Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 19

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 The requirements will be applied prospectively with
the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact of this accounting
standard update on its financial statements. 

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting
(Topic 280): Improvements to Reportable Segment Disclosures," to enhance disclosures for significant segment expenses for all public
entities required to report segment information in accordance with ASC 280. The standard did not change the definition of a segment, the
method for determining segments or the criteria for aggregating operating segments into reportable segments. The amendments are effective
for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective
adoption is required for all prior periods presented in the financial statements. The adoption is not expected to have a material impact
to our financial statements or disclosures.

In December 2023, the FASB issued ASU 2023-09,
"Income Taxes (Topic 740): Improvements in Income Tax Disclosures" to enhance the transparency and decision usefulness of income
tax disclosures. This amendment requires public companies to disclose specific categories in the rate reconciliation and provide additional
information for reconciling items that meet a quantitative threshold. Additionally, under the amendment entities are required to disclose
the amount of income taxes paid disaggregated by federal, state and foreign taxes, as well as disaggregated by material individual jurisdictions.
Finally, the amendment requires entities to disclose income from continuing operations before income tax expense disaggregated between
domestic and foreign and income tax expense from continuing operations disaggregated by federal, state and foreign. The new rules are
effective for annual periods beginning after December 15, 2024. We will adopt this standard on a prospective basis as allowed by the
standard. The adoption of this standard is not expected to have a material impact on our financial statements.

    4.
    Intangible Assets

The Company’s intangible assets consist of intellectual property
acquired from LAT Pharma, Inc. and are amortized over their estimated useful lives.

The following is a summary of the Company’s intangible assets:

    Schedule of intangible assets 

    March 31, 2025  
    June 30, 2024 

    Intellectual Property 
    $2,293,770  
    $2,293,770 
  
    Less: Accum