Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001731122-25-000258
Chunk: 9

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 9
---
    Interest 
    $7,436  
    $5,256 

    SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING ACTIVITIES 

    Finance agreement entered into in exchange for prepaid assets 
    $1,018,930  
    $906,834 
  
    Conversion of note payable for issuance of preferred stock 
    $—  
    $2,000,001 
  
    Debt discount related to convertible promissory notes 
    $24,954  
    $105,263 
  
    Debt discount related to notes payable 
    $—  
    $140,000 
  
    Cancellation of restricted stock awards 
    $83  
    $— 

See accompanying notes to the unaudited condensed consolidated
financial statements.

7

RENOVARO INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

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. GA