Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 106

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 106
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 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
had 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 approximately £250,000 occurred on December 13, 2023. The
Company paid interest on the loan at the rate of 10% per annum. Interest was accrued quarterly in arrears on the last business day of
March, June, September, and December and was payable on the repayment date. On June 14, 2024 the Company sold 454,708 Units to the holder
and terminated $665,387 in aggregate principal amount and accrued interest and received in cash an aggregate amount of $100,400 in consideration
for the Units which was applied against the loan. For the year ended June 30, 2024, the Company recorded $36,388 of interest expense related
to this loan. The total amount of the loan at June 30, 2024, is zero (see Note 8 to the Financial Statements).

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 $950,000 in gross proceeds after taking into account the 5% original
issue discount. The discount of $50,000 will 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 2023 Note to extend the maturity date to March 1, 2024 and was extended to December 31, 2024.
The Company is required to pay interest on the maturity date. The November 2023 Note will be 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