Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 460

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 11
Chunk 460
---
 units that vest upon the earlier occurrence of the initial public offering or a change of control of the Company. In
exchange for the forgiveness of the accrued bonuses the Company issued an aggregate of 289,294 stock options with an exercise price of
$1.33 and an aggregate of 218,703 restricted stock units with a grant date value of $1.33 in exchange for the aggregate forgiveness of
compensation in the amount of $583,213.

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.

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 685,867
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 as well as the conversion option. Therefore, the principal amount of the note was increased to
$1,377,778 and the exchange debt follows the requirements of Note II. See Note 5 – Convertible Debt and Derivative liability –
Senior Secured Note – Formerly known as the Convertible Debt I for more details.

    F-13

JUPITER
NEUROSCIENCES, INC.

NOTES
TO FINANCIAL STATEMENTS

December
31, 2024 and 2023

Note
4 – Accounts Payable and Accrued Expenses

Accounts
payable and accrued expenses consisted of the following:

Schedule
of Accounts Payable and Accrued Expenses

    December
                                            31, 2024  
    December
                                            31, 2023 
  
    Accounts payable 
    $278,676  
    $189,495 
  
    Professional fees 
     40,271  
     174,053 
  
    License fee 
     75,000  
     150,000