investigating numerous government programs to seek developmental funding needed to complete our IND.

We estimated that the completion of the IND and the clinical trials would take approximately 12-18 months and cost in the range of $6.9 million once initial funding is in place. It is estimated that the cost to finalize the IND will be approximately 1.9 million, and the cost to complete Phase 1/2 of the clinical trial will be approximately 5.0 million. In addition to the completion of the IND, the only other significant gating item to entering the clinical trials is funding for this process.

Two board positions remain open anticipating requests of Board representation from potential investors.

Importantly, we are filing this quarterly report without our auditor’s review of our financial information or this report. Our reason for doing this is simply that we cannot afford at this time to pay our auditor for past due services or prior filings or to pay the costs necessary for this current filing. Instead, we have provided herein information as typically presented in our 10Q quarterly report, including financial information, which has not been reviewed or audited by any independent outside source.

We intend, if and when able, to file an amendment to this 10Q and previously filed 10K with such audited and reviewed information. We are unaware at this time when, if ever, we will obtain the necessary funding for this amended filing, but we will continue to provide such information to investors as and when we are able through either this SEC EDGAR filing process and/or through postings on our website as things change. 

Subject to funding, the initial trials are planned to begin with a total of ten subjects and an Initial Data Safety Monitoring Board, (DSMB), review of safety on the first three subjects once they have reached 6 months follow-up. We do not intend to interrupt our trial waiting for the DSMB report. Our management’s approach is to set up the trials so as to allow for a seamless transition into commercial production upon approval. 

Our first cultured skin substitute product candidate, NovaDerm^®, is a multi-layered tissue-engineered living skin prepared by utilizing autologous (patient’s own) skin cells. It is a graftable cultured epithelium skin substitute containing both epidermal and dermal components with a collagen base. Clinically, we expect our Cultured Skin substitute self-to-self skin graft product will perform the same as split thickness allograft skin. Our Autologous cultured skin substitute should not be rejected by the immune system of the patient, unlike porcine or cadaver cellular grafts. Immune system rejection is a serious concern in Xeno-transplant procedures which have a cellular component. The use of our cultured skin substitute should not require any specialized physician training because it is applied the same as in a standard split thickness allograft procedure.

NovaDerm® does not require the large harvest areas that are required when performing split thickness allograft procedures. NovaDerm^® is designed to need only a small area of harvest material to cover the wound. Where split thickness allograft skin can be stretched 2 to 4 times, NovaDerm® can expand the coverage 100 to 400 times, greatly reducing scarring from harvesting. There are limits to how much burned area can be covered with the current split thickness allograft procedure. When a patient has more than 50% of their body with full thickness burns there is not enough harvest area available to cover the area so the same area harvested must be allowed to grow back the replacement skin before it can be harvested the second or third time, allowing to wound area to open with high risk of infection and even mortality.

Clinically speaking, a product designed to treat a life-threatening condition must be available for the patient when needed. Our Culture skin substitute is being developed to be ready to apply to the patient when the patient is ready for grafting, within the first month of the patient being admitted to the hospital. Patients with serious burn injuries may not be in a condition to be grafted on a predefined schedule made more than a month in advance. Therefore, in order to accommodate the patient’s needs, we are striving to ensure that our cultured skin substitute will have an adequate shelf life and manufacturing schedule to ensure it is available whether the patient needs it the first month, or any day after, until the patient’s wound is completely covered and closed. We intend to provide the patient enough NovaDerm® to meet the patients’ needs in a single lot of material with adequate shelf life to be available when the patient is ready. With our extended shelf life and enough material in the first shipment the physician may perform a second grafting 5 or ten days post grafting period 1.

We believe this technology has many different uses beyond the burn indication. The other uses may include chronic wounds, reconstructive surgery.

We, as aforementioned, are continuing to work with potential investors in order to secure the necessary funding based on our stated objectives. It has taken longer to raise the necessary funds than original estimated; however remain confident. For the past several years, officers and related parties have continued to fund our essential operating costs on a temporary basis, as discussed in the accompanying financial statements. 

