Company: RAIN
Filing Date: 2025-02-12
Form Type: 424B3
Source: 0001213900-25-012904
Chunk: 296

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-02-12
Form: 424B3
Chunk 296
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 as well as certain success fees that will be paid upon reaching certain milestones. In May 2023, Scott met a significant milestone in improving the design and a bonus of AUD 25,000 was paid in June 2023 (equivalent to approximately $13,000).

In connection with the consulting agreement, the Company also agreed to obtain from Mr. Morris an irrevocable, perpetual, non-exclusive license under certain engineering designs in connection with rainfall ionization equipment and systems. The Company accrued the consideration of the license agreement with Mr. Morris on the accompanying unaudited condensed consolidated balance sheet as of December 31, 2022 as a finite-lived intangible asset with a ten-year useful life and fully paid this amount in June 2023.

Note 6 — Related Party Transactions

Note Payable and Advances from Related Parties

Mr. You and Mr. de Masi were officers and affiliates of dMY VI, before its liquidation in April 2023, and Mr. You is an officer and affiliate of Coliseum (see Note 1). They also participated in funding for the Company through the form of loans since 2022 and purchase of equity in August 2024 under the Subscription Agreement as described below. Together, Mr. You and Mr. de Masi own shares controlling over 20% of shareholder votes and has significant influence over the operating activities of the Company as of September 30, 2024.

In 2022, certain of the Company’s officers and Mr. de Masi paid an aggregate of approximately $17,000 and approximately $153,000, respectively, to cover for certain expenses and purchases on the Company’s behalf. The Company recorded such amount owed to such officers and Mr. de Masi (or approximately $170,000 in aggregate) as advances from related parties in the accompanying balance sheet as of December 31, 2022. The amounts due to related parties are non-interest bearing, unsecured and due on demand.

<div align='center'>F-68

RAIN ENHANCEMENT TECHNOLOGIES, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

On February 2, 2023, the Company issued a promissory note (the “Note”) to its former CEO and Mr. You and Mr. de Masi for an aggregate amount of $600,000, of which approximately $153,000 was already advanced by Mr. de Masi under the form of payments