INCOME TAXES

3 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 6. INCOME TAXES

As of March 31, 2013

Deferred tax assets:
Net operating tax carry forwards	$	5,532,010
Other		-0-
Gross deferred tax assets		5,532,010
Valuation allowance		(5,532,010	)
Net deferred tax assets	$	-0-

As of  March 31 ,  2013 the Company has a  Deferred Tax Asset of  $5,852,116 completely attributable to net operating loss carry forwards  of approximately $17,212,108   ( which expire 20 years from the date the loss was incurred) consisting  of

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

(b) $17,173,492   attributable to Bio-Matrix Scientific Group, Inc. a Delaware corporation, BMSG, Regen  and Entest

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

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