Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1516

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 1516
---
 was
$0 and $25,000, respectively. The loan is due on demand and accrues interest at 3% per year. Accrued interest related to the loan was
$0 and $723 as of December 31, 2024 and 2023, respectively, and is included in accrued interest on the accompanying balance sheet. The
Company repaid a total of $26,422 during the year ended December 31, 2024, $25,000 in principal and $1,421 in accrued interest.

Accrued
compensation includes partially accrued salaries to executives since inception. Since inception, executive salaries have been paid in
cash when the Company’s cash flow has permitted such payment. During 2020, the Company began consistently paying salaries at 50%
of the salaries reflected in the respective employment agreements. As of September 2021, the Company began paying full salaries. Throughout
2022, the Company returned to paying partial salaries and by November 2022 the Company stopped paying 100% salaries in an effort to conserve
cash.

On
September 29, 2023, various employees and board members agreed to forgive accrued compensation in the amount of $4,189,626. In exchange
of the forgiveness the Company issued an aggregate of 2,353,661 stock options with an exercise price of $1.33 and an aggregate of 1,399,834
restricted stock units with a grant date value of $1.33 in exchange for the aggregate forgiveness of compensation in the amount of $4,189,626.
Additionally, the Company agreed to a bonus of $513,013 for the employees and a bonus of $70,200 to the board members, to be paid upon
the occurrence of a successful IPO in exchange for the forgiveness of the afore-mentioned accrued compensation.

On
December 18, 2023, various employees and board members agreed to amend the accrued compensation debt forgiveness dated September 29,
2023. Pursuant to the amendment the cash bonuses of $513,013 for the employees and a bonus of $70,200 to the board members agreed to
on September 29, 2023, were forgiven, and no cash will be paid upon a successful IPO. In addition, the options issued in connection with
the forgiveness dated September 29, 2023, have been amended to vest fully on the effective date of the new amendment. In addition, the
restricted stock unit issued in connection with the forgiveness