☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

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).

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

As of ~~December 31, 2016~~June 30, 2017 there were ~~145,412,605~~138,112,605 shares of common stock issued and outstanding.

As of ~~December 31, 2016~~June 30, 2017 there were ~~147,966,697~~136,966,697 shares of Series A Preferred Stock issued and outstanding.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

REGEN BIOPHARMA , INC.
STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF CASH FLOWS							CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)

	Quarter Ended December 31			Quarter Ended December 31
	2016			2015				Nine Months Ended June 30, 2017			Nine Months Ended June 30, 2016 (as restated)
CASH FLOWS FROM OPERATING ACTIVITIES

Net Income (loss)		(2,524,579	)		(1,857,466	)			(4,587,009	)		(2,420,430	)
Adjustments to reconcile net Income to net cash
Stock Received as Payment for Services
Preferred Stock Issued for Expenses
Preferred Stock issued to Consultants									50			40
Common Stock issued to Consultants									13,400
Preferred Stock issued for compensation									3,150			3,000
Preferred Stock issued for Interest
Preferred Stock issued pursuant to contractual obligations
Common Stock issued to Consultants
Preferred Stock issued to Consultants					40
Preferred Stock issued for Expenses									5,000
Increase (Decrease) in Interest expense attributable to amortization of Discount		61,102							259,749			5,202
Increase in issuance of stock below fair value		1,950,120			1,163,313
Increase in Additional Paid in Capital		5,240			247,723				8,580			743,201
Increase(Decrease) in Loss on Issuance of stock below fair value												48,300
Changes in operating assets and liabilities:
Increase (Decrease) in Accounts Payable		(76,832	)		1,792				313,037			190,585
(Increase) Decrease in Accounts Receivable									(19,852	)
(Increase) Decrease in Notes Receivable									7,500
(Increase) Decrease in Interest Receivable		(300	)		(300	)			(633	)		(897	)
Increase ( Decrease) in Bank Overdraft
Increase (Decrease) in accrued Expenses		72,060			25,495				298,067			163,249
(Increase) Decrease in Prepaid Expenses		8,894			9,000				26,584			9,000
Increase(Decrease) in Loss on Issuance of stock below fair value
Increase in Derivative Liability									2,483,975
Increase in Stock Accepted as Consideration									(83,000	)
(Increase) Decrease in Due from Former Employee					(15,000	)						(15,000	)

Net Cash Provided by (Used in) Operating Activities		(504,295	)		(425,403	)			(1,271,402	)		(1,273,750	)

CASH FLOWS FROM FINANCING ACTIVITIES
Common Stock issued for Cash		267,500			32,1667				292,500			619,938
Preferred Stock issued for Cash		292,500			238,334				317,500			534,813
Increase in Contributed Capital		0							0
Increase ( Decrease) in Notes Payable		(74,809	)		(54,701	)
Increase (Decrease) in Notes Payable									(21,793	)		70,696
Increase in Convertible Notes payable		240,000							1,094,000			150,000
(Increase ) Decrease in Original Issue Discount									(4,000	)
Increase (Decrease) in Due to Investor									20,000
Increase (Decrease) in Due to Shareholder		(25,000	)		50,000				(50,000	)
Net Cash Provided by (Used in) Financing Activities		700,191			555,300				1,648,207			1,375,447


Net Increase (Decrease) in Cash		195,896			129,897				376,805			101,697

Cash at Beginning of Period		24,822			38,620				24,822			38,620

Cash at End of Period		220,718			168,517				401,627			140,317

Supplemental Disclosure of Noncash investing and financing activities:
Common shares Issued for Debt		0							0			14,000
Preferred Shares Issued for Debt		0							0			10,000
Cash Paid for Interest		1,000							7,000			0

The Accompanying Notes are an Integral Part of These Financial Statements

The accompanying unaudited interim condensed consolidated financial statements of Regen Biopharma , Inc. (“Regen” or “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the United States Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report filed with the SEC on Form 10-K for the year ended September 30, 2016. In general, interim disclosures do not repeat those contained in the annual statements. In the opinion of management, all adjustments consisting of normal recurring adjustments necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

The Company was organized April 24, 2012 under the laws of the State of Nevada. The Company is a controlled subsidiary of Bio-Matrix Scientific Group, Inc, (“BMSN”) a Delaware corporation.

The Company intends to engage primarily in the development of regenerative medical applications which we intend to license from other entities up to the point of successful completion of Phase I and or Phase II clinical trials after which we would either attempt to sell or license those developed applications or, alternatively, advance the application further to Phase III clinical trials

The financial statements have been prepared using the basis of accounting generally accepted in the United States of America. Under this basis of accounting, revenues are recorded as earned and expenses are recorded at the time liabilities are incurred. The Company has adopted a September 30 year-end.

The consolidated financial statements include the accounts of KCL, Therapeutics, Inc., a Nevada corporation and wholly owned subsidiary of Regen. Significant inter-company transactions have been eliminated

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Property and equipment are recorded at cost. Maintenance and repairs are expensed in the year in which they are incurred. Expenditures that enhance the value of property and equipment are capitalized.

Fair value is the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. A fair value hierarchy requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value:

Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company accounts for income taxes using the liability method prescribed by ASC 740, “Income Taxes.” Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date.

The Company applied the provisions of ASC 740-10-50, “Accounting For Uncertainty In Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of ~~December 31, 2016~~June 30, 2017 the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.

The Company generated a deferred tax credit through net operating loss carry forward. However, a valuation allowance of 100% has been established.

Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19.

The Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 260, “Earnings Per Share”, which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. ASC 260 requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share. The Company has adopted the provisions of ASC 260 effective from inception.

Basic net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding.

Costs associated with advertising are charged to expense as incurred. Advertising expenses were $0 for the quarter ended ~~December 31, 2016 .~~June 30, 2017 ..

Sales of products and related costs of products sold are recognized when: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred; (iii) the price is fixed or determinable; and (iv) collectability is reasonably assured. These terms are typically met upon the prepayment or invoicing and shipment of products.

The Company determines the amount and timing of royalty revenue based on its contractual agreements with intellectual property licensees. The Company recognizes royalty revenue when earned under the terms of the agreements and when the Company considers realization of payment to be probable. Where royalties are based on a percentage of licensee sales of royalty-bearing products, the Company recognizes royalty revenue by applying this percentage to the Company’s estimate of applicable licensee sales. The Company bases this estimate on an analysis of each licensee’s sales results. Where warranted, revenue from licensees for contractual obligations such as License Initiation Fees are recognized upon satisfaction of all conditions required to be satisfied in order for that revenue to have been earned by the Company.

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. The Company has adopted this standard.

The following accounting standards updates were recently issued and have not yet been adopted by us. These standards are currently under review to determine their impact on our consolidated financial position, results of operations, or cash flows.

In May 2014, FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The revenue recognition standard affects all entities that have contracts with customers, except for certain items. The new revenue recognition standard eliminates the transaction-and industry-specific revenue recognition guidance under current GAAP and replaces it with a principle-based approach for determining revenue recognition. Public entities are required to adopt the revenue recognition standard for reporting periods beginning after December 15, 2016, and interim and annual reporting periods thereafter. Early adoption is not permitted for public entities. The Company has reviewed the applicable ASU and has not, at the current time, quantified the effects of this pronouncement, however it believes that there will be no material effect on the consolidated financial statements.

In June 2014, FASB issued Accounting Standards Update (ASU) No. 2014-12 Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. A performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition under Accounting Standards Codification (ASC) 718, Compensation — Stock Compensation. As a result, the target is not reflected in the estimation of the award’s grant date fair value. Compensation cost would be recognized over the required service period, if it is probable that the performance condition will be achieved. The guidance is effective for annual periods beginning after 15 December 2015 and interim periods within those annual periods. Early adoption is permitted. The Company has reviewed the applicable ASU and has not, at the current time, quantified the effects of this pronouncement, however it believes that there will be no material effect on the consolidated financial statements.

In ~~August2014,~~August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under generally accepted accounting principles (GAAP), continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared

under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements—Liquidation Basis of Accounting. Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will evaluate the going concern considerations in this ASU, however, at the current period, management does not believe that it has met the conditions which would subject these financial statements for additional disclosure.

On January 31, 2013, the FASB issued Accounting Standards Update [ASU] 2013-01, entitled Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The guidance in ASU 2013-01 amends the requirements in the FASB Accounting Standards Codification [FASB ASC] Topic 210, entitled Balance Sheet. The ASU 2013-01 amendments to FASB ASC 210 clarify that ordinary trade receivables and receivables in general are not within the scope of ASU 2011-11, entitled Disclosure about Offsetting Assets and Liabilities, where that ASU amended the guidance in FASB ASC 210. As those disclosures now are modified with the ASU 2013-01 amendments, the FASB ASC 210 balance sheet offsetting disclosures now clearly are applicable only where reporting entities are involved with bifurcated embedded derivatives, repurchase agreements, reverse repurchase agreements, and securities borrowing and lending transactions that either are offset using the FASB ASC 210 or 815 requirements, or that are subject to enforceable master netting arrangements or similar agreements. ASU 2013-01 is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The adoption of this ASU is not expected to have a material impact on our financial statements.

On February 28, 2013, the FASB issued Accounting Standards Update [ASU] 2013-04, entitled Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The ASU 2013-04 amendments add to the guidance in FASB Accounting Standards Codification [FASB ASC] Topic 405, entitled Liabilities and require reporting entities to measure obligations resulting from certain joint and several liability arrangements where the total amount of the obligation is fixed as of the reporting date, as the sum of the following:

The amount the reporting entity agreed to pay on the basis of its arrangement among co-obligors.

Any additional amounts the reporting entity expects to pay on behalf of its co-obligors.

While early adoption of the amended guidance is permitted, for public companies, the guidance is required to be implemented in fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments need to be implemented retrospectively to all prior periods presented for obligations resulting from joint and several liability arrangements that exist at the beginning of the year of adoption. The adoption of ASU 2013-04 is not expected to have a material effect on the Company’s operating results or financial position.

