Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 60

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 60
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 5% Original Issue Discount Secured Promissory Note for the principal amount of $105,263.
The Company received $100,000 in gross proceeds after taking into account the 5% original issue discount. The Note bears an interest rate
of 12% per annum and matured on March 1, 2024 (the “Maturity Date”). The obligations under this Note are secured by the Amended
and Restated Security Agreement (discussed below). The Company is required to pay interest on the maturity date. For the three and nine
months ended March 31, 2024, discount amortization of $5,263 was charged to interest expense. As of March 31, 2024, the Company accrued
$3,158 of interest expense that is included in accrued expenses on the balance sheet. The Note balance, net of discount at March 31, 2024
is $105,263 (see Note 8.)

On January 2, 2024, the Company
entered into an agreement with RS Bio to issue a 5% Original Issue Discount Secured Promissory Note for the principal amount of $526,315
(the “January 2024 Note”). The Company received a total of $500,000 in gross proceeds after taking into account the 5% original
issue discount. The January 2024 Note bears an interest rate of 12% per annum and shall mature on March 1, 2024 (the “Maturity
Date”). The Company is required to pay interest on the maturity date. For the three and nine months ended March 31, 2024, discount
amortization of $26,315 was charged to interest expense. As of March 31, 2024, the Company accrued $15,789 of interest expense
that is included in accrued expenses on the balance sheet. The January 2024 Note balance, net of discount at March 31, 2024 is $526,315
(see Note 8.) 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 3, 2023, the Company
entered into an agreement with