Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 174

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 174
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, 2026.

The amount of the carrying value of the notes payable
was determined by allocating portions of the outstanding principal of the notes, approximately $1.4 million, to the fair value of the
Avenue Warrants, and approximately $2.2 million to the fair value of the embedded Conversion Option. Accordingly, the total amount of
unearned discount of approximately $3.6 million, the total direct financing cost of approximately $390,000 and the Loan Premium of $850,000
are being amortized using the effective interest method over the term of the Loan. The adjusted effective interest rate is 27%.

Total interest expense for the year ended June 30,
2024 was approximately $2.9 million on the accompanying statement of operations and comprehensive loss. Interest expense was comprised
of interest incurred on the outstanding principal of the loan of approximately $1.5 million, amortization of financing costs of approximately
$109,000, amortization of the unearned discount of $1.0 million, and the accretion of the Loan Premium of approximately $237,000.

Total interest expense for the year ended June 30,
2023 was approximately $4.3 million on the accompanying statement of operations and comprehensive loss. Interest expense was comprised
of interest incurred on the outstanding principal of the loan of approximately $2.1 million, amortization of financing costs of approximately
$170,000, amortization of the unearned discount of $1.6 million, and the accretion of the Loan Premium of approximately $422,000.

As of June 30, 2024, the remaining principal balance
of $5.0 million under the Loan is payable in 6 monthly equal installments. For the year ended June 30, 2024, the Company paid back $10
million, of the original loan of $15 million.

F-15

| 7. | Notes Payable (continued) |

The following is a summary of the Notes Payable as of June 30, 2024 and
2023:

Current portion of Notes Payable

| Schedule of note payable                                                                |     |   | June 30, 2024 |   |     |   | June 30, 2023 |   |
|:----------------------------------------------------------------------------------------|:----|:--|--------------:|:--|:----|:--|--------------:|:--|
| Current portion of Notes Payable                                                        |     | $ |     5