On April 22, 2013, the FASB issued Accounting Standards Update [ASU] 2013-07, entitled Liquidation Basis of Accounting. With ASU 2013-07, the FASB amends the guidance in the FASB Accounting Standards Codification [FASB ASC] Topic 205, entitled Presentation of Financial Statements. The amendments serve to clarify when and how reporting entities should apply the liquidation basis of accounting. The guidance is applicable to all reporting entities, whether they are public or private companies or not-for-profit entities. The guidance also provides principles for the recognition of assets and liabilities and disclosures, as well as related financial statement presentation requirements. The requirements in ASU 2013-07 are effective for annual reporting periods beginning after December 15, 2013, and interim reporting periods within those annual periods. Reporting entities are required to apply the requirements in ASU 2013-07 prospectively from the day that liquidation becomes imminent. Early adoption is permitted. The adoption of ASU 2013-07 is not expected to have a material effect on the Company’s operating results or financial position.

A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, the Company’s management has not determined whether implementation of such standards would be material to its financial statements.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company generated net losses of ~~$ 22,748,898~~$11,489,821 during the period from April 24, 2012 (inception) through ~~December 31, 2016.~~June 30, 2017. This condition raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Management plans to raise additional funds by offering securities for cash. Management has yet to decide what type of offering the Company will use or how much capital the Company will raise. During the year ended September 30, 2016 the Company raised $1,254,751 through the issuance of equity securities for cash and $300,000 through the issuance of convertible debentures. During the quarter ended December 31, 2016 the Company raised $585,000 through the issuance of equity securities for cash and $240,000 through the issuance of convertible debentures. During the quarter ended March 31, 2017 the Company raised $25,000 through the issuance of equity securities for cash and $200,000 through the issuance of convertible debentures. During the quarter ended June 30, 2017 the Company raised $650,000 through the issuance of convertible debentures.

$50227 lent to the Company by David Koos. is due and payable at the demand of the holder and bears simple interest at a rate of 15% per annum.

$5,288 lent to the Company by Bostonia Partners is due and payable March 8, 2017 and bears simple interest at a rate of 10% per annum.

$63,300 lent to the Company by Bostonia Partners is due and payable May 10 2017 and bears simple interest at a rate of 10% per annum.

$6,000 lent to the Company by Biomatrix Scientific Group, Inc. is due and payable February 17, 2018 and bears simple interest at a rate of 10% per annum.

$274 lent to the Company by Blackbriar Partners, Inc. is due and payable February 21, 2018 and bears simple interest at a rate of 10% per annum.

$66 lent to the Company by Blackbriar Partners, Inc. is due and payable February 22, 2018 and bears simple interest at a rate of 10% per annum.

$11,000 lent to the Company by Blackbriar Partners, Inc. is due and payable February 23, 2018 and bears simple interest at a rate of 10% per annum.

$20,000 lent to the Company by Blackbriar Partners, Inc. is due and payable April 28, 2018 and bears simple interest at a rate of 10% per annum.

$15,000 lent to the Company by Blackbriar Partners, Inc. is due and payable May 3, 2018 and bears simple interest at a rate of 10% per annum.

$500 lent to the Company by Blackbriar Partners, Inc. is due and payable May 31, 2018 and bears simple interest at a rate of 10% per annum.

On March 8, 2016 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $100,000 for consideration consisting of $100,000 cash. The Note pays simple interest in the amount of 8% per annum . The maturity of the Note is three years from the issue date.

The Lender shall have the right from time to time to convert all or a part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Company into which such Common Stock shall hereafter be changed or reclassified pursuant to the following terms and conditions:

(a) For the period beginning on the Issue Date and ending 365 days subsequent to the Issue Date (“Year 1”) a 50% discount to the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day (as defined below) period ending on the latest complete Trading Day prior to the Conversion Date or ten cents per share (whichever is greater).

(b) For the period beginning one day subsequent to the final day of Year One and ending 365 days subsequent to Year One (“Year 2”) a 35% discount to the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day (as defined below) period ending on the latest complete Trading Day prior to the Conversion Date or ten cents per share (whichever is greater).

(a)

For the period beginning on the Issue Date and ending 365 days subsequent to the Issue Date (“Year 1”) a 50% discount to the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day (as defined below) period ending on the latest complete Trading Day prior to the Conversion Date or ten cents per share (whichever is greater).

(c) For the period beginning one day subsequent to the final day of Year 2 and ending 365 days subsequent to Year 2 (“Year 3”) a 25% discount to the lowest Trading Price (as defined below) for the Common Stock during the ten (10) Trading Day (as defined below) period ending on the latest complete Trading Day prior to the Conversion Date or ten cents per share (whichever is greater).

(d) “Trading Price” means the closing bid price on the Over-the-Counter Bulletin Board, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Lender (i.e. Bloomberg) or, if the OTCQB is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets” by the National Quotation Bureau, Inc. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Company and the Lender. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCQB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. “Trading Volume” shall mean the number of shares traded on such Trading Day as reported by such Reporting Service. The Conversion Price shall be equitably adjusted for stock splits, stock dividends, rights offerings, combinations, recapitalization, reclassifications, extraordinary distributions and similar events by the Company relating to the Lender’s securities.

The Company shall have the right, exercisable on not less than five (5) Trading Days prior written notice to the Lender, to prepay the outstanding Note in part or in full, including outstanding principal and accrued interest.

Upon closing of a Transaction Event the Lender shall receive 0 .10% ( one tenth of one percent)of the consideration actually received by the Company from an unaffiliated third party as a result of the closing of a Transaction Event.

~~(a) The sale by the Company of the Company’s proprietary NR2F6 intellectual property to an unaffiliated third party~~

(b) The granting of a license by the Company to an unaffiliated third party granting that unaffiliated third party the right to develop and/or commercialize the Company’s proprietary NR2F6 intellectual property

The issuance of the Note amounted in a beneficial conversion feature of $42,600 which is amortized under the Interest Method over the life of the Note. As of ~~December 31, 2016~~June 30, 2017 the unamortized discount on the convertible notes outstanding is $ ~~31,085.~~24,005. As of ~~December 31, 2016~~June 30, 2017 $100,000 of the principal amount of the Note remains outstanding.

The amount by which the Note’s as converted value exceeds the principal amount as of ~~December 31, 2016~~June 30, 2017 is $0.

On April 6, 2016 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 8% per annum . The maturity of the Note is three years from the issue date.

(a)

~~(a) The sale by the Company of the Company’s proprietary NR2F6 intellectual property to an unaffiliated third party~~

The issuance of the Note amounted in a beneficial conversion feature of $9,900 which is amortized under the Interest Method over the life of the Note. As of ~~December 31, 2016~~June 30, 2017 the unamortized discount on the convertible note outstanding is $ ~~7,495.~~5,849. As of ~~December 31, 2016~~June 30, 2017 $50,000 of the principal amount of the Note remains outstanding.

The amount by which the Note’s as converted value exceeds the principal amount as of June 30, 2017 is $0.

On August 26, 2016 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is one year from the issue date.

The Lender shall have the right from time to time to convert all or a part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock and/or Series A Preferred Stock, as such Stock exists on the Issue Date, or any shares of capital stock or other securities of the Company into which such Stock shall hereafter be changed or reclassified at a conversion price of $0.0125 per share.

The Company shall have the right, exercisable on not less than three (3) Trading Days prior written notice to the Lender, to prepay the outstanding Note in part or in full, including outstanding principal and accrued interest.

The issuance of the Note amounted in a beneficial conversion feature of $50,000 which is amortized under the Interest Method over the life of the Note. As of ~~December 31, 2016~~June 30, 2017 the unamortized discount on the convertible note outstanding is $ ~~32,739.~~7,808. As of ~~December 31, 2016~~June 30, 2017 $50,000 of the principal amount of the Note remains outstanding.

The amount by which the Note’s as converted value exceeds the principal amount as of ~~December 31, 2016~~June 30, 2017 is :

On September 8, 2016 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is one year from the issue date.

The Lender shall have the right from time to time to convert all or a part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock and/or Series A Preferred Stock, as such Stock exists on the Issue Date, or any shares of capital stock or other securities of the Company into which such Stock shall hereafter be changed or reclassified at a conversion price of $0.0125 per share.

The issuance of the Note amounted in a beneficial conversion feature of $50,000 which is amortized under the Interest Method over the life of the Note. As of ~~December 31, 2016~~June 30, 2017 the unamortized discount on the convertible note outstanding is $ ~~34,657.~~9,726. As of ~~December 31, 2016~~June 30, 2017 $50,000 of the principal amount of the Note remains outstanding.

The amount by which the Note’s as converted value exceeds the principal amount as of ~~December 31, 2016~~June 30, 2017 is :

On September 20, 2016 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is one year from the issue date.

The Lender shall have the right from time to time to convert all or a part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock and/or Series A Preferred Stock, as such Stock exists on the Issue Date, or any shares of capital stock or other securities of the Company into which such Stock shall hereafter be changed or reclassified at a conversion price of $0.0125 per share.

The issuance of the Note amounted in a beneficial conversion feature of $50,000 which is amortized under the Interest Method over the life of the Note. As of ~~December 31, 2016~~June 30, 2017 the unamortized discount on the convertible note outstanding is $ ~~36,164.~~11,232. As of ~~December 31, 2016~~June 30, 2017 $50,000 of the principal amount of the Note remains outstanding.

The amount by which the Note’s as converted value exceeds the principal amount as of ~~December 31, 2016~~June 30, 2017 is :

On October 7, 2016 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is two years from the issue date.

The Lender shall have the right from time to time to convert all or a part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock and/or Series A Preferred Stock, as such Stock exists on the Issue Date, or any shares of capital stock or other securities of the Company into which such Stock shall hereafter be changed or reclassified at a conversion price of $0.0125 per share.

The Company shall have the right, exercisable on not less than ten (10) Trading Days prior written notice to the Lender, to prepay the outstanding Note in part or in full, including outstanding principal and accrued interest.

The issuance of the Note amounted in a beneficial conversion feature of $50,000 which is amortized under the Interest Method over the life of the Note. As of ~~December 31, 2016~~June 30, 2017 the unamortized discount on the convertible note outstanding is $ ~~44,178.~~31,849. As of ~~December 31, 2016~~June 30, 2017 $50,000 of the principal amount of the Note remains outstanding.

The amount by which the Note’s as converted value exceeds the principal amount as of ~~December 31, 2016~~June 30, 2017 is :

On October ~~31,~~7, 2016 (“Issue date”) the Company issued a second Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is two years from the issue date.

