0001255294-12-000338.txt : 20120521 0001255294-12-000338.hdr.sgml : 20120521 20120518173454 ACCESSION NUMBER: 0001255294-12-000338 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120521 DATE AS OF CHANGE: 20120518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Regenicin, Inc. CENTRAL INDEX KEY: 0001412659 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-146834 FILM NUMBER: 12856682 BUSINESS ADDRESS: STREET 1: 10 HIGH COURT CITY: LITTLE FALLS STATE: NJ ZIP: 07424 BUSINESS PHONE: 646-403-3581 MAIL ADDRESS: STREET 1: 10 HIGH COURT CITY: LITTLE FALLS STATE: NJ ZIP: 07424 FORMER COMPANY: FORMER CONFORMED NAME: Windstar Inc. DATE OF NAME CHANGE: 20070918 10-Q 1 mainbody.htm MAINBODY

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

[X]	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

	For the quarterly period ended March 31, 2012

[ ]	Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934

	For the transition period from to __________

	Commission File Number: 333-146834

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

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

10 High Court, Little Falls, NJ

(Address of principal executive offices)

(646) 403 3581

(Registrant’s telephone number)

_______________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

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

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

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

[ ] Large accelerated filer Accelerated filer	[ ] Non-accelerated filer
[X] Smaller reporting company

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

State the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 83,807,964 shares as of May 18, 2012.

Table of Contents

	TABLE OF CONTENTS	Page

PART I – FINANCIAL INFORMATION

Item 1:	Financial Statements	3
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	8
Item 4:	Controls and Procedures	8

PART II – OTHER INFORMATION

Item 1:	Legal Proceedings	9
Item 1A:	Risk Factors	10
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	10
Item 3:	Defaults Upon Senior Securities	10
Item 4:	Mine Safety Disclosures	10
Item 5:	Other Information	10
Item 6:	Exhibits	10

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Our financial statements included in this Form 10-Q are as follows:

F-1	Balance Sheet as of March 31, 2012 (unaudited) and September 30, 2011 (audited);
F-2	Statements of Operations for the six and three months ended March 31, 2012 and 2011 and period from September 6, 2007 (Inception) to March 31, 2012 (unaudited);
F-3	Statements of Cash Flows for the six months ended March 31, 2012 and 2011 and period from September 6, 2007 (Inception) to March 31, 2012 (unaudited); and
F-4	Notes to Financial Statements.

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended March 31, 2012 are not necessarily indicative of the results that can be expected for the full year.

Table of Contents

REGENICIN, INC.

(A Development Stage company)

BALANCE SHEETS

	March 31,			September 30,
	2012			2011
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash	$	36,243		$	4,396
Prepaid expenses and other current assets		33,468			73,630

Total current assets		69,711			78,026

Intangible assets		3,007,500			3,007,500

Total assets	$	3,077,211		$	3,085,526

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	1,468,153		$	739,327
Accrued expenses		962,033			658,251
Note payable - insurance financing		13,387			60,243
Notes payable (net of discount of $25,205 and -0-)		137,871			—
Bridge financing (net of discount of $163,933 and -0-)		187,770			—
Loan payable		10,000			10,000
Due to related party		48,000			—

Total current liabilities		2,827,214			1,467,821

Total liabilities		2,827,214			1,467,821

STOCKHOLDERS' EQUITY
Series A 10% Convertible Preferred stock, $0.001 par value, 5,500,000 shares authorized; 1,345,000 and 1,345,000 issued and outstanding		1,345			1,345
Common stock, $0.001 par value; 200,000,000 shares authorized; 88,236,324 issued; 83,807,964 outstanding		88,237			88,237
Common stock to be issued 3,027,683 and -0- shares		151,384			—
Additional paid-in capital		6,925,486			6,573,794
Deficit accumulated during development stage		(6,912,027	)		(5,041,243	)
Less: treasury stock; 4,428,360 shares at par		(4,428	)		(4,428	)

Total stockholders' equity		249,997			1,617,705

Total liabilities and stockholders' equity	$	3,077,211		$	3,085,526

See Notes to Financial Statements.

F-1

Table of Contents

REGENICIN, INC.

(A Development Stage company)

STATEMENTS OF OPERATIONS

							September 6, 2007
	Six Months			Six Months			(Inception Date)			Three Months			Three Months
	Ended			Ended			Through			Ended			Ended
	March 31,			March 31,			March 31,			March 31,			March 31,
	2012			2011			2012			2012			2011
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)

Revenues	$	—		$	—		$	—		$	—		$	—

Operating expenses
Research and development		869,859			—			1,388,761			449,377			—
General and administrative		760,985			1,503,855			3,771,708			371,930			847,094
Stock based compensation - general and administrative		—			855,991			1,248,637			—			743,491

Total operating expenses		1,630,844			2,359,846			6,409,106			821,307			1,590,585

Loss from operations		(1,630,844	)		(2,359,846	)		(6,409,106	)		(821,307	)		(1,590,585	)

Other Expenses
Interest expense, including amortization of beneficial conversion feature		(239,940	)		(4,053	)		(502,921	)		(234,471	)		(2,178	)

Total Other Expenses		(239,940	)		(4,053	)		(502,921	)		(234,471	)		(2,178	)

Net loss		(1,870,784	)		(2,363,899	)		(6,912,027	)		(1,055,778	)		(1,592,763	)

Preferred stock dividends		(54,187	)		—			(1,316,923	)		(26,826	)		—

Net loss attibutable to common stockholders	$	(1,924,971	)	$	(2,363,899	)	$	(8,228,950	)	$	(1,082,604	)	$	(1,592,763	)

Basic and diluted loss per share:	$	(0.02	)	$	(0.03	)				$	(0.01	)	$	(0.02	)

Weighted average number of shares outstanding
Basic and diluted		83,807,964			85,508,846						83,807,964			83,822,317

See Notes to Financial Statements.

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REGENICIN, INC.

(A Development Stage company)

STATEMENTS OF CASH FLOWS

							September 6, 2007
	Six Months			Six Months			(Inception Date)
	Ended			Ended			Through
	March 31,			March 31,			March 31,
	2012			2011			2012
	(Unaudited)			(Unaudited)			(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(1,870,784	)	$	(2,363,899	)	$	(6,912,027	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount		31,045			—			31,045
Accrued interest on notes and loans payable		13,543			—			13,543
Amortization of beneficial conversion feature		178,043			—			429,257
Warrants issued as part of debt conversion		7,653			—			7,653
Stock based compensation		—			855,991			1,248,637
Changes in operating assets and liabilities
Prepaid expenses and other current assets		40,162			25,970			26,775
Accounts payable		728,826			506,723			1,468,153
Accrued expenses		251,525			216,390			887,308

Net cash used in operating activities		(619,987	)		(758,825	)		(2,799,656	)

CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of intangible assets		—			—			(3,007,500	)

Net cash used in investing activities		—			—			(3,007,500	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the sale of common stock		—			467,550			3,012,575
Proceeds from the sale of Series A convertible preferred stock		—			—			1,180,000
Payments of expenses relating to the sale of common stock		—			(75,777	)		(444,910	)
Payment of expenses relating to the sale of convertible preferred stock		—			—			(9,600	)
Repayments of notes payable - insurance financing		(46,856	)		—			(46,856	)
Proceeds from the issuance of notes payable		660,690			115,000			1,675,690
Repayments of notes payable		(10,000	)		—			(245,000	)
Proceeds from advances from related party		48,000			187,211			554,000
Proceeds from loans payable		—			85,000			145,000
Proceeds from advances from officer		—			—			22,500

Net cash provided by financing activities		651,834			778,984			5,843,399

INCREASE IN CASH		31,847			20,159			36,243

CASH - BEGINNING OF PERIOD		4,396			4,564			—

CASH - END OF PERIOD	$	36,243		$	24,723		$	36,243

Supplemental disclosures of cash flow information:
Cash paid for interest	$	1,758		$	—

Non-cash activities:

Preferred stock dividends	$	54,187		$	—

Shares to be issued upon conversion of debt and accrued interest	$	151,384		$	—

Issuance of warrants upon conversion of debt	$	7,653		$	—

Issuance of common stock for the conversion of amounts owed to related party	$	—		$	506,000

Treasury stock	$	—		$	4,428

See Notes to Financial Statements.

