Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 100

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 100
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 the first day of each quarter of each
year following the issue date prior to the maturity of the January 2024 Note II. 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.

On June 14, 2024, the Company sold
325,508 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, to the holder of the January 2024
Note I in consideration for the total $483,460 in principal amount and interest accrued under the January 2024 Note I. The warrants are
exercisable for five years from the date of issuance and have an exercise price of $1.4726 per share, payable in cash The January 2024
Notes principal balance at June 30, 2024, is $125,000 (see Note 88 to the Financial Statements).

December 2023 Notes —Between December 1, 2023, and December 29, 2023, the Company entered into Subscription
Agreements with two investors to purchase Convertible Promissory Notes for an aggregate principal amount of $560,000 (the “December
Notes”). The Company received a total of $560,000 in gross proceeds, consisting of $440,000 and $100,000 from the private placement
prior to the end of the quarter ending December 31, 2023, and $20,000 received in January 2024. The December Notes bear an interest
rate of 12% per annum and shall mature one year after their respective dates of issuance (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 December Notes. Notwithstanding the immediately foregoing, at the option of the holder, interest may accrue on
the December Notes on a quarterly basis. The December Notes are convertible into shares of the Company’s Common Stock in whole or
in part at any time and from time to time, after the original issue date and prior to the Maturity Date, at a conversion price of $3.38
per share. The