Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 153

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 153
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:|:--|
| Danish income tax (benefit)                          |     | $                    |            — |   |     | $    |            — |   |
| Total Current Tax Expense (Benefit)                  |     | $                    |            — |   |     | $    |            — |   |
| Deferred Income Tax Expense (Benefit)                |     |                      |              |   |     |      |              |   |
| 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                                   |     |                      |            — |   |     |      |            — |   |
| Change in the valuation allowance                    |     |                      | (170,988,308 | ) |     |      | (144,602,042 | ) |
| Total Deferred Tax Expense                           |     | $                    |            — |   |     | $    |            — |   |

Deferred income tax expense (benefit)
results primarily from the reversal of temporary timing differences between tax and financial statement income.

F-25

NOTE 10 — STOCKHOLDERS’ EQUITY

Preferred Stock—
The Company has 10,000,000
authorized shares of Preferred Stock, par value $0.0001
per share, 1,000,000
of which have been designated as Series A Convertible Preferred Stock. At June 30