Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 62

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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18.20, with a term of exercise of five years. The down round feature reduced the exercise
price of the PIPE Warrant Shares to $10.00 per share on March 6, 2024, $1.53 per share on September 25, 2024 and again to $1.37 on October
22, 2024 in connection with the offerings further described in Note 8, as the Company sold stock at a price lower than its initial exercise
price.

     12 

For the three months ended September 30, 2024, the
Company calculated the difference in fair value of the PIPE Warrant Shares between the stated exercise price and the reduced exercise
price and recorded $325,041 as a deemed dividend in the accompanying condensed statement of changes in stockholders’ equity. The
fair value of the PIPE Warrant Shares were estimated using the Black Scholes Method with the following inputs, the stock price of $1.20,
exercise price of $1.53 and $10.00, remaining term of 2.9 years, risk free rate of 3.5% and volatility of 93.0%. 

For the three months ended December 31, 2024, the
Company calculated the difference in fair value of the PIPE Warrant Shares between the stated exercise price and the reduced exercise
price and recorded $44,424 as a deemed dividend in the accompanying condensed statement of changes in stockholders’ equity. The
fair value of the PIPE Warrant Shares were estimated using the Black Scholes Method with the following inputs, the stock price of $3.36,
exercise price of $1.53 and $1.37, remaining term of 2.8 years, risk free rate of 4.0% and volatility of 94.0%.

For the nine months ended March 31, 2025, the Company
recorded $369,465 as a deemed dividend in the accompanying condensed statement in stockholders’ equity.

Consulting expenses

During the nine months ended March 31, 2025, the Company paid a Director
of the Company $50,000 for consulting services which are reflected as a component of selling, general and administrative expenses on the
accompanying condensed statement of operations and comprehensive loss. There were no consulting expenses for the three months ended March
31, 2025.

    6.
    Notes Payable

On November 30, 2021 (the “Closing Date”