Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001731122-25-000258
Chunk: 15

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 13, 2024, the Company
acquired Renovaro Cube as a wholly owned subsidiary pursuant to a stock purchase agreement. As part of the acquisition of Renovaro
Cube, the Company acquired goodwill valued at $159,464,039.

Impairment – During the six months ended December
31, 2024, the results of the assessment indicated that the carrying value of the RENC reporting unit exceeded its fair value, due to the
decline in the estimated fair value of the reporting unit based on the Company’s market capitalization. Management concluded the
significant driver for the change in the economic benefits was due to the Company’s continued inability to raise capital for the
further development of the technologies within this reporting unit. Therefore, an impairment adjustment of $47,614,729 was recorded for
the period ended December 31, 2024.

At December 31, 2024 and June 30,
2024, definite-life and indefinite-life intangible assets consisted of the following:

    Schedule of definite-life and indefinite-life intangible assets 

    Useful Life 
    June 30, 2024 
     Additions 
     Amortization 
     Impairment 
    Translation Adjustment 
    December 31, 2024
  
    Definite Life Intangible Assets 

    Patents 
    20 Years 
    $284,977  
    $—  
    $—  
    $—  
    $(9,588) 
    $275,389 
  
    Less Accumulated Amortization 
      
     (254,934) 
     —  
     (4,929) 
     —  
     2,327  
     (257,536)
  
    Net Definite-Life Intangible Assets 
      
    $30,043  
    $—  
    $(4,929) 
    $—  
    $(7,261) 
    $17,853 

    Goodwill 

    Goodwill 
      
     159,330,161  
     —  
     —  
     (47,614,729) 
     (3,716,159) 
     107,999,273 
  
    Total Goodwill 
      
    $159,330,161  
    $—  
    $—  
    $(47