Company: JUNS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010990
Chunk: 17

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 17
---
 proceedings.

    20

JUPITER NEUROSCIENCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2025

Note 7 – Commitments and Contingencies,
continued

Office Lease

On May 1, 2021, the Company entered into a 61-month
operating lease for office space for a base rent of $3,783 subject to a 3% yearly escalation.

As of March 31, 2025 and December 31, 2024, the
Company’s operating lease right-of-use asset, net (ROU) is $58,035
and $69,642, respectively. Related
lease liability totaled $59,063 and $71,329,
respectively, based on an incremental borrowing rate at lease inception.

Schedule
of Operating Lease Right-of-use Asset and  Liability

    March 31,  
    December 31, 

    2025  
    2024 
  
    Operating lease right-of-use asset  is summarized below: 

    Right-of-use asset 
    $236,009  
    $236,009 
  
    Less accumulated amortization 
     (177,974) 
     (166,367)
  
    Right-of-use asset, net 
    $58,035  
    $69,642 

Future minimum lease liability payments under
the non-cancelable operating lease at March 31, 2025 and December 31, 2024 are as follows:

Schedule
of Future Minimum Lease Liability Payments Under Non-cancelable Operating Lease

    2025 
    $38,073  
    $50,476 
  
    2026 
     21,290  
     21,290 
  
    Total lease payments 
     59,363  
     71,766 
  
    Less: imputed interest 
     (300) 
     (437)
  
    Total lease liabilities 
    $59,063  
    $71,329 

    Current operating lease liabilities 
     50,556  
     50,082 
  
    Non-current operating lease liabilities 
     8,507  
     21,247 
  
    Total lease liabilities 
    $59,063  
    $71,329 

    21

JUPITER NEUROSCIENCES, INC.

NOT