Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 79

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 79
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 $3,856,322, the increase in research and development expenses of $848,019 and an indefinite life intangible
assets impairment charge of $42,611,000.

Our operating expenses for the
nine months ended March 31, 2024 and 2023, were $64,535,029 and $15,621,918 respectively, representing an increase of $48,913,111, or approximately 313%. The increase in operating expenses primarily relates to the increase in general
and administrative expenses of $7,193,021, and the indefinite life intangible assets impairment charge of $42,611,000, partially offset
by the decrease in research and development expenses of $896,150.

General and administrative expenses
for the three months ended March 31 2024, and 2023, were $7,652,379 and $3,796,057, respectively, representing an increase of $3,856,322
or approximately 102%. The variance is related to an increase in legal expenses of $1,552,970, non-cash stock-based compensation of $785,396,
non-cash consulting fees of $544,657, accrued expenses related to the GEDi Cube acquisition of $797,203, investor relations expenses of
$264,344, marketing expenses of $148,827, and compensation and related expenses of $97,528, partially offset by a decrease in accounting
fees of $466,145.

General and administrative expenses
for the nine months ended March 31, 2024, and 2023, were $19,558,981 and $12,365,960, respectively, representing an increase of $7,193,021
or approximately 58%. The variance is related to an increase in non-cash consulting fees of $4,570,000, non-cash stock-based compensation
of $922,492, accrued expenses related to the GEDi Cube acquisition of $797,203, legal expenses of $693,473, investor relations expenses
of $505,395, consulting expenses of $447,407, marketing expenses of $270,010, rent expenses of $156,626, and insurance expenses of $127,628,
partially offset by a decrease in accounting fees of $403,538.

Research and development expenses
for the three months ended March 31, 2024, and 2023, were $1,087,156 and $239,137