Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 195

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1B
Chunk 195
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 consolidated financial statements include the accounts and operations of Lunai,
and its wholly owned subsidiaries. All material inter-company transactions and accounts have been eliminated in the consolidation.

Subsidiaries – Renovaro
Biosciences Inc. (“Renovaro Biosciences”), formerly Renovaro
Biopharma Inc., was incorporated on May 19, 2017 in Delaware and is a 100% owned subsidiary of Lunai. Renovaro Biosciences owns a perpetual,
fully paid-up, royalty-free, sublicensable, and sole and exclusive worldwide license to research, develop, use, sell, have sold, make,
have made, offer for sale, import and otherwise commercialize certain intellectual property in cellular therapies for the prevention,
treatment, amelioration of and/or therapy exclusively for HIV in humans, and research and development exclusively relating to HIV in humans.

Renovaro Biosciences Denmark ApS
(“Renovaro Denmark”), formerly Enochian Biosciences Denmark ApS a Danish corporation was incorporated on April 1, 2001. On
February 12, 2014, in accordance with the terms and conditions of a Share Exchange Agreement, the Company acquired Renovaro Denmark and
it became a 100% owned subsidiary of Lunai subject to 185,053 shares of Common Stock of Lunai held in escrow according to Danish law (the
“Escrow Shares”). As of June 30, 2025, there are 17,414 Escrow Shares remaining (see Note 10).

On February 13, 2024, the Company
acquired 100% of Renovaro Cube. As a result of the acquisition, Renovaro Cube became a wholly-owned subsidiary of the Company (see Note
13).

On April 8, 2025, the Company acquired
100% of Biosymetrics, Corp. As a result of the acquisition, Biosymetrics, Corp. became a wholly-owned subsidiary of the Company (see Note
13).

Use of Accounting Estimates
- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities
at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could
differ from those estimated. Significant estimates include the fair value and potential impairment of intangible assets, the fair value
of the contingent