F-3

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REGENICIN, INC.

NOTES TO THE FINANCIAL STATEMENTS

(A Development Stage Company)

(UNAUDITED)

NOTE 1 - THE COMPANY

Windstar, Inc. (the Company”) was incorporated in the state of Nevada on September 6, 2007 and is in the development stage. On July 19, 2010, the Company amended its Articles of Incorporation to change the name of the Company to Regenicin, Inc.

The Company’s original business was the development of a purification device. Such business was assigned to the Company’s former management in July 2010.

The Company has adopted a new business plan and intends to help develop and commercialize a potentially lifesaving technology by the introduction of tissue-engineered skin substitutes to restore the qualities of healthy human skin for use in the treatment of burns, chronic wounds and a variety of plastic surgery procedures. To this end, we have entered into an agreement with Lonza Walkersville, Inc. (Lonza”) for the exclusive license to use certain proprietary know-how and information necessary to develop and seek approval by the U.S. Food and Drug Administration (FDA”) for the commercial sale of a product known as PermaDerm.

PermaDerm is a tissue-engineered skin substitute prepared from autologous (patient’s own) skin cells. It is a combination of cultured epithelium with a collagen-fibroblast implant that produces a skin substitute that contains both epidermal and dermal components. This model has been shown in preclinical studies to generate a functional skin barrier and in clinical studies to promote closure and healing of burns. Clinically, the Company believes that self-to-self skin grafts for permanent skin tissue will not be rejected by the immune system of the patient, unlike with porcine or cadaver grafts in which rejection is an important possibility.

NOTE 2 - BASIS OF PRESENTATION

The accompanying unaudited financial statements of Regenicin, Inc. (the Company”) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the year ending September 30, 2012. These unaudited financial statements should be read in conjunction with the audited financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2011, as filed with the Securities and Exchange Commission.

Going Concern:

The Company’s financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred cumulative losses of approximately $6.9 million from inception, expects to incur further losses in the development of its business and has been dependent on funding operations through the issuance of convertible debt and private sale of equity securities. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans include continuing to finance operations through the private or public placement of debt and/or equity securities and the reduction of expenditures. However, no assurance can be given at this time as to whether the Company will be able to achieve these objectives. The financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

F-4

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Development Stage Activities and Operations:

The Company is in the development stage and has had no revenues. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and even if planned principal operations have commenced, revenues are insignificant.

Recent Pronouncements:

We do not believe that any of the recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on our accompanying financial statements.

NOTE 3 - LOSS PER SHARE

Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share give effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period, only in periods in which such effect is dilutive. The following securities have been excluded from the calculation of net loss per share, as their effect would be anti-dilutive:

	Shares of Common Stock
	Issuable upon Conversion/Exercise
	as of March 31,
	2012		2011
Options		5,542,688		5,542,688
Warrants		1,269,842		2,300,067
Convertible Preferred Stock		14,277,000		-0-
Convertible debentures		3,804,914		-0-

NOTE 4 - INTANGIBLES ASSETS

In July 2010, the Company entered into an agreement with Lonza for the exclusive license to use certain proprietary know-how and information necessary to develop and seek approval by the U.S. Food and Drug Administration (FDA”) for the commercial sale of a product known as PermaDerm.

The Company paid Lonza $3,000,000 for the exclusive know-how license and assistance to seek approval from the FDA for the commercial sale of PermaDerm in the U.S., and later for approval in foreign jurisdictions for commercial sale of PermaDerm throughout the world. In conjunction with Lonza, we intend to create and implement a strategy to conduct human clinical trials and to assemble and present the relevant information and data in order to obtain the necessary approvals for PermaDerm and possible related products.

In August 2010, the Company paid $7,500 and obtained the rights to the trademarks PermaDerm® and TempaDerm® from KJR-10 Corp.

Intangible assets, which include purchased licenses, patents and patent rights, are stated at cost and will be amortized using the straight-line method over their useful lives based upon the pattern in which the expected benefits will be realized, or on a straight-line basis, whichever is greater.

F-5

Table of Contents

We review our intangible assets subject to amortization whenever events or changes in circumstances indicate that the carrying amount of such an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying amount to the future undiscounted cash flows the assets are expected to generate. If such assets are considered impaired, the impairment to be recognized is equal to the amount by which the carrying value of the assets exceeds their fair value determined by either a quoted market price, if any, or a value determined by utilizing a discounted cash flow technique. In assessing recoverability, we must make assumptions regarding estimated future cash flows and discount factors. If these estimates or related assumptions change in the future, we may be required to record impairment charges. We did not record any impairment charges in the six months ended March 31, 2012 and 2011.

NOTE 5 - NOTES PAYABLE

Insurance Financing Note:

In August 2011, the Company financed certain insurance premiums totaling $60,243. The note is payable over a nine-month term. The first payment due in September 2011 was made in October 2011. At March 31, 2012 and September 30, 2011, the note balance was $13,387 and $60,243, respectively.

Promissory Notes:

On October 12, 2011, the Company issued a $10,000 secured promissory note (“Note 1”) to NPNC Management LLC, a company whose principals also represent the Company as securities counsel. Note 1 bore interest at the rate of 5% per annum and was due on June 14, 2012. Note 1 was secured by the Company’s assets. At March 31, 2012, the Note 1 balance including interest was repaid in full.

On December 21, 2011, the Company issued a $150,000 promissory note (“Note 2”) to an individual. Note 2 bears interest so that the Company will repay $175,000 on the maturity date of June 21, 2012, which correlates to an effective rate of 31.23%. Additional interest of 10% will be charged on any late payments. At maturity, the Company will issue one million shares of common stock as additional consideration. For financial reporting purposes, the Company recorded a discount of $56,250 to reflect the value of these shares. The discount is being amortized over the term of Note 2. At March 31, 2012, the Note 2 balance was $138,174 net of a debt discount of $25,205.

On January 18, 2012, the Company issued a $165,400 convertible promissory note (“Note 3”) to an individual. Note 3 bears interest at the rate of 5% per annum and is due on June 18, 2012. Note 3 and accrued interest thereon is convertible into units at a conversion price of $2.00 per unit. A unit consists of one share of Series A Convertible Preferred Stock (“Series A Preferred”) and a warrant to purchase one-fourth (1/4), or 25% of one share of common stock. For financial reporting purposes, the Company recorded a discount of $6,686 to reflect the beneficial conversion feature. The discount is being amortized over the term of Note 2. At March 31, 2012, the Note 2 balance was $161,396 net of a debt discount of $4,004.

On January 27, 2012, the Company issued a $149,290 convertible promissory note (“Note 4”) to an individual. Note 4 bore interest at the rate of 8% per annum and was due on March 31, 2012. Note 4 and accrued interest thereon was convertible into shares of common stock at a rate of $.05 per share. In addition, at the date of conversion, the Company was to issue two-year warrants to purchase an additional 500,000 shares of common stock at $.10 per share. On March 31, 2012 Note 4 and the accrued interest became due but the 3,027,683 shares of common stock were not issued. As such, as of March 31, 2012, such shares were classified as common stock to be issued. In addition, at March 31, 2012, the warrants to purchase 500,000 shares were issued. For financial reporting purposes, the Company recorded a discount of $7,653 to reflect the value of the warrants and a discount of $149,290 to reflect the value of the beneficial conversion feature.

