Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1047

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 1047
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,000 and issued (i) a 10% Original Issue Discount Senior Secured Convertible Note in the principal
amount of $1,111,111.11 (the “Note”) and (ii) 514,403 shares of common stock, par value $0.0001 per share (the “Shares”),
of the Company.

The
Note. The aggregate principal amount of the Note is $1,111,111, and the Company received gross proceeds of $1,000,000 after giving
effect to the original issue discount of 10%. The Note bears interest at a rate of 10% per year, payable monthly in arrears, and mature
12 months from issuance. A “Qualified Offering” is a debt or equity financing for the account of the Company or any of its
subsidiaries in which shares of common stock, or securities, directly or indirectly, convertible into or exchangeable or exercisable
for shares of common stock are issued, which financing results in cumulative aggregate proceeds to the Company of at least $8,000,000.
The principal and interest on the Note will be amortized on a straight-line basis at 110% of the principal amount commencing sixth months
after the closing. On October 10, 2022, the Note was amended to postpone the commencement of the amortization amount from October 11,
2022 to November 11, 2022. On November 10, 2022, the Note was amended to postpone the commencement of the amortization from November
11, 2022 to February 11, 2023 and payable in three monthly installments. As consideration for the amendment, an additional 11,431 shares
of common stock were issued to the accredited investor on October 10, 2022 and 34,293 shares issued to the accredited investor on November
10, 2022. On January 13, 2023, the Note was amended to delay the interest payment due and payable on January 11, 2023 to the earlier
of (i) January 31, 2023 and (ii) the closing of a Qualified Offering.

Upon
an Event of Default and after a Qualified Offering, the principal and interest are convertible at any time at the option of the holder
into shares of the Company’s common stock at a conversion price equal to 30% discount to the lowest closing price of the common
stock for the 20 prior trading days; provided, however, the