On January 21, 2022, we entered into a non- binding memorandum of terms in which we proposed to sell certain of our prime assets to a newly formed Limited Liability Company for a combination of an upfront purchase price, and intellectual property, royalty and milestone payments. The terms of this non binding arrangement are subject to our entering into an actual binding agreement, as well as, upon a number of conditions, including the Buyer’s due diligence investigation. The arrangement only requires us to cease and desist from any further discussions for the sale of the proposed assets, other than with the proposed Buyers, during an ‘exclusivity period’ lasting for between 90-120 days. We have not verified the Buyer’s willingness or ability to proceed on this arrangement and note that such arrangements are highly speculative and do not require either part to proceed.

5

Results of Operations for the Three Months Ended March 31, 2022 and 2021

We generated no revenues from September 6, 2007 (date of inception) to March 31, 2022. We do not expect to generate revenues until we are able to obtain FDA approval of our product and thereafter successfully market and sell the product.

We incurred operating expenses of $155,513 for the three months ended March 31, 2022, compared with operating expenses of $225,736 for the three months ended March 31, 2021. General and Administrative expenses accounted for all of our operating expenses for the three months ended March 31, 2022. The significant decrease in operating expenses for the three months ended March 31, 2022 was due to an over accrual of professional fees as of March 31, 2021, which was adjusted in subsequent filings.

Net other expense was $11,136 for the three months ended March 31, 2022, as compared to net other expense of $7,568 for the three months ended March 31, 2021. Other expenses for the three months ended March 31, 2022 consisted of interest expense of $9,011 and an unrealized loss on securities of $ 2,125. Other income and expense for the same period ended 2021 consisted of interest expense of $8,418, and an unrealized gain on securities of $850.

After provision for preferred stock dividends of $17,845, we recorded net loss of $184,107 for the three months ended March 31, 2022. By comparison, we recorded net loss of $250,762 for the three months ended March 31, 2021. The decrease in net loss for the quarter ended March 31, 2022 was primarily the result of the aforementioned over accrual of professional fees at March 31, 2021, which was adjusted in subsequent filings.

Liquidity and Capital Resources

As of March 31, 2022, we had cash of $1,713 and total current assets of $3,688. As of March 31, 2022, we had current liabilities of $5,282,340. We therefore had working capital deficit of $5,278,652. 

Operating activities used $17,146 in cash for the three months ended March 31, 2022. This use of cash was primarily attributable to funding the loss for the period.

There were no investing activities during the reported period.

Cash flows from financing activities for the three months ended March 31, 2022 represents net proceeds from a loan from John Weber, the Company’s Chief Financial Officer of $17,000. 

We have issued various promissory notes to meet our short term demands, the terms of which are provided in the notes to the consolidated financial statements accompanying this report. While this source of bridge financing has been helpful in the short term to meet our financial obligations, we will need additional financing to fund our operations, continue with the FDA approval process, and implement our business plan. Our long term financial needs are estimated at about $8-10 million.

Based upon our current financial condition, we do not have sufficient cash to operate our business at the current level for the next twelve months. We intend to fund operations through increased debt and/or equity financing arrangements, which may be insufficient to fund expenditures or other cash requirements. We plan to seek additional financing in a private equity or debt offering to secure funding for operations. Alternatively, we have been discussing the possibility of obtaining financing through a merger and/or other arrangements related to combining with other related companies or going private transactions. There can be no assurance that we will be successful in raising additional funding or in entering into any of these sorts of arrangements. If we are not able to secure additional funding, the implementation of our business plan will be impaired. There can be no assurance that such additional financing will be available to us on acceptable terms or at all. 

6

Off Balance Sheet Arrangements

As of March 31, 2022, there were no off-balance sheet arrangements.

Going Concern

Our consolidated financial statements have been prepared assuming that we will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. We have incurred operating losses from inception, expect to incur further losses in the development of our business, and have been dependent on funding operations through the issuance of convertible debt and private sale of equity securities. These conditions raise substantial doubt about our ability to continue as a going concern. Management’s plans include continuing to finance operations through the private or public placement of debt and/or equity securities and the reduction of expenditures. However, no assurance can be given at this time as to whether we will be able to achieve these objectives. The consolidated financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

A smaller reporting company is not required to provide the information required by this Item.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2022. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2022, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of March 31, 2022, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

Remediation Plan to Address the Material Weaknesses in Internal Control over Financial Reporting

We plan to take steps to enhance and improve the design of our internal controls over financial reporting. During the period covered by this quarterly report on Form 10-Q, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we plan to implement the following changes during our fiscal year ending September 30, 2022 assuming we are able to obtain necessary funding or alternative financing: (i) appoint additional qualified personnel to address inadequate segregation of duties and ineffective risk management; and (ii) adopt sufficient written policies and procedures for accounting and financial reporting. The remediation efforts set out are largely dependent upon our securing additional financing to cover the costs of implementing the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material manner.