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In March 2012, the Company issued a series of convertible promissory notes (“Notes 5-9”) totaling $186,000 to four individuals. Notes 5-9 bear interest at the rate of 33% per annum and are due in August and September 2012. Notes 5-9 and accrued interest thereon are convertible into shares of common stock at the rate of $.05 per share and automatically convert on the maturity dates unless paid sooner by the Company. For financial reporting purposes, the Company recorded discounts of $186,000 to reflect the beneficial conversion features. The discounts are being amortized over the terms of Notes 5-9. At March 31, 2012, the Note 5-9 balances were $26,071, net of debt discounts of $159,929.

In April 2012, the Company issued a series of convertible promissory notes (“Notes 10-12”) totaling $55,000 to three individuals. Notes 10-12 bear interest at the rate of 33% per annum and are due in October 2012. Notes 10-12 and accrued interest thereon are convertible into shares of common stock at the rate of $.05 per share and automatically convert on the maturity dates unless paid sooner by the Company.

In April 2012, the Company issued a convertible promissory notes (“Note 13”) totaling $25,000 to an individual for services previous rendered. Note 13 bears interest at the rate of 33% per annum and is due in October 2012. Note 13 and accrued interest thereon is convertible into shares of common stock at the rate of $.05 per share and automatically converts on the maturity dates unless paid sooner by the Company.

NOTE 6 - LOANS PAYABLE

Loan Payable:

In February 2011, an investor advanced the Company $10,000. The loan does not bear interest and is due on demand. At March 31, 2012, the loan balance is $10,000.

Loan Payable - Related Party:

In October 2011, Craig Eagle, a director of the Company, advanced the Company $35,000. The loan does not bear interest and is due on demand. At March 31, 2012, the loan balance was $35,000.

In February 2012, John Weber, the Company’s Chief Financial Officer, advanced the Company $13,000. The loan does not bear interest and is due on demand. At March 31, 2012, the loan balance is $13,000. In April 2012 another $10,000 was advanced under the same terms.

NOTE 7 - STOCKHOLDERS’ EQUITY

Preferred Stock:

Series A

Series A Preferred pays a dividend of 8% per annum on the stated value and have a liquidation preference equal to the stated value of the shares. Each share of Preferred Stock has an initial stated value of $1 and is convertible into shares of the Company’s common stock at the rate of 10 for 1. The dividends are cumulative commencing on the issue date whether or not declared. Dividends amounted to $54,187 and $26,826 for the six and three months ended March 31, 2012, respectively. There were no dividends for both the six and three months ended March 31, 2011. At March 31, 2012 and September 30, 2011, dividends payable total $80,297 and $26,110, respectively, and are included in accrued expenses.

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Series B

On January 23, 2012, the Company designated a new class of preferred stock called Series B Convertible Preferred Stock (Series B Preferred”). Four million shares have been authorized with a liquidation preference of $2.00 per share. Each share of Series B Preferred is convertible into ten shares of common stock. Holders of Series B Convertible Preferred Stock have a right to a dividend (pro-rata to each holder) based on a percentage of the gross revenue earned by the Company in the United States, if any, and the number of outstanding shares of Series B Convertible Preferred Stock, as follows: Year 1 – Total Dividend to all Series B holders = .03 x Gross Revenue in the U.S. Year 2 – Total Dividend to all Series B holders = .02 x Gross Revenue in the U.S. Year 3 – Total Dividend to all Series B holders = .01 x Gross Revenue in the U.S. At March 31, 2012 and December 31, 2011, no shares of Series B Preferred are outstanding.

NOTE 8 - LEGAL PROCEEDINGS

On April 18, 2012, a settlement was reached in the case involving litigation between our Chief Executive Officer, Mr. Randall McCoy, and our former President, Mr. Joseph Connell in the United States District Court for the Southern District of New York.

As previously reported, on March 11, 2011, Mr. Connell filed a complaint in the Supreme Court of the State of New York (which was later removed to federal court) against Mr. Randall McCoy, our company, and the members of our board of directors. The company and members of the board were dismissed earlier from the proceedings and the chronology of the case is set forth in our previous filings.

As a final resolution, a Confidential Settlement Agreement and General Release (the Settlement Agreement”) was signed by and among Mr. McCoy, Mr. Connell, our company, and our board of directors. An amendment (the Amendment”) to the Settlement Agreement was signed on April 24, 2012. Pursuant to the Settlement Agreement and Amendment, in exchange for dismissal of the pending lawsuit with prejudice and a mutual release of all claims involving all parties concerned, Mr. McCoy agreed to issue to Mr. Connell 12,500,000 shares of his common stock in our company. On April 19, 2012, 10,000,000 of the shares were transferred to Mr. Connell, with the remaining shares assigned to his counsel in the case.

As a result of the Settlement Agreement and Amendment and the transfer of these shares, Mr. Connell is now a greater than 10% stockholder of the Company.

NOTE 9 - RELATED PARTY TRANSACTIONS

Our principal executive offices are located at in Little Falls, New Jersey. Our headquarters is located in the offices of McCoy Enterprises LLC, an entity controlled by Mr. McCoy. The office is attached to his residence but has its own entrances, restroom and kitchen facilities. No rent is charged.

We also maintain an office in Pennington New Jersey, which is our materials and testing laboratory. This office is owned by Materials Testing Laboratory, and the principal is an employee of our Company.

No rent is charged for either premise.

NOTE 10 - SUBSEQUENT EVENTS

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

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

Forward-Looking Statements

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

Overview

We intend to develop and commercialize a potentially lifesaving technology by the introduction of tissue-engineered skin substitutes to restore the qualities of healthy human skin for certain clinical diagnoses. To this end, we have entered into an agreement to purchase stock of Cutanogen Corporation (“Cutanogen”) from Lonza Walkersville, Inc. (“Lonza”) and for the exclusive license to use certain proprietary know-how and information necessary to develop and seek approval by the U.S. Food and Drug Administration (“FDA”) for the commercial sale of several products. These products are aimed at the treatment of burns, chronic wounds and a variety of plastic and reconstructive surgical procedures. In the United States market alone, the company estimates the potential markets for severe burns and chronic skin wounds is in excess of $7 billion.

The first product, PermaDerm^® is the only tissue-engineered skin prepared from autologous (patient’s own) skin cells. It is a combination of cultured epithelium with a collagen-fibroblast implant that produces a skin substitute that contains both epidermal and dermal components. This model has been shown in preclinical studies to generate a functional skin barrier and in clinical studies to promote closure and healing of burns. Clinically, we believe self-to-self skin grafts for permanent skin tissue are not rejected by the immune system of the patient, unlike with porcine or cadaver grafts in which immune system rejection is an important possibility. PermaDerm^® was initially designated as an Orphan Device by the FDA for treatment of burns. We have applied to the FDA late last year for an Orphan designation as a biologic/drug for PermaDerm^® If received, this would allow us to move forward to gain a Biological License Application Approval which would allow Regenicin to sell PermaDerm^®in certain defined markets.

The second product is anticipated to be, TempaDerm^®. TempaDerm^®uses cells obtained from human donors to allow the development of banks of cryopreserved (frozen) cells and cultured skin substitute to provide a continuous supply of non-allogenic skin substitutes. This product has applications in the treatment of chronic skin wounds such as diabetic ulcers, decubitus ulcers and venous stasis ulcers. The U.S. markets are estimated to total more than $7 billion annually. This product is in the early development stage and does not have FDA approval.

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We believe the technology has many different uses beyond the burn indication. The other uses include chronic wounds, reconstructive surgery and the individual components of the PermaDerm^® technology such as tendon wraps made of collagen or temporary coverings to protect the patients from infections while waiting for PermaDerm^®. The collagen technology used for PermaDerm^® is a wide-open field in wound healing and uses such as stem cell grafting substrates. It is important to know that all of these above are products by themselves regardless of whether PermaDerm^® is approved for burns. We could pursue any or all of them independently if financing permitted. Even if PermaDerm^® was not approved for burn treatments it could be approved for chronic wounds or reconstruction.

We will need to raise capital to fund benchmark payments agreed to under the Lonza agreement. Upon receipt of Orphan Product BLA Approval (Pediatric), we will initiate sales with manufacturing performed by Lonza. We hope to initiate clinical trials early 2012 with final submission to the FDA for approval for PermaDerm^® anticipated by 2013.

