Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1738

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7A
Chunk 1738
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December
31, 2024 and 2023

Note
2 – Significant Accounting Policies

Basis
of presentation and Going Concern

The
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 continuation of the Company as a going concern. For the year ended December
31, 2024 and 2023, the Company had no revenues from product sales and incurred a net loss of $2,439,625 and $4,783,689, respectively.
Net cash used in operations for the years ended December 31, 2024 and 2023 was $3,911,004 and $480,953, respectively. As of December
31, 2024, the Company had a working capital surplus and accumulated deficit of $2,641,110 and $26,022,129, respectively.

The
Company plans to finance future operations with proceeds from equity securities, grant awards and strategic collaborations. However,
there is no assurance the Company will be successful. It is the management’s opinion that 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.

Basis of Presentation

The financial statements of the Company have been
prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

Business Segment

The Company uses the “management approach”
to identify its reportable segments. The management approach requires companies to report segment financial information consistent with
information used by management for making operating decisions and assessing performance as the basis for identifying the Company’s reportable
segments. The Company has identified one single reportable operating segment. The Company manages its business on the basis of one operating
and reportable segment and derives revenues from selling its product and related services.

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 they become known. The Company bases its estimates on historical experience and other assumptions, which include both quantitative
and qualitative assessments that it believes to be reasonable under the circumstances.

Significant estimates