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INTANGIBLE ASSETS AND GOODWILL
 3 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 5 — 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 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.

 

At September 30, 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  September 30, 2024
Definite Life Intangible Assets                                 
Patents  20 Years  $284,977   $—   $—   $—   $11,644   $296,621 
Less Accumulated Amortization      (254,934)   —    (2,501)   —    (10,436)   (267,871)
Net Definite-Life Intangible Assets     $30,043   $—   $(2,501)  $—   $1,208   $28,750 
                                  
Goodwill                                 
Goodwill      159,330,161    —    —    (47,614,729)   6,455,913    118,171,345 
Total Goodwill     $159,330,161   $—   $—   $(47,614,729)  $6,455,913   $118,171,345 

 

Expected future amortization expense is as follows:

 

    
Years ended June 30,   
 2025   $7,189 
 2026    7,187 
 2027    7,187 
 2028    7,187 
 Total   $28,750