Results of Operations for the Three and Six Months Ended March 31, 2012 and 2011

We have generated no revenues since the inception of the Company. We do not expect to generate revenues until we are able to obtain FDA approval of PermaDerm^®, and thereafter acquire the license rights to sell products associated with that technology.

We incurred operating expenses of $821,307 for the three months ended March 31, 2012, compared with operating expenses of $1,590,585 for the three months ended March 31, 2011. We incurred operating expenses of $1,630,844 for the six months ended March 31, 2012, compared with operating expenses of $2,359,846 for the six months ended March 31, 2011. Our operating expenses increased dramatically in 2012 as a result of ramping up operations in connection with our tissue-engineered skin substitutes business and consisted mainly of the following in comparison to our expenses in 2011:

Operating Expense	Three Months Ended March 31, 2012		Three Months Ended March 31, 2011		Six Months Ended March 31, 2012		Six Months Ended March 31, 2011
Legal and Accounting	$	80,750	$	288,240	$	235,995	$	388,438
Public Relations and Marketing Support		—		42,125		—		202,942
Salaries, Wages and Payroll Taxes		218,649		212,092		395,345		376,675
Consulting and Computer Support		20,900		723,703		21,800		899,894
Office Expenses and Misc.		7,678		8,775		17,177		22,275
Travel		7,980		21,269		18,786		68,229
Insurance		22,905		22,869		46,554		49,491
Website Expenses		264		—		630		—
Research and Development		449,377		183,687		869,859		183,687
Employee Benefits		12,804		12,764		24,698		18,093
Registration Penalties		—		75,061		—		150,122

We incurred stock based compensation of $0 and $743,491 for the three months ended March 31, 2012 and 2011, respectively, from the issuance of common stock, warrants and options to our directors and third party consultants. We incurred stock based compensation of $0 and $855,991 for the six months ended March 31, 2012 and 2011, respectively, from the issuance of common stock, warrants and options to our directors and third party consultants. Such amounts are included above under consulting.

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We incurred other expenses of $234,471 for the three months ended March 31, 2012, as compared to $2,178 for the three months ended March 31, 2011. We incurred other expenses of $239,940 for the six months ended March 31, 2012, as compared to $4,053 for the six months ended March 31, 2011. Our other expenses for both periods consisted of interest expenses. Interest expense included $206,014 and $209,088 for the three and six months ended March 31, 2012, respectively, to reflect the amortization of debt discounts and beneficial conversion features of the various notes payable issued.

We incurred a net loss of $1,055,778 for the three months ended March 31, 2012, as compared with a net loss of $1,592,763 for the three months ended March 31, 2011. We incurred a net loss of $1,870,784 for the six months ended March 31, 2012, as compared with a net loss of $2,363,899 for the six months ended March 31, 2011. We incurred a net loss of $6,912,027 for the period from inception to March 31, 2012.

Liquidity and Capital Resources

As of March 31, 2012, we had cash of $36,243 and $4,396 as of September 30, 2011.

Operating activities used $619,987 in cash for the six months ended March 31, 2012. The decrease in cash was primarily attributable to funding the loss for the period.

Financing activities provided $651,834 for the six months ended March 31, 2012 and consisted of $660,690 in proceeds from notes payable and $48,000 in loans from a related party, offset by the repayment of the insurance premium financing of $46,856 and the repayment of other loans of $10,000.

During the current reporting period and thereafter, we received funds under the following notes and loans:

On January 18, 2012, we issued $165,400 in a convertible promissory note to an individual. The note bears interest at the rate of 5% per annum and is due on June 18, 2012.
On February 8, 2012, we received $149,290 from an individual. Such amount, along with any other monies to be received at a later date, will be memorialized into a note.
In February 2012, John Weber, our Chief Financial Officer, advanced us $13,000. The loan does not bear interest and is due on demand. In April 2012, Mr. Weber advanced us an additional $10,000 under the same terms.
On March 1, 2012, we received $100,000 in a convertible promissory note to an individual. The note bears interest at the rate of 33% per annum and converts automatically in six months from issuance.
On March 2, 2012, we received $50,000 in convertible promissory notes to individuals. The notes bear interest at the rate of 33% per annum and convert automatically in six months from issuance.
On March 6, 2012, we received $11,000 in a convertible promissory note to an individual. The note bears interest at the rate of 33% per annum and converts automatically in six months from issuance.
On March 22, 2012, we received $25,000 in a convertible promissory note to an individual. The note bears interest at the rate of 33% per annum and converts automatically in six months from issuance.
On April 2, 2012, we received $25,000 in a convertible promissory note to an individual. The note bears interest at the rate of 33% per annum and converts automatically in six months from issuance.
April 3, 2012, we received $50,000 in convertible promissory notes to individuals. The notes bear interest at the rate of 33% per annum and convert automatically in six months from issuance.
On April 11, 2012, we received $5,000 in a convertible promissory note to an individual. The note bears interest at the rate of 33% per annum and converts automatically in six months from issuance.

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

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The primary short term objective of the Company is to gain FDA approval for both the pediatric and adult indications for the use of PermaDerm^® . Understanding that these approvals are not contingent upon one another, but will be independent submissions, our most essential efforts and expenditures in the short term will be regulatory in nature. It should be noted that the regulatory expenditure related to adult indication will be substantially funded by the aforementioned government contract to Lonza, discussed above, 66% of clinical supplies, regulatory support and commercialization expenses are also covered by the government contract. The remaining expense, of the 33.3% to be absorbed by the company, is recognized as $130,000 per month in the Regulatory Expense category below. The regulatory expense related to pediatric indication is expected to be roughly $20,000 per month, due to the fact that over 100 patients have previously been treated with PermaDerm^®, under a Humanitarian Use Device designation granted by the FDA. As a result, it is the opinion of management that not only will the expenditure be minimized but the time to approval will be greatly reduced. Commercial sales in the pediatric category are projected to begin within 12 month of funding.

The Current Monthly Expenditures are as follows:	Total		Regulatory		Required

Salaries	$	73,000	$	8,000		65,000
Fringe Benefits		5,000		1,000		4,000
T&E		10,000		5000		5,000
Subtotal		88,000		14,000		74,000

clinical trials		130,000		130,000
Pediatric		20,000		20,000
Regulatory Expense subtotal		150,000		150,000

Professional Fees:
Legal		12,500				12,500
Accounting & Audit		6,500				6,500
Subtotal		19,000				19,000

Public Relations		12,000				12,000

Insurance		7,500				7,500

Miscellaneous		3,500		1,500		2,000

Total	$	280,000	$	165,500	$	114,500

As can be noted from the above schedule, management estimates the current total monthly expense at approximately $280,000. A further analysis of this total monthly amount indicates that the minimum regulatory expense required to meet the objectives, without delay, in the next 12 months is estimated at $165,500, with an additional minimum monthly expense to meet statutory requirements of $114,500. In summary, in order to continue operations meeting only the regulatory schedule and statutory requirements would cost approximately $280,000 per month.

We are hopeful that we will close on a new round of financing in the $2-$4 million range within the next 30 - 60 days. In addition, shareholder, directors, and officers have contributed capital in the past and it is expected that they will continue if required. Finally, creditors have also been willing to extend terms when necessary and employees have accepted delayed payment.

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For the first full year, after the approval of the Orphan indication, we are projecting revenue in the United States in excess of $10 million. Lead pricing from our manufacturer, Lonza, would yield gross contribution of approximately $4 million. This does not include any international licensing revenue opportunities, in which interest has been exhibited. It is also the opinion of management that since there are over 125 major burn centers in the U.S., marketing and selling expense will be minimal. It should also be noted, that Perma Derm^TM's grafting procedure is similar to the current method used with skin substitutes. As a result, the surgeon training will be minimal. In addition, due to the fact that Lonza, our contract manufacturer, will handle the patients' skin sample, manufacture the PermaDerm^® and deliver the product directly to the surgeon, the company's distribution and manufacturing expense will be minimal. Finally, due to PermaDerm^®being autologous, (made from the patient's own skin), rejection, infection, and time in the intensive unit can be greatly reduced.