The Lender shall have the right from time to time to convert all or a part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock and/or Series A Preferred Stock, as such Stock exists on the Issue Date, or any shares of capital stock or other securities of the Company into which such Stock shall hereafter be changed or reclassified at a conversion price of $0.0125 per share.

The issuance of the Note amounted in a beneficial conversion feature of $50,000 which is amortized under the Interest Method over the life of the Note. As of ~~December 31, 2016~~June 30, 2017 the unamortized discount on the convertible note outstanding is $ ~~45,821.~~33,493. As of ~~December 31, 2016~~June 30, 2017 $50,000 of the principal amount of the Note remains outstanding.

The amount by which the Note’s as converted value exceeds the principal amount as of ~~December 31, 2016~~June 30, 2017 is :

On October 31, 2016 (“Issue date”) the Company issued a third Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is two years from the issue date.

The Lender shall have the right from time to time to convert all or a part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock and/or Series A Preferred Stock, as such Stock exists on the Issue Date, or any shares of capital stock or other securities of the Company into which such Stock shall hereafter be changed or reclassified at a conversion price of $0.0125 per share.

The issuance of the Note amounted in a beneficial conversion feature of $50,000 which is amortized under the Interest Method over the life of the Note. As of ~~December 31, 2016~~June 30, 2017 the unamortized discount on the convertible note outstanding is $ ~~45,821.~~33,493. As of ~~December 31, 2016~~June 30, 2017 $50,000 of the principal amount of the Note remains outstanding.

The amount by which the Note’s as converted value exceeds the principal amount as of ~~December 31, 2016~~June 30, 2017 is :

On October 31, 2016 (“Issue date”) the Company issued a fourth Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is two years from the issue date.

The Lender shall have the right from time to time to convert all or a part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock and/or Series A Preferred Stock, as such Stock exists on the Issue Date, or any shares of capital stock or other securities of the Company into which such Stock shall hereafter be changed or reclassified at a conversion price of $0.0125 per share.

The issuance of the Note amounted in a beneficial conversion feature of $50,000 which is amortized under the Interest Method over the life of the Note. As of ~~December 31, 2016~~June 30, 2017 the unamortized discount on the convertible note outstanding is $ ~~45,821.~~33,493. As of ~~December 31, 2016~~June 30, 2017 $50,000 of the principal amount of the Note remains outstanding.

The amount by which the Note’s as converted value exceeds the principal amount as of ~~December 31, 2016~~June 30, 2017 is :

On December 22, 2016 (“Issue date”) the Company issued a fifth Convertible Note (“Note”) in the face amount of $40,000 for consideration consisting of $40,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is one year from the issue date.

The Lender shall have the right from time to time to convert all or a part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock and/or Series A Preferred Stock, as such Stock exists on the Issue Date, or any shares of capital stock or other securities of the Company into which such Stock shall hereafter be changed or reclassified at a conversion price of $0.01 per share.

The issuance of the Note amounted in a beneficial conversion feature of $40,000 which is amortized under the Interest Method over the life of the Note. As of ~~December 31, 2016~~June 30, 2017 the unamortized discount on the convertible note outstanding is $ ~~39,013.~~19,287. As of ~~December 31, 2016~~June 30, 2017 $40,000 of the principal amount of the Note remains outstanding.

The amount by which the Note’s as converted value exceeds the principal amount as of ~~December 31, 2016~~June 30, 2017 is :

On March 1, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $75,000 for consideration consisting of $75,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is March 1, 2020. All or part of the principal is convertible at any time at the demand of the Lender into the Common Shares of Regen at a price per share ( “Conversion Price”) equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately prior to the date a conversion notice is given by the Lender to Regen or (b) $0.0125 per common share.

In the event that that the Company exercises its right to prepay the note, or if the Lender chooses not to convert the remaining amount of the note into Common Shares of the company, the Lender shall receive warrants equal to 10% of the Common shares it would have received had the Lender converted the remaining amount of the Note into Common shares of the Company. The warrants shall have a strike price of $0.05 per share.

In the event that the Company exercises its right to Prepay the Note on or prior to the close of business on the three (3) month anniversary of the date that the Note shall have been prepaid by the Company(“Prepayment Date”)

In the event , part of the outstanding and unpaid principal amount of this Note and any Accrued Interest remains outstanding on the Maturity Date of the Note, or prior to the close of business on the three (3) month anniversary of the Maturity Date of the Note. As of June 30, 2017 $75,000 of the principal amount of the Note remains outstanding.

The Company analyzed the conversion feature of the Note for derivative accounting consideration under ASC 815-15 “Derivatives and Hedging” and determined that the embedded conversion feature should be classified as a liability due to their being no explicit limit to the number of shares to be delivered upon settlement of the above conversion features. ASC 815-15 requires that the conversion features are bifurcated and separately accounted for as an embedded derivative contained in the Company’s convertible debt. The embedded derivative is carried on the balance sheet at fair value. Any unrealized change in fair value, as determined at each measurement period, is recorded as a component of the income statement and the associated carrying amount on the balance sheet is adjusted by the change.

The Company values the embedded derivative using the Black-Scholes pricing model and a derivative liability of $315,384 was recognized by the Company as of June 30, 2017.

The issuance of the Note amounted in a discount of $75,000 which is amortized under the Interest Method over the life of the Note. As of June 30, 2017 the unamortized discount on the convertible note outstanding is $ 66,788.

On March 9, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $25,000 for consideration consisting of $25,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is March 9, 2020. All or part of the principal is convertible at any time at the demand of the Lender into the Common Shares of Regen at a price per share ( “Conversion Price”) equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately prior to the date a conversion notice is given by the Lender to Regen or (b) $0.025 per common share.

In the event , part of the outstanding and unpaid principal amount of this Note and any Accrued Interest remains outstanding on the Maturity Date of the Note, or prior to the close of business on the three (3) month anniversary of the Maturity Date of the Note. As of June 30, 2017 $25,000 of the principal amount of the Note remains outstanding.

The Company values the embedded derivative using the Black-Scholes pricing model and a derivative liability of $105,128 was recognized by the Company as of June 30, 2017. The issuance of the Note amounted in a discount of $25,000 which is amortized under the Interest Method over the life of the Note. As of June 30, 2017 the unamortized discount on the convertible note outstanding is $ 22,445.

On March 13, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is February 24, 2020. All or part of the principal is convertible at any time at the demand of the Lender into the Common Shares of Regen at a price per share ( “Conversion Price”) equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately prior to the date a conversion notice is given by the Lender to Regen or (b) $0.0125 per common share.

In the event , part of the outstanding and unpaid principal amount of this Note and any Accrued Interest remains outstanding on the Maturity Date of the Note, or prior to the close of business on the three (3) month anniversary of the Maturity Date of the Note. As of June 30, 2017 $50,000 of the principal amount of the Note remains outstanding.

The Company values the embedded derivative using the Black-Scholes pricing model and a derivative liability of $210,256 was recognized by the Company as of June 30, 2017. The issuance of the Note amounted in a discount of $50,000 which is amortized under the Interest Method over the life of the Note. As of June 30, 2017 the unamortized discount on the convertible note outstanding is $ 44,990.

On March 31, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is March 31, 2020. All or part of the principal is convertible at any time at the demand of the Lender into the Common Shares of Regen at a price per share ( “Conversion Price”) equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately prior to the date a conversion notice is given by the Lender to Regen or (b) $0.0125 per common share.

In the event , part of the outstanding and unpaid principal amount of this Note and any Accrued Interest remains outstanding on the Maturity Date of the Note, or prior to the close of business on the three (3) month anniversary of the Maturity Date of the Note. As of June 30, 2017 $50,000 of the principal amount of the Note remains outstanding.

On April 19, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $25,000 for consideration consisting of $25,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is April 19, 2020. All or part of the principal is convertible at any time at the demand of the Lender into the Common Shares of Regen at a price per share ( “Conversion Price”) equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately prior to the date a conversion notice is given by the Lender to Regen or (b) $0.0125 per common share.

As of June 30, 2017 $25,000 of the principal amount of the Note remains outstanding.

On April 19, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is April 19, 2020. All or part of the principal is convertible at any time at the demand of the Lender into the Common Shares of Regen at a price per share ( “Conversion Price”) equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately prior to the date a conversion notice is given by the Lender to Regen or (b) $0.0125 per common share.

As of June 30, 2017 $50,000 of the principal amount of the Note remains outstanding.

On May 5, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $200,000 for consideration consisting of $200,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is May 5, 2020. The Note is convertible into the Common Shares of Regen at a price per share ( “Conversion Price”) equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately prior to the date a conversion notice is given by the Lender to Regen or (b) $0.025 per common share as of the date which is the earlier of:

(i) One day subsequent to the execution of an agreement to a transaction whose completion would result in a “Change of Control” of the Company. For purposes of this Note, a Change of Control shall be defined as any transaction or series of transactions, whether by merger, sale of substantially all of the assets, or sale or transfer of more than fifty percent (50%) of the outstanding stock of the relevant entity in which the members of the Board of Directors immediately preceding the closing of the Change of Control transaction no longer constitute a majority of the Board of Directors of the surviving entity following the closing of such transaction.

(ii) One day subsequent to the commencement, in compliance with applicable law, of a broad solicitation by a third party to purchase a majority percentage of the Company’s outstanding equity securities for a limited period of time contingent on shareholders of the Company tendering a fixed number of their equity securities (“Tender Offer”).

(iii) That date which is twenty four (24) months subsequent to the date of execution of this Note.

As of June 30, 2017 $200,000 of the principal amount of the Note remains outstanding.

The Company values the embedded derivative using the Black-Scholes pricing model and a derivative liability of $841,026 was recognized by the Company as of June 30, 2017. The issuance of the Note amounted in a discount of $200,000 which is amortized under the Interest Method over the life of the Note. As of June 30, 2017 the unamortized discount on the convertible note outstanding is $189,781.

On May 10, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $100,000 for consideration consisting of $100,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is May 9, 2020. The Note may be converted into the Common Shares of Regen at a price per share ( “Conversion Price”) equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately prior to the date a conversion notice is given by the Lender to Regen or (b) $0.025 per common share as of the date which is the earlier of:

As of June 30, 2017 $100,000 of the principal amount of the Note remains outstanding.

