Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 64

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 64
---
 of shares of Common Stock outstanding as of the
Closing Date, the Sellers held approximately 49% of the issued and outstanding shares of Common Stock immediately following the closing
of the Transaction and the conversion of the Series A Convertible Preferred Stock.

33

RENOVARO INC. AND SUBSIDIARIES
NOTES TO UNAUDITED RESTATED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 12 — ACQUISITION (Continued)

The
assets acquired and liabilities assumed are recognized provisionally in the accompanying condensed consolidated balance sheets at
their estimated fair values as of the acquisition date. The initial accounting for the business combination is not complete as the
Company is in the process of obtaining additional information for the valuation of acquired intangible assets and deferred tax
liabilities. The provisional amounts are subject to change to the extent that additional information is obtained about the facts and
circumstances that existed as of the acquisition date. Under U.S. GAAP, the measurement period shall not exceed one year from the
acquisition date and the Company will finalize these amounts no later than February 13, 2025. The estimated fair values as of the
acquisition date are based on information that existed as of the acquisition date. During the measurement period the Company may
adjust provisional amounts recorded for assets acquired and liabilities assumed to reflect new information that the Company has
subsequently obtained regarding facts and circumstances that existed as of the acquisition date.

The
acquisition-date fair value of the consideration transferred totaled approximately $156 156,559,131
million, which consisted of the following:

| Schedule                        
 of acquisition date fair value  |     |   |             |
|:--------------------------------|:----|:--|------------:|
| Common stock                    |     | $ | 136,001,631 |
| Contingent consideration        |     |   |  20,557,500 |
| Total consideration transferred |     | $ | 156,559,131 |

The fair value of the Company’s common shares issued as consideration was based on the closing price of the Company’s common stock as of the Acquisition Date. The fair value determination of the contingent consideration is further detailed in Note 4 to these condensedconsolidated financial statements.

The following table details the provisional fair values of the assets acquired and liabilities assumed at the acquisition date:

| Schedule of fair values of the assets acquired and liabilities assumed |     |   |             |
|:-----------------------------------------------------------------------|:----|:--