Off Balance Sheet Arrangements

As of March 31, 2012, there were no off balance sheet arrangements.

Going Concern

Our financial statements have been prepared assuming that we will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. We have incurred cumulative losses of $6.9 million for the period September 6, 2007 (inception date) through March 31, 2012, expect to incur further losses in the development of our business and have been dependent on funding operations through the issuance of convertible debt and private sale of equity securities. These conditions raise substantial doubt about our ability to continue as a going concern. Management’s plans include continuing to finance operations through the private or public placement of debt and/or equity securities and the reduction of expenditures. However, no assurance can be given at this time as to whether we will be able to achieve these objectives. The financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2012. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2012, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of March 31, 2012, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

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

Our company plans to take steps to enhance and improve the design of our internal controls over financial reporting. During the period covered by this quarterly report on Form 10-Q, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we plan to implement the following changes during our fiscal year ending September 30, 2012: (i) appoint additional qualified personnel to address inadequate segregation of duties and ineffective risk management; and (ii) adopt sufficient written policies and procedures for accounting and financial reporting. The remediation efforts set out are largely dependent upon our securing additional financing to cover the costs of implementing the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material manner.

We are unable to remedy our controls related to the inadequate segregation of duties and ineffective risk management until we receive financing to hire additional employees. In January 2011, we hired an outsourced controller to improve the controls for accounting and financial reporting.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended March 31, 2012 that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

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

On February 28, 2011, our board of directors, Mr. Randall McCoy, and our company (collectively the “Plaintiffs”) filed an amended complaint in the Eighth Judicial District Court of Nevada (Case No. A-11-634976-C) against Joseph Connell, our former President. The Plaintiffs in the amended complaint are requesting declaratory relief from certain allegations Mr. Connell has made in relation to partnership claims with Mr. McCoy, board membership, and stock ownership in our company. Mr. Connell has requested that the case be removed to federal court in Nevada and has requested that our complaint be dismissed for lack of jurisdiction.

On March 11, 2011, Mr. Connell filed a complaint in the Supreme Court of the State of New York (Index No. 103007/11) against Mr. McCoy, Regenicin, Inc., Joseph Rubinfeld, John Weber and Craig Eagle. The complaint alleges, among other things, that Mr. Connell is entitled to 50% of Mr. McCoy’s stock in our company. The complaint requests an accounting from us and requests that we be enjoined from transferring title to Mr. McCoy’s shares.

On June 8, 2011, an agreement was reached (the “Agreement”) to dismiss the members of the Company’s board of directors (excluding Mr. McCoy) and the Company from the case currently pending in the United States District Court for the Southern District of New York. As part of this Agreement, the Company also agreed to dismiss its action originally brought against Mr. Connell in the United States District Court for the District of Nevada. Since then, the dispute continued involving only Mr. Connell and Mr. McCoy as parties in the action pending in the United States District Court for the Southern District of New York. As part of the Agreement, Mr. McCoy has agreed to lock-up 25,000,000 of his personal shares pending the outcome of the case.

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On November 17, 2011, there was a formal settlement conference before a Magistrate Judge. On April 18, 2012, a settlement was reached. As a final resolution, a Confidential Settlement Agreement and General Release (the “Settlement Agreement”) was signed by and among Mr. McCoy, Mr. Connell, our company, and our board of directors. An amendment (the “Amendment”) to the Settlement Agreement was signed on April 24, 2012. Pursuant to the Settlement Agreement and Amendment, in exchange for dismissal of the pending lawsuit with prejudice and a mutual release of all claims involving all parties concerned, Mr. McCoy agreed to issue to Mr. Connell 12,500,000 shares of his common stock in our company. On April 19, 2012, 10,000,000 of the shares were transferred to Mr. Connell, with the remaining shares assigned to his counsel in the case.

As a result of the Settlement Agreement and Amendment and the transfer of these shares, Mr. Connell is now a greater than 10% shareholder of our company.

Item 1A: Risk Factors

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

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

None

Item 3. Defaults upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None

Item 6. Exhibits

Exhibit Number	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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SIGNATURES

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

	Regenicin, Inc.

Date:	May 18, 2012

By:	/s/ Randall McCoy
	Randall McCoy
Title:	Chief Executive Officer and Director

EX-31.1 2 ex31_1.htm EXHIBIT 31.1

CERTIFICATIONS

I, Randall McCoy, certify that;

I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2012 of Regenicin, Inc (the “registrant”);

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

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

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

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

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

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

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

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

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

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

Date: May 18, 2012

/s/ Randall McCoy

By: Randall McCoy

Title: Chief Executive Officer

EX-31.2 3 ex31_2.htm EXHIBIT 31.2

CERTIFICATIONS

I, John J. Weber, certify that;

I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2012 of Regenicin, Inc (the “registrant”);

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

Date: May 18, 2012

/s/ John J. Weber

By: John J. Weber

Title: Chief Financial Officer

EX-32.1 4 ex32_1.htm EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly Report of Regenicin, Inc (the “Company”) on Form 10-Q for the quarter ended March 31, 2012 filed with the Securities and Exchange Commission (the “Report”), We, Randall McCoy, Chief Executive Officer of the Company and John J. Weber, Interim Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

By:	/s/ Randall McCoy
Name:	Randall McCoy
Title:	Principal Executive Officer, Principal Financial Officer and Director
Date:	May 18, 2012

By:	/s/ John J. Weber
Name:	John J. Weber
Title:	Interim Financial Officer
Date:	May 18, 2012

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

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The accompanying unaudited financial statements of Regenicin, Inc. (the Company) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the year ending September 30, 2012. These unaudited financial statements should be read in conjunction with the audited financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2011, as filed with the Securities and Exchange Commission.   Going Concern:   The Companys financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred cumulative losses of approximately $6.9 million from inception, expects to incur further losses in the development of its business and has been dependent on funding operations through the issuance of convertible debt and private sale of equity securities. These conditions raise substantial doubt about the Companys ability to continue as a going concern. Managements plans include continuing to finance operations through the private or public placement of debt and/or equity securities and the reduction of expenditures. However, no assurance can be given at this time as to whether the Company will be able to achieve these objectives. The financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.   Development Stage Activities and Operations:   The Company is in the development stage and has had no revenues. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and even if planned principal operations have commenced, revenues are insignificant.   Recent Pronouncements:   We do not believe that any of the recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on our accompanying financial statements.

Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share give effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period, only in periods in which such effect is dilutive. The following securities have been excluded from the calculation of net loss per share, as their effect would be anti-dilutive:   <table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="text-align: center">Shares of Common Stock</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="text-align: center">Issuable upon Conversion/Exercise</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">as of March 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2011</td></tr> <tr style="background-color: rgb(204,238,204); vertical-align: bottom"> <td style="width: 54%">Options</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 20%">5,542,688</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 20%">5,542,688</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td>Warrants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,269,842</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,300,067</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,204); vertical-align: bottom"> <td style="text-align: left">Convertible Preferred Stock</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,277,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-0-</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">Convertible debentures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,804,914</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-0-</td> <td style="text-align: left"> </td></tr> </table>

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

Our principal executive offices are located at in Little Falls, New Jersey. Our headquarters is located in the offices of McCoy Enterprises LLC, an entity controlled by Mr. McCoy. The office is attached to his residence but has its own entrances, restroom and kitchen facilities. No rent is charged.   We also maintain an office in Pennington New Jersey, which is our materials and testing laboratory. This office is owned by Materials Testing Laboratory, and the principal is an employee of our Company.   No rent is charged for either premise.

