Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 722

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 6
Chunk 722
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 (see Note 8 to the Financial Statements) that matured on
December 29, 2024, was amended extending the Maturity Date in the second paragraph of the Note from December 29, 2024 to December 29,
2025. Accordingly, the Note unless otherwise amended, replaced, or otherwise altered by this First Amendment, any and all terms contained
in the Note continue in full force and effect.

On September 2, 2025, the Court
of Amsterdam (the “Court”) declared bankrupt Gedi Cube B.V. (“Gedi”), an indirect subsidiary of Lunai Bioworks,
Inc. (“Lunai”), and appointed Mr. M.M. Dellebeke as the receiver in the bankruptcy. Gedi filed a voluntary petition seeking
a declaration of bankruptcy due to its inability to make payments as they became due. As a result of this, the Company determined that
a material impairment of Gedi had occurred (see Note 6 to the financial statements).

On August 18, 2025, the Company
issued Promissory Notes in the aggregate principal amount of $1,000,000. The Notes bear an interest rate of 18% per annum and
mature on the 6-month anniversary of the Issue Date., (the “Maturity Date”). The Company is required to pay principal
and interest on the Maturity Date.	

From July 3, 2025, to August 19, 2025, the Company
issued Promissory Notes in the aggregate principal amount of $695,000. The Notes bear an interest rate of 10% per annum and
mature on June 30, 2026, (the “Maturity Date”). The Company is required to pay principal and interest on the Maturity
Date.

On July 7, 2025, Lunai Bioworks Inc. (“Lunai”)
entered into an Exchange Agreement (the “Exchange Agreement”) with certain accredited investors (the “Investors”),
all of whom are existing shareholders of the Company. Pursuant to the Exchange Agreement, the Investors agreed to exchange an aggregate
of $9.7 million in outstanding secured promissory notes (the “Secured Notes”) for $16.1 million in new convertible promissory
notes (the “Convertible Notes”), representing a 65% premium to the principal and interest amount of the Secured Notes. The
Convertible Notes mature on July 31