We are unable to remedy our controls related to the inadequate segregation of duties and ineffective risk management until we receive financing to hire additional employees. 

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended March 31, 2022 that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.

7

PART II – OTHER INFORMATION

Item 1. Legal Proceedings 

We are not a party to any pending legal proceeding. We are not aware of any pending legal proceeding to which any of our officers, directors, or any beneficial holders of 5% or more of our voting securities are adverse to us or have a material interest adverse to us.

Item 1A. Risk Factors

A smaller reporting company is not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 

None.

Item 3. Defaults upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None

Item 6. Exhibits

Exhibit Number	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101**	The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 formatted in Extensible Business Reporting Language (XBRL).
**Provided herewith

8

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Regenicin, Inc.
Date:	May 23, 2022
By:	/s/ Randall McCoy
	Randall McCoy
Title:	Chief Executive Officer and Director (Principal Executive Officer)

By:	/s/ John J. Weber
	John J. Weber
Title:	Chief Financial Officer and Director (Principal Financial Officer)

9

EX-31.1

CERTIFICATIONS

I, Randall McCoy, certify that;

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2022 of Regenicin, Inc (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 23, 2022

/s/ Randall McCoy

By: Randall McCoy

Title: Chief Executive Officer

EX-31.2

CERTIFICATIONS

I, John J. Weber, certify that;

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2022 of Regenicin, Inc (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 23, 2022

/s/ John J. Weber

By: John J. Weber

Title: Chief Financial Officer

EX-32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly Report of Regenicin, Inc (the “Company”) on Form 10-Q for the quarter ended March 31, 2022 filed with the Securities and Exchange Commission (the “Report”), I, Randall McCoy, Chief Executive Officer of the Company, and, I John J. Weber, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) and Section 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the consolidated financial condition of the Company as of the dates presented and the consolidated result of operations of the Company for the periods presented.

By:	/s/ Randall McCoy
Name:	Randall McCoy
Title:	Principal Executive Officer and Director
Date:	May 23, 2022

By:	/s/ John J. Weber
Name:	John J. Weber
Title:	Principal Financial Officer and Director
Date:	May 23, 2022

This certification has been furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

XML

Cover - shares	6 Months Ended
	Mar. 31, 2022	May 13, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--09-30
Entity File Number	333-146834
Entity Registrant Name	Regenicin, Inc.
Entity Central Index Key	0001412659
Entity Tax Identification Number	27-3083341
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	10 High Court
Entity Address, City or Town	Little Falls
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07424
City Area Code	973
Local Phone Number	557-8914
Title of 12(b) Security	COMMON
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		153,483,050

XML

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2022	Sep. 30, 2021
CURRENT ASSETS
Cash	$ 1,713	$ 1,859
Common stock of Amarantus	1,975	2,750
Total current and total assets	3,688	4,609
CURRENT LIABILITIES
Accounts payable	85,000	93,674
Accrued expenses - other (related party of $55,845 and $46,713)	255,921	234,894
Accrued salaries - officers	4,321,501	4,031,001
Promissory note payable	175,000	175,000
Convertible promissory note - officer	335,683	335,683
Loan payable	10,000	10,000
Loans payable - officer	99,235	82,235
Total current liabilities	5,282,340	4,962,487
STOCKHOLDERS' DEFICIENCY
Series A 8% Convertible Preferred stock, $0.001 par value, 5,500,000 shares authorized; 885,000 issued and outstanding	885	885
Common stock, $0.001 par value; 200,000,000 shares authorized; 157,911,410 issued and 153,483,050 outstanding	157,914	157,914
Additional paid-in capital	10,208,339	10,208,339
Accumulated deficit	(15,641,362)	(15,320,588)
Less: treasury stock; 4,428,360 shares at par	(4,428)	(4,428)
Total stockholders' deficiency	(5,278,652)	(4,957,878)
Total liabilities and stockholders' deficiency	$ 3,688	$ 4,609

