Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 117

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 117
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expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows for the years ended June
30, 2025 and 2024:

    Years ended June 30,

    2025 
    2024

    Computed tax at expected statutory rate 
    $(951,542) 
    $(24,066,011)
  
    Non-US income taxed at different rates 
     —  
     — 
  
    Non-deductible expenses / other items 
     (2,046,364) 
     — 
  
    Valuation allowance 
     2,999,380  
     24,066,011 
  
    Income Tax Expense (Benefit) 
    $1,474  
    $— 

The
components of income tax expense (benefit) from continuing operations for the years ended June 30, 2025 and 2024 consisted of the following:

    Schedule
    of components of income tax expense (benefit) from continuing operations 

    Years
    ended June 30,

    2025 
    2024
  
    Current
    Income Tax Expense 

    Federal
    income tax (benefit) 
     —  
     — 
  
    State
    income tax (benefit) 
     1,474  
     — 
  
    Foreign
    income tax (benefit) 
    $—  
    $— 
  
    Total
    Current Tax Expense (Benefit) 
    $1,474  
    $— 

    Deferred
    Income Tax Expense Federal income tax (benefit) 
     101,609,457  
     165,458,980 
  
    State
    income tax (benefit) 
     (14,302,006) 
     5,529,328 
  
    Foreign
    income tax (benefit) 
     —  
     — 

    Change in valuation allowance 
     (87,307,451) 
     (170,988,308)
  
    Total
    Deferred Tax Expense 
     —  
     — 

    Total
    Tax Expense 
     1,474  
     — 

Deferred
income tax expense (benefit) results primarily from the reversal of temporary timing differences between tax and financial statement
income.

NOTE 10 —