Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 144

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 144
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 accrued amount of $2,098,252. The Notes had an interest rate of 10% per annum and were to mature between May 1, 2024, and August
1, 2024. The Notes were accounted for under ASC 470-20, and all proceeds received from the issuance was recognized as a liability on the
balance sheet. On June 14, 2024, the Company sold 1,424,862 Units at a price per Unit equal to $1.4726 to settle the bridge loan aggregate
amount of $2,098,252. As of June 30, 2024 the Notes balance is zero.

On February 5, 2024, the
Company entered into an agreement with RS Bio ApS, a Danish entity controlled by the Company’s Chairman, Rene Sindlev
(“RS Bio”) to issue a 5%
Original Issue Discount Secured Promissory Note for the principal amount of $105,263.
The Company received $100,000
in gross proceeds after taking into account the 5%
original issue discount. The note bears an interest rate of 12%
per annum and matured on March 1, 2024 and was extended to December 31, 2024. The obligations under this note are secured by the Amended
and Restated Security Agreement. The Company is required to pay interest on the maturity date. The note is accounted for under ASC
470-20, and all proceeds received from the issuance will be recognized as a liability on the balance sheet net of discount. For the
year ended June 30, 2024, discount amortization of $5,263
was charged to interest expense. As of June 30, 2024, the Company accrued $6,316
of interest expense that is included in accrued expenses on the balance sheet. The note balance, net of discount at June 30, 2024
was $105,263.

On January 2, 2024, the Company
entered into an agreement with RS Bio to issue a 5% Original Issue Discount Secured Promissory Note for the principal amount of $526,315
(the “January 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 matured on March 1, 2024 and was