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2022	Sep. 30, 2021
Statement of Financial Position [Abstract]
[custom:AccruedLiabilitiesCurrentRelatedParties-0]	$ 55,845	$ 46,713
SeriesAPreferredStockAtParValue	$ 0.001	$ 0.001
SeriesASharesAuthorized	5,500,000	5,500,000
SeriesASharesIssued	885,000	885,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	157,911,410	157,911,410
Common Stock, Shares, Outstanding	153,483,050	153,483,050
Treasury Stock, Shares	4,428,360	4,428,360

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues
Operating expenses
General and administrative	155,513	225,736	302,045	376,554
Total operating expenses	155,513	225,736	302,045	376,554
Operating loss before other operating income	(155,513)	(225,736)	(302,045)	(376,554)
Other operating income - reversal of accounts payable	0	0	0	0
Loss from operations	(155,513)	(225,736)	(302,045)	(376,554)
Other income (expenses)
Interest expense (related party of $4,532 and $3,875)	(9,011)	(8,418)	(17,954)	(16,703)
Change in unrealized gain (loss) on securities	(2,125)	850	(775)	75
Total other expenses	(11,136)	(7,568)	(18,729)	(16,628)
Net loss	(166,649)	(233,304)	(320,774)	(393,182)
Preferred stock dividends	(17,458)	(17,458)	(35,303)	(35,303)
Net loss attributable to common stockholders	$ (184,107)	$ (250,762)	$ (356,077)	$ (428,485)
Loss per share basic	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
Loss per share diluted	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
Weighted average number of shares outstanding basic	153,483,050	153,483,050	153,483,050	153,483,050
Weighted average number of shares outstanding diluted	153,483,050	153,483,050	153,483,050	153,483,050

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Interest Expense, Related Party	$ 4,532	$ 3,875

XML

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Beginning balance, value at Sep. 30, 2020	$ 885	$ 157,914	$ 10,208,339	$ (14,649,986)	$ (4,428)	$ (4,287,276)
Shares, Outstanding, Beginning Balance at Sep. 30, 2020	885,000	157,911,410
Net Loss				(159,878)		(159,878)
Ending balance, value at Dec. 31, 2020	885	157,914	10,208,339	(14,809,864)	(4,428)	(4,447,154)
Beginning balance, value at Sep. 30, 2020	$ 885	$ 157,914	10,208,339	(14,649,986)	(4,428)	(4,287,276)
Shares, Outstanding, Beginning Balance at Sep. 30, 2020	885,000	157,911,410
Net Loss						(393,182)
Ending balance, value at Mar. 31, 2021	$ 885	$ 157,914	10,208,339	(15,208,339)	(4,428)	(4,680,458)
Beginning balance, value at Dec. 31, 2020	885	157,914	10,208,339	(14,809,864)	(4,428)	(4,447,154)
Net Loss				(233,304)		(233,304)
Ending balance, value at Mar. 31, 2021	885	157,914	10,208,339	(15,208,339)	(4,428)	(4,680,458)
Beginning balance, value at Sep. 30, 2021	885	157,914	10,208,339	(15,320,588)	(4,428)	(4,957,878)
Net Loss				(154,125)		(154,125)
Ending balance, value at Dec. 31, 2021	885	157,914	10,208,339	(15,474,713)	(4,428)	(4,287,276)
Beginning balance, value at Sep. 30, 2021	885	157,914	10,208,339	(15,320,588)	(4,428)	(4,957,878)
Net Loss						(320,774)
Ending balance, value at Mar. 31, 2022	885	157,914	10,208,339	(15,641,362)	(4,428)	(5,278,652)
Beginning balance, value at Dec. 31, 2021	885	157,914	10,208,339	(15,474,713)	(4,428)	(4,287,276)
Net Loss				(166,649)		(166,649)
Ending balance, value at Mar. 31, 2022	$ 885	$ 157,914	$ 10,208,339	$ (15,641,362)	$ (4,428)	$ (5,278,652)