On April 18, 2012, a settlement was reached in the case involving litigation between our Chief Executive Officer, Mr. Randall McCoy, and our former President, Mr. Joseph Connell in the United States District Court for the Southern District of New York.   As previously reported, on March 11, 2011, Mr. Connell filed a complaint in the Supreme Court of the State of New York (which was later removed to federal court) against Mr. Randall McCoy, our company, and the members of our board of directors. The company and members of the board were dismissed earlier from the proceedings and the chronology of the case is set forth in our previous filings.   As a final resolution, a Confidential Settlement Agreement and General Release (the Settlement Agreement) was signed by and among Mr. McCoy, Mr. Connell, our company, and our board of directors. An amendment (the Amendment) to the Settlement Agreement was signed on April 24, 2012. Pursuant to the Settlement Agreement and Amendment, in exchange for dismissal of the pending lawsuit with prejudice and a mutual release of all claims involving all parties concerned, Mr. McCoy agreed to issue to Mr. Connell 12,500,000 shares of his common stock in our company. On April 19, 2012, 10,000,000 of the shares were transferred to Mr. Connell, with the remaining shares assigned to his counsel in the case.   As a result of the Settlement Agreement and Amendment and the transfer of these shares, Mr. Connell is now a greater than 10% stockholder of the Company.

Preferred Stock:   Series A   Series A Preferred pays a dividend of 8% per annum on the stated value and have a liquidation preference equal to the stated value of the shares. Each share of Preferred Stock has an initial stated value of $1 and is convertible into shares of the Companys common stock at the rate of 10 for 1. The dividends are cumulative commencing on the issue date whether or not declared. Dividends amounted to $54,187 and $26,826 for the six and three months ended March 31, 2012, respectively. There were no dividends for both the six and three months ended March 31, 2011. At March 31, 2012 and September 30, 2011, dividends payable total $80,297 and $26,110, respectively, and are included in accrued expenses.    Series B   On January 23, 2012, the Company designated a new class of preferred stock called Series B Convertible Preferred Stock (Series B Preferred). Four million shares have been authorized with a liquidation preference of $2.00 per share. Each share of Series B Preferred is convertible into ten shares of common stock. Holders of Series B Convertible Preferred Stock have a right to a dividend (pro-rata to each holder) based on a percentage of the gross revenue earned by the Company in the United States, if any, and the number of outstanding shares of Series B Convertible Preferred Stock, as follows: Year 1 Total Dividend to all Series B holders = .03 x Gross Revenue in the U.S. Year 2 Total Dividend to all Series B holders = .02 x Gross Revenue in the U.S. Year 3 Total Dividend to all Series B holders = .01 x Gross Revenue in the U.S. At March 31, 2012 and December 31, 2011, no shares of Series B Preferred are outstanding.

Loan Payable:   In February 2011, an investor advanced the Company $10,000. The loan does not bear interest and is due on demand. At both March 31, 2012 and September 30, 2011, the loan balance is $10,000.   Loan Payable - Related Party:   In October 2011, Craig Eagle, a director of the Company, advanced the Company $35,000. The loan does not bear interest and is due on demand. At March 31, 2012, the loan balance was $35,000.   In February 2012, John Weber, the Companys Chief Financial Officer, advanced the Company $13,000. The loan does not bear interest and is due on demand. At March 31, 2012, the loan balance is $13,000. In April 2012 another $10,000 was advanced under the same terms.   Insurance Financing Note:   In August 2011, the Company financed certain insurance premiums totaling $60,243. The note is payable over a nine-month term. The first payment due in September 2011 was made in October 2011. At March 31, 2012 and September 30, 2011, the note balance was $13,387 and $60,243, respectively.   Promissory Notes:   On October 12, 2011, the Company issued a $10,000 secured promissory note (Note 1) to NPNC Management LLC, a company whose principals also represent the Company as securities counsel. Note 1 bore interest at the rate of 5% per annum and was due on June 14, 2012. Note 1 was secured by the Companys assets. At March 31, 2012, the Note 1 balance including interest was repaid in full.   On December 21, 2011, the Company issued a $150,000 promissory note (Note 2) to an individual. Note 2 bears interest so that the Company will repay $175,000 on the maturity date of June 21, 2012, which correlates to an effective rate of 31.23%. Additional interest of 10% will be charged on any late payments. At maturity, the Company will issue one million shares of common stock as additional consideration. For financial reporting purposes, the Company recorded a discount of $56,250 to reflect the value of these shares. The discount is being amortized over the term of Note 2. At March 31, 2012, the Note 2 balance was $138,174 net of a debt discount of $25,205.   On January 18, 2012, the Company issued a $165,400 convertible promissory note (Note 3) to an individual. Note 3 bears interest at the rate of 5% per annum and is due on June 18, 2012. Note 3 and accrued interest thereon is convertible into units at a conversion price of $2.00 per unit. A unit consists of one share of Series A Convertible Preferred Stock (Series A Preferred) and a warrant to purchase one-fourth (1/4), or 25% of one share of common stock. For financial reporting purposes, the Company recorded a discount of $6,686 to reflect the beneficial conversion feature. The discount is being amortized over the term of Note 2. At March 31, 2012, the Note 2 balance was $161,396 net of a debt discount of $4,004.   On January 27, 2012, the Company issued a $149,290 convertible promissory note (Note 4) to an individual. Note 4 bore interest at the rate of 8% per annum and was due on March 31, 2012. Note 4 and accrued interest thereon was convertible into shares of common stock at a rate of $.05 per share. In addition, at the date of conversion, the Company was to issue two-year warrants to purchase an additional 500,000 shares of common stock at $.10 per share. On March 31, 2012 Note 4 and the accrued interest became due but the 3,027,683 shares of common stock were not issued. As such, as of March 31, 2012, such shares were classified as common stock to be issued. In addition, at March 31, 2012, the warrants to purchase 500,000 shares were issued. For financial reporting purposes, the Company recorded a discount of $7,653 to reflect the value of the warrants and a discount of $149,290 to reflect the value of the beneficial conversion feature.   In March 2012, the Company issued a series of convertible promissory notes (Notes 5-9) totaling $186,000 to four individuals. Notes 5-9 bear interest at the rate of 33% per annum and are due in August and September 2012. Notes 5-9 and accrued interest thereon are convertible into shares of common stock at the rate of $.05 per share and automatically convert on the maturity dates unless paid sooner by the Company. For financial reporting purposes, the Company recorded discounts of $186,000 to reflect the beneficial conversion features. The discounts are being amortized over the terms of Notes 5-9. At March 31, 2012, the Note 5-9 balances were $26,071, net of debt discounts of $159,929.   In April 2012, the Company issued a series of convertible promissory notes (Notes 10-12) totaling $55,000 to three individuals. Notes 10-12 bear interest at the rate of 33% per annum and are due in October 2012. Notes 10-12 and accrued interest thereon are convertible into shares of common stock at the rate of $.05 per share and automatically convert on the maturity dates unless paid sooner by the Company.   In April 2012, the Company issued a convertible promissory notes (Note 13) totaling $25,000 to an individual for services previous rendered. Note 13 bears interest at the rate of 33% per annum and is due in October 2012. Note 13 and accrued interest thereon is convertible into shares of common stock at the rate of $.05 per share and automatically converts on the maturity dates unless paid sooner by the Company.

In July 2010, the Company entered into an agreement with Lonza for the exclusive license to use certain proprietary know-how and information necessary to develop and seek approval by the U.S. Food and Drug Administration (FDA) for the commercial sale of a product known as PermaDerm.   The Company paid Lonza $3,000,000 for the exclusive know-how license and assistance to seek approval from the FDA for the commercial sale of PermaDerm in the U.S., and later for approval in foreign jurisdictions for commercial sale of PermaDerm throughout the world. In conjunction with Lonza, we intend to create and implement a strategy to conduct human clinical trials and to assemble and present the relevant information and data in order to obtain the necessary approvals for PermaDerm and possible related products.   In August 2010, the Company paid $7,500 and obtained the rights to the trademarks PermaDerm® and TempaDerm® from KJR-10 Corp.   Intangible assets, which include purchased licenses, patents and patent rights, are stated at cost and will be amortized using the straight-line method over their useful lives based upon the pattern in which the expected benefits will be realized, or on a straight-line basis, whichever is greater.   We review our intangible assets subject to amortization whenever events or changes in circumstances indicate that the carrying amount of such an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying amount to the future undiscounted cash flows the assets are expected to generate. If such assets are considered impaired, the impairment to be recognized is equal to the amount by which the carrying value of the assets exceeds their fair value determined by either a quoted market price, if any, or a value determined by utilizing a discounted cash flow technique. In assessing recoverability, we must make assumptions regarding estimated future cash flows and discount factors. If these estimates or related assumptions change in the future, we may be required to record impairment charges. We did not record any impairment charges in the six months ended March 31, 2012 and 2011.

