Company: RAIN
Filing Date: 2025-01-31
Form Type: S-1
Source: 0001213900-25-008536
Chunk: 313

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-01-31
Form: S-1
Chunk 313
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 are non-interest bearing, unsecured and due on demand.

<div align='center'>F-82

Rain Enhancement Technologies, Inc.

Notes to Financial Statements
December 31, 2023 AND 2022</div>

On February 2, 2023, the Company issued a promissory note (the “Note”) to its former CEO and Mr. You and Mr. de Masi for an aggregate amount of $600,000, of which approximately $153,000 was already advanced by Mr. de Masi under the form of payments for expenses on behalf of the Company as mentioned above. The Company received the remaining cash proceeds of $447,000 under the Note in February 2023, increasing the total amount owed under the Note and advances from its officers and Mr. You and Mr. de Masi to approximately $617,000. The Note has an annual interest rate of 5% and is currently due on demand. The Company repaid the advance amount of approximately $17,000 to its officers in April 2023. As of December 31, 2023, the Company has $600,000 outstanding under the Note and has an accrued interest of approximately $27,000.

In addition to the Note, Mr. You also covered for additional expenses on behalf of the Company. As of December 31, 2023, the Company has approximately $11,000 in outstanding advances received from Mr. You.

Mr. You and Mr. de Masi were officers and affiliates of dMY VI, before its liquidation in April 2023, and Mr. You is an officer and affiliate of Coliseum (see Note 1). They also participated in funding for the Company through the form of loans since 2022 and purchase of equity in August 2024 (see Note 9). Together, Mr. You and Mr. de Masi own shares controlling over 20% of shareholder votes and has significant influence over the operating activities of the Company.

Note 7 — Stockholders’ Deficit

Series A Preferred Stock

As of December 31, 2023 and 2022, the Company was authorized to issue 200 and 0 shares of Series A preferred stock, respectively, with a par value of $0.0001 per share. Holders of Series A preferred stock are entitled to a number of votes equal to (a) the number of shares of common stock deemed outstanding divided by the number of shares of Series A preferred stock then outstanding, plus (