Kinder Holding Corp.

Nexien BioPharma, Inc. (the “Company” or “Nexien”) was incorporated in the State of Michigan on November 10, 1952 as Gantos, Inc., was reincorporated in the State of Delaware in 2008, changing its name to Kinder Holding Corp. In October 2017, the Company completed a reverse acquisition of Intiva BioPharma Inc., a Colorado corporation (“BioPharma”), incorporated on March 27, 2017, through an exchange of shares (the “Share Exchange Transaction”) and changed its name to Intiva BioPharma Inc. In September 2018, the Company changed its name to Nexien BioPharma, Inc.

In March 2021, four of the Sellers terminated their relationships with the Company and forfeited their remaining 2,409,000 unvested shares, valued at the original issuance price of $1,830,840 ($0.76 per share).

On April 1, 2021, the Board of Directors approved the issuance of 1 million shares of common stock to each of the Company’s Chief Executive Officer and Chief Financial Officer as consideration for their services to the Company. The shares were valued at $0.12 per share, the closing trading price of the Company’s common stock as of the date of issuance.

The Company recognized net income for the three months ended March 31, 2021 of $211,198 as compared to a net loss of $559,670 for the three months ended March 31, 2020. As explained below, income for 2021, and most of the loss for 2020, is attributable to stock-based compensation costs and the amortization of the fair value of common stock issued for the CRx acquisition.

General and administrative costs for the three months ended March 31, 2021 includes a non-cash adjustment of $273,729 to the amortization of the fair value of the shares issued for the acquisition of CRx, as well as non-cash stock-based compensation costs for the period of $33,274 for the fair value of options previously granted. In March 2021, four of the CRx shareholders terminated their relationships with the Company and forfeited their remaining 2,409,000 unvested shares. The reduction in amortization of the fair value of shares issued related to the CRx acquisition of $273,729 is due to an adjustment of the fair value previously recorded for those forfeited shares. In comparison, general and administrative costs of $546,520 incurred during the three months ended March 31, 2020 includes a non-cash charge of $526,084 for the fair value of the shares issued for the acquisition of CRx. General and administrative expenses, exclusive of non-cash stock-based compensation costs, were consistent during the 2021 and 2020 periods, consisting predominately of costs and expenses associated the Company’s maintaining its public company status.