Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 176

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 176
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2024 Note”). The Company
received a total of $500,000 in gross proceeds after taking into account the 5% original issue discount. The January 2024 Note bears
an interest rate of 12% per annum and shall mature on March 1, 2024 (the “Maturity Date”) is past due. The Company is required
to pay interest on the maturity date. For the year ended June 30, 2024, discount amortization of $26,315 was charged to interest expense.
As of June 30, 2024, the Company accrued $31,579 of interest expense that is included in accrued expenses on the balance sheet. The January
2024 Note balance, net of discount at June 30, 2024 is $526,315 (see Note 8.) In connection with the entry into the January 2024 Note,
the Company and Paseco ApS agreed to amend and restate the Security Agreement (see Note 8) to add the Company’s obligations under
the November 2023 Note and the January 2024 Note to the Secured Obligations (as defined in the Amended and Restated Security Agreement).

On November 3, 2023, the Company entered into an agreement with RS Bio to
issue a 5% Original Issue Discount Promissory Note for the principal amount of $1,000,000 (the “November 2023 Note”). The
Company received a total of $950,000 in gross proceeds after taking into account the 5% original issue discount. The discount of
$50,000 will be accreted over the life of the Note. The Note bears an interest rate of 12% per annum and shall mature on January 1, 2024
(the “Maturity Date”) is past due. The Company is required to pay interest on the maturity date (see Note 8.)

On October
10, 2023, the Board of Directors of the Company (the “Board”) appointed Avram Miller to the Board, effective October 11, 2023,
to fill a vacancy. Mr. Miller will serve until the Company’s 2024 Annual Meeting of Stockholders subject to this re-election or
until his successor has been duly elected and qualified. In addition to Mr. Miller’s appointment to the Board, Mr. Miller, the co-founder
of Intel Capital, entered into an advisory agreement with the Company (the “Advisory Agreement”),