Company: LNAI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001731122-25-000765
Chunk: 147

Company: Lunai Bioworks Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 147
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. Differential diagnosis
therefore aims to identify the underlying condition accurately and guide appropriate treatment and management strategies.

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.

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. The Company incurred a net income (loss) of $189,176 and $(51,275,253) for the three and nine months ended
March 31, 2025, respectively. As of March 31, 2025, the Company had cash and cash equivalents of $923,002 and an accumulated deficit of
$383,730,334 and a working capital deficit of $25,173,586. 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 through equity or debt financing. However, there can be no assurance that the Company will be able to obtain any sources of funding.