Company: LNAI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001731122-25-001544
Chunk: 93

Company: Lunai Bioworks Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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 consultants, contractors, and other advisors to execute nondisclosure and assignment of invention
agreements upon commencement of their respective employment or engagement.

29

Corporate History

We were incorporated under the
laws of the State of Delaware on January 18, 2011, under the name Putnam Hills Corp. and in 2014 we merged with and changed our name to
DanDrit Biotech USA, Inc. In 2018, we acquired Enochian Biopharma and changed our name to Enochian BioSciences Inc. In August 2023, the
Company changed its corporate name to Renovaro Biosciences Inc. On February 13, 2024, the Company changed its corporate name to Renovaro
Inc. On February 13, 2024, Renovaro Inc. acquired Renovaro Cube Intl Ltd and its subsidiaries, in which Renovaro Cube became a wholly-owned
subsidiary of Renovaro Inc. On April 8, 2025, the Company acquired BioSymetrics, Inc. and its subsidiary, as a wholly owned subsidiary.
On August 20, 2025, the Company changed its corporate name from Renovaro Inc. to Lunai Bioworks Inc.

Going Concern and Management’s Plans

The Company’s consolidated
financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates
the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has incurred substantial
recurring losses from continuing operations, has used cash in the Company’s continuing operations, and is dependent on additional
financing to fund operations. As of September 30, 2025, the Company had cash and cash equivalents of $624,808 and an accumulated deficit
of $507,643,549 and a working capital deficit of $18,922,114. These conditions raise substantial doubt about the Company’s ability
to continue as a going concern for one year after the date the financial statements are issued. The consolidated financial statements
do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities
that might be necessary should the Company be unable to continue in existence.

Management has reduced overhead
and administrative costs by streamlining the organization to focus around the development and validation of its AI-driven cancer diagnostics
platform. The Company has tailored its workforce to focus on these activities. In addition, the Company intends to secure additional required
funding