Company: LNAI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001731122-25-001544
Chunk: 12

Company: Lunai Bioworks Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 the Company entered into the
First Amendment to Convertible Promissory Note whereby the January 2024 Note that matured on December 29, 2024, was amended extending
the Maturity Date in the second paragraph of the Note from December 29, 2024 to December 29, 2025. Accordingly, the Note unless otherwise
amended, replaced, or otherwise altered by this First Amendment, any and all terms contained in the Note continue in full force and effect.

December 2023 Notes —
On December 20, 2023, the Company entered into Subscription Agreements to purchase Convertible Promissory Notes for an aggregate
principal amount of $120,000 (the “December 2023 Notes”). The Company received a total of $120,000 from the private placement
between December 2023 and January 2024. The December 2023 Notes bear an interest rate of 12% per annum and matured one year after
their respective dates of issuance (the “Maturity Date”). The Company is 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 December 2023 Notes.

The January 2024 Note and December
2023 Notes balance at September 30, 2025, was $245,000.

    11

Notes Payable —

On August 18, 2025, the Company
issued Promissory Notes in the aggregate principal amount of $1,000,000 incurring $80,000 of placement costs. The Notes bear an interest
rate of 18% per annum and mature on the 6-month anniversary of the Issue Date, (the “Maturity Date”).
The Company is required to pay principal and interest on the Maturity Date. These notes balance at September 30, 2025, was $938,495 net
amortization placement cost of $18,495.

From July 3, 2025, to August 19,
2025, the Company issued Promissory Notes in the aggregate principal amount of $695,000. The Notes bear an interest rate of 10% per
annum and mature on June 30, 2026, (the “Maturity Date”). The Company is required to pay principal and interest
on the Maturity Date. These notes balance at September 30, 2025, was