$NXEN
Nexien Biopharma Inc

2023 Q3 Form 10-K Financial Statement

#000149315223034480 Filed on September 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $60.00K $70.00K $300.0K
YoY Change -19.27% -1.62% -46.81%
% of Gross Profit
Research & Development $0.00
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $62.00K $70.00K $282.6K
YoY Change -16.58% -1.62% -49.89%
Operating Profit
YoY Change
Interest Expense -$10.00K -$30.00K -$100.0K
YoY Change -51.36% 16.05% 60.33%
% of Operating Profit
Other Income/Expense, Net -$12.92K -$79.29K
YoY Change -37.14% 27.15%
Pretax Income -$70.00K -$90.00K -$400.0K
YoY Change -26.21% -7.22% -36.14%
Income Tax
% Of Pretax Income
Net Earnings -$74.92K -$90.00K -$361.9K
YoY Change -21.03% -7.22% -42.22%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share $0.00 $0.00 -$0.01
COMMON SHARES
Basic Shares Outstanding 64.77M shares 63.52M shares 62.33M shares
Diluted Shares Outstanding 64.57M shares 62.33M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cash & Equivalents $18.06K $35.15K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $22.05K $43.13K $0.00
YoY Change -78.99% -65.36% -100.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $22.05K $43.13K $0.00
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $22.05K $43.13K $0.00
YoY Change -78.99% -65.36% -100.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Accrued Expenses $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $200.0K $200.0K $200.0K
YoY Change 2.63% 13.17% 13.17%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $312.9K $295.1K $300.0K
YoY Change 17.81% 21.89% 23.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $312.9K $295.1K $300.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $312.9K $295.1K $300.0K
YoY Change 17.81% 21.89% 23.91%
SHAREHOLDERS EQUITY
Retained Earnings -$11.37M -$11.30M
YoY Change 3.1% 3.31%
Common Stock $6.477K $6.402K
YoY Change 5.71% 5.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$290.8K -$252.0K -$300.0K
YoY Change
Total Liabilities & Shareholders Equity $22.05K $43.13K $0.00
YoY Change -78.99% -65.36% -100.0%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023
OPERATING ACTIVITIES
Net Income -$74.92K -$90.00K -$361.9K
YoY Change -21.03% -7.22% -42.22%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$17.08K -$20.00K -$81.75K
YoY Change 8.46% -14.24% 8.79%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -$17.08K -20.00K -$81.75K
Cash From Investing Activities
Cash From Financing Activities 0.000
Net Change In Cash -$17.08K -20.00K -$81.75K
YoY Change 8.46% -14.24% -182.7%
FREE CASH FLOW
Cash From Operating Activities -$17.08K -$20.00K -$81.75K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023 us-gaap Concentration Risk Credit Risk
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<p id="xdx_848_eus-gaap--ConcentrationRiskCreditRisk_zwT0aYZ2u1of" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zwB2ZlEy41m7">Concentrations of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents are deposited with major banks in the United States of America. Management believes that such financial institutions are financially sound and, accordingly, minimal credit risk exists with respect to these financial instruments. The Company does not have any significant off-balance-sheet concentration of credit risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NEXIEN BIOPHARMA, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Years Ended June 30, 2023 and 2022</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 – Summary of Significant Accounting Policies (continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
CY2022 NXEN Amortization Of Financing Costs And Discounts Related Party
AmortizationOfFinancingCostsAndDiscountsRelatedParty
21606 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zgsLwJoCS3ic" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86C_ztdu7cu1sz9g">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023 NXEN Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Non Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageRemainingContractualTerms
P2Y7M6D
CY2022Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
28274 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
28274 usd
CY2023Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
7980 usd
CY2022Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
7620 usd
CY2023 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0 usd
CY2023 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
28274 usd
CY2022 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
22814 usd
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_847_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zg83KmZgJ1W6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86C_zl5yDZA1h1uj">Reclassifications</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in the consolidated financial statements for prior year periods have been reclassified to conform with the current year periods presentation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
8963 usd
CY2022Q2 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
30452 usd
CY2023 NXEN Amortization Of Financing Costs And Discounts Related Party
AmortizationOfFinancingCostsAndDiscountsRelatedParty
21489 usd
CY2023Q2 NXEN Stock Payable
StockPayable
50750 usd
CY2022Q2 NXEN Stock Payable
StockPayable
50750 usd
CY2023 NXEN Number Of Shares Issued In Stock Payable
NumberOfSharesIssuedInStockPayable
750000 shares
CY2022 NXEN Number Of Shares Issued In Stock Payable
NumberOfSharesIssuedInStockPayable
750000 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7995000 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.26
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y6M
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7995000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.26
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y8M12D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7995000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.26
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y8M12D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
5181897 shares
CY2021Q2 NXEN Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsWeightedAverageExercisePrice
0.0429
CY2021 NXEN Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Non Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageRemainingContractualTerms
P4Y4M24D
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
2597512 shares
CY2022 NXEN Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Granted Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsGrantedWeightedAverageExercisePrice
0.011
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
2250000 shares
CY2021Q2 NXEN Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Exercised Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsExercisedWeightedAverageExercisePrice
0.001
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
5529409 shares
CY2022Q2 NXEN Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsWeightedAverageExercisePrice
0.0429
CY2022 NXEN Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Non Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageRemainingContractualTerms
P3Y4M9D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
5529409 shares
CY2023Q2 NXEN Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsWeightedAverageExercisePrice
0.0429
CY2023Q2 NXEN Stock Payable
StockPayable
50750 usd
CY2022Q2 NXEN Stock Payable
StockPayable
50750 usd
CY2023 NXEN Number Of Shares Issued In Stock Payable
NumberOfSharesIssuedInStockPayable
750000 shares
CY2022 NXEN Number Of Shares Issued In Stock Payable
NumberOfSharesIssuedInStockPayable
750000 shares
CY2023 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
203000 usd
CY2022 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
155750 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
8963 usd
CY2022Q2 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
30452 usd
CY2023Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
2863000 usd
CY2023 NXEN Operating Loss Carryforwards Expiration Date Description
OperatingLossCarryforwardsExpirationDateDescription
The available net operating loss carry forwards expire in various years through 2042. No tax benefit has been reported in the financial statements because the Company believes there is a 50% or greater chance the carry forwards will expire unused
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.24 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.03 pure
CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
688923 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
650691 usd
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
688923 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
650691 usd
CY2023 NXEN Increase Decrease In Net Operating Loss Benefit
IncreaseDecreaseInNetOperatingLossBenefit
-38232 usd
CY2022 NXEN Increase Decrease In Net Operating Loss Benefit
IncreaseDecreaseInNetOperatingLossBenefit
-33370 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
38232 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
33370 usd

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