Windstar, Inc. (the Company) was incorporated in the state of Nevada on September 6, 2007 and is in the development stage. On July 19, 2010, the Company amended its Articles of Incorporation to change the name of the Company to Regenicin, Inc.   The Companys original business was the development of a purification device. Such business was assigned to the Companys former management in July 2010.   The Company has adopted a new business plan and intends to help develop and commercialize a potentially lifesaving technology by the introduction of tissue-engineered skin substitutes to restore the qualities of healthy human skin for use in the treatment of burns, chronic wounds and a variety of plastic surgery procedures. To this end, we have entered into an agreement with Lonza Walkersville, Inc. (Lonza) for the exclusive license to use certain proprietary know-how and information necessary to develop and seek approval by the U.S. Food and Drug Administration (FDA) for the commercial sale of a product known as PermaDerm.   PermaDerm is a tissue-engineered skin substitute prepared from autologous (patients own) skin cells. It is a combination of cultured epithelium with a collagen-fibroblast implant that produces a skin substitute that contains both epidermal and dermal components. This model has been shown in preclinical studies to generate a functional skin barrier and in clinical studies to promote closure and healing of burns. Clinically, the Company believes that self-to-self skin grafts for permanent skin tissue will not be rejected by the immune system of the patient, unlike with porcine or cadaver grafts in which rejection is an important possibility.

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INTANGIBLES ASSETS

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

INTANGIBLES ASSETS

In August 2010, the Company paid $7,500 and obtained the rights to the trademarks PermaDerm® and TempaDerm® from KJR-10 Corp.

- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References+ Details

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LOSS PER SHARE

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

LOSS PER SHARE

	Shares of Common Stock
	Issuable upon Conversion/Exercise
	as of March 31,
	2012		2011
Options		5,542,688		5,542,688
Warrants		1,269,842		2,300,067
Convertible Preferred Stock		14,277,000		-0-
Convertible debentures		3,804,914		-0-

- Definition

The entire disclosure for earnings per share.

+ References+ Details

XML 14 R2.htm IDEA: XBRL DOCUMENT

Balance Sheets (USD $)	Mar. 31, 2012	Sep. 30, 2011
CURRENT ASSETS
Cash	$ 36,243	$ 4,396
Prepaid expenses and other current assets	33,468	73,630
Total current assets	69,711	78,026
Intangible assets	3,007,500	3,007,500
Total assets	3,077,211	3,085,526
CURRENT LIABILITIES
Accounts payable	1,468,153	739,327
Accrued expenses	962,033	658,251
Note payable - insurance financing	13,387	60,243
Notes payable (net of discount of $25,205 and -0-)	137,871
Bridge financing (net of discount of $163,933 and -0-)	187,770
Loan payable	10,000	10,000
Due to related party	48,000
Total current liabilities	2,827,214	1,467,821
Total liabilities	2,827,214	1,467,821
STOCKHOLDERS EQUITY
Series A 10% Convertible Preferred stock, $0.001 par value, 5,500,000 shares authorized; 1,345,000 and 1,345,000 issued and outstanding	1,345	1,345
Common stock, $0.001 par value; 200,000,000 shares authorized; 88,236,324 issued; 83,807,964 outstanding	88,237	88,237
Common stock to be issued 3,027,683 and -0- shares	151,384
Additional paid-in capital	6,925,486	6,573,794
Deficit accumulated during development stage	(6,912,027)	(5,041,243)
Less: treasury stock; 4,428,360 shares at par	(4,428)	(4,428)
Total stockholders equity	249,997	1,617,705
Total liabilities and stockholders equity	$ 3,077,211	$ 3,085,526

XML 15 R6.htm IDEA: XBRL DOCUMENT

THE COMPANY

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

THE COMPANY

The Company’s original business was the development of a purification device. Such business was assigned to the Company’s former management in July 2010.

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BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

BASIS OF PRESENTATION

Going Concern:

Development Stage Activities and Operations:

Recent Pronouncements:

We do not believe that any of the recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on our accompanying financial statements.

XML 18 R3.htm IDEA: XBRL DOCUMENT

Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2012	Sep. 30, 2011
Statement of Financial Position [Abstract]
Series A Preferred Stock, Par Value	$ 0.001	$ 0.001
Series A Preferred Stock, Shares Authorized	5,500,000	5,500,000
Series A Preferred Stock, Issued	1,345,000	1,345,000
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Issued	88,236,324	88,236,324
Common Stock, Outstanding	83,807,964	83,807,964
Common stock to be issued	$ 151,384
Treasury Stock, Issued	4,428,360	4,428,360

XML 19 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012	May 18, 2012
Document And Entity Information
Entity Registrant Name	Regenicin, Inc.
Entity Central Index Key	0001412659
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		83,807,964
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2012

XML 20 R4.htm IDEA: XBRL DOCUMENT

Statements of Operations (USD $)	3 Months Ended		6 Months Ended		55 Months Ended
Statements of Operations (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Income Statement [Abstract]
Revenues
Operating expenses
Research and development	449,377		869,859		1,388,761
General and administrative	371,930	847,094	760,985	1,503,855	3,771,708
Stock based compensation - general and administrative		743,491		855,991	1,248,637
Total operating expenses	821,307	1,590,585	1,630,844	2,359,846	6,409,106
Loss from operations	(821,307)	(1,590,585)	(1,630,844)	(2,359,846)	(6,409,106)
Other Expenses
Interest expense, including amortization of beneficial conversion feature	(234,471)	(2,178)	(239,940)	(4,053)	(502,921)
Total Other Expenses	(234,471)	(2,178)	(239,940)	(4,053)	(502,921)
Net loss	(1,055,778)	(1,592,763)	(1,870,784)	(2,363,899)	(6,912,027)
Preferred stock dividends	(26,826)		(54,187)		(1,316,923)
Net loss attibutable to common stockholders	$ (1,082,604)	$ (1,592,763)	$ (1,924,971)	$ (2,363,899)	$ (8,228,950)
Basic and diluted loss per share:	$ (0.01)	$ (0.02)	$ (0.02)	$ (0.03)
Weighted average number of shares outstanding: Basic and diluted	83,807,964	83,822,317	83,807,964	85,508,846

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STOCKHOLDERS EQUITY

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

STOCKHOLDERS EQUITY

Preferred Stock:

Series A

Series B

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The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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LOANS PAYABLE

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

LOANS PAYABLE

Loan Payable:

In February 2011, an investor advanced the Company $10,000. The loan does not bear interest and is due on demand. At both March 31, 2012 and September 30, 2011, the loan balance is $10,000.

Loan Payable - Related Party:

In October 2011, Craig Eagle, a director of the Company, advanced the Company $35,000. The loan does not bear interest and is due on demand. At March 31, 2012, the loan balance was $35,000.

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SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

SUBSEQUENT EVENTS

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

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LEGAL PROCEEDINGS

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

LEGAL PROCEEDINGS

As a result of the Settlement Agreement and Amendment and the transfer of these shares, Mr. Connell is now a greater than 10% stockholder of the Company.

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RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

RELATED PARTY TRANSACTIONS

No rent is charged for either premise.

