Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 28

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 28
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, at the option of the holder, interest
may accrue on this Note on a quarterly basis. The March 2024 Note is convertible either at the option of the holder after a qualified
offering. If no qualified offering occurs prior to the maturity date, the March 2024 Note is to be repaid in cash.

The 2024 Notes —
On January 11, 2024, the Company entered into a Subscription Agreement with an investor to issue a Convertible Promissory Note (the “January
2024 Note I”) in the amount of $460,000. The January 2024 Note I bears an interest rate of 12% per annum and shall mature on January 11, 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 Notes. Notwithstanding the immediately foregoing, at the option of the Holder, interest may
accrue on this Note on a quarterly basis. The January 2024 Note I is convertible either at the option of the Holder or automatically upon
maturity into shares of the Company’s Common Stock at the conversion price of $3.38. On January 12, 2024, the Company entered into
Subscription Agreements with an investor (the “Investor”) to issue a Convertible Promissory Note for an aggregate principal
amount of $125,000 (the “January 2024 Note II”, and collectively with the January 2024 Note I, the “January 2024 Notes”).
The Company received a total of $125,000 in gross proceeds. The January 2024 Note II bears an interest rate of 12% per annum and
shall mature on December 29, 2024 (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 2024 Notes. The January 2024
Note II 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. The January 2024 Notes principal balance at March 31, 2024, is $585,000.

December 2023 Notes —Between December
1, 2023, and December 29,