Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 185

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 185
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2029.

| 10. | Leases |

Office Leases

The Company pays an annual rent of $2,200 for its
headquarters at 680 W Nye Lane, Suite 201, Carson City Nevada 89703. The rental agreement was for a one-year term, commenced on October
1, 2022 and has been subsequently renewed for another year at the same rate.

The Company’s San Diego office lease at 5090
Shoreham Place Suite 212, San Diego, CA 92122 which commenced on March 1, 2022, was for a term of 38 months with a base monthly rate of
$4,300, and annual increases of three percent. In February 2024, the Company amended the lease agreement which allowed the Company to
vacate the then current space and move to a larger space at Suite 206. The current monthly base rate for the new office space is $9,685,
with an annual increase of four percent. The term for the new office lease is 60 months and commenced on February 12, 2024. The lease
that was in place for the 5090 Shoreham Place Suite 212 office was effectively extinguished upon the commencement of the new office space
lease on February 12, 2024, resulting in the write off of the corresponding remaining right-of-use asset and operating lease liability
of $56,909 and $62,124, respectively, and a gain to selling, general and administrative expenses of $5,215 for the year ended June 30,
2024.

Total operating lease expense for the years ended
June 30, 2024 and 2023 of approximately $78,000 and $52,000, respectively were included in the accompanying statements of operations and
comprehensive loss as a component of selling, general and administrative expenses.

The right-of-use asset, net and current and non-current
portion of the operating lease liabilities included in the accompanying balance sheets are as follows:

F-22

| 10. | Leases (continued) |

| Schedule of right-of-use asset, net and current and non-current 
 portion of the operating lease liabilities                      |     |   | June 30, 2024 |     |   | June 30, 2023 |
|:----------------------------------------------------------------|:----|:--|--------------:|:----|:--|--------------:|
| Assets                                                          |     |   |               |     |   |