Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 208

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1B
Chunk 208
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—  
     (42,611,000) 
     —  
     — 
  
    Total Indefinite Life Intangible Assets and Goodwill 
      
    $54,251,000  
    $159,464,039  
    $—  
    $(54,251,000) 
    $(133,878) 
    $159,330,161 

Expected future amortization expense is as follows:

    Schedule of future amortization expense 

    Years
    ended June 30, 

    2026 
    $36,350 
  
    2027 
     36,348 
  
    2028 
     32,348 
  
    2029 
     32,348 
  
    Thereafter 
     28,600 
  
    Total 
    $165,994 

    F-16

On February 13, 2024, the Company
acquired Renovaro Cube as a wholly owned subsidiary pursuant to a stock purchase agreement. As part of the acquisition of Renovaro
Cube, the Company acquired goodwill valued at $159,464,039.

On April 8, 2025, the Company
acquired Biosymetrics, Inc. as a wholly owned subsidiary pursuant to a stock purchase agreement. As part of the acquisition of Biosymetrics,
Inc., the Company acquired goodwill valued at $5,963,500, software valued at $143,000 and Trademark valued at $8,000.

Impairment

Following the fourth quarter of
each year, management performs its annual test of impairment of intangible assets by performing an assessment and determines if it is
more likely than not that the fair value of the asset is greater than or equal to the carrying value of the asset.

During the quarter ended September
30, 2024, the results of the assessment indicated that the carrying value of the RENC reporting unit exceeded its fair value, due to the
decline in the estimated fair value of the reporting unit based on the Company’s market capitalization. Management concluded the
significant driver for the change in the economic benefits was due to the Company’s continued inability to raise capital for the
further development of the technologies within this reporting unit. Therefore, an impairment adjustment of $47,614,729 was recorded
for the period ended September 30, 2024.

During the quarter ended June
30,