XML 38 R22.htm IDEA: XBRL DOCUMENT v3.24.3
SEGMENT REPORTING
12 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 13 — SEGMENT REPORTING

 

Beginning with the year ended June 30, 2024, the Company has two reportable segments. Prior to the year ended June 30, 2024, the Company had only a single reportable segment, the acquisition and integration of Renovaro Cube resulted in the identification of a separate reportable segment by the Company's chief operating decision maker. These segments have different strategic and economic goals and are managed separately because they require different technology and marketing strategies.

 

Reportable Segment   Description                  
RENB   Developing new immunotherapies to combat cancer      
RENC   Developing a predicative artificial intelligence based diagnostic methodology for the use of earlier cancer detection              

 

The Company’s chief executive officer is the chief operating decision maker and reviews the internal management reports for each segment at least quarterly. During the year ended June 30, 2024, there were no significant inter-company revenues or expenses. The chief operating decision maker assesses performance for each segment and decides how to allocate resources based on segment operating losses that also is reported on the consolidated statement of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets. The accounting policies of each segment are the same as those described in the summary of significant accounting policies.

 

          
   Operating loss  Assets
United States  $80,470,579   $2,998,311 
Netherlands   1,168,716    160,131,139 
   $81,639,296   $163,129,450 

  

The chief operating decision maker uses loss from operations to evaluate the performance of each segment’s assets in deciding how to allocate available capital between segments. The chief operating decision maker also uses loss from operations in their competitive analysis by benchmarking the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing the performance of the segment.

 

Information regarding each reportable segment for the year ended June 30, 2024 is as follows:

 

               
   RENB  RENC  Total
General and administrative  $23,449,158   $1,108,449   $24,557,608 
Research and development   2,651,971    56,858    2,708,829 
Intangible asset impairment   42,611,000        42,611,000 
Goodwill impairment   11,640,000        11,640,000 
Depreciation and amortization   118,450    3,409    121,859 
                
Segment operating loss  $80,470,579   $1,168,716   $81,639,296 

  

Geographic information:

 

RENB and RENC are managed on a worldwide basis but operate in offices located in the United Stated and the Netherlands, respectively. The geographic information analyses the Company's operations and assets based on the country in which each segment operates. In presenting this geographic information, segment operating results have been based on the geographic location in which the services were provided to the segment and segment assets were based on the geographic location of the assets.