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (320,774)	$ (393,182)
Adjustments to reconcile net loss to net cash used in operating activities:
Unrealized loss on investment	775	(75)
Accrued interest on loans and notes payable	17,954	16,703
Changes in operating assets and liabilities
Accounts payable	(8,676)	13,514
Accrued expenses - other	3,075	60,000
Accrued salaries - officers	290,500	290,500
Net cash used in operating activities	(17,146)	(12,540)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of loans from officers	17,000	12,500
Net cash provided by financing activities	17,000	12,500
NET DECREASE IN CASH	(146)	(40)
CASH - BEGINNING OF PERIOD	1,859	1,366
CASH - END OF PERIOD	1,713	1,326
Supplemental disclosures of cash flow information:
Cash paid for interest
Cash paid for taxes

XML

THE COMPANY

6 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

THE COMPANY

NOTE 1 - THE COMPANY

Regenicin, Inc. ("Regenicin"), formerly known as Windstar, Inc., was incorporated in the state of Nevada on September 6, 2007. On July 19, 2010, the Company amended its Articles of Incorporation to change the name of the Company to Regenicin, Inc. In September 2013, Regenicin formed a new wholly-owned subsidiary for the sole purpose of conducting research in the State of Georgia (together, the "Company"). The subsidiary has no activity since its formation due to the lack of funding. The Company's business plan is to develop and commercialize a potentially lifesaving technology by the introduction of tissue-engineered skin substitutes to restore the qualities of healthy human skin for use in the treatment of burns, chronic wounds and a variety of plastic surgery procedures.

XML

BASIS OF PRESENTATION

6 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

BASIS OF PRESENTATION

NOTE 2 - BASIS OF PRESENTATION

Interim Financial Statements:

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of those of a recurring nature) considered necessary for a fair presentation have been included. Operating results for the six months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending September 30, 2022. These unaudited consolidated financial statements should be read in conjunction with the unaudited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K/A for the year ended September 30, 2021, as filed with the Securities and Exchange Commission. The consolidated balance sheet as of September 30, 2021, contained herein has been derived from the unaudited consolidated financial statements as of September 30, 2021, but does not include all disclosures required by U.S. GAAP.

Going Concern:

The Company's consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred recurring losses and as of December 31, 2022, has an accumulated deficit of approximately $15.6 million from inception, expects to incur further losses in the development of its business and has been dependent on funding operations through the issuance of convertible debt and private sale of equity securities. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Currently management plans to finance operations through the private or public placement of debt and/or equity securities. However, no assurance can be given at this time as to whether the Company will be able to obtain such financing. The consolidated financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Financial Instruments and Fair Value Measurement:

As of October 1, 2018, the Company adopted ASU No. 2016-01, “Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. The new standard principally affects accounting standards for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. Upon the effective date of the new standards, all equity investments in unconsolidated entities, other than those accounted for using the equity method of accounting, will generally be measured at fair value through earnings. There no longer is an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income (loss) for equity securities with readily determinable fair values. As a result of the adoption, the Company recorded a cumulative effect adjustment of a $950 decrease to accumulated other comprehensive income, and a corresponding decrease to accumulated deficit, as of October 1, 2018.

Common stock of Amarantus BioScience Holdings, Inc. (“Amarantus”) is carried at fair value in the accompanying consolidated balance sheets. Fair value is determined under the guidelines of GAAP which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Realized gains and losses, determined using the first-in, first-out (FIFO) method, and unrealized gains and losses are included in other income (expense) on the statement of operations.

The common stock of Amarantus is valued at the closing price reported on the active market on which the security is traded. This valuation methodology is considered to be using Level 1 inputs. The total value of Amarantus common stock at March 31, 2022 is $1,975. The change in unrealized gain (loss) for the six and three months ended March 31, 2022 and 2021 was ($775), $75, ($2,125) and $850 net of income taxes, respectively, and was reported as other income (expense).

Recently Issued Accounting Pronouncements:

Any recent pronouncements issued by the FASB or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the consolidated financial statements of the Company.

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LOSS PER SHARE

6 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

LOSS PER SHARE

NOTE 3 - LOSS PER SHARE

Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive.

