Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000254
Chunk: 48

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 48
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 30, 2024, we have incurred substantial losses. We will need
additional funds both in the next twelve months and beyond for (a) research and development, (b) increases in personnel, (c) the purchase
of equipment, and investment in the development and validation of our technology. The availability of any required additional funding
cannot be assured. In addition, an adverse outcome in legal or regulatory proceedings in which we are currently involved or in the future
may be involved could adversely affect our liquidity and financial position. We may raise such funds from time to time through public
or private sales of our equity or debt securities. Such financing may not be available on acceptable terms, or at all, and our failure
to raise capital when needed could materially adversely affect our growth plans and our financial condition and results of operations.

As of September 30, 2024, the Company had $220,571 in cash and working capital
of $(21,087,220) as compared to $220,467 in cash and working capital of $(28,312,274) as of June 30, 2024, a decrease of zero and 26%,
respectively.

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Assets

Total assets at September 30, 2024, were $121,832,637 compared to $163,129,450
as of June 30, 2024. The decrease in assets is primarily due to goodwill impairment of $47,614,729 in the current period.

Liabilities

Total liabilities at September 30, 2024, were $23,745,639 compared to $31,152,306
as of June 30, 2024. The decrease in total liabilities was primarily related to the decrease of $9,250,000 in contingent consideration
liability, partially offset by an increase of $1,953,540 in accounts payable.

The following is a summary of the
Company’s cash flows (used in) or provided by operating, investing, and financing activities:

|                                           |     |   |  Three Months 
         Ended 
 September 30, 
          2024 |   |     |   |  Three Months 
         Ended 
 September 30, 
          2023 |   |
|:------------------------------------------|:----|:--|--------------:|:--|:----|:--|--------------:|:--|
| Net Cash Used in Operating Activities     |     | $ |