Company: JUNS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010990
Chunk: 42

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 42
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ATED FINANCIAL STATEMENTS

MARCH 31, 2025

Note 6 – Stockholders’ Equity

Common Stock

The Company is authorized to issue 125,000,000
shares of common stock and 5,000,000
shares of preferred stock. The Company had 33,103,860
shares of common stock issued and outstanding as of March 31, 2025. There was no
shares of preferred stock issued and outstanding as of March 31, 2025.

Initial Public Offering

In December 2024, the Company executed an
IPO in which it sold 2,750,000
shares of common stock, par value $0.0001
per share at a price of $4.00
per share for gross proceeds of $11
million before deduction of underwriting discounts and other related expenses.

Service Agreement

In June 2024, The Company entered into service agreements with three separate entities, each with a 36-month term. In connection therewith the Company issued an aggregate of 3,487,500 restricted
shares of common stock, 1,162,500
ratably  to each entity with an aggregate fair value at issuance totaling $4,638,375 which were registered upon the closing
of the IPO in December 2024. In addition, each of the entities agreed to and ultimately purchased 37,500 shares
of the Company’s common stock at a purchase price of $1.33 per
share prior to the effective date of the IPO, resulting in aggregate proceeds of $150,000.

Pursuant to the agreements, the
counterparties are obligated to perform certain services, as defined, and the Company is recognizing the fair value of the issued
restricted shares as compensation expense over the 36-month term, the requisite service period. As of
March 31, 2025 and December 31, 2024, the Company recorded compensation expense of $381,233
and $893,781,
respectively, related to the restricted shares issued.

    17

JUPITER NEUROSCIENCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2025

Note 6 – Stockholders’ Equity,
continued

Stock Options

The Company grants stock awards to officers,
employees, directors, and other key persons pursuant to its 2021 Equity Incentive Plan (“the Plan”).