Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 138

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 138
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 The Company was 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 March 2024 Note. Notwithstanding the immediately foregoing, at the option of the holder, interest
could accrue on this note on a quarterly basis. The March 2024 Note was convertible at the option of the holder after a qualified offering.
If no qualified offering occurs prior to the maturity date, the March 2024 Note was to be repaid in cash.

On June 14, 2024, the Company sold
344,966 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 (a “Unit”), to the holder
of the March 2024 Note in consideration for the total $512,361 in principal amount and interest accrued under the March 2024 Note. 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.

In the year ended June 30, 2024,
the Company recorded interest expense of $12,361related to the March 2024 Note. The March 2024 Note balance at June 30, 2024 was zero 0.

The 2024 Notes —
On January 11, 2024, the Company entered into a Subscription Agreement with an investor to issue a Convertible Promissory Note (the “January
2024 Note I”) in the amount of $460,000. The January 2024 Note I had an interest rate of 12% per annum and was due to mature on
January 11, 2025. The Company was 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 notes. Notwithstanding the immediately foregoing, at the option of the holder, interest
could accrue on this note on a quarterly basis. The January 2024 Note I was convertible either at the option of the holder or automatically
upon maturity into shares of the Company’s Common Stock at the conversion price of $3.38. On January 12, 2024, the Company entered
into Subscription