Company: JUNS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010990
Chunk: 11

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 11
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 $84,105
and $64,105, respectively, was due to a company wholly owned by the Company’s Chief Financial Officer.
The amount is included in accrued compensation on the Company’s balance sheets.

Note 4 – Accounts Payable and Accrued
Expenses

Accounts payable and accrued expenses consisted
of the following:

Schedule
of Accounts Payable and Accrued Expenses

    March 31,  2025  
    December 31,  2024  
  
    Accounts payable 
    $158,483  
    $278,676 
  
    Professional fees 
     103,590  
     40,271 
  
    License fee 
     18,750  
     75,000 
  
    Credit cards 
     2,108  
     2,536 
  
    Total accounts payable and accrued expenses 
    $282,931  
    $396,483 

Accrued compensation of $1,407,658 and $1,415,093
as of March 31, 2025 and December 31, 2024, respectively, includes accrued salaries and health benefits to executives since inception
and as well as board fees. Since inception, executive salaries have been paid in cash when the Company’s cash flow has permitted such payment.
Prior to the IPO, in order to conserve cash, certain executives agreed to defer payments for compensation all of
which was accrued. During December 2024, the Company returned to paying compensation to the executives upon the completion of
the initial public offering. The Company will continue to make payments related to the accrued compensation if the Company has available
cash to do so without otherwise negatively impacting the Company’s business plans.

    14

JUPITER NEUROSCIENCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2025

Note 5 – Convertible Debt and Derivative
Liability

Convertible Debt I

Between August and December 2021, the
Company issued convertible notes (collectively, “Notes I”) totaling $527,650,
originally maturing on July
31, 2022, with an interest rate of 1%.
Notes I featured an automatic conversion feature upon an IPO into common stock at 70%
of the IPO price. Various amendments extended the maturity, ultimately to December 31, 2024, and increased the interest rate to 10%