Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 110

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 110
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 rate is 4.66%.

    F-17

Lease and non-lease components
— In certain cases the Company is required to pay for certain additional charges for operating costs, including insurance, maintenance,
taxes, and other costs incurred, which are billed based on both usage and as a percentage of the Company’s share of total square
footage. The Company determined that these costs are non-lease components, and they are not included in the calculation of the lease liabilities
because they are variable. Payments for these variable, non-lease components are considered variable lease costs and are recognized in
the period in which the costs are incurred.

Below are the lease commitments for the next 5 years:

    Schedule of lease commitments 

    Years Ending June 30 
    Lease Expense
  
    2026 
    $363,999 
  
    2027 
     358,326 
  
    Thereafter 
     56,621 
  
    Less imputed interest 
     (41,353)
  
    Total 
    $737,593 

NOTE 8 — DEBT

Convertible Notes Payable —

The January 2024 Note —
On January 12, 2024, the Company entered into Subscription Agreements with an investor to issue a Convertible Promissory Note for an aggregate
principal amount of $125,000 (the “January 2024 Note”). The Company received a total of $125,000 in gross proceeds. The
January 2024 Note bears an interest rate of 12% per annum and matured on December 29, 2024. 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 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 mature