The Company values the embedded derivative using the Black-Scholes pricing model and a derivative liability of $420,513 was recognized by the Company as of June 30, 2017. The issuance of the Note amounted in a discount of $100,000 which is amortized under the Interest Method over the life of the Note. As of June 30, 2017 the unamortized discount on the convertible note outstanding is $93,424.

On May 19, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is May 19, 2020. The Note may be converted into the Common Shares of Regen at a price per share ( “Conversion Price”) equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately prior to the date a conversion notice is given by the Lender to Regen or (b) $0.0125 per common share as of the date which is the earlier of:

(a) The sale by the Company or by KCL Therapeutics , Inc. of the Company’s proprietary NR2F6 intellectual property to an unaffiliated third party

(b) The granting of a license by the Company or by KCL Therapeutics , Inc to an unaffiliated third party granting that unaffiliated third party the right to develop and/or commercialize the Company’s proprietary NR2F6 intellectual property

As of June 30, 2017 $50,000 of the principal amount of the Note remains outstanding.

The Company values the embedded derivative using the Black-Scholes pricing model and a derivative liability of $210,526 was recognized by the Company as of June 30, 2017. The issuance of the Note amounted in a discount of $50,000 which is amortized under the Interest Method over the life of the Note. As of June 30, 2017 the unamortized discount on the convertible note outstanding is $46,715.

On June 26, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $150,000 for consideration consisting of $150,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is June 16, 2020. The Note may be converted into the Common Shares of Regen at a price per share ( “Conversion Price”) equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately prior to the date a conversion notice is given by the Lender to Regen or (b) $0.025 per common share as of the date which is the earlier of:

(a) The sale by the Company or by KCL Therapeutics , Inc. of the Company’s proprietary NR2F6 intellectual property to an unaffiliated third party

(v) That date which is twenty four (24) months subsequent to the date of execution of this Note.

As of June 30, 2017 $150,000 of the principal amount of the Note remains outstanding.

The Company values the embedded derivative using the Black-Scholes pricing model and a derivative liability of $630,769 was recognized by the Company as of June 30, 2017. The issuance of the Note amounted in a discount of $150,000 which is amortized under the Interest Method over the life of the Note. As of June 30, 2017 the unamortized discount on the convertible note outstanding is $149,447.

On June 28, 2016 the Company issued a Convertible Note (“Note”) in the face amount of $79,000 for consideration consisting of $75,000 cash. The Note bears a one time interest charge of 10% of the principal amount of $79,000 and is convertible into the Common Stock of the Company at a price per share equal to the lower of 60% of the lowest trade price in the 25 trading days prior to conversion or 0.0365 however conversions cannot be effected for a price less than $0.01 per common share except in the event of certain breaches of the Terms and Conditions of the Note by the Company. The Note matures 8 months from issuance. The issuance of the Note amounted in a discount of $79,000 which is amortized under the Interest Method over the life of the Note. As of June 30, 2017 the unamortized discount on the convertible note outstanding is $78,355. The Company recognized an Original Issue Discount of $4,000 in connection with the issuance of the Note.

$~~12,051~~4,551 lent by the Company to Entest Biomedical, Inc. is due and payable at the demand of the holder and bear simple interest at a rate of 10% per annum.

As of ~~December 31, 2016~~June 30, 2017 the Company has a Deferred Tax Asset of ~~$7,734,625~~$3,906,539 completely attributable to net operating loss carry forwards of approximately ~~$22,748,898~~$11,489,821 (which expire 20 years from the date the loss was incurred).

Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry forwards are expected to be available to reduce taxable income. The achievement of required future taxable income is uncertain. As a result, the Company has recorded a valuation allowance reducing all deferred tax assets to 0.

As of ~~December 31, 2016~~June 30, 2017 the Company has received capital contributions from Bio Matrix Scientific Group, Inc (“BMSN”) , a corporation under common control with the Company and which possesses the majority of the voting power of the shares outstanding of the company, totaling $728,658 and has issued 50,010,000 common shares to BMSN for aggregate consideration of $20,090.

The Company utilizes approximately 2,300 square feet of office space at 4700 Spring Street, Suite 304, La Mesa California, 91941 subleased to the Company by Entest BioMedical, Inc. on a month to month basis beginning October 1, 2014. The Chief Executive Officer of Entest Biomedical Inc. is David R. Koos who also serves as the Chief Executive Officer of the Company’s parent and the Company. The sublease is on a month to month basis and rent payable to Entest Biomedical, Inc. by Regen Biopharma Inc is equal to $5,000 per month.

As of ~~December 31, 2016~~June 30, 2017 Entest Biomedical Inc. is indebted to the Company in the amount of ~~$12,051. $12,051~~$4,551. $4,551 lent by the Company to Entest Biomedical, Inc. is due and payable at the demand of the holder and bear simple interest at a rate of 10% per annum.

As of ~~December 31, 2016~~June 30, 2017 the Company is indebted to David R. Koos in the amount of ~~$50. $50~~$227. $227 lent to the Company by Koos is due and payable at the demand of the holder and bear simple interest at a rate of 10% per annum.

On June 23, 2015 the Company entered into an agreement (“Agreement”) with Zander Therapeutics, Inc. ( “Zander”) whereby The Company granted to Zander an exclusive worldwide right and license for the development and commercialization of certain intellectual property controlled by The Company (” License IP”) for non-human veterinary therapeutic use for a term of fifteen years. Zander is a wholly owned subsidiary of Entest Biomedical, Inc.

Pursuant to the Agreement, Zander shall pay to The Company one-time, non-refundable, upfront payment of one hundred thousand US dollars ($100,000) as a license initiation fee which must be paid within 90 days of June 23, 2015 and an annual non-refundable payment of one hundred thousand US dollars ($100,000) on July 15^th, 2016 and each subsequent anniversary of the effective date of the Agreement.

The abovementioned payments may be made, at Zander’s discretion, in cash or newly issued common stock of Zander or in common stock of Entest BioMedical Inc. valued as of the lowest closing price on the principal exchange upon which said common stock trades publicly within the 14 trading days prior to issuance.

Pursuant to the Agreement, Zander shall pay to The Company royalties equal to four percent (4%) of the Net Sales , as such term is defined in the Agreement, of any Licensed Products, as such term is defined in the Agreement, in a Quarter.

Pursuant to the Agreement, Zander will pay The Company ten percent (10%) of all consideration (in the case of in-kind consideration, at fair market value as monetary consideration) received by Zander from sublicensees ( excluding royalties from sublicensees based on Net Sales of any Licensed Products for which The Company receives payment pursuant to the terms and conditions of the Agreement).

Zander is obligated pay to The Company minimum annual royalties of ten thousand US dollars ($10,000) payable per year on each anniversary of the Effective Date of this Agreement, commencing on the second anniversary of June 23, 2015. This minimum annual royalty is only payable to the extent that royalty payments made during the preceding 12-month period do not exceed ten thousand US dollars ($10,000).

If Zander has not sold any Licensed Product by ten years of the effective date of the Agreement or Zander has not sold any Licensed Product for any twelve (12) month period after Zander’s first commercial sale of a Licensed Product.

The Agreement may be terminated by Zander with regard to any of the License IP if by five years from the date of execution of the Agreement a patent has not been granted by the United States patent and Trademark Office to The Company with regard to that License IP.

The Agreement may be terminated by Zander with regard to any of the License IP if a patent that has been granted by the United States patent and Trademark Office to The Company with regard to that License IP is terminated.

The Agreement may be terminated by either party in the event of a material breach by the other party.

On September 28, 2015 Zander caused to be issued to the Company 8,000,000 of the common shares of Entest Biomedical, Inc in satisfaction of one hundred thousand US dollars ($100,000) to be paid to the Company by Zander as a license initiation fee. Regen Biopharma, Inc. recognized revenue of $192,000 equivalent to the fair value of 8,000,000 of the common shares of Entest Biomedical, Inc as of the date of issuance.

During the quarter ended September 30, 2016 Zander paid $17,000 to the Company as a partial payment of the July 15^th,2016 ~~liability~~liability.

During the quarter ended June 30, 2017 Zander caused to be issued to the Company 83,000 shares of the nonvoting convertible preferred stock of Entest Biomedical, Inc. in satisfaction of 83,000 owed to the Company by Zander.On June 23, 2017 $7,000 of principal indebtedness and $147 of Accrued Interest Payable by the Company to Zander was applied toward the satisfaction of a minimum royalty payment owed by Zander to the Company pursuant to the Agreement. As of June 30, 2017 the Company possesses a receivable from Zander of $102,852 pursuant to the terms and conditions of the Agreement.

During the quarter ended June 30, 2017 the Company borrowed $12,000 from Zander (“Zander Debt”). The Zander Debt accrued simple interest at 10% per annum. During the quarter ended June 30, 2017. On May 11, 2017 the Company satisfied $5,000 of principal indebtedness of the Zander Debt in cash. On June 23, 2017 $7,000 of principal indebtedness of the Zander Debt and $147 of Accrued Interest Payable on the Zander Debt was applied toward the satisfaction of a minimum royalty payment owed by Zander to the Company pursuant to the Agreement.

David R. Koos serves as sole officer and director of both Zander and Entest Biomedical, Inc. and also serves as Chairman and Chief Executive Officer of The Company.

As of June 30, 2017 the Company is indebted to Biomatrix Scientific Group, Inc. in the amount of $6,000.$6,000 lent to the Company by Biomatrix Scientific Group, Inc. is due and payable February 17, 2018 and bears simple interest at a rate of 10% per annum.

As of June 30, 2017 the Company is indebted to Blackbriar Partners, Inc., an entity controlled by David Koos who is Regen’s Chairman and Chief Executive Officer, in the aggregate amount of $46,840 ( See Note 4).

The stockholders’ equity section of the Company contains the following classes of capital stock as of ~~December 31, 2016:~~June 30, 2017:

Common stock, $ 0.0001 par value; 500,000,000 shares authorized: ~~145,412,605~~138,112,605 shares issued and outstanding.

With respect to each matter submitted to a vote of stockholders of the Corporation, each holder of Common Stock shall be entitled to cast that number of votes which is equivalent to the number of shares of Common Stock owned by such holder times one (1).

On any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of the Common Stock shall receive, out of assets legally available for distribution to the Company’s stockholders, a ratable share in the assets of the Corporation.