The following weighted average securities have been excluded from the calculation even though the exercise price was less than the average market price of the common shares because the effect of including these potential shares was anti-dilutive due to the net losses incurred during 2022 and 2021:

	2022		2021
Options		11,771,344		11,771,344
Convertible Preferred Stock		8,850,000		8,850,000
Convertible Promissory Note		19,072,770		16,784,150
		39,694,114		37,405,494

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LOANS PAYABLE

6 Months Ended

Mar. 31, 2022

Loans Payable

LOANS PAYABLE

NOTE 4 – LOANS PAYABLE

Convertible Promissory Note – Officer

Through March 31, 2020, John Weber, the Company's Chief Financial Officer, advanced the Company a total of $335,683. On March 31, 2020, these advances were converted into a convertible promissory note. Interest on the note is computed at 5% per annum and accrues from the time of the advances until the maturity date. The original maturity date was September 30, 2020, at which time all the accrued interest and principal became due. The note has been extended several times and most recently to September 30, 2022. For the six and three months ended March 31, 2022 and 2021 interest totaling $9,132, $4,600, $7,997 and $3,874, respectively, as incurred. Accrued interest on the note was $55,845 and $46,713 at March 31, 2022 and September 30, 2021, respectively, which is included in accrued expenses on the accompanying consolidated balance sheets. The note is convertible at the option of Mr. Weber into shares of the Company's common stock at the prevailing market rate on the date of conversion.

Loan Payable

In February 2011, an investor advanced $10,000. The loan does not bear interest and is due on demand. At both March 31, 2022 and September 30, 2021, the loan payable totaled $10,000.

Loans Payable - Officer:

Through September 30, 2020, J. Roy Nelson, the Company’s Chief Science Officer, made net advances to the Company totaling $26,935. The loans do not bear interest and are due on demand.

In September 2018, Randall McCoy, the Company’s Chief Executive Officer, advanced to the Company $4,500. The loan does not bear interest and is due on demand.

From July 2020 through March 31, 2022, John Weber, the Company’s Chief Financial Officer, advanced to the Company $61,300. The loan bears interest at 5% per annum and is due on demand.

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BRIDGE FINANCING

6 Months Ended

Mar. 31, 2022

Receivables [Abstract]

BRIDGE FINANCING

NOTE 5 - BRIDGE FINANCING

On December 21, 2011, the Company issued a $150,000 promissory note to an individual. The note bore interest so that the Company would repay $175,000 on the maturity date of June 21, 2012. Additional interest of 10% was charged on any late payments. The note was not paid at the maturity date and the Company is incurring additional interest as described above. At both March 31, 2022 and September 30, 2021, the note balance was $175,000. Interest expense was $4,411 for both quarters ended March 31, 2022 and 2021. Accrued interest on the note was $171,260 and $162,438 as of March 31, 2022 and September 30, 2021, respectively, and is included in Accrued expenses - other in the accompanying consolidated balance sheets.

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INCOME TAXES

6 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 6 - INCOME TAXES

The Company recorded no income tax expense for the six months ended March 31, 2022 and 2021 because the estimated annual effective tax rate was zero. As of March 31, 2022, the Company continues to provide a valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.

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STOCKHOLDERS' DEFICIENCY

6 Months Ended

Mar. 31, 2022

Equity [Abstract]

STOCKHOLDERS' DEFICIENCY

NOTE 7 – STOCKHOLDERS' DEFICIENCY

Series A

At both March 31, 2022 and September 30, 2021, 885,000 shares of Series A Preferred Stock (“Series A Preferred”) were outstanding.

Series A Preferred pays a dividend of 8% per annum on the stated value and has a liquidation preference equal to the stated value of the shares ($885,000 liquidation preference as of March 31, 2022 and September 30, 2021 plus dividends in arrears as per below). Each share of Series A Preferred Stock has an initial stated value of $1.00 and is convertible into shares of the Company’s common stock at the rate of 10 for 1.

The Series A Preferred Stock was marketed through a private placement memorandum that included a reference to a ratchet provision which would have allowed the holders of the stock to claim a better conversion rate based on other stock transactions conducted by the Company during the three-year period following the original issuance of the shares. The Certificate of Designation does not contain a ratchet provision. Certain of the stock related transactions consummated by the Company during this time period may have triggered this ratchet provision, and thus created a claim by holders of the Series A Preferred Stock who purchased based on this representation for a greater conversion rate than initially provided. There have been no new developments related to the remaining Series A holders regarding this claim and the conversion rate of their Series A Preferred Stock. Changes to the preferred stock conversion ratio may result in modification or extinguishment accounting. That may result in a deemed preferred stock dividend which would reduce net income available to common stockholders in the calculation of earnings per share. Certain of the smaller Series A holders have already converted or provided notice of conversion of their shares. In respect of this claim, the Company and its outside counsel determined that it is not possible to offer an opinion regarding the outcome. An adverse outcome could materially increase the accumulated deficit.

