Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001731122-25-000258
Chunk: 16

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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,614,729) 
    $(3,716,159) 
    $107,999,273 

    11

Expected future amortization expense is as follows:

    Schedule of expected future amortization expense 

    Years ended June 30, 

     2025  
    $4,463 
  
     2026  
     4,463 
  
     2027  
     4,463 
  
     2028  
     4,464 
  
     Total  
    $17,853 

NOTE 5 — DEBT

Convertible Notes Payable —

The January 2024 Note —
On January 12, 2024, the Company entered into Subscription Agreements with an investor to issue a Convertible Promissory Note for an aggregate
principal amount of $125,000 (the “January 2024 Note”). The Company received a total of $125,000 in gross proceeds. The
January 2024 Note bears an interest rate of 12% per annum and shall mature on December 29, 2024. 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 January
2024 Note. The January 2024 Note is convertible either at the option of the holder or automatically upon maturity into shares of the Company’s
Common Stock at the Note Conversion Price of $3.38.

December 2023 Notes —
On December 20, 2023, the Company entered into Subscription Agreements to purchase Convertible Promissory Notes for an aggregate
principal amount of $120,000 (the “December 2023 Notes”). The Company received a total of $120,000 from the private placement
between December 2023 and January 2024. The December 2023 Notes bear an interest rate of 12% per annum and shall mature one year
after their respective dates of issuance (the “Maturity Date”). 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 December 2023 Notes. Notwithstanding
the immediately foregoing, at the option of the holder, interest may accrue on the December Notes on a quarterly basis. The December 2023
Notes are convertible into shares of