Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 381

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 10
Chunk 381
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of a qualified event. The note is recorded on the balance sheet under note payable. As a result of the conversion feature of the note
being removed the Company recorded a one-time gain on the modification of the debt of $951,868 and a new derivative liability of $407,494
was recorded related to the Senior Secured Note.

On
August 8, 2024, the Company, and the Holder of the Senior Secured Note entered into an amendment to extend the maturity date of the Senior
Secured Note to October 11, 2024.

On
November 15, 2024, the Company, and the Holder of the Senior Secured Note entered into an amendment to extend the maturity date of the
Senior Secured Note to December 10, 2024.

During December 2024, the Company fully repaid the Senior Secured Note pursuant to the terms
in the amount of $2,102,797.

Ancillary
Agreements - In connection with the Company’s obligations under Note II, the Company entered into a security agreement
and intellectual property security agreement with the Holder, pursuant to which the Company granted a security interest on all assets
of the Company, including all intellectual property of the Company, for the benefit of the Holders, to secure the Company’s obligations
under Note II and the other transaction documents.

Convertible
Debt III

On
March 1, 2023, the Company issued a convertible promissory note (the “Note III”) with a principal amount of $150,000 as part
of a settlement agreement with an investor relations firm. Note III matures on February 28, 2026 and accrues interest at 5% annually
which compounds quarterly. Note III is convertible upon election of the holder upon a qualified financing of at least $5,000,000 into
shares of common stock equal to 70% of the per share price of the equity issued in the qualified financing. Note III is also convertible
upon the completion of an IPO by the Company into shares of common stock equal to 70% of the per share price of the equity issued in
connection with the IPO. In both cases the Holder can elect to receive the principal and accrued interest instead of converting the note.

During
December 2024, the Company fully repaid the Convertible Debt III pursuant to the terms in the amount of $178,386.

    F-16

JUPITER
NEUROSCIENCES, INC.