Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 845

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 7A
Chunk 845
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)
  
    Contingent Consideration Liability at June 30, 2025 
     —  
     —  
    $630,000 

NOTE 4 - PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at
June 30, 2025 and 2024:

    Schedule of Property and equipment 

    Useful Life 
    June 30, 2025 
    June 30, 2024
  
    Lab equipment and instruments 
     4-7  
    $639,998  
    $639,998 
  
    Leasehold improvements 
     10  
     224,629  
     224,629 
  
    Furniture, fixtures, and equipment 
     4-7  
     205,396  
     195,834 
  
    Total 
        
     1,070,023  
     1,060,461 
  
    Less accumulated depreciation 
        
     (702,180) 
     (578,340)
  
    Net Property and Equipment 
        
    $367,843  
    $482,121 

Depreciation expense amounted
to $119,193 and $113,563 for the years ended June 30, 2025 and 2024, respectively.

NOTE 5 — INTANGIBLE ASSETS AND GOODWILL

At June 30, 2025, definite-life
intangible assets, net of accumulated amortization, consisted of patents, software platform and trademarks on the Company’s products
and processes of $14,994, $143,000 and $8,000. At June 30, 2024, definite-life intangible assets, net of accumulated amortization, consisted
of patents on the Company’s products and processes of $30,043. The patents are recorded at cost and amortized over twenty years
from the date of application. Amortization expense for the years ended June 30, 2025 and 2024 was $9,902 and $8,296, respectively.

At June 30, 2025 and 2024, indefinite
life intangible assets consisted of a license agreement classified as In-Process Research and Development (“IPR&D”) intangible
assets, which are not amortizable until the intangible assets provide economic benefit, and goodwill.

    F-15

At June 30, 2025 and 202