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INTANGIBLE ASSETS AND GOODWILL
 6 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 4 — INTANGIBLE ASSETS AND GOODWILL

 

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 – During the six months ended December 31, 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 December 31, 2024.

 

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

 

                                 
   Useful Life  June 30, 2024   Additions   Amortization   Impairment  Translation Adjustment  December 31, 2024
Definite Life Intangible Assets                                 
Patents  20 Years  $284,977   $—   $—   $—   $(9,588)  $275,389 
Less Accumulated Amortization      (254,934)   —    (4,929)   —    2,327    (257,536)
Net Definite-Life Intangible Assets     $30,043   $—   $(4,929)  $—   $(7,261)  $17,853 
                                  
Goodwill                                 
Goodwill      159,330,161    —    —    (47,614,729)   (3,716,159)   107,999,273 
Total Goodwill     $159,330,161   $—   $—   $(47,614,729)  $(3,716,159)  $107,999,273 

 

Expected future amortization expense is as follows:

 

   
Years ended June 30,   
 2025   $4,463 
 2026    4,463 
 2027    4,463 
 2028    4,464 
 Total   $17,853