Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1819

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 1819
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, respectively, and is included in
accrued interest on the accompanying balance sheets. The Company repaid a total of $100,000 during the year ended December 31, 2024,
$83,880 in principal and $16,120 in accrued interest.

During
the year ended December 31, 2023, an employee loaned the Company $25,000. The balance of the loan as of December 31, 2024 and 2023, was
$0 and $25,000, respectively. The loan is due on demand and accrues interest at 3% per year. Accrued interest related to the loan was
$0 and $723 as of December 31, 2024 and 2023, respectively, and is included in accrued interest on the accompanying balance sheet. The
Company repaid a total of $26,422 during the year ended December 31, 2024, $25,000 in principal and $1,421 in accrued interest.

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 685,869
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 and the conversion feature of the note. 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 note and interest will become due and payable upon the earliest of the maturity date or upon the occurrence of a
qualified event.

Other
Related Party Transactions

Accrued
compensation includes partially accrued salaries to executives since inception. Since inception, executive salaries have been paid in
cash when the Company’s cash flow has permitted such payment. During 2020, the Company began paying salaries at 50% of the respective
employment agreements. As of September 2021, the Company began paying full salaries. During the first quarter of 2022, the Company returned
to paying partial salaries in an effort to conserve cash outflows in an effort to conserve cash outflows.

On
September 29, 202