Preferred Stock, $0.0001 par value, 800,000,000 shares authorized of which 600,000 is designated as Series AA Preferred Stock: ~~30,000~~50,000 shares issued and outstanding as of ~~December 31, 2016 and~~June 30, 2017, 300,000,000 is designated Series A Preferred Stock of which ~~147,966,697~~136,966,697 shares are outstanding as of ~~December 31, 2016.~~

June 30, 2017 and 300,000,000 is designated Series M Preferred Stock of which 32,000,000 shares are outstanding as of June 30, 2017.

The abovementioned shares authorized pursuant to the Company’s certificate of incorporation may be issued from time to time without prior approval of the shareholders. The Board of Directors of the Company shall have the full authority permitted by law to establish one or more series and the number of shares constituting each such series and to fix by resolution full or limited, multiple or fractional, or no voting rights, and such designations, preferences, qualifications, restrictions, options, conversion rights and other special or relative rights of any series of the Stock that may be desired.

On September 15, 2014 the Company filed a CERTIFICATE OF DESIGNATION (“Certificate of Designations”) with the Nevada Secretary of State setting forth the preferences rights and limitations of a newly authorized series of preferred stock designated and known as “Series AA Preferred Stock” (hereinafter referred to as “Series AA Preferred Stock”).

The Board of Directors of the Company have authorized 600,000 shares of the Series AA Preferred Stock, par value $0.0001. With respect to each matter submitted to a vote of stockholders of the Corporation, each holder of Series AA Preferred Stock shall be entitled to cast that number of votes which is equivalent to the number of shares of Series AA Preferred Stock owned by such holder times ten thousand (10,000). Except as otherwise required by law holders of Common Stock, other series of Preferred issued by the Corporation, and Series AA Preferred Stock shall vote as a single class on all matters submitted to the stockholders.

On January 15, 2015 the Company filed a CERTIFICATE OF DESIGNATION (“Certificate of Designations”) with the Nevada Secretary of State setting forth the preferences rights and limitations of a newly authorized series of preferred stock designated and known as “Series A Preferred Stock” (hereinafter referred to as “Series A Preferred Stock”).

The Board of Directors of the Company have authorized 300,000,000 shares of the Series A Preferred Stock, par value $0.0001. With respect to each matter submitted to a vote of stockholders of the Corporation, each holder of Series A Preferred Stock shall be entitled to cast that number of votes which is equivalent to the number of shares of Series A Preferred Stock owned by such holder times one . Except as otherwise required by law holders of Common Stock, other series of Preferred issued by the Corporation, and Series A Preferred Stock shall vote as a single class on all matters submitted to the stockholders.

Holders of the Series A Preferred Stock will be entitled to receive, when, as and if declared by the board of directors of the Company (the “Board”) out of funds legally available therefore, non-cumulative cash dividends of $0.01 per quarter. In the event any dividends are declared or paid or any other distribution is made on or with respect to the Common Stock , the holders of Series A Preferred Stock as of the record date established by the Board for such dividend or distribution on the Common Stock shall be entitled to receive, as additional dividends (the “Additional Dividends”) an amount (whether in the form of cash, securities or other property) equal to the amount (and in the form) of the dividends or distribution that such holder would have received had each share of the Series A Preferred Stock been one share of the Common Stock, such Additional Dividends to be payable on the same payment date as the payment date for the Common Stock.

Upon any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary (collectively, a “Liquidation”), before any distribution or payment shall be made to any of the holders of Common Stock or any other series of preferred stock, the holders of Series A Preferred Stock shall be entitled to receive out of the assets of the Company, whether such assets are capital, surplus or earnings, an amount equal to $0.01 per share of Series A Preferred (the “Liquidation Amount”) plus all declared and unpaid dividends thereon, for each share of Series A Preferred held by them.

If, upon any Liquidation, the assets of the Company shall be insufficient to pay the Liquidation Amount, together with declared and unpaid dividends thereon, in full to all holders of Series A Preferred, then the entire net assets of the Company shall be distributed among the holders of the Series A Preferred, ratably in proportion to the full amounts to which they would otherwise be respectively entitled and such distributions may be made in cash or in property taken at its fair value (as determined in good faith by the Board), or both, at the election of the Board.

On January 10, 2017 Regen Biopharma, Inc. (“Regen”) filed a CERTIFICATE OF DESIGNATION ("Certificate of Designations") with the Nevada Secretary of State setting forth the preferences rights and limitations of a newly authorized series of preferred stock designated and known as "Series M Preferred Stock" (hereinafter referred to as "Series M Preferred Stock").

The Board of Directors of Regen have authorized 300,000,000 shares of the Series M Preferred Stock, par value $0.0001. With respect to each matter submitted to a vote of stockholders of Regen, each holder of Series M Preferred Stock shall be entitled to cast that number of votes which is equivalent to the number of shares of Series M Preferred Stock owned by such holder times one. Except as otherwise required by law holders of Common Stock, other series of Preferred issued by Regen, and Series M Preferred Stock shall vote as a single class on all matters submitted to the stockholders.

The holders of Series M Preferred Stock shall be entitled receive dividends, when, as and if declared by the Board of Directors in accordance with Nevada Law, in its discretion, from funds legally available therefore

On any voluntary or involuntary liquidation, dissolution or winding up of Regen, the holders of the Series M Preferred Stock shall receive, out of assets legally available for distribution to Regen’s stockholders, a ratable share in the assets of Regen.

On September 28, 2015 Zander Theraputics, Inc. caused to be issued to Regen Biopharma, Inc. 8,000,000 of the common shares of Entest Biomedical, Inc in satisfaction of one hundred thousand US dollars ($100,000) to be paid to Regen Biopharma, Inc. by Zander Theraputics, Inc as a license initiation fee.

~~The common~~On May 30, 2017 Zander Therapeutics Inc. caused to be issued to Regen Biopharma, Inc. 83,000 of the nonvoting convertible preferred shares of Entest Biomedical, Inc ~~described above~~in satisfaction of eighty three thousand US dollars ($83,000) to be paid to Regen Biopharma, Inc. by Zander Theraputics, Inc as a license fee

The abovementioned constitute the Company’s sole investment securities as of ~~December 31, 2016.~~June 30, 2017.

On ~~November 8, 2016~~June 15, 2017 the Company ~~sold 5,000,000 of its Common Shares for consideration of $112,500.~~

~~On November 9, 2016 the Company sold~~issued 500,000 ~~of its Common Shares for consideration of $12,500.~~

~~On December 19, 2016 the Company sold 7,700,000 of its Common Shares for consideration of $142,500~~

~~On November 8, 2016 the Company sold 5,000,000~~shares of its Series AM Preferred ~~Shares~~Stock as consideration for ~~consideration of $112,500.~~

~~On November 9, 2016 the Company sold 500,000 of its Series A Preferred Shares for consideration of $12,5000~~

~~On December 19, 2016 the Company sold 9,700,000 of its Series A Preferred Shares for consideration of $ 167,500~~

On December 27, 2016 Todd Caven, the Company’s Chief Financial Officers, agreed to the cancellation of 7,500,000 of his personally owned Common Shares of the Company. No consideration was paid to Mr. Caven for this cancellation.

On December 30, 2016 Todd Caven, the Company’s Chief Financial Officers, agreed to the cancellation of 2,500,000 of his personally owned Series A Preferred Shares of the Company. No consideration was paid to Mr. Caven for this cancellation.

Within the Company’s Statement of Cash Flows for the Quarters Ended December 31, 2015 and 2016 the line item entitled “Increase (Decrease) in Additional paid in Capital” which represents Restricted Stock Award compensation expense recognized for the periods on Restricted Stock Awards issued to employees is presented as an adjustment to reconcile net loss to net cash used in operating activities. The Company’s previously released Statement of Cash Flows for the Quarter Ended December 31, 2015 presented the same line item as a financing activity. Management has determined that such presentation does not best reflect the nature of the expense incurred and has adjusted the prior period accordingly.

~~On January 5, 2017 the Company sold 1,000,000 of its Common Shares for consideration of $12,500~~

~~On January 5, 2017 the Company sold 1,000,000 of its Series A Preferred Shares for consideration of $ 12,500~~

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Information provided in this Quarterly report on Form 10Q may contain forward-looking statements within the meaning of Section 21E or Securities Exchange Act of 1934 that are not historical facts and information. These statements represent the Company’s expectations or beliefs, including, but not limited to, statements concerning future and operating results, statements concerning industry performance, the Company’s operations, economic performance, financial conditions, margins and growth in sales of the Company’s products, capital expenditures, financing needs, as well assumptions related to the forgoing. For this purpose, any statements contained in this Quarterly Report that are not statement of historical fact may be deemed to be forward-looking statements. These forward-looking statements are based on current expectations and involve various risks and uncertainties that could cause actual results and outcomes for future periods to differ materially from any forward-looking statement or views expressed herein. The Company’s financial performance and the forward-looking statements contained herein are further qualified by other risks including those set forth from time to time in the documents filed by the Company with the Securities and Exchange Commission. All references to” We”, “Us”, “Company” or the “Company” refer to Regen BioPharma, ~~Inc.~~Inc

As of ~~December 31, 2016,~~June 30, 2017, we had Cash of $ ~~220,718~~401,627 and as of September 30, 2016 we had Cash of $24,822.

The increase in cash of approximately ~~789.21%~~1,518% is primarily attributable to:

As of June 30, 2017, we had Accounts Receivable of $ 102,852 and as of September 30, 2016 we had Accounts Receivable of $83,000.

The increase in Accounts Receivable of approximately 23.9% is primarily attributable to:

David Koos serves as Chairman and Chief Executive Officer of the Company, Zander and Entest Biomedical, Inc.

Harry Lander serves as President and Chief Scientific Officer of the Company and Zander.

As of September 30, 2016 we had Prepaid Expenses of $ 69,905 and as of ~~December 31, 2016~~June 30, 2017 we had Prepaid Expenses of ~~$61,011.~~$43,321.

As of September 30, 2016 we had Notes Receivable of $ 12,051 and as of June 30, 2017 we had Notes Receivable of $4,551.

$17,051 of payments on principal indebtedness made to the Company during the nine months ended June 30, 2017 offset by $9,551 loaned by the Company during the nine months ended June 30, 2017.

