Related Party Transactions	9 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 7 – Related Party Transactions As of March 31, 2024 and June 30, 2023, the Company’s Chief Executive Officer had advanced an aggregate $53,400 and $45,000, respectively, to the Company for working capital and operating purposes, of which $8,400 was advanced during the nine months ended March 31, 2024. The advances are non-interest bearing, repayable on demand and recorded as a current liability. The Company has recorded imputed interest on the advances at a rate of 10% for each of the nine months ended March 31, 2024 and 2023 in the amounts of $3,515 and $3,375, respectively. During the year ended June 30, 2021, the Board of Directors authorized the issuance of a total of 2,500,000 shares of common stock of the Company to each of its Chief Executive Officer and Chief Financial Officer, with 250,000 of such shares to be issued to each of them every quarter beginning July 1, 2021 and continuing every three months through October 1, 2023. In June 2022, the Board of Directors authorized the issuance of a total of 1,250,000 shares of common stock to its Chief Operating Officer with 250,000 of such shares to be issued to each of them every quarter beginning July 1, 2022 and continuing every three months through July 1, 2023. During the nine months ended March 31, 2024 and 2023 the Company issued 1,250,000 shares of common stock, valued at $85,750, and 2,250,000 shares of common stock, valued at $152,250, respectively, to the officers. NEXIEN BIOPHARMA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 7 – Related Party Transactions (continued) As discussed in Note 6, the Company entered into convertible debt financing agreements with two individuals, its CEO and a shareholder, for aggregate borrowings of $65,000. At March 31, 2024 and June 30, 2023, $65,000 and $56,037 (net of discount of $0 and $8,963), respectively, was due under the financing agreements. BioPharma was formed as a subsidiary of Kanativa USA, which is a subsidiary of Kanativa Inc. Kanativa USA was issued 24,000,000 shares of BioPharma’s common stock as consideration for its contribution of 100% of the ownership of NexN, and costs and expenses incurred on behalf of BioPharma and capitalized license agreement costs. The members of the Company’s Board of Directors, its Chief Executive Office and its Chief Financial Officer are also directors and officers of Kanativa Inc., and other subsidiaries and affiliated entities of Kanativa Inc.

Related Party Transactions

9 Months Ended

Mar. 31, 2024

Note 7 – Related Party Transactions

As of March 31, 2024 and June 30, 2023, the Company’s Chief Executive Officer had advanced an aggregate $53,400 and $45,000, respectively, to the Company for working capital and operating purposes, of which $8,400 was advanced during the nine months ended March 31, 2024. The advances are non-interest bearing, repayable on demand and recorded as a current liability. The Company has recorded imputed interest on the advances at a rate of 10% for each of the nine months ended March 31, 2024 and 2023 in the amounts of $3,515 and $3,375, respectively.

During the year ended June 30, 2021, the Board of Directors authorized the issuance of a total of 2,500,000 shares of common stock of the Company to each of its Chief Executive Officer and Chief Financial Officer, with 250,000 of such shares to be issued to each of them every quarter beginning July 1, 2021 and continuing every three months through October 1, 2023. In June 2022, the Board of Directors authorized the issuance of a total of 1,250,000 shares of common stock to its Chief Operating Officer with 250,000 of such shares to be issued to each of them every quarter beginning July 1, 2022 and continuing every three months through July 1, 2023. During the nine months ended March 31, 2024 and 2023 the Company issued 1,250,000 shares of common stock, valued at $85,750, and 2,250,000 shares of common stock, valued at $152,250, respectively, to the officers.

NEXIEN BIOPHARMA, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 7 – Related Party Transactions (continued)

As discussed in Note 6, the Company entered into convertible debt financing agreements with two individuals, its CEO and a shareholder, for aggregate borrowings of $65,000. At March 31, 2024 and June 30, 2023, $65,000 and $56,037 (net of discount of $0 and $8,963), respectively, was due under the financing agreements.

BioPharma was formed as a subsidiary of Kanativa USA, which is a subsidiary of Kanativa Inc. Kanativa USA was issued 24,000,000 shares of BioPharma’s common stock as consideration for its contribution of 100% of the ownership of NexN, and costs and expenses incurred on behalf of BioPharma and capitalized license agreement costs.

The members of the Company’s Board of Directors, its Chief Executive Office and its Chief Financial Officer are also directors and officers of Kanativa Inc., and other subsidiaries and affiliated entities of Kanativa Inc.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

NEXIEN BIOPHARMA, INC. 10-Q