Tue, Aug 20, 11:54 AM (147 days ago)
Renovaro Inc. filed an amendment to its Form 10-Q for the quarter ended March 31, 2024, due to a material misstatement regarding indefinite life intangible assets, leading to a restatement of financial results. The company reported a significant net loss of $51,214,414 for Q3 2024, up from $4,328,296 in Q3 2023, driven by a $42,611,000 impairment charge related to the termination of a license agreement with Weird Science, LLC. Total operating expenses soared to $51,380,840, reflecting a 1,164% increase year-over-year. Cash and cash equivalents plummeted to $312,697, with a working capital deficit of $19,654,098. Total assets rose to $178,089,340, primarily due to goodwill from the acquisition of Renovaro Cube. Liabilities also surged to $43,683,784, largely from contingent consideration liabilities. The company faces substantial uncertainties regarding future operations and funding, raising doubts about its ability to continue as a going concern. Renovaro plans to streamline operations and seek additional financing to support ongoing and future development efforts.