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INTANGIBLE ASSETS AND GOODWILL
 12 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 5 — INTANGIBLE ASSETS AND GOODWILL

 

At June 30, 2025, definite-life intangible assets, net of accumulated amortization, consisted of patents, software platform and trademarks on the Company’s products and processes of $14,994, $143,000 and $8,000. At June 30, 2024, definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products and processes of $30,043. The patents are recorded at cost and amortized over twenty years from the date of application. Amortization expense for the years ended June 30, 2025 and 2024 was $9,902 and $8,296, respectively.

 

At June 30, 2025 and 2024, 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, 2025 and 2024, definite-life and indefinite-life intangible assets consisted of the following:

 

                                 
   Useful Life  June 30, 2024   Additions   Amortization   Impairment  Translation Adjustment  June 30, 2025
Definite Life Intangible Assets                           
Software platform  5 Years  $—   $143,000   $—   $—   $—   $143,000 
Trademark  2 Years  $—   $8,000   $—   $—   $—   $8,000 
Patents  20 Years  $284,977   $—   $—   $—   $28,033   $313,010 
Less Accumulated Amortization      (254,934)   —    (9,902)   —    (33,180)   (298,016)
Net Definite-Life Intangible Assets     $30,043   $151,000   $(9,902)  $—   $(5,147)  $165,994 
                                  
Goodwill                                 
Goodwill      159,330,161    5,963,000    —    (170,419,429)   11,089,268    5,963,000 
Total Goodwill     $159,330,161   $5,963,000   $—   $(170,419,429)  $11,089,268   $5,963,000 

 

   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 

 

Expected future amortization expense is as follows:

 

     
Years ended June 30,   
2026  $36,350 
2027   36,348 
2028   32,348 
2029   32,348 
Thereafter   28,600 
Total  $165,994 

  

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, 2025, 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 $122,804,700 was recorded for the period ended June 30, 2025.