Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 36

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 36
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 to November 30, 2022. All other terms of the Promissory
Note remained the same. The change in Maturity Date required an additional year of interest at the fixed rate of 6% per annum, which was
prepaid by the Company in full on the date of the amendment through the issuance of 74,054 shares of the Company’s Common Stock
based on the closing market price on that date for a total value of $298,178.

On May 17, 2022, the Company entered
into a second amendment to the Promissory Note that extended the Maturity Date to November 30, 2023 and increased the interest rate from
6% to 12% per annum. All other terms of the Promissory Note remained the same. The change in Maturity Date required an additional year
of interest at the fixed rate of 12% per annum. Pursuant to the amendment, the Company prepaid interest for the period November 30, 2022
until May 30, 2023 on the date of the amendment through the issuance of 47,115 shares of the Company’s Common Stock based on the
closing market price on that date for a total value of $299,178. All other accrued interest payable from May 30, 2023 to the Maturity
Date was required to be paid by the Company on May 30, 2023, at the option of the Holder in either (i) cash or (ii) shares of the Company’s
Common Stock, valued at the closing sale price of the Common Stock on the Nasdaq Capital Market on May 30, 2023. The Holder elected the
interest be paid in cash (the “Interest Payment”).

Effective December 30, 2022, the
Company entered into a third amendment to the Promissory Note. Pursuant to the third amendment, the Company’s obligations under
the Promissory Note were secured by the Security Agreement. To secure the Company’s obligations under each of the Amended and Restated
Secured Notes and the Promissory Note, the Company entered into a Security Agreement with the Holder, pursuant to which the Company granted
a lien on all assets of the Company (the “Collateral”) for the benefit of the Holder. Upon an Event of Default (as defined
in the Amended and Restated Secured Notes and Promissory Note, respectively) the Holder may, among other things, collect or take