Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 27

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 27
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 2023 |  239,759 
 (159,930 | ) |
|:--------------------------|:----|:---------------------------|--------:|:----|:-----|--------:|:--|:----|:--------------------------|--------:|:----|:-----|---------:|:--|
| Total Net Lease Expense   |     | $                          | 106,790 |     | $    |  45,789 |   |     | $                         | 236,455 |     | $    |   79,829 |   |

Lease expense charged to general
and administrative expenses for the three and nine months ended March 31, 2024, amounted to $106,790 and $236,455, respectively. Lease
expense charged to general and administrative expenses for the three and nine months ended March 31, 2023, amounted to $45,789 and
$79,829, respectively. During the three and nine months ended March 31, 2024, the Company paid $108,441 and $232,237 under operating
leases, respectively. During the three and nine months ended March 31, 2023, the Company paid $98,950 and $339,993 under operating
leases, respectively. The difference between the operating lease expense for the nine months ended March 31, 2023 in the amount of $79,829
and the cash paid of $339,993, is primarily made up of the release of an accrual of $77,242 related to the termination of the Plaza Medical
Office Building, LLC lease.

16

RENOVARO INC. AND SUBSIDIARIES
NOTES TO UNAUDITED RESTATED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 8 — DEBT

Convertible Notes Payable —

March 2024 Note —
On March 14, 2024, the Company entered into a Subscription Agreement with an investor to issue a Convertible Promissory Note in the amount
of $500,000 (the “March 2024 Note”). The March 2024 Note bears an interest rate of 10% per annum and shall mature on March 15, 2025. The Company is required to pay interest quarterly, in arrears, in cash, on the first day of each quarter of each year following
the issue date prior to the maturity of the March 2024 Note. Notwithstanding the immediately foregoing