As of September 30, , 2016 we had Accrued Interest Receivable of $ 2,578 and as of ~~December 31, 2016~~June 30, 2017 we had Accrued Interest Receivable of ~~$2,878~~$3,211

The increase in of Accrued Interest Receivable of approximately ~~11.6%~~25% is attributable to interest accrued but unpaid during the ~~three~~nine months ended ~~December 31~~June 30 , ~~2016~~2017 resulting from amounts due to the Company by Entest Bio-Medical, Inc. ~~David R. Koos serves as Chairman of the Board and Chief Executive Officer of both the Company and Entest Bio-Medical, Inc.~~

As of September 30, 2016 we had Available for Sale Securities of $112,000 and as of ~~December 31, 2016~~June 30, 2017 we had Available for Sale Securities of ~~$312,000~~$395,000

The increase in Available for Sale Securities of ~~178~~approximately 253 % is attributable to ~~unrealized gains recognized on 8,000,000 common shares of Entest Biomedical, Inc. owned by the Company.~~

As of September 30, 2016 we had Accounts Payable of $240,759 and as of ~~December 31, 2016~~June 30, 2017 we had Accounts payable of ~~$163,927.~~$553,796.

The ~~decrease~~increase in Accounts Payable of approximately ~~31.9%~~130% is primarily attributable to ~~decreases~~increases in outstanding obligations of the Company to Contract Research Organizations incurred in the course of business.

As of September 30,2016 we had Notes Payable of $143,447 and as of ~~December 31, 2016~~June 30, 2017 we had Notes Payable of $~~68,638~~ 121,655 .

The decrease in Notes Payable of approximately ~~52.1%~~15% is attributable to ~~the repayment of $74,809~~net repayments of principal ~~indebtedness~~amounts die during the ~~three~~nine months ended ~~December 31, 2016.~~June 30, 2017.

As of September 30, 2016 we had Accrued Payroll Taxes of $33,040 and as of ~~December 31, 2016~~June , 2017 we had Accrued Payroll Taxes of ~~$3,677.~~$858.

The decrease in Accrued Payroll Taxes of approximately ~~89%~~97% is attributable to the derecognition of ~~$31, 846~~$34, 666 of employer payroll tax payable resulting from the cancellation within the same calendar year of vesting of :

As of September 30, 2016, we had Accrued Payroll of $263,996 and as of ~~December 31, 2016~~June 30, 2017 we had Accrued Payroll of ~~$349,496.~~$505,496.

The increase in Accrued Payroll of approximately ~~32.3%~~91.5% is attributable to :

$45,000 in salary expense due to the Company’s Chief Executive Officer incurred but unpaid during the three months ended December 31, 2016

$40,500 in salary expense due to the Company’s Chief Financial Officer incurred but unpaid during the three months ended December 31, 2016

$35,000 in salary expense due to the Company’s Chief Executive Officer incurred but unpaid during the three months ended March 31, 2017

$40,500 in salary expense due to the Company’s Chief Financial Officer incurred but unpaid during the three months ended March 31, 2017

$45,000 in salary expense due to the Company’s Chief Executive Officer incurred but unpaid during the three months ended June 30, 2017

$40,500 in salary expense due to the Company’s Chief Financial Officer incurred but unpaid during the three months ended June 30, 2017.

As of September 30, 2016 we had Accrued Interest of $43,918 and as of ~~December 31, 2016~~June 30, 2017 we had Accrued Interest of ~~$54,841.~~

The increase in Accrued Interest of approximately ~~24.9%~~103% is attributable to interest expense on Notes Payable and Convertible Notes Payable incurred during the ~~three~~nine months ended ~~December 31, 2016~~June 30, 2017 but not yet paid.

As of September ~~30,2016~~30, 2016 we had ~~Convertible Notes Payable~~Accrued Rent of ~~$300,000~~$15,000 and as of ~~December 31, 2016~~June 30, 2017 we had ~~Convertible Notes Payable~~Accrued Rent of ~~$ 540,000.~~$35,000.

The increase in ~~Convertible Notes Payable~~Accrued Rent of ~~80%~~133.23% is attributable to ~~Convertible Notes with~~ an ~~aggregate face value of $240,000 having been sold for $240,000 cash by the Company during the quarter ended December 31, 2016.~~increase in Rental Expenses accrued but unpaid due to Entest Biomedical, Inc.

As of September 30, 2016 we had Amounts due to Shareholder of $50,000 and as of ~~December 31, 2016~~June 30, 2017 we had Amounts Due to Shareholder of ~~$25,000.~~

The decrease in Amount due to Shareholder of ~~50%~~100% is attributable to the following:

On July 13, 2016 the Company entered into an agreement (“Agreement”) with an outside investor whereby the investor agreed to buy and the Company agreed to sell 1,000,000 Units for consideration of $50,000. Each Unit issuable pursuant to the Agreement shall consist of one share of the Company’s common stock and three shares of the Company’s Series A Preferred Stock. During the quarter ended September 30, 2016 the outside investor paid consideration to the Company of $50,000 for One Million Units. As of September 30, 2016 the securities issuable pursuant to the Agreement have not been issued. During the quarter ended December 31, 2016 the securities issuable pursuant to the Agreement were issued reducing Amount due to Shareholder by $50,000.

As of September 30, 2016 we had Amounts due to Investor of $0 and as of June 30, 2017 we had Amounts Due to Investor of $20,000.

~~On December 22, 2016~~The increase in Amounts due to Investor is attributable to a $20,000 deposit by an investor in anticipation of issuance of a note by the Company, ~~entered into an agreement (“Agreement”) with an outside investor whereby the investor agreed to buy and the Company agreed to sell 1,000,000 Units for consideration~~such note not having been issued as of $25,000. Each Unit issuable pursuant to the Agreement shall consist of one share of the Company’s common stock and one share of the Company’s Series A Preferred Stock. During the quarter ended December 31, 2016 the outside investor paid consideration to the Company of $25,000 for One Million Units. As of December 31, 2016 the securities issuable pursuant to the Agreement have not been issued.

As of September 30, 2016 we had Other Accrued ~~Rent~~Expenses of ~~$15,000~~$0 and as of ~~December 31, 2016~~June 30, 2017 we had Other Accrued ~~Rent~~Expenses of ~~$20,000.~~$23,102.

The increase in Other Accrued Expenses is attributable to reimbursements due by the Company to the Company’s Chief Financial Officer for business expenses incurred by the Company’s Chief Financial Officer in the performance of his duties.

As of September 30,2016 we had Convertible Notes Payable of $300,000 and as of June 30, 2017 we had Convertible Notes Payable of $ 1,394,000.

The increase in ~~Accrued Rent~~Convertible Notes Payable of ~~33.23%~~365% is attributable to ~~Rental Expenses accrued but unpaid~~Convertible Notes with an aggregate face value of $1,094,000having been sold for $1,090,000 cash by the Company during the nine months ended June 30, 2017.

As of September ~~2016, October 2016, November 2016~~30,2016 we had Derivative Liability of $0 and ~~December 2016.~~as of June 30, 2017 we had Derivative Liability of $ 3,258,974 wholly attributable to the recognition by the Company of embedded derivatives on Convertible Notes Payable with an aggregate face value of $775,000 issued during the nine months ended June 30, 2017 .

Revenues from operations were $0$110,000 for the three months ended ~~December 31, 2016~~June 30, 2017 and -0- for the three months ended ~~December 31, 2015.~~June 30 2016. Net Losses were ~~$2,524,579~~$2,622,175 for the three months ended ~~December 31, 2016~~June 30, 2017 and $~~1,857,466~~$1,000,213 for the same period ended ~~2015.~~ 2016.

The increase in Revenues from Operations of $110,000 are attributable to the recognition by the Company of (i) a $100,000 anniversary fee due and payable to the Company as of June 23, 2017 pursuant to the terms and conditions of an agreement (“Agreement”) with Zander Therapeutics, Inc. ( “Zander”) whereby The Company granted to Zander an exclusive worldwide right and license for the development and commercialization of certain intellectual property controlled by The Company (” License IP”) for non-human veterinary therapeutic use for a term of fifteen years and (ii) the recognition by the Company of a $10,000 minimum annual royalty due and payable to the Company pursuant to the terms and conditions of the Agreement.

The increase in Net Losses of approximately ~~35.9%~~162% is primarily attributable to ~~increases in~~:

(a) higher Derivative Expense , Research and Development related expenses, Interest Expenses and Interest Expenses related to Amortization of Discounts incurred during the quarter ended June 30, 2017 when compared the same period ended 2016 offset by

(b) higher revenues recognized ~~resulting from~~during the quarter ended June 30, 2017 when compared the same period ended 2016 (c) lower General and Administrative and Consulting expenses incurred during the quarter ended June 30, 2017 when compared the same period ended 2016

(d) recognition during the quarter ended June 30, 2016 of $48,300 of expenses attributable to issuance of securities for less than fair value in satisfaction of ~~equity securities during~~nonconvertible debt.

Revenues from operations were $110,000 for the ~~quarter~~nine months ended ~~December 31, 2016 as compared to~~June 30, 2017 and -0- for the nine months ended June 30 2016. Net Losses were $4,587,009 for the nine months ended June 30, 2017 and $ 2,420,430 for the same period ended ~~2015, increases~~2016.

The increase in ~~consulting expenses recognized during the quarter ended December 31 2016 as compared~~Revenues from Operations of $110,000 are attributable to the ~~same period ended 2015, increases~~recognition by the Company of (i) a $100,000 anniversary fee due and payable to the Company as of June 23, 2017 pursuant to the terms and conditions of an agreement (“Agreement”) with Zander Therapeutics, Inc. ( “Zander”) whereby The Company granted to Zander an exclusive worldwide right and license for the development and commercialization of certain intellectual property controlled by The Company (” License IP”) for non-human veterinary therapeutic use for a term of fifteen years and (ii) the recognition by the Company of a $10,000 minimum annual royalty due and payable to the Company pursuant to the terms and conditions of the Agreement.

