Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 151

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 151
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forwards are indefinite.

The Company files Danish and U.S.
income tax returns and these returns are generally no longer subject to tax examinations for years prior to 2020 for the Danish tax returns
and 2021 for the U.S. tax returns.

F-24

The temporary differences, tax
credits and carry forwards gave rise to the following deferred tax assets (liabilities) at June 30, 2024 and 2023:

|                                                      |     | June 30 |         2024 |   |     |   |         2023 |   |
|:-----------------------------------------------------|:----|:--------|-------------:|:--|:----|:--|-------------:|:--|
| Excess of tax over book depreciation of fixed assets |     | $       |        8,258 |   |     | $ |        8,258 |   |
| Excess of tax over book depreciation of patents      |     |         |        8,415 |   |     |   |        8,415 |   |
| Stock/options compensation                           |     |         |    6,672,252 |   |     |   |    3,885,996 |   |
| Depreciation and amortization                        |     |         |      188,422 |   |     |   |      152,059 |   |
| Net operating loss carryforwards                     |     |         |  148,832,041 |   |     |   |  140,547,314 |   |
| Impairment expense                                   |     |         |   16,188,497 |   |     |   |            — |   |
| Contingent consideration fair value                  |     |         |     -909,577 |   |     |   |            — |   |
| Change in tax rate                                   |     |         |            — |   |     |   |            — |   |
| Valuation allowance                                  |     |         | (170,988,308 | ) |     |   | (144,602,042 | ) |
| Total Deferred Tax Assets (Liabilities)              |     | $       |            — |   |     | $ |            — |   |

In accordance with prevailing accounting
guidance, the Company is required to recognize and disclose any income tax uncertainties. The guidance provides a two-step approach to
recognizing and measuring tax benefits and liabilities when realization