Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001731122-25-000258
Chunk: 36

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 assumed 

    Cash 
    $65,851 
  
    Prepaid & Other Assets 
     151,544 
  
    Fixed Assets 
     16,243 
  
    Operating lease ROU 
     624,366 
  
    Total Assets Acquired: 
     858,004 

    Accounts Payable 
     583,577 
  
    Accrued Expenses 
     722,509 
  
    Operating Lease liability 
     624,367 
  
    Notes Payable 
     1,832,460 
  
    Total Liabilities Assumed 
     3,762,913 
  
    Net Assets Acquired 
     (2,904,909)

    Goodwill 
     159,464,040 
  
    Total Consideration 
    $156,559,131 

The goodwill
recognized is attributable primarily to expected synergies and the assembled workforce of Gedi Cube. None of the goodwill is expected
to be deductible for income tax purposes.

The fair
values of the acquired tangible and intangible assets were determined using variations of the income approach. The income approach valuation
methodology used for the intangible assets acquired makes use of Level 3 inputs.

    21

Consolidated unaudited pro forma information: 

The following consolidated pro
forma information assumes that the acquisition of Renovaro Cube took place on July 1, 2023 for the statement of operations for the six
month period ended December 31, 2023. These amounts have been estimated after applying the Company’s accounting policies:

    Schedule of consolidated proforma information 

    Three months ended
December 31, 2023 
    Six months ended
December 31, 2023
  
    Revenues 
    $—  
    $— 
  
    Net loss 
    $(5,672,771) 
    $(15,977,356)

The unaudited
pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations
would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of
operations.

NOTE 11 — SUBSEQUENT EVENTS 

From January 10, 2025, to January 24,
2025, the Company issued Promissory Notes in the aggregate principal amount of $900,000. The Notes bear an interest rate of 10% per
annum and mature on