Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 313

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 2
Chunk 313
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 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. Notwithstanding
the immediately foregoing, at the option of the holder, interest may accrue on the December Notes on a quarterly basis. The December 2023
Notes are convertible into shares of the Company’s Common Stock in whole or in part at any time and from time to time, after the
original issue date and prior to the Maturity Date, at a conversion price of $3.38 per share.

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

Notes Payable —

Bridge Loans — From
June 4, 2025 to June 14, 2025, the Company entered into agreements with Paseco ApS, a Danish entity controlled by a shareholder (“Paseco
ApS”) and Laksya Ventures Inc. to issue Promissory Notes for the principal amount of $1,725,000 to each note holder. The Company
received $3,450,000 in gross proceeds. The notes bear an interest rate of 10% per annum and mature on December 31, 2025. The notes balance
at June 30, 2025, was $3,450,000 with Paseco ApS and Laksya Ventures Inc. each holding $1,725,000.

From October 21, 2024 to January
24, 2025, the Company entered into agreements with Paseco ApS, a Danish entity controlled by a shareholder (“Paseco ApS”),
to issue Promissory Notes for the principal amount of $2,650,000. The Company received $2,650,000 in gross proceeds. The notes bear an
interest rate of 10% per annum and mature from December 31, 2024 to December 31, 2025. Approximately $700,000 matured on December 31,
2024, $900,000 matured on December 31, 2025 and $1,050,000 matured on January 31,