The increase in ~~interest expense as well as interest expense~~Net Losses of approximately 90% is primarily attributable to amortization of discount attributable to Beneficial Conversion Features recognized on Convertible Notes recognized during the quarter ended December 31 2016 as compared to the same period ended 2015 offset by decreases in Research and Development as well as General and Administrative expenses recognized during the quarter ended December 31 2016 as compared to the same period ended 2015 as well as the recognition during the quarter ended December 31 2016 of Other Income of $31,846 recognized in connection with elimination of certain payroll tax liabilities ..:

As of ~~December 31, 2016~~June 30, 2017 we had ~~$220,718~~$401,627 cash on hand and current liabilities of ~~$733,004~~$4,751,036 such liabilities consisting of Accounts Payable, Notes Payable, ~~Amounts Due to Shareholder~~Convertible Notes Payable ( Net of Unamortized Discount), Derivative Liability Recognized and Accrued Expenses. We feel we will not be able to satisfy our cash requirements over the next twelve months and shall be required to seek additional financing.

The Company plans to meet cash needs through applying for governmental and non-governmental grants as well as selling its securities for cash. Management has yet to decide what type of offering the Company will use or how much capital the Company will raise. There is no guarantee that the Company will be able to raise any capital through any type of offerings. Management can give no assurance that any governmental or non-governmental grant will be obtained by the Company despite the Company’s best efforts. As of February 19, 2014 The Company has identified the National Heart Lung and Blood Institute Clinical Trial Pilot Studies (R34) grant which provides up to $450,000 in funding over a period of three years as well as the Omnibus Solicitation of the NIH for Small Business Technology Transfer Grant Applications administered by the Small Business Innovation Research (SBIR) program of the National Institute of Health as grants for which the Company intends to apply.

We cannot assure that we will be successful in obtaining additional financing necessary to implement our business plan. We have not received any commitment or expression of interest from any financing source that has given us any assurance that we will obtain the amount of additional financing in the future that we currently anticipate. For these and other reasons, we are not able to assure that we will obtain any additional financing or, if we are successful, that we can obtain any such financing on terms that may be reasonable in light of our current circumstances.

During the ~~twelve~~nine months ended ~~September~~June 30, ~~2016~~2017 the Company raised ~~$300,000~~$1,090,000 through the issuance of convertible debt and ~~$1,254,751 through the issuance of equity securities. During the three months ended December 31, 2016 the Company raised $240,000 through the issuance of convertible debt and $560,000~~$610,000 through the issuance of equity securities.

As of ~~December 31, 2016~~June 30, 2017 the Company was not party to any binding agreements which would commit Regen to any material capital expenditures.

As a smaller reporting company, as defined by Rule 229.10(f) (1) of Regulation S-K, we are not required to provide the information required by this Item. We have chosen to disclose, however, that we have not engaged in any transactions, issued or bought any financial instruments or entered into any contracts that are required to be disclosed in response to this item.

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of David Koos, who is the Company’s Principal Executive Officer and Todd S. Caven who is the Company’s Chief Financial Officer and Principal Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. The Company’s disclosure controls and procedures are designed to provide a reasonable level of assurance of achieving the Company’s disclosure control objectives. The Company’s Principal Executive Officer and Principal Financial Officer have concluded that the Company’s disclosure controls and procedures are, in fact, effective at this reasonable assurance level as of the period covered.

In connection with the evaluation of the Company’s internal controls during the period commencing on ~~October~~April 1, ~~2016~~2017 and ending on ~~December 31, 2016,~~June 30, 2017, David Koos and Todd S. Caven , who serve as the Company’s Principal Executive Officer and Principal Financial Officer respectively, have determined that there were no changes to the Company’s internal controls over financial reporting that have been materially affected, or is reasonably likely to materially effect, the Company’s internal controls over financial reporting.

There are no material pending legal proceedings to which the Company is a party or of which any of the Company’s property is the subject.

On ~~November 8, 2016~~June 15, 2017 the Company ~~sold 5,000,000~~issued 500,000 shares of its ~~Common Shares~~Series M Preferred Stock (“Shares”) to a nonemployee consultant as consideration for ~~consideration of $112,500.~~services.

The Shares were issued pursuant to Section 4(a) (2) of the Securities Act of 1933, as amended (the “Act”). No underwriters were retained to serve as placement agents for the sale. The shares were sold directly through our management. No commission or other consideration was paid in connection with the sale of the shares. There was no advertisement or general solicitation made in connection with this Offer and Sale of Shares. A legend was placed on the certificate that evidences the Shares stating that the Shares have not been registered under the Act and setting forth or referring to the restrictions on transferability and sale of the Shares.

~~On November 9, 2016 the Company sold 500,000 (“Shares”) of its Common Shares for consideration of $12,500.~~

~~On December 19, 2016 the Company sold 7,700,000 of its Common Shares (“Shares”) for consideration of $142,500~~

~~On January 5, 2017 the Company sold 1,000,000 of its Common Shares (“Shares”) for consideration of $12,500~~

~~On November 8, 2016 the Company sold 5,000,000 of its Series A Preferred Shares (“Shares”) for consideration of $112,500.~~

~~On November 9, 2016 the Company sold 500,000 of its Series A Preferred Shares (“Shares”) for consideration of $12,500.~~

~~On December 19, 2016 the Company sold 9,700,000 of its Series A Preferred Shares (“Shares”) for consideration of $ 167,500~~

~~On January 5, 2017 the Company sold 1,000,000 of its Series A Preferred Shares (“Shares”) for consideration of $ 12,500~~

On ~~October 7, 2016~~April 19, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $25,000 for consideration consisting of $25,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is April 19, 2020. All or part of the principal is convertible at any time at the demand of the Lender into the Common Shares of Regen at a price per share ( “Conversion Price”) equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately prior to the date a conversion notice is given by the Lender to Regen or (b) $0.0125 per common share.

~~The Note was issued pursuant to Section 4(2)~~April 19, 2020. All or part of the ~~Securities Act of 1933, as amended. No underwriters were retained to serve as placement agents for~~principal is convertible at any time at the ~~sale. The Note was sold directly through our management. No commission or other consideration was paid in connection with the sale~~demand of the ~~Note. There was no advertisement or general solicitation made in connection with this Offer and Sale~~Lender into the Common Shares of Regen at a price per share ( “Conversion Price”) equivalent to the lower of (a) a 75% discount to the closing price of the ~~Note.~~common stock of the Company on the trading day immediately prior to the date a conversion notice is given by the Lender to Regen or (b) $0.0125 per common share.

All the abovementioned Notes contained a provision that until such time as the shares of stock issuable upon conversion of the Note have been registered under the Act or otherwise may be sold pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold, each certificate for shares of stock issuable upon conversion of the Note that has not been so included in an effective registration statement or that has not been sold pursuant to an effective registration statement or an exemption that permits removal of the legend, shall bear a restrictive ~~legend.~~

~~On October 31, 2016 (“Issue date”) the Company issued a second Convertible Note (“Note”) in the face amount of $50,000 for consideration consisting of $50,000 cash.~~legend. The ~~Note pays simple interest in the amount of 10% per annum. The maturity of the Note is two years from the issue date.~~

~~The Note was~~Notes were issued pursuant to Section ~~4(2)~~4(a) (2) of the Securities Act of 1933, as ~~amended.~~amended (the “Act”). No underwriters were retained to serve as placement agents for the sale. The ~~Note was~~Notes were sold directly through our management. No commission or other consideration was paid in connection with the sale of the ~~Note.~~Notes. There was no advertisement or general solicitation made in connection with this Offer and Sale of ~~the Note.~~

The Note contained a provision that until such time as the shares of stock issuable upon conversion of the Note have been registered under the Act or otherwise may be sold pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold, each certificate for shares of stock issuable upon conversion of the Note that has not been so included in an effective registration statement or that has not been sold pursuant to an effective registration statement or an exemption that permits removal of the legend, shall bear a restrictive legend.

The Note was issued pursuant to Section 4(2) of the Securities Act of 1933, as amended. No underwriters were retained to serve as placement agents for the sale. The Note was sold directly through our management. No commission or other consideration was paid in connection with the sale of the Note. There was no advertisement or general solicitation made in connection with this Offer and Sale of the Note.

On December 22, 2016 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $40,000 for consideration consisting of $40,000 cash. The Note pays simple interest in the amount of 10% per annum . The maturity of the Note is one year from the issue date.

With regard to all securities sold for cash consideration described above, Cash proceeds received from sale will be utilized by Regen for general corporate purposes

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 hereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on ~~January 23,~~August 3, 2017.

Nevada		45-5192997
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

☐ Large accelerated filer	☐ Accelerated filer
☐ Non-accelerated filer	☒ Smaller reporting company

REGEN BIOPHARMA , INC.
BALANCE SHEET

	As of			As of
	December 31, 2016			September 30, 2016
	(unaudited)
CURRENT ASSETS
Cash		220,718			24,822
Accounts Recievable		83,000			83,000
Note Recievable		12,051			12,051
Prepaid Expenses		61,011			69,905
Accrued Interest Recievable		2,878			2,578
Due from Former Employees		15,000			15,000
Total Current Assets		394,658			207,356

OTHER ASSETS
Available for Sale Securities		312,000			112,000
Total Other Assets		312,000			112,000

TOTAL ASSETS		706,658			319,356

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Bank Overdraft		0			0
Accounts payable		163,927			240,759
Notes Payable		68,638			143,447
Accrued payroll taxes		3,677			33,040
Accrued Interest		54,841			43,918
Accrued Reent		20,000			15,000
Accrued Payroll		349,496			263,996
Due to Shareholder		25,000			50,000
Convertible Notes Payable		47,425			9,041
Total Current Liabilities		733,004			799,201
Long Term Liabilities:
Convertible Notes Payable		129,776			107,057
Total Long Term Liabilities		129,776			107,057
Total Liabilities		862,779			906,258

STOCKHOLDERS' EQUITY (DEFICIT)
Common Stock ($.0001 par value) 500,000,000 shares authorized; 145412605 issued and outstanding as of December 31, 2016 and 139,712,605 shares issuedand outstanding September 30, 2016		14,540			13,970
Preferred Stock, 0.0001 par value, 800,000,000 authorized as of September 30, 2016 and December 31, 2016 respectively
Series A Preferred 300,000,000 authorized, 147966697 and 135,266,697 outstanding as of December 31, 2016 and September 30, 2016 respectively		14,797			13,527
Series AA Preferred $0.0001 par value 600,000 authorized and 30, 000 outstanding as of December 31, 2016 and September 30, 2016		3			3
Additional Paid in capital		21,714,779			18,961,259
Contributed Capital		728,658			728,658
Retained Earnings (Deficit) accumulated during the development stage		(22,748,898	)		(20,224,319	)
Accumulated Other Comprehensive Income		120,000			(80,000	)
Total Stockholders' Equity (Deficit)		(156,121	)		(586,902	)