The dividends are cumulative commencing on the issue date when and if declared by the Board of Directors. As of March 31, 2022, and September 30, 2021, dividends in arrears were $782,533 ($.88 per share) and $747,232 ($.84 per share), respectively.

Series B

Four million (4,000,000) shares of Series B Convertible Preferred Stock (“Series B Preferred”) have been authorized with a liquidation preference of $2.00 per share. Each share of Series B Preferred is convertible into ten shares of common stock. Holders of Series B Preferred have a right to a dividend (pro-rata to each holder) based on a percentage of the gross revenue earned by the Company in the United States, if any, and the number of outstanding shares of Series B Preferred, as follows: Year 1 - Total Dividend to all Series B holders = .03 x Gross Revenue in the U.S. Year 2 - Total Dividend to all Series B holders = .02 x Gross Revenue in the U.S. Year 3 - Total Dividend to all Series B holders = .01 x Gross Revenue in the U.S. At March 31, 2022, no shares of Series B Preferred are outstanding. 

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STOCK-BASED COMPENSATION

6 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

STOCK-BASED COMPENSATION

NOTE 8 - STOCK-BASED COMPENSATION

The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505, “Equity.” Costs are measured at the estimated fair value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505.

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RELATED PARTY TRANSACTIONS

6 Months Ended

Mar. 31, 2022

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 9 - RELATED PARTY TRANSACTIONS

The Company’s principal executive offices are located in Little Falls, New Jersey. The headquarters is located in the offices of McCoy Enterprises LLC, an entity controlled by Mr. McCoy. The office is attached to his residence but has its own entrances, restroom and kitchen facilities.

The Company also maintains an office at Carbon & Polymer Research Inc. ("CPR") in Pennington, New Jersey, which is the Company's materials and testing laboratory. An officer of the Company is an owner of CPR.

No rent is charged for either premises.

On May 16, 2016, the Company entered into an agreement with CPR in which CPR will supply the collagen scaffolds used in the Company's production of the skin tissue. The contract contains a most favored customer clause guaranteeing the Company prices equal or lower than those charged to other customers. The Company has not yet made purchases from CPR.

See Note 4 for loans payable to related parties.

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SUBSEQUENT EVENTS

6 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 10 - SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date of this filing.

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BASIS OF PRESENTATION (Policies)

6 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Interim Financial Statements:

Interim Financial Statements:

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of those of a recurring nature) considered necessary for a fair presentation have been included. Operating results for the six months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending September 30, 2022. These unaudited consolidated financial statements should be read in conjunction with the unaudited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K/A for the year ended September 30, 2021, as filed with the Securities and Exchange Commission. The consolidated balance sheet as of September 30, 2021, contained herein has been derived from the unaudited consolidated financial statements as of September 30, 2021, but does not include all disclosures required by U.S. GAAP.

Going Concern:

Going Concern:

The Company's consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred recurring losses and as of December 31, 2022, has an accumulated deficit of approximately $15.6 million from inception, expects to incur further losses in the development of its business and has been dependent on funding operations through the issuance of convertible debt and private sale of equity securities. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Currently management plans to finance operations through the private or public placement of debt and/or equity securities. However, no assurance can be given at this time as to whether the Company will be able to obtain such financing. The consolidated financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Financial Instruments and Fair Value Measurement:

Financial Instruments and Fair Value Measurement:

As of October 1, 2018, the Company adopted ASU No. 2016-01, “Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. The new standard principally affects accounting standards for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. Upon the effective date of the new standards, all equity investments in unconsolidated entities, other than those accounted for using the equity method of accounting, will generally be measured at fair value through earnings. There no longer is an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income (loss) for equity securities with readily determinable fair values. As a result of the adoption, the Company recorded a cumulative effect adjustment of a $950 decrease to accumulated other comprehensive income, and a corresponding decrease to accumulated deficit, as of October 1, 2018.

Common stock of Amarantus BioScience Holdings, Inc. (“Amarantus”) is carried at fair value in the accompanying consolidated balance sheets. Fair value is determined under the guidelines of GAAP which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Realized gains and losses, determined using the first-in, first-out (FIFO) method, and unrealized gains and losses are included in other income (expense) on the statement of operations.

