Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 110

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 110
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 and the Holder extended the maturity of the original Promissory Note until February
29, 2024. In addition, all interest payable from November 30, 2023 to the Maturity Date was payable and is currently payable by the Company
as of November 30, 2023. On February 16, 2024, the Company received notice from the Holder to exercise 2,953,700 warrants outstanding
ranging from $0.53 to $0.65 per share and apply $1,750,000 of the note balance to the exercise price of the warrants. On February 29,
2024, the Company and the Holder agreed to amend the Promissory Note (the “Sixth Amendment”) to where the Company and the
Holder extended the maturity of the original Promissory Note until May 1, 2024. On May 1, 2024, the Company and the Holder agreed to amend
the Promissory Note (the “Seventh Amendment”) to extend the maturity of the original Promissory Note until August 1, 2024.
On June 14, 2024 the Holder requested the Company repay $418,503 of the Promissory Note. The Company applied $100,440 and $318,063 owed
to the Company pursuant to certain Subscription Agreements. As such, payment of the 2020 Note Repayment decreased the principal amount
by $418,503. For the year ended June 30, 2024 and 2023, discount amortization of $393,763 and $348,621 was charged to interest expense.
The Promissory Note balance, net of discount at June 30, 2024 is $824,418 (see Note 8 to the Financial Statements).

Cash Flows

Year ended June 30, 2024 compared to the year ended June 30, 2023

Following is a summary of the Company’s
cash flows provided by (used in) operating, investing, and financing activities:

|                                           |     | For the Years Ended 
 June 30,            |        2024 |   |     |   |        2023 |   |
|:------------------------------------------|:----|:--------------------|------------:|:--|:----|:--|------------:|:--|
| Net Cash Used in Operating Activities     |     | $                   | (10,971,430 | ) |     | $ | (11,774