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)		706,658			319,356

The Accompanying Notes are an Integral Part of These Financial Statements

REGEN BIOPHARMA , INC.	REGEN BIOPHARMA , INC.							REGEN BIOPHARMA , INC.
STATEMENT OF OPERATIONS
CONSOLIDATED STATEMENT OF OPERATIONS								CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)	(unaudited)							(unaudited)

		Quarter Ended		Quarter Ended
		December 31, 2016		December 31, 2015		Quarter Ended June 30, 2017			Quarter Ended June 30, 2016 (restated)		Nine Months Ended June 30, 2017		Nine Months Ended June 30, 2016 (restated)
REVENUES		0		0		110,000			0		110,000		0

COST AND EXPENSES
Research and Development		42,694		105,323		374,452			276,605		781,840		554,524
General and Administrative		242,758		488,596		193,374			434,643		633,964		1,358,474
Consulting and Professional Fees		233,128		80,533		80,226			212,853		474,985		390,933
Rent		15,000		15,000		15,000			15,000		45,000		45,000
Total Costs and Expenses		533,580		689,452		663,052			939,101		1,935,789		2,348,931

OPERATING LOSS		(533,580	)	(689,452	)	(553,052	)		(939,101	)	(1,825,789	)	(2,348,931	)

OTHER INCOME & (EXPENSES)
Interest Income		300		300		40			300		633		897
Other Income		31,846									34,666
Refunds of amounts previously paid
Interest Expense		(11,923	)	(5,001	)	(26,773	)		(8,804	)	(52,794	)	(18,894	)
Interest Expense attributable to Amortization of Discount		(61,102	)			(118,976	)		(4,308	)	(259,749	)	(5,202	)
Preferred shares issued pursuant to contractual obligations
Loss on issuance of common shares for less than fair value		(1,950,120	)	(1,163,313	)				(48,300	)			(48,300	)
Preferred shares issued pursuant to contractual obligations
Derivative Expense									(1,923,414	)			(2,483,975	)
TOTAL OTHER INCOME (EXPENSE)		(1,990,999	)	(1,168,014	)	(2,069,123	)		(61,112	)	(2,761,220	)	(71,499	)

NET INCOME (LOSS)		(2,524,579	)	(1,857,466	)	(2,622,175	)		(1,000,213	)	(4,587,009	)	(2,420,430	)
BASIC AND FULLY DILUTED
EARNINGS (LOSS) PER SHARE		(0.018	)	(0.0157	)
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING		143,596,121		118,216,582

BASIC AND FULLY DILUTED EARNINGS (LOSS) PER SHARE									(0.0190	)	(0.0078	)	(0.0323	)	(0.0195	)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING									138,112,605		128,764,917		142,215,914		124,408,218

The Accompanying Notes are an Integral Part of These Financial Statements

REGEN BIOPHARMA, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited)
	Quarter Ended June 30
	2017			2016
				(as restated)
Net Income (Loss)	$	(2,622,175	)	$	(1,000,213	)
Add:
Unrealized Gains on Securities
Less:
Unrealized Losses on Securities		(8,000	)		23,200
Total Other Comprehensive Income (Loss)		(8,000	)		23,200
Comprehensive Income	$	(2,630,175	)		(977,013	)

REGEN BIOPHARMA , INC.
CONSOLIDATED BALANCE SHEET

	As of June 30, 2017			As of September 30, 2016
	(unaudited)			(as restated)
ASSETS
CURRENT ASSETS
Cash		401,627			24,822
Accounts Receivable		102,852			83,000
Note Receivable		4,551			12,051
Prepaid Expenses		43,321			69,905
Accrued Interest Receivable		3,211			2,578
Due from Former Employees		15,000			15,000
Total Current Assets		570,562			207,356

OTHER ASSETS
Available for Sale Securities		395,000			112,000
Total Other Assets		395,000			112,000

TOTAL ASSETS		965,562			319,356

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Bank Overdraft		0			0
Accounts payable		553,796			240,759
Notes Payable		121,655			143,447
Accrued payroll taxes		858			33,040
Accrued Interest		89,565			43,918
Accrued Rent		35,000			15,000
Accrued Payroll		505,496			263,996
Other Accrued Expenses		23,102
Due to Shareholder					50,000
Due to Investor		20,000
Derivative Liability		3,258,974
Convertible Notes Payable		142,590			9,041
Total Current Liabilities		4,751,036			799,201
Long Term Liabilities:
Convertible Notes Payable		233,257			107,057
Total Long Term Liabilities		233,257			107,057
Total Liabilities		4,984,293			906,258

STOCKHOLDERS' EQUITY (DEFICIT)
Common Stock ($.0001 par value) 500,000,000 shares authorized; 138,112,605 issued and outstanding as of June 30, 2017 and 139,712,605 shares issued and outstanding September 30, 2016		13,810			13,970
Preferred Stock, 0.0001 par value, 800,000,000 authorized as of September 30, 2016 and June 30, 2017 respectively
Series A Preferred 300,000,000 authorized, 136,966,697 and 135,266,697 outstanding as of June 30, 2017 and September 30, 2016 respectively		13,697			13,527
Series AA Preferred $0.0001 par value 600,000 authorized and 50, 000 and 30,000 outstanding as of June 30, 2017 and September 30, 2016, respectively		5			3
Series M Preferred $0.0001 par value 300,000,000 authorized and 32,000,000 and 0 outstanding as of June 30, 2017 and September 30, 2016, respectively		3,200
Additional Paid in capital		6,591,720			5,639,753
Contributed Capital		728,658			728,658
Retained Earnings (Deficit) accumulated during the development stage		(11,489,821	)		(6,902,812	)
Accumulated Other Comprehensive Income		120,000			(80,000	)
Total Stockholders' Equity (Deficit)		(4,018,731	)		(586,902	)

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)		965,562			319,356

The Accompanying Notes are an Integral Part of These Financial Statements

	Nine Months ended Ended June 30
	2017			2016
				(as restated)
Net Income (Loss)	$	(4,587,009	)	$	(2,420,430	)
Add:
Unrealized Gains on Securities		208,000
Less:
Unrealized Losses on Securities		(8,000	)		(78,400	)
Total Other Comprehensive Income (Loss)		200,000			(78,400	)
Comprehensive Income	$	(4,387,009	)		(2,498,830	)

REGEN BIOPHARMA, INC.
STATEMENT OF COMPREHENSIVE INCOME
(unaudited)
	Quarter Ended December 31
	2016			2015
Net Income (Loss)	$	(2,524,579	)	$	(1,857,466	)
Add:
Unrealized Gains on Securities		200,000
Less:
Unrealized Losses on Securities					(38,400	)
Total Other Comprehensive Income (Loss)		200,000			(38,400	)
Comprehensive Income	$	(2,324,579	)		(1,895,866	)

The Accompanying Notes are an Integral Part of These Financial Statements

	December 31, 2016		June 30, 2017
David Koos ( Note 8)		50		227
Bostonia Partners		68,588		68,588
Bio Matrix Scientific Group, Inc. (Note 8)				6000
Blackbriar Partners, Inc.(Note 8)			$	46,840
Notes payable	$	68,638	$	121,655

	December 31, 2016		June 30, 2017
Entest Biomedical, Inc. (Note 8)	$	12,051	$	4,551

Notes Receivable	$	12,051	$	4,551

Deferred tax assets:
Net operating tax carry forwards	$	7,734,625	$	3,906,539
Other		-0-		-0-
Gross deferred tax assets		7,734,625		3,906,539
Valuation allowance		(7,734,625)		(3,906,539	)
Net deferred tax assets	$	-0-	$	-0-

	8,000,000		Common Shares of Entest Biomedical, Inc.

	Basis		Fair Value	Total Unrealized Gains in Other Comprehensive Income	Net Unrealized Gain or (Loss) realized during the quarter ended December 31, 2016
$	192,000	$	$312,000	120,000	200,000

	83,000		Nonvoting Convertible Preferred Shares of Entest Biomedical, Inc.

	Basis		Fair Value	Total Unrealized Gains in Other Comprehensive Income	Net Unrealized Gain or (Loss) realized during the quarter ended June 30, 2017
$	83,000	$	83,000	0	0

31.1	Certification of Chief Executive Officer
31.2	Certification of Acting Chief Financial Officer
~~32.1~~	~~Certification of Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act of 2002.~~
~~32.2~~	~~Certification of Acting Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002.~~
10.1	Form of ~~Unit Purchase Agreement $100,000 (a)~~Convertible Note $25,000
10.2	Form of ~~Unit Purchase Agreement $100,000 (b)~~Convertible Note $50,000
10.3	Form of ~~Unit Purchase Agreement $25,000 ( c)~~Convertible Note $100,000
10.4	Form of ~~Unit Purchase Agreement dated 10/25/2016(d)~~Convertible Note $50,000
10.5	Form of ~~Unit Purchase Agreement 3 million Units ( e)~~Convertible Note $150,000
10.6	Form of ~~Unit Purchase Agreement 500,00 Units(f)~~Convertible Note $200,000
10.7	Form of ~~Unit Purchase Agreement 1,500,000 Units (g)~~
~~10.8~~	~~Form of Unit Purchase 1,750,000 Units (h)~~
~~10.9~~	Convertible Note ~~$50,000~~
~~10.10~~	~~Convertible Note $50,000~~
~~10.11~~	~~Convertible Note $50,000~~
~~10.12~~	~~Convertible Note $50,000~~
~~10.13~~	~~Convertible Note $40,000~~
~~10.14~~	~~Form of Unit Purchase Agreement $25,000~~
~~10.15~~	~~Text of Certificate of Designations Series M Preferred Stock (i)~~$79,000

			Regen Biopharma, Inc.

	By:		/s/ David R. Koos
	Name:		David R. Koos
	Title:		Principal Executive Officer
	Date:		~~January 23,~~August 3, 2017

			Regen Biopharma, Inc.

	By:		/s/ Todd S. Caven
	Name:		Todd S. Caven
	Title:		Principal Financial Officer
	Date:		~~January 23,~~August 3, 2017