Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 122

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 122
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”).

Principles of Consolidation–For the years ended June 30, 2024 and 2023, the consolidated financial statements include the accounts and operations of Renovaro,
and its wholly owned subsidiaries. All material inter-company transactions and accounts have been eliminated in the consolidation.

Subsidiaries–Renovaro
Biosciences Inc. (“Renovaro Biosciences”), formerly Renovaro Biopharma Inc., was incorporated on May 19, 2017 in Delaware
and is a 100% owned subsidiary of Renovaro. Renovaro Biosciences owns a perpetual, fully paid-up, royalty-free, sublicensable, and sole
and exclusive worldwide license to research, develop, use, sell, have sold, make, have made, offer for sale, import and otherwise commercialize
certain intellectual property in cellular therapies for the prevention, treatment, amelioration of and/or therapy exclusively for HIV
in humans, and research and development exclusively relating to HIV in humans. As of June 30, 2024 and June 30, 2023, zero and 1,250,000
shares of Common Stock, respectively, remain contingently issuable in connection with the acquisition of Renovaro Biosciences in February
2018 (the “Contingent Shares”).

Renovaro Biosciences Denmark ApS
(“Renovaro Denmark”), formerly Enochian Biosciences Denmark ApS a Danish corporation was incorporated on April 1, 2001. On
February 12, 2014, in accordance with the terms and conditions of a Share Exchange Agreement, the Company acquired Renovaro Denmark and
it became a 100% owned subsidiary of Renovaro subject to 185,053 shares of Common Stock of Renovaro held in escrow according to Danish
law (the “Escrow Shares”). As of June 30, 2024, there are 17,414 Escrow Shares remaining (see Note 10.)

On February 13, 2024, the Company
acquired 100% of Renovaro Cube. As a result of the acquisition, Renovaro Cube became a wholly-owned subsidiary of the Company (see Note
13.)

F-10

Use of 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