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

Company: Lunai Bioworks Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 exchange resulted in a
$2,262,774 loss on extinguishment of debt. Immediately following the issuance of the convertible notes on July 7, 2025, the investors
elected to convert the entire note balance for shares of common stock. The notes balance at September 30, 2025, was zero with Paseco ApS
and Laksya Ventures Inc.

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, 2025. On February 24, 2025, Paseco ApS assigned 50%
of its ownership rights to Laksya Ventures Inc. with all terms remaining unchanged. On July 7, 2025, the Company entered into an Exchange
Agreement to exchange the existing promissory notes for new convertible promissory notes. The exchange resulted in a $1,821,843 loss on
extinguishment of debt. Immediately following the issuance of the convertible notes on July 7, 2025, the investors elected to convert
the entire note balance for shares of common stock. The note balance at September 30, 2025, was zero with Paseco ApS and Laksya Ventures
Inc.

From November 12, 2024 to December
3, 2024, Renovaro Cube entered into an agreement with Paseco ApS, a Danish entity controlled by a shareholder (“Paseco ApS”),
to issue Promissory Notes for the principal amount of €450,000. The note bears an interest rate of 10% per annum and matures on December
1, 2025. On February 24, 2025 Paseco ApS assigned 50% of its ownership rights to Laksya Ventures Inc. with all terms remaining unchanged.
On July 7, 2025