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

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 10
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3, the Company changed its corporate name from Enochian Biosciences Inc. to Renovaro Biosciences Inc. The Company engages
in the research and development of pharmaceutical and biological products for the treatment of cancer, HIV, and HBV with the intent
to manufacture said products. On February 13, 2024, Renovaro Inc. acquired Renovaro Cube Intl Ltd and its subsidiaries (“Renovaro Cube”), as a wholly
owned subsidiary pursuant to a stock purchase agreement.

Basis of Presentation–The Company prepares consolidated financial statements in accordance with accounting principles generally accepted in
the United States of America (“U.S. GAAP”) and follows the rules and regulations of the U.S. Securities and Exchange
Commission (“SEC”). The accompanying financial statements are unaudited. In the opinion of management, all adjustments
(which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash
flows at March 31, 2024, and 2023 and for the periods then ended have been made. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying
unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto
included in the Company’s June 30, 2023, audited financial statements. The results of operations for the period ended March
31, 2024 are not necessarily indicative of the operating results for the full year.

Consolidation– For
the three and nine months ended March 31, 2024, and 2023, the condensed consolidated financial statements include the accounts and operations
of the Company and its subsidiaries. All material inter-company transactions and accounts have been eliminated in the consolidation.

Accounting Estimates–
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses
during the reporting period. Actual results could differ from those estimated. Significant estimates include the fair value of assets
acquired in a business acquisition, contingent consideration, and equity instruments issued for goods or services.

Functional Currency & Foreign Currency Translation– The functional currency of Renovaro Denmark is the Danish Kroner
(“DKK”) and the functional currency of Renovaro Cube is the Euro (“EUR”). The