Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 244

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 244
---
           $71,823           $71,823  
                            $71,823           $71,823  

10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses as of December 31, 2024 and 2023
consisted of:

  Deferred bonus and salaries payable            $                 -            $                   451,660  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                 December 31,                   December 31,                 
  Research and development expenses payable                        778,205                        1,162,155  
  Professional fees payable                                        127,031                          175,324  
  Cost of healthcare services payable                              -                                 61,826  
  Insurance expenses payable                                       -                                 27,463  
  Others                                                           13,375                            15,913  
                                                 $                 918,611      $                 1,894,341  

On March 31, 2023, the Group entered into exchange
agreements and cancelled177,667existing vested and unvested share options held by related parties option holders and cancelled its obligations
for deferred cash bonus payables of $3.1million by granting403,820share options with 6 months vesting period (see Note 17). The settlement
of obligations of $3.1million deferred cash bonus payables was deemed as capital contribution from related parties and was credited to
additional paid-in capital.

On March 31, 2023, the Group entered into exchange
agreements and cancelled70,428existing vested and unvested share options held by non-related parties option holders and cancelled its
obligations for deferred cash bonus payables of $1.6million by issuance of70,430fully vested Class A Ordinary Shares (see Note 16).
The reversal of deferred cash bonus payables for $1.0million and $0.6million was credited to research and development expenses and general
and administrative fees, respectively.

11. INCOME TAXES

The Company and its subsidiaries file tax returns separately.

Income taxes

Cayman Islands: under the current laws of the
Cayman Islands, the Company and its subsidiaries in the Cayman Islands are not subject to taxes on their income and capital gains.

Hong Kong: in accordance with the relevant tax laws and regulations
of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income.
In