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Statements of Cash Flows (USD $)
6 Months Ended 55 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Mar. 31, 2012

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss $ (1,870,784) $ (2,363,899) $ (6,912,027)

Adjustments to reconcile net loss to net cash used in operating activities:

Amortization of debt discount 31,045 31,045

Accrued interest on notes and loans payable 13,543 13,543

Amortization of beneficial conversion feature 178,043 429,257

Warrants issued as part of debt conversion 7,653 7,653

Stock based compensation 855,991 1,248,637

Changes in operating assets and liabilities

Prepaid expenses and other current assets 40,162 25,970 26,775

Accounts payable 728,826 506,723 1,468,153

Accrued expenses 251,525 216,390 887,308

Net cash used in operating activities (619,987) (758,825) (2,799,656)

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of intangible assets (3,007,500)

Net cash used in investing activities (3,007,500)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from the sale of common stock 467,550 3,012,575

Proceeds from the sale of Series A convertible preferred stock 1,180,000

Payments of expenses relating to the sale of common stock (75,777) (444,910)

Payment of expenses relating to the sale of convertible preferred stock (9,600)

Repayments of notes payable - insurance financing (46,856) (46,856)

Proceeds from the issuance of notes payable 660,690 115,000 1,675,690

Repayments of notes payable (10,000) (245,000)

Proceeds from advances from related party 48,000 187,211 554,000

Proceeds from loans payable 85,000 145,000

Proceeds from advances from officer 22,500

Net cash provided by financing activities 651,834 778,984 5,843,399

INCREASE IN CASH 31,847 20,159 36,243

CASH - BEGINNING OF PERIOD 4,396 4,564

CASH - END OF PERIOD 36,243 24,723 36,243

Supplemental disclosures of cash flow information:

Cash paid for interest 1,758

Non-cash activities:

Preferred stock dividends 54,187

Shares to be issued upon conversion of debt and accrued interest 151,384

Issuance of warrants upon conversion of debt 7,653

Issuance of common stock for the conversion of amounts owed to related party $ 506,000

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NOTES PAYABLE
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

NOTES PAYABLE

Insurance Financing Note:

In August 2011, the Company financed certain insurance premiums totaling $60,243. The note is payable over a nine-month term. The first payment due in September 2011 was made in October 2011. At March 31, 2012 and September 30, 2011, the note balance was $13,387 and $60,243, respectively.

Promissory Notes:

On October 12, 2011, the Company issued a $10,000 secured promissory note (“Note 1”) to NPNC Management LLC, a company whose principals also represent the Company as securities counsel. Note 1 bore interest at the rate of 5% per annum and was due on June 14, 2012. Note 1 was secured by the Company’s assets. At March 31, 2012, the Note 1 balance including interest was repaid in full.

On December 21, 2011, the Company issued a $150,000 promissory note (“Note 2”) to an individual. Note 2 bears interest so that the Company will repay $175,000 on the maturity date of June 21, 2012, which correlates to an effective rate of 31.23%. Additional interest of 10% will be charged on any late payments. At maturity, the Company will issue one million shares of common stock as additional consideration. For financial reporting purposes, the Company recorded a discount of $56,250 to reflect the value of these shares. The discount is being amortized over the term of Note 2. At March 31, 2012, the Note 2 balance was $138,174 net of a debt discount of $25,205.

On January 18, 2012, the Company issued a $165,400 convertible promissory note (“Note 3”) to an individual. Note 3 bears interest at the rate of 5% per annum and is due on June 18, 2012. Note 3 and accrued interest thereon is convertible into units at a conversion price of $2.00 per unit. A unit consists of one share of Series A Convertible Preferred Stock (“Series A Preferred”) and a warrant to purchase one-fourth (1/4), or 25% of one share of common stock. For financial reporting purposes, the Company recorded a discount of $6,686 to reflect the beneficial conversion feature. The discount is being amortized over the term of Note 2. At March 31, 2012, the Note 2 balance was $161,396 net of a debt discount of $4,004.

On January 27, 2012, the Company issued a $149,290 convertible promissory note (“Note 4”) to an individual. Note 4 bore interest at the rate of 8% per annum and was due on March 31, 2012. Note 4 and accrued interest thereon was convertible into shares of common stock at a rate of $.05 per share. In addition, at the date of conversion, the Company was to issue two-year warrants to purchase an additional 500,000 shares of common stock at $.10 per share. On March 31, 2012 Note 4 and the accrued interest became due but the 3,027,683 shares of common stock were not issued. As such, as of March 31, 2012, such shares were classified as common stock to be issued. In addition, at March 31, 2012, the warrants to purchase 500,000 shares were issued. For financial reporting purposes, the Company recorded a discount of $7,653 to reflect the value of the warrants and a discount of $149,290 to reflect the value of the beneficial conversion feature.

In March 2012, the Company issued a series of convertible promissory notes (“Notes 5-9”) totaling $186,000 to four individuals. Notes 5-9 bear interest at the rate of 33% per annum and are due in August and September 2012. Notes 5-9 and accrued interest thereon are convertible into shares of common stock at the rate of $.05 per share and automatically convert on the maturity dates unless paid sooner by the Company. For financial reporting purposes, the Company recorded discounts of $186,000 to reflect the beneficial conversion features. The discounts are being amortized over the terms of Notes 5-9. At March 31, 2012, the Note 5-9 balances were $26,071, net of debt discounts of $159,929.

In April 2012, the Company issued a series of convertible promissory notes (“Notes 10-12”) totaling $55,000 to three individuals. Notes 10-12 bear interest at the rate of 33% per annum and are due in October 2012. Notes 10-12 and accrued interest thereon are convertible into shares of common stock at the rate of $.05 per share and automatically convert on the maturity dates unless paid sooner by the Company.

In April 2012, the Company issued a convertible promissory notes (“Note 13”) totaling $25,000 to an individual for services previous rendered. Note 13 bears interest at the rate of 33% per annum and is due in October 2012. Note 13 and accrued interest thereon is convertible into shares of common stock at the rate of $.05 per share and automatically converts on the maturity dates unless paid sooner by the Company.

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Statements of Cash Flows (USD $)	6 Months Ended		55 Months Ended
Statements of Cash Flows (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,870,784)	$ (2,363,899)	$ (6,912,027)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount	31,045		31,045
Accrued interest on notes and loans payable	13,543		13,543
Amortization of beneficial conversion feature	178,043		429,257
Warrants issued as part of debt conversion	7,653		7,653
Stock based compensation		855,991	1,248,637
Changes in operating assets and liabilities
Prepaid expenses and other current assets	40,162	25,970	26,775
Accounts payable	728,826	506,723	1,468,153
Accrued expenses	251,525	216,390	887,308
Net cash used in operating activities	(619,987)	(758,825)	(2,799,656)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of intangible assets			(3,007,500)
Net cash used in investing activities			(3,007,500)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the sale of common stock		467,550	3,012,575
Proceeds from the sale of Series A convertible preferred stock			1,180,000
Payments of expenses relating to the sale of common stock		(75,777)	(444,910)
Payment of expenses relating to the sale of convertible preferred stock			(9,600)
Repayments of notes payable - insurance financing	(46,856)		(46,856)
Proceeds from the issuance of notes payable	660,690	115,000	1,675,690
Repayments of notes payable	(10,000)		(245,000)
Proceeds from advances from related party	48,000	187,211	554,000
Proceeds from loans payable		85,000	145,000
Proceeds from advances from officer			22,500
Net cash provided by financing activities	651,834	778,984	5,843,399
INCREASE IN CASH	31,847	20,159	36,243
CASH - BEGINNING OF PERIOD	4,396	4,564
CASH - END OF PERIOD	36,243	24,723	36,243
Supplemental disclosures of cash flow information:
Cash paid for interest	1,758
Non-cash activities:
Preferred stock dividends	54,187
Shares to be issued upon conversion of debt and accrued interest	151,384
Issuance of warrants upon conversion of debt	7,653
Issuance of common stock for the conversion of amounts owed to related party		$ 506,000
Treasury stock		$ 4,428