Company: LNAI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001731122-25-000765
Chunk: 73

Company: Lunai Bioworks Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES 

Business
– On February 13, 2024, the Company changed its corporate name from Renovaro Biosciences Inc. to Renovaro Inc. (“Renovaro”,
and together with its subsidiaries, the “Company”, “we” or “us”). Renovaro Inc. operates through two
subsidiaries, Renovaro Biosciences and Renovaro Cube. Renovaro Cube refers to Renovaro Cube Intl Ltd. (formerly known as GediCube Intl.
Ltd.) and its wholly owned subsidiaries GediCube, B.V. and Grace Systems B.V., which were acquired on February 13, 2024.

Renovaro Biosciences is a biotechnology
company intending to develop advanced allogeneic cell and gene therapies to promote stronger immune system responses potentially for long-term
or life-long cancer remission in some of the deadliest cancers, and potentially to treat or cure serious infectious diseases such as Human
Immunodeficiency Virus (HIV) infections. Renovaro Cube is an AI-driven healthcare technology company focusing on the earliest possible
detection of cancer and its recurrence. Renovaro Cube has developed a proprietary AI platform that analyzes genetics using Explainable
AI to provide earlier and more accurate cancer diagnosis.

Basis of Presentation –
The Company prepares consolidated financial statements in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) and follows the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).
The accompanying financial statements are unaudited. In the opinion of management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position, results of operations and cash flows at March 31, 2025, and 2024 and
for the periods then ended have been made. Certain information and footnote disclosures normally included in financial statements prepared
in accordance with U.S. GAAP have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements should
be read in conjunction with the financial statements and notes thereto included in the Company’s June 30, 2024 audited financial
statements. The results of operations for the period ended March 31, 2025 are not necessarily indicative of the operating results for
the full year.

Consolidation – For
the three and nine months ended March 31, 2025