Company: BIVIW
Filing Date: 2025-08-04
Form Type: S-1/A
Source: 0001520138-25-000235
Chunk: 217

Company: BIOVIE INC.
Filing Date: 2025-08-04
Form: S-1/A
Chunk 217
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600,564 |

| 9. | Leases |

Office Leases

The Company pays an annual rent of $2,200
for its headquarters at 680 W Nye Lane, Suite 201, Carson City Nevada 89703. The rental agreement was for a one-year 1 term,
commenced on October 1, 2023, and has been subsequently renewed for another year at the same rate.

The Company’s San Diego office lease at 5090
Shoreham Place Suite 212, San Diego, CA 92122 commenced in February 2024. The current monthly base rate for the office space is $9,685,
with an annual increase of four percent. The term for the office lease is 60 months.

Total operating lease expense for the three months
ended March 31, 2025 and 2024 was approximately $32,000 and $20,000, respectively, and for the nine months ended March 31, 2025 and 2024
was approximately $95,000 and $46,000, respectively, which is included in the accompanying condensed statements of operations and comprehensive
loss as a component of selling, general and administrative expenses.

F-40

The right-of-use asset, net and current and non-current
portion of the operating lease liabilities included in the accompanying condensed balance sheets are as follows:

| Schedule of right-of-use asset, net and current and non-current 
 portion of the operating lease liabilities                      |     |   | March 31, 2025 |     |   | June 30, 2024 |
|:----------------------------------------------------------------|:----|:--|---------------:|:----|:--|--------------:|
| Assets                                                          |     |   |                |     |   |               |
| Operating lease right-of-use asset, net                         |     | $ |        357,278 |     | $ |       406,726 |
| Liabilities                                                     |     |   |                |     |   |               |
| Current portion of operating lease liability                    |     | $ |         70,713 |     | $ |        60,343 |
| Operating lease liability, net of current portion               |     |   |        295,717 |     |   |       349,894 |
| Total operating lease liability                                 |     | $ |        366,430 |     | $ |       410,237 |

At March 31, 2025, the future estimated