Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001731122-25-000258
Chunk: 79

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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On August 1, 2024, the Company
issued 2,000,000 shares of Common Stock for consulting services valued at $1,400,000.

On October 14, 2024, the Company
issued 250,000 shares of Common Stock to its Chief Executive Officer valued at $137,500.

On October 14, 2024, the Company
issued 500,000 shares of Common Stock for consulting services valued at $275,000.

On October 17, 2024, the Company
issued 160,000 shares of Common Stock for consulting services valued at $118,400.

Stock-based Compensation 

The Company recognizes compensation
costs for stock option awards to employees and directors based on their grant-date fair value. The value of each stock option is estimated
on the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions used to estimate the fair values of
the stock options granted using the Black-Scholes option-pricing model are as follows in the six months ended December 31, 2024:

    Schedule of weighted-average assumptions used to estimate the fair values of the stock options granted 

    Renovaro Inc.
  
    Expected term (in years) 
     5.5 
  
    Volatility 
     112.02% - 118.99%
  
    Risk free interest rate 
      3.86% - 4.22%
  
    Dividend yield 
     0%

On August 23, 2024, Avram Miller,
a former member of the Company’s board of directors (the “Board of Directors”), forfeited 833,333 shares of Common Stock
from the original 1,000,000 shares of Common Stock for advisory services originally granted to him on October 11, 2023. As consideration
for such forfeiture, the Company granted to Mr. Miller, an option to purchase 978,261 shares of Common Stock of the Company with a per-share
exercise price of, $0.69. The Company determined that this transaction represented a modification of the original award. The Company measured
the fair value of the options issued as compared to the fair value of the original issuance and determined that there was no incremental
compensation to recognize as the fair value of the options was less than the fair value of the Common Stock. Therefore, the Company will
recognize the remaining fair value of the original award over