Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 322

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 2
Chunk 322
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,400.

    F-22

On October 14, 2024, the Company
issued 500,000 shares of Common Stock for consulting services valued at $275,000.

On October 14, 2024, the Company
issued 250,000 shares of Common Stock to its Chief Executive Officer valued at $137,750.

On August 23, 2024, Avram Miller,
a former member of the Company’s board of directors (the “Board of Directors”), forfeited 833,333 shares of
Common Stock from the original 1,000,000 shares of Common Stock for advisory services originally granted to him on October 11,
2023. As consideration for such forfeiture, the Company granted to Mr. Miller, an option to purchase 978,261 shares of Common
Stock of the Company with a per-share exercise price of $0.69. The Company determined that this transaction represented a modification
of the original award. The Company measured the fair value of the options issued as compared to the fair value of the original issuance
and determined that there was no incremental compensation to recognize as the fair value of the options was less than the fair value of
the Common Stock. Therefore, the Company will recognize the remaining fair value of the original award over the remaining vesting period,
which is one year. The Company recognized stock-based compensation expense of $1,159,470 related to the vesting of the stocks options
during the year ended June 30, 2025. At June 30, 2025, the Company had $185,373 of unrecognized compensation cost related to the
options which vest at August 23, 2025.

On August 1, 2024, the Company
issued 2,000,000 shares of Common Stock for consulting services valued at $1,400,000.

On
June 14, 2024, Lunai a Delaware corporation (the “Company”) closed a private placement of 5,315,215 of the
Company’s units, each such Unit consisting of (i) one share of the Company’s common stock, $0.0001 par value per share
and (ii) one common stock purchase warrant to purchase one-tenth of a share of Common Stock, with certain investors (the “Private
Placement”). The Warrants are exercisable for five years from the date of issuance and have an exercise price of $1.4726