Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 216

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1B
Chunk 216
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 deferred
tax assets of $76,296,814 and $144,191,530, respectively. The net operating loss carryforwards generated prior to January 1, 2018 expire
over various dates from 2031 to 2038. All subsequent net operating loss carryforwards are indefinite.

The Company files Danish and U.S.
income tax returns and these returns are generally no longer subject to tax examinations for years prior to 2021 for the Danish tax returns
and 2022 for the U.S. tax returns.

The temporary differences, tax
credits and carry forwards gave rise to the following deferred tax assets (liabilities) at June 30, 2025 and 2024:

    Schedule of deferred tax assets and liabilities 

    June 30

    2025 
    2024
  
    Depreciation 
    $(24,619) 
    $8,258 
  
    Excess of tax over book depreciation of patents 
     —  
     8,415 
  
    Stock/options compensation 
     463,099  
     6,672,252 
  
    Depreciation and amortization 
     —  
     188,422 
  
    Net operating loss carryforwards 
     76,296,814  
     148,832,041 
  
     Impairment expense 
     —  
     16,188,497 
  
    Contingent consideration fair value 
     —  
     (909,577)
  
    Amortization 
     1,961,747  
     — 
  
    Section 174 R&E Capitalization 
     3,292,075  
     — 
  
    ROU Assets and Lease Liabilities 
     14,227  
     — 
  
    Section 481(a) Adjustment 
     (40,895) 
     — 
  
    R&D Tax Credits 
     1,718,415  
     — 
  
    Change in tax rate 
     —  
     — 
  
    Valuation allowance 
     (83,680,863) 
     (170,988,308)
  
    Total Deferred Tax Assets (Liabilities) 
    $—  
    $— 

    F-20

In accordance with prevailing
accounting guidance, the Company is required to recognize and disclose any income tax uncertainties