Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 18

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 18
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 loss per share for the three months ended March 31, 2024 |     | $           |        (0.48 | ) |     | $      |      (0.06 | ) |     | $           |        (0.54 | ) |
| Basic                                                                    
 and diluted net loss per share for the nine months ended March 31, 2024  |     | $           |        (0.82 | ) |     | $      |      (0.09 | ) |     | $           |        (0.91 | ) |

11

RENOVARO INC. AND SUBSIDIARIES
NOTES TO UNAUDITED RESTATED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3 — GOING CONCERN

The Company’s consolidated
financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates
the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has incurred substantial
recurring losses from continuing operations, has used cash in the Company’s continuing operations, and is dependent on additional
financing to fund operations. The Company incurred a net loss of $58,990,070 and $72,694,219 for the three and nine months ended March
31, 2024, respectively. As of March 31, 2024, the Company had cash and cash equivalents of $312,697 and an accumulated deficit of $316,723,472
and a working capital deficit of $19,654,098. These conditions raise substantial doubt about the Company’s ability to continue as
a going concern for one year after the date the financial statements are issued. The condensed consolidated financial statements do not
include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities
that might be necessary should the Company be unable to continue in existence.

Management has reduced overhead and administrative costs by streamlining the organization
to focus around two of its therapies (oncology and a HIV therapeutic vaccine) and investment in the development and validation of its
AI driven cancer diagnostics platform. The Company has tailored its workforce to focus on these therapies. In addition, the Company intends
to attempt to secure additional required funding through equity or debt financing. However, there can be no assurance that the Company
will be able to obtain any sources of funding. Such additional funding may not be available or may not be available on reasonable terms,
and