Company: LNAI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001731122-25-001544
Chunk: 57

Company: Lunai Bioworks Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 57
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NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES 

Business – On
August 20, 2025, the Company changed its corporate name from Renovaro Inc. to Lunai Bioworks Inc. (“Lunai”). On April 8, 2025,
Lunai Bioworks Inc. acquired BioSymetrics, Inc. and its subsidiary (“BioSymetrics, Corp.”), as a wholly owned subsidiary pursuant
to a stock purchase agreement. On February 13, 2024, the Company changed its corporate name from Renovaro Biosciences Inc. to Renovaro
Inc. (“Renovaro”, and together with its subsidiaries, the “Company”, “we” or “us”) and
acquired GEDi Cube Intl Ltd and its subsidiaries GediCube B.V. and Grace Systems B.V. (“Renovaro Cube”), as a wholly owned
subsidiary pursuant to a stock purchase agreement. On September 2, 2025, the Court of Amsterdam declared bankrupt Gedi Cube B.V. In August
2023, the Company changed its corporate name from Enochian Biosciences Inc. to Renovaro Biosciences Inc. The Company is an AI-driven platform
for precision medicine, diagnostics, and biodefense. Its proprietary technologies transform complex biomedical data into predictive insights,
enabling faster discovery, greater accuracy, and strategic partnerships across the life sciences and government sectors.

Basis of Presentation –
The Company prepares consolidated financial statements in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) and follows the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).
The accompanying financial statements are unaudited. In the opinion of management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position, results of operations and cash flows at September 30, 2025, and 2024
and for the periods then ended have been made. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements
should be read in conjunction with the financial statements and notes thereto included in the Company’s June 30, 2025 audited financial
statements. The results of operations for the period ended September 30, 2025 are not necessarily indicative of the operating results