Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 275

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 2
Chunk 275
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 cash, on the first day of each quarter of each year following the issue date prior to the maturity of the January 2024
Note. The January 2024 Note is convertible either at the option of the holder or automatically upon maturity into shares of the Company’s
Common Stock at the Note Conversion Price of $3.38.

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. 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 (see Note 8 to the Financial Statements).

59

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 (see Note 8 to