The common stock of Amarantus is valued at the closing price reported on the active market on which the security is traded. This valuation methodology is considered to be using Level 1 inputs. The total value of Amarantus common stock at March 31, 2022 is $1,975. The change in unrealized gain (loss) for the six and three months ended March 31, 2022 and 2021 was ($775), $75, ($2,125) and $850 net of income taxes, respectively, and was reported as other income (expense).

Recently Issued Accounting Pronouncements:

Recently Issued Accounting Pronouncements:

Any recent pronouncements issued by the FASB or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the consolidated financial statements of the Company.

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LOSS PER SHARE (Tables)

6 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Income Loss per Common Share Exclusion

	2022		2021
Options		11,771,344		11,771,344
Convertible Preferred Stock		8,850,000		8,850,000
Convertible Promissory Note		19,072,770		16,784,150
		39,694,114		37,405,494

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THE COMPANY (Details Narrative)	6 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Entity Incorporation, Date of Incorporation	Sep. 06, 2007

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Income Loss per Common Share Exclusion (Details) - shares	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Options	11,771,344	11,771,344
Convertible Preferred Stock	8,850,000	8,850,000
Convertible Promissory Note	19,072,770	16,784,150
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	39,694,114	37,405,494

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BASIS OF PRESENTATION (Details Narrative) - USD ($)	3 Months Ended		5 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Common Stock, Value, Issued	$ 157,914		$ 157,914		$ 157,914		$ 157,914
Unrealized Gain (Loss) on Investments					775	$ (75)
A M B S [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Common Stock, Value, Issued	1,975		1,975		$ 1,975
Unrealized Gain (Loss) on Investments	$ 75	$ 850	$ 775	$ 2,125

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LOANS PAYABLE (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		21 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2018
Short-Term Debt [Line Items]
[custom:AccruedLiabilitiesCurrentRelatedParties-0]	$ 55,845		$ 55,845		$ 55,845	$ 46,713
Loans Payable, Current	$ 10,000		$ 10,000		$ 10,000	10,000
Chief Financial Officer [Member]
Short-Term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	500.00%		500.00%		500.00%
[custom:LoansPayableRelatedParties]					$ 61,300
Chief Financial Officer [Member]
Short-Term Debt [Line Items]
Loans Payable								$ 335,683
Debt Instrument, Interest Rate, Stated Percentage	5.00%		5.00%		5.00%
Debt Instrument, Maturity Date			Sep. 30, 2022
Debt Instrument, Increase, Accrued Interest	$ 4,600	$ 3,874	$ 9,132	$ 7,997
[custom:AccruedLiabilitiesCurrentRelatedParties-0]	$ 55,845		$ 55,845		$ 55,845	$ 46,713
Chief Science Officer [Member]
Short-Term Debt [Line Items]
Loans Payable, Current							$ 26,935
Chief Executive Officer [Member]
Short-Term Debt [Line Items]
Loans Payable									$ 4,500

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BRIDGE FINANCING (Details Narrative) - Promissory Note 2 [Member] - USD ($)	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021
Debt Instrument, Issuance Date	Dec. 21, 2011
Debt Instrument, Face Amount	$ 150,000
Debt Instrument, Maturity Date	Jun. 21, 2012
[custom:DebtInstrumentAdditionalInterestRateStatedPercentage-0]	1000.00%
[custom:BalanceOfConvertibleNotesPayable-0]	$ 175,000		$ 175,000
Interest Expense, Debt	4,411	$ 4,411
Accrued Liabilities and Other Liabilities	$ 171,260		$ 162,438

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STOCKHOLDERS' DEFICIENCY (Details Narrative) - USD ($)	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
[custom:SeriesASharesIssued-0]	885,000	885,000
Debt Conversion, Converted Instrument, Rate	8.00%
[custom:DividendStatedValue]	$ 2.00
Preferred Stock [Member] | Series A Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
[custom:SeriesASharesIssued-0]	885,000	885,000
Preferred Stock, Convertible, Conversion Price	$ 1.00
Dividends Payable, Current	$ 782,533	$ 747,232
Preferred Stock [Member] | Series B Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
[custom:SeriesBSharesAuthorized-0]	4,000,000