Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 526

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 12
Chunk 526
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, 2024, the Company, and the Holder of the Senior Secured Note entered into an amendment to extend the maturity date of the
Senior Secured Note to December 10, 2024.

During December 2024, the Company fully repaid the Senior Secured Note pursuant to the terms
in the amount of $2,102,797.

Ancillary
Agreements - In connection with the Company’s obligations under Note II, the Company entered into a security agreement
and intellectual property security agreement with the Holder, pursuant to which the Company granted a security interest on all assets
of the Company, including all intellectual property of the Company, for the benefit of the Holders, to secure the Company’s obligations
under Note II and the other transaction documents.

Convertible
Debt III

On
March 1, 2023, the Company issued a convertible promissory note (the “Note III”) with a principal amount of $150,000 as part
of a settlement agreement with an investor relations firm. Note III matures on February 28, 2026 and accrues interest at 5% annually
which compounds quarterly. Note III is convertible upon election of the holder upon a qualified financing of at least $5,000,000 into
shares of common stock equal to 70% of the per share price of the equity issued in the qualified financing. Note III is also convertible
upon the completion of an IPO by the Company into shares of common stock equal to 70% of the per share price of the equity issued in
connection with the IPO. In both cases the Holder can elect to receive the principal and accrued interest instead of converting the note.

During
December 2024, the Company fully repaid the Convertible Debt III pursuant to the terms in the amount of $178,386.

    F-16

JUPITER
NEUROSCIENCES, INC.

NOTES
TO FINANCIAL STATEMENTS

December
31, 2024 and 2023

Note
5 – Convertible Debt and Derivative Liability, continued

Summary

During
the years ended December 31, 2024 and 2023, $147,705 and $143,761, respectively, are included in interest expense for the combined convertible
Notes I, II and III on the accompanying statements of operations. As of December 31, 2024 and 2023 the balance of the combined
convertible promissory Note I, II and III was $