Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1270

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 4
Chunk 1270
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 addition, upon closing
the Note Holder will receive 175% stock coverage. As a result of the material modification, the incremental fair value of the modified
derivative was classified as a debt extinguishment. Due to the extension of the maturity date of the convertible note, the fair value
of the derivative liability increased. This resulted in the Company recording a loss on extinguishment of debt of $217,527.

On
April 29, 2024, the Company, the Holder of the Note II and the CEO entered into an amendment in which the CEO agrees to exchange 685,867
shares issued to the Holder in exchange for his related party notes that accrued interest at 3% that are due from the Company in an aggregate
principal amount of $266,667 and the Holder agreed to forfeit all rights to all additional future shares from the Company that would
of become due upon a qualified offering as well as the conversion option. Therefore, the principal amount of the note was increased to
$1,377,778 and the exchange debt follows the requirements of Note II. In addition, the Holder agreed to extend the note maturity date
to August 11, 2024. The note shall be designated as a 10% original issue discount secured note (“Senior Secured Note”) moving
forward. The Senior Secured Note and interest will become due and payable upon the earliest of the maturity date or upon the occurrence
of a qualified event. The note is recorded on the balance sheet under note payable. As a result of the conversion feature of the note
being removed the Company recorded a one-time gain on the modification of the debt of $951,868 and a new derivative liability of $407,494
was recorded related to the Senior Secured Note.

On
August 8, 2024, the Company, and the Holder of the Senior Secured Note entered into an amendment to extend the maturity date of the Senior
Secured Note to October 11, 2024.

On
November 15, 2024, the Company, and the Holder of the Senior Secured Note entered into an amendment to extend the maturity date of the
Senior Secured Note to December 10, 2024.

During December 2024, the Company fully repaid the Senior Secured Note pursuant to the terms
in the amount of $2,102,797.

Ancillary
Agreements - In connection with the Company’s obligations under Note II, the Company entered into a security agreement