Company: JUNS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010990
Chunk: 57

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 57
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 in
the South-East Asian territories. However, there are no assurances that this approach will be successful.

The agreements executed are very similar in nature
that include an equity investment in our Company by the other party and in turn we issued equity in the form of shares of common
stock, in lieu of cash, for 3 years of services from each company.

The Company believes these agreements to be favorable
for both parties based on the cash position of the Company and the need for these activities to be executed and enabling the possibility
of a one or more out-licensing agreements in the territory.

27

Contractual Obligations

We do not have any long-term
capital lease obligations, operating lease obligations or long-term liabilities, except as follows:

Notes Payable to
Related Parties and Other Transactions

The Company’s Chief
Executive Officer (CEO) has loaned the Company working capital since inception. The balance of the loans to the CEO as of March 31, 2025
and December 31, 2024 and 2023 was $146,432, respectively. The loan is due on demand and accrues interest at 3% per year. Accrued interest
relating to the loan was $2,147 and $1,064 as of March 31, 2025 and December 31, 2024, 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.

On March 15, 2024, a former
executive agreed to forgive $100,000 of accrued compensation in exchange for 49,605 options to purchase common stock and 7,500 restricted
stock units, The options to purchase common stock have a strike price of $1.33. The option had a grant date fair value of $50,000. The
Company recorded a gain on the forgiveness of accrued compensation in the amount of $40,000.

As of March 31, 2025 and December
31, 2024, $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.

Critical Accounting Policies

Our accounting policies
are more fully described in Note 2 – Significant accounting policies to our consolidated financial statements