Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 33

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 33
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, the Company
entered into an agreement with RS Bio ApS, a Danish entity controlled by our Chairman, Rene Sindlev (“RS Bio”) to issue a
5% Original Issue Discount Secured Promissory Note for the principal amount of $105,263. The Company received $100,000 in gross proceeds
after taking into account the 5% original issue discount. The Note bears an interest rate of 12% per annum and matured on March 1, 2024
(the “Maturity Date”). The obligations under this Note are secured by the Amended and Restated Security Agreement (discussed
below). The Company is required to pay interest on the maturity date. The Notes Payable will be accounted for under ASC 470-20, and all
proceeds received from the issuance will be recognized as a liability on the balance sheet net of discount. For the three and nine months
ended March 31, 2024, discount amortization of $5,263 was charged to interest expense, respectively. As of March 31, 2024, the Company
accrued $3,158 of interest expense that is included in accrued expenses on the balance sheet. The Note balance, net of discount at March
31, 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 “January 2024 Note”). The Company received a total of $500,000 in gross proceeds after taking into account the 5% original
issue discount. The January 2024 Note bears an interest rate of 12% per annum and matured on March 1, 2024 (the “Maturity Date”).
The Company is required to pay interest on the maturity date. The Notes Payable will be accounted for under ASC 470-20, and all proceeds
received from the issuance will be recognized as a liability on the balance sheet net of discount. For the three and nine months ended
March 31, 2024, discount amortization of $26,315 was charged to interest expense, respectively. As of March 31, 2024, the Company accrued
$15,789 of interest expense that is included in accrued expenses on the balance sheet. The Note balance, net of discount at March 31,
2024 was $526,315