Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 34

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 34
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. 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 22, 2023, Renovaro
Cube entered into a loan agreement where the holder agreed to loan the Company up to £500,000 (approximately $624,000 USD). The note
has a repayment date occurring the first business day after the first anniversary of the draw down of the loan. The first draw down of
£250,000 occurred on November 27, 2023, and the second draw down of £249,994 occurred on December 13, 2023. The Company will
pay interest on the loan at the rate of 10% per annum. Interest is accrued quarterly in arrears on the last business day of March, June,
September, and December and is payable on the repayment date. As of March 31, 2024, the Company accrued $10,545 of interest expense that
is included in accrued expenses on the balance sheet. The total amount of the note at March 31, 2024, is $639,544.

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 $950,000in gross proceeds after taking into account the 5%
original issue discount. The discount of $50,000will be accreted over the life of the Note. The November 2023 Note bears an interest rate of 12%
per annum and was due to mature on January 1, 2024 (the “Maturity Date”). On January 1, 2024, the Company entered into an amendment with RS Bio for the November
3, 2023, $1,000,000Note Payable bridge loan to extend the maturity date until March 1, 2024. The Company is required to pay interest on the maturity date. The Notes Payable will be accounted for under ASC 470-20,
and all proceeds received from the issuance will be recognized as a liability on