Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1046

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 1046
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 several follow-on meetings, and we have recently agreed to service agreements in the areas of business development,
CMC (Chemistry, Manufacturing, and Controls), regulatory affairs and clinical trial management. These agreements are further described
in the section “Other Material Agreements”.  The
Asian market is very large and hard to penetrate for a small company and we believe that our strategy with these agreements is cost
effective and have the possibility to accelerate an out-licensing deal in the South-East Asian territories. However, there are no assurances
that this approach will be successful.

The
agreements executed are very similar in nature that include an equity investment in our company by the other party and in turn the company
issued equity in form of shares of common stock, in lieu of cash, for 3 years of services from each company.

The
company believes these agreements to be favorable for both parties based on the cash position of the company and the need for these activities
to be executed and enabling the possibility of a one or more out-licensing agreements in the territory.

86

Contractual
obligations

We
do not have any long-term capital lease obligations, operating lease obligations or long-term liabilities, except as follows:

On
April 30, 2021, the Company executed a lease agreement for office space in Jupiter, Florida. The term of the lease is sixty-one months
commencing May 1, 2021 rent free until June 1, 2021. Fixed annual rent amounts are as follows:

    Lease Period 
    Annual Fixed Rent 
  
    6/1/2021-5/31/2022 
    $45,396 
  
    6/1/2022-5/31/2023 
    $46,758 
  
    6/1/2023-5/31/2024 
    $48,158 
  
    6/1/2024-5/31/2025 
    $49,608 
  
    6/ l/2025-5/31/2026 
    $51,096 

Senior
Secured Note

On
April 11, 2022, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with an accredited investor
for the sale of the Company’s convertible notes. Pursuant to the terms of the Purchase Agreement, on April 11, 2022, the Company
received aggregate gross proceeds of $1,000