Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 427

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 427
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 all or substantially all of the assets of Company or the grant of any exclusive license to any material portion of the Company’s intellectual property;                                                                                                                                                                                                                                                                       |
| (ii)  | The consummation of the merger or consolidation of the Company with or into another entity (except a merger or consolidation in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold, directly or indirectly, at least fifty percent (50%) of the voting power of the capital stock of the Company or the surviving or acquiring entity);                                                                                      |
| (iii) | The closing of the transfer (whether by merger, consolidation or otherwise), in one transaction or a series of related transactions, to a person or group of affiliated persons (other than an underwriter of the Company’s securities), of the Company’s securities if, after such closing, such person or group of affiliated persons would hold, directly or indirectly, fifty percent (50%) or more of the outstanding voting stock of the Company (or the surviving or acquiring entity); |
| (iv)  | An initial public offering of securities by Company or one of its subsidiaries; or                                                                                                                                                                                                                                                                                                                                                                                                             |
| (v)   | A liquidation, dissolution or winding up of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                       |

<div align='center'>F-28</div>

The Company estimates that the nominal interest
rate on the Notes is less than rates that may be obtained from third parties. The Company has recorded discounts on the Notes, calculated
at an estimated effective rate of 10%, as an addition to paid-in capital. Unamortized discounts presented as a deduction from the face
amount of the Notes amounted to $99,345 and $105,178 as of February 28, 2025 and May 31, 2024, respectively.

Interest expense

Interest expense consists of the following in
the nine months ended February 28 2025 and February 29,2024:

|                          |     |   |   2025 |     |   |   2024 |
|:-------------------------|:----|:--|-------:|:----|:--|-------:|
| Interest on notes        |     | $ | 28,648 |     | $ | 16,338 |
| Amortization of discount |     |   | 30,803 |     |   | 17,135 |
| Total                    |     | $ | 59,451 |     | $ | 33