Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 477

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 11
Chunk 477
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ES
TO FINANCIAL STATEMENTS

December
31, 2024 and 2023

Note
8 – Commitments and Contingencies, continued

Office
Lease, continued

On
October 1, 2021, the Company entered into a month-to-month lease for office space in Charlestown, MA.

Rental
expenses of $17,740 and $20,844 for the years ended December 31, 2024 and 2023, respectively, are included in general and administrative
expenses on the accompanying statement of operations.

Consulting
Agreements

The
Company utilizes various consultants and advisors for clinical research, scientific advisory services and business strategies. Each consultant
has an executed agreement in place defining term, compensation, duties, confidentiality, intellectual property. The majority of the agreements
have a 2-year term. Agreements are evaluated for renewal upon expiration. Bonus provisions are at the discretion of the Company’s
Board of Directors and are granted on an individual agreement basis.

On
December 15, 2024, the Company entered into a Strategic Services Agreement (the “Dominant Treasure Agreement”) with
Dominant Treasure Health Company Limited (“Dominant Treasure”). Pursuant to the terms of the Dominant Treasure
Agreement, Dominant Treasure agreed to provide certain services to the Company to assist the Company in accelerating the
Company’s desire to get its products developed and distributed in the Southeast Asian market. In exchange for Dominant
Treasure’s services pursuant to the Dominant Treasure Agreement, the Company agreed to pay Dominant Treasure a one-time
payment of $2,300,000.
In addition, if Dominant Treasure is involved in generating negotiations and conclusion of a distribution agreement for the Company
in the countries of China (including Hong Kong), Singapore and Malaysia, the Company will pay Dominant Treasure a success fee of 5%
of any upfront and/or milestone payments to be received by the Company. If such an agreement will include a royalty payment to the
Company, Dominant Treasure will receive 5%
of such royalty payment. The Dominant Treasure Agreement has a term of 36
months and may be terminated at any time upon mutual agreement of the parties. The one-time payment of $2,300,000
was accounted for as a prepaid contract and will be expensed over a three-year period. For the year ended December 31, 2024, the Company recorded prepaid contract expense of $54,612.

Executive
Employment Ag