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INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS AND GOODWILL | NOTE 6 — INTANGIBLE ASSETS AND GOODWILL At June 30, 2024 and 2023, definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products and processes of $30,043 and $39,676, respectively. The patents are recorded at cost and amortized over twenty years from the date of application. Amortization expense for the years ended June 30, 2024 and 2023 was $8,296 and $6,175, respectively. At June 30, 2024 and 2023, indefinite life intangible assets consisted of a license agreement classified as In-Process Research and Development (“IPR&D”) intangible assets, which are not amortizable until the intangible assets provide economic benefit, and goodwill. At June 30, 2024 and 2023, definite-life and indefinite-life intangible assets consisted of the following:
Schedule of definite-life and indefinite-life intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Useful Life |  | June 30, 2023 |  | Additions |  | Amortization |  | Impairment |  | Translation Adjustment |  | June 30, 2024
Definite Life Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Patents |  | 20 Years |  | $ | 290,936 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5,959 | ) |  | $ | 284,977 |
Less Accumulated Amortization |  |  |  |  | (251,260 | ) |  |  | — |  |  |  | (8,296 | ) |  |  | — |  |  |  | 4,622 |  |  |  | (254,934 | )
Net Definite-Life Intangible Assets |  |  |  | $ | 39,676 |  |  | $ | — |  |  | $ | (8,296 | ) |  | $ | — |  |  | $ | (1,337 | ) |  | $ | 30,043 |
Indefinite Life Intangible Assets and Goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  |  |  | 11,640,000 |  |  |  | 159,464,039 |  |  |  | — |  |  |  | (11,640,000 | ) |  |  | (133,878 | ) |  |  | 159,330,161 |
IPR&D |  |  |  |  | 42,611,000 |  |  |  | — |  |  |  | — |  |  |  | (42,611,000 | ) |  |  | — |  |  |  | — |
Total Indefinite Life Intangible Assets and Goodwill |  |  |  | $ | 54,251,000 |  |  | $ | 159,464,039 |  |  | $ | — |  |  | $ | (54,251,000 | ) |  | $ | (133,878) |  |  | $ | 159,330,161 |
|  | Useful Life |  | June 30, 2022 |  | Period Change |  | Effect of Currency Translation |  | June 30, 2023
Definite Life Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Patents |  | 20 Years |  | $ | 279,257 |  |  | $ | — |  |  |  | 11,679 |  |  | $ | 290,936 |
Less Accumulated Amortization |  |  |  |  | (234,989 | ) |  |  | (6,175 | ) |  |  | (10,096 | ) |  |  | (251,260 | )
Net Definite-Life Intangible Assets |  |  |  | $ | 44,268 |  |  | $ | (6,175 | ) |  | $ | 1,583 |  |  | $ | 39,676 |
Indefinite Life Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
License Agreement |  |  |  | $ | 61,571,000 |  |  | $ | (18,960,000 | ) |  | $ | — |  |  | $ | 42,611,000 |
Goodwill |  |  |  |  | 11,640,000 |  |  |  | — |  |  |  | — |  |  |  | 11,640,000 |
Total Indefinite Life Intangible Assets |  |  |  | $ | 73,211,000 |  |  | $ | (18,960,000 | ) |  | $ | — |  |  | $ | 54,251,000 |
Expected future amortization expense is as follows:
Schedule of expected future amortization expense |  |
Years ended June 30, |  |
2025 |  |  | $ | 7,511 |
2026 |  |  |  | 7,511 |
2027 |  |  |  | 7,511 |
2028 |  |  |  | 7,510 |
Total |  |  | $ | 30,043 |
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 was classified as an indefinite life asset that was 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 goodwill valued at $159,464,039. 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 recorded an impairment of $42,611,000 during the year ended June 30, 2024. Following the fourth quarter of each year, management performs its annual test of impairment of intangible assets by performing a 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 year ended June 30, 2023, the results of the assessment indicated that the carrying value of the licenses acquired as an IPR&D asset exceeded its fair value, due to the changes in the projected economic benefits to be realized from these assets. Therefore, an impairment adjustment of $18,960,000 was recorded for the year ended June 30, 2023. During the year ended June 30, 2024, the results of the assessment indicated that the carrying value of the goodwill related to the RENB reporting unit exceeded its fair value, due to the changes in the projected economic benefits to be realized from this reporting unit. 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 $11,640,000 was recorded for the year ended June 30, 2024.

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