Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000254
Chunk: 14

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 14
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, 2024 was $105,263.

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 Company received a total of $500,000 in gross proceeds after taking into account the 5% original issue discount. The note bears
an interest rate of 12% per annum and matures on December 31, 2024. The note balance, net of discount at September 30, 2024 was $526,315.

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
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 note bears an interest rate of 12% per annum and matures on December 31, 2024.
The note balance, net of discount at September 30, 2024 was $750,000.

Promissory Note —On
March 30, 2020 (the “Issuance Date”), the Company issued a Promissory Note in the principal amount of $5,000,000 (the “Promissory
Note”) to Paseco ApS. There have been eight amendments to the Promissory Note since the issuance date, the most recent of which
is dated August 1, 2024. The principal amount of the Promissory Note, as amended, was payable on November 1, 2024 (the “Maturity
Date”). The Promissory Note, as amended, bears interest at a fixed rate of 12% per annum. The Promissory Note balance, net of discount
at September 30, 2024 is $823,182.

The Company’s obligations
under the Promissory Note, November 2023 Note, January 2024 Note, February 2024 Note and the September 2024 Note are secured by a Security
Agreement. To secure the Company’s obligations under the Promissory Note, the Company entered into a Security Agreement with the
Holder, pursuant to which the Company granted a lien on all assets of the Company (the “