Company: JUNS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010990
Chunk: 34

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 34
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 Market under the symbol “JUNS.”

    9

JUPITER NEUROSCIENCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

Note 2 – Significant Accounting Policies

Basis of presentation and Going Concern

The accompanying condensed consolidated
financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United
States of America (“U.S. GAAP”). U.S GAAP contemplates the continuation of the Company as a going concern. Since
inception, the Company had no
revenues from product sales and incurred a net loss of $1,528,867
and $634,100 for the three
months ended March 31, 2025 and 2024, respectively. Net cash used in operations for the three months ended March 31, 2025 and 2024
was $1,063,041
and $65,165,
respectively. As of March 31, 2025, the Company had a working capital surplus and accumulated deficit of $1,721,604
and $27,550,996,
respectively.

The Company plans to finance future operations
with proceeds from equity securities, grant awards and strategic collaborations. However, there is no assurance that the Company will
be able to affect transactions on commercially reasonable terms, if at all. In management’s opinion, these conditions raise substantial doubt about the Company’s ability to
continue as a going concern for a period of at least twelve months from the date of this report.

Business Segment

Business segments are identified as components of an enterprise for which separate discrete financial information
is available for evaluation by the Company’s chief operating decision maker (“CODM”) and relied upon when making decisions
regarding resource allocation and assessing performance. When evaluating the Company’s financial performance, the CODM reviews total
revenues, total expenses, and expenses by functional classification, using this information to make decisions on a company-wide basis.
The Company views its operations and manages its business in one operating segment.

Use of Estimates

Preparing financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure
of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual
results could differ from those estimates, and those estimates may be material.

Changes in estimates are recorded in the period
in which