Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 112

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 112
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 current year of $70,430, partially offset by the
cash acquired from the acquisition of Renovaro Cube of $65,851.

Net cash provided by financing activities for the years ended June 30, 2024
and 2023 was $10,517,455 and $4,515,056, respectively, representing an increase of $6,002,399. The net cash provided by financing activities
in the current year consists primarily of $3,000,000 of proceeds from private placements, $8,045,663 from the issuance of notes, and $341,865
of proceeds from the exercise of warrants, partially offset by repayments of $870,073 under a finance agreement. The prior year net cash from financing activities primarily consisted of $4,011,823 in proceeds from private placements, and $1,625,000
of proceeds from the exercise of warrants, partially offset by repayments of $1,121,767 under a finance agreement.

Off-Balance Sheet Arrangements

As of June 30, 2024, and 2023,
we had no off-balance sheet arrangements. We are not aware of any material transactions which are not disclosed in our consolidated financial
statements.

Significant Accounting Policies and Critical Accounting Estimates

Our management’s discussion
and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared
in accordance with accounting principles generally accepted in the U.S. The preparation of these financial statements requires us to make
estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses. On an ongoing basis, we evaluate our
critical accounting policies and estimates. We base our estimates on historical experience and on various other assumptions that we believe
to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and
liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions
and conditions. Our most critical accounting estimates are detailed below, and our significant accounting policies are more fully described
in Note 1 of the accompanying consolidated financial statements.

Intangible Assets -The
Company has both definite and indefinite life intangible assets.

Definite life intangible assets
relate to patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 350, Goodwill and Other Intangible Assets