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INTANGIBLE ASSETS AND GOODWILL

9 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 5 — INTANGIBLE ASSETS AND GOODWILL

At March 31, 2024, and June 30, 2023, definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products and processes of $31,042 and $39,676, respectively. The patents are recorded at cost and amortized over twenty years from the date of application. Amortization expense for the three and nine months ended March 31, 2024, was $779 and $7,524, respectively. Amortization expense for the three and nine months ended March 31, 2023, was $1,580 and $4,572, respectively.

At March 31, 2024, and 2023, indefinite life intangible assets consisted of In-Process Research and Development (“IPR&D”), which is not amortizable until the intangible asset provides economic benefit.

At March 31, 2024, and June 30, 2023, definite and indefinite-life intangible assets consisted of the following:

Schedule of intangible assets
	Useful Life	June 30, 2023			Additions		Amortization			Impairment			Translation Adjustment			March 31, 2024
Definite Life Intangible Assets
Patents	20 Years	$	290,936		$	—	$	—		$	—		$	(3,856	)	$	287,080
Less Accumulated Amortization			(251,260	)		—		(7,524	)		—			2,746			256,038
Net Definite-Life Intangible Assets		$	39,676		$	—	$	(7,524	)	$	—		$	(1,110	)	$	31,042

Indefinite Life Intangible Assets and Goodwill
Goodwill			11,640,000			151,536,444		—			—			1,010,408			164,186,852
IPR&D		$	42,611,000			10,684,091		—			(8,421,000	)		71,164			44,945,255
Total Indefinite Life Intangible Assets and Goodwill		$	54,251,000		$	162,220,535	$	—		$	(8,421,000	)	$	1,081,572		$	209,132,107

Expected future amortization expense is as follows:


Year ending June 30,
	2024	$	1,942
	2025		9,700
	2026		9,700
	2027		9,700
	Total	$	31,042

During February 2018, the Company acquired IPR&D related to a License Agreement (as licensee) to an HIV therapy which consists of a perpetual, fully paid-up, royalty-free, sub-licensable, 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. The IPR&D intangible asset is classified as an indefinite life asset that is tested annually for impairment.

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 IPR&D assets valued at $10,684,091.

Impairment – On March 1, 2024, the Company received a notice from the sole manager of Weird Science LLC terminating the License Agreement by and between Weird Science LLC and Enochian Biopharma, Inc. (now known as Renovaro Biosciences, Inc.), a wholly owned subsidiary of the Company, dated February 16, 2018. Due to the termination of the license agreement, the Company abandoned the development of a technology included in its IPR&D and recorded an impairment of $8,421